Don't do ittt!

[MrPeters]

A word of warning, really.

I'm 21, and drive an old clapped out diesel Astra.

I bought it almost exactly two years ago, when it was an at least half decent car (for what it was, obviously). I joined a Vauxhall Owners' Club after I bought my first car (a 1996 Astra Merit), most of the owners involved were driving old Cavaliers, Corsas, Novas etc... (although I would hasten to add, this specific community was not chavvy and the general clientèle were more than interested in learning about / repairing their cars).

Anyway, some git managed to write off my car after a year of ownership by reversing into it when it was parked - hence I had to get rid. The next day I saw this 2001 Astra 2.0 Diesel with 55k miles, FSH, near immaculate bodywork, lovely colour - perfect. I popped a £500 deposit on it and financed the rest over three years at £98.00 a month. I think for a good while I had the 'best' car out of the owners club - seriously, I was *it*.

I regularly see posts here and on MSE where young people are financing cars (base spec Clio for £12000 comes to mind? et al...) to have a 'good car', which is exactly what I did - seriously, this is the important bit, DON'T DO IT.

I've owned (or should I say, the finance company have owned) the car for two years and I haver a year left to pay. It ruined my credit rating because I bit off more than I could chew, and it's cost me almost £2500 in maintenance over the last two years.

I'm now in a position to pay the remaining balance owed to the finance company off, and the first thing I shall be doing it putting it up for sale.

It really isn't worth getting the car you 'need' on finance. Believe me in a couple of years you'll be left with a financial headache.

[marsred]

I'd say its more about living well within your means rather than specifically financing a purchase with debt.

But you learnt your lesson so well done. I learnt the debt lesson in a similar fashion and am much better off for it now.

It it worrying how many people confuse how much you earn with how much you spend. That is, driving an old car MUST mean you don't earn much and vice versa. Let them get on withit I say.

[MrPeters]

marsred said:

I'd say its more about living well within your means rather than specifically financing a purchase with debt.

Yes, I should have made it clearer, but that was my main point.

Because I earned £200 a month, didn't mean I could 'afford' £98.00 a month + living.

[cocopop]

You really financed a car on £200 a month?

[Papa Hotel]

So what are you suggesting people don't do?

Buy a 2001 diesel Astra?
Finance a car for the relatively small amount of 98 quid a month?
Or both together?

Financing a car isn't wrong, despite all the millionaires on PH who only buy with cash...

I'd suggest the problem was the combination of buying a lemon and financing it.

ETA: stting hell, you spent HALF your wages on a car? Well... thanks for the advice.

Edited by Papa Hotel on Monday 27th September 13:18

[Dick_Phallus]

You really borrowed money to buy a 7 year old Astra Diesel? On £200/month?! Thanks for the warning, but I don't think many people would be quite so credit happy, so it's of limited value really.

[wargriff]

How does it leave you with a financial headache ?

And how did it ruin your credit rating ? Surely that is down to you not making payments to creditors and not the car you boughts fault.

Man up and take the responsibility for your error in judgement, im sure you didnt get forced into the purchase at gun point.

Edited by wargriff on Monday 27th September 13:18

[mnkiboy]

£200 a month is approx what the dole pays isn't it? You don't see doley's driving round in half decent cars do you.

Oh, you do.

Also, a 2.0 diesel Astra isn't 'it', and never was 'it'.

[MrPeters]

wargriff said:

Man up and take the responsibility for your error in judgement, im sure you didnt get forced into the purchase at gun point.

Sorry... I see many posts about people financing cars at car craft etc... for stupid amounts, then unable to pay it back. I was caught in the same boat - I've tried to post a warning. Buy with your head only.

Care to explain how I'm not taking responsibility?

My post was intended to make people in the same situation *think* before buying something they possibly couldn't afford over the long term.

[MrPeters]

mnkiboy said:

£200 a month is approx what the dole pays isn't it? You don't see doley's driving round in half decent cars do you.

Oh, you do.

Also, a 2.0 diesel Astra isn't 'it', and never was 'it'.

Again, this was EXACTLY my point!

[cocopop]

This is really crazy...

You financed a car - a 7 year old diesel Astra - on £200 a month. At £98 a month.

How did you eat? Or buy fuel for that matter?

[Accelebrate]

What's more depressing is that I spend more than that each month just to get the council to empty my rubbish bin every fortnight.

But yes, I'd say spending half your monthly salary on car finance is a bad idea.


ETA - For what it's worth I wouldn't beat yourself up, or feel like you've been 'done' for spending £4028 on an Astra.

Edited by Accelebrate on Monday 27th September 13:27

[MrPeters]

cocopop said:

This is really crazy...

You financed a car - a 7 year old diesel Astra - on £200 a month. At £98 a month.

How did you eat? Or buy fuel for that matter?

...and shockingly, rather a lot of people seem to think they can do similar.

[wargriff]

MrPeters said:

wargriff said:

Man up and take the responsibility for your error in judgement, im sure you didnt get forced into the purchase at gun point.

Sorry... I see many posts about people financing cars at car craft etc... for stupid amounts, then unable to pay it back. I was caught in the same boat - I've tried to post a warning. Buy with your head only.

Care to explain how I'm not taking responsibility?

My post was intended to make people in the same situation *think* before buying something they possibly couldn't afford over the long term.

It is always the fault of the dealer/garage for letting you take out the loan, its never that you over commit and then have problems. Hopefully the majority of people will not commit nearly 50% of their income to a payment on a car. Did you not work out the figures before you picked up the pen to sign ? Or were you blinded by the glamour of having a flash new (to the OP)car ?

[MrPeters]

wargriff said:

MrPeters said:

wargriff said:

Man up and take the responsibility for your error in judgement, im sure you didnt get forced into the purchase at gun point.

Sorry... I see many posts about people financing cars at car craft etc... for stupid amounts, then unable to pay it back. I was caught in the same boat - I've tried to post a warning. Buy with your head only.

Care to explain how I'm not taking responsibility?

My post was intended to make people in the same situation *think* before buying something they possibly couldn't afford over the long term.

It is always the fault of the dealer/garage for letting you take out the loan, its never that you over commit and then have problems. Hopefully the majority of people will not commit nearly 50% of their income to a payment on a car. Did you not work out the figures before you picked up the pen to sign ? Or were you blinded by the glamour of having a flash new (to the OP)car ?

I haven't blamed the Garage, have I?

I acknowledged in my first post that I was my fault, and the repercussions it has left me with

[mnkiboy]

MrPeters said:

mnkiboy said:

£200 a month is approx what the dole pays isn't it? You don't see doley's driving round in half decent cars do you.

Oh, you do.

Also, a 2.0 diesel Astra isn't 'it', and never was 'it'.

Again, this was EXACTLY my point!

I don't know your situation, I presume you're still living with parents, but what on earth made you think you could spend £98 a month on a car, leaving yourself just £102 to pay for tax, mot, fuel, repairs, etc?

Oh, then out of the change you've got to have a life as well.

I'm sure we would all like a car more expensive than we can afford, but most of us resist the urge to cripple ourselves financially.

[MrPeters]

mnkiboy said:

MrPeters said:

mnkiboy said:

£200 a month is approx what the dole pays isn't it? You don't see doley's driving round in half decent cars do you.

Oh, you do.

Also, a 2.0 diesel Astra isn't 'it', and never was 'it'.

Again, this was EXACTLY my point!

I don't know your situation, I presume you're still living with parents, but what on earth made you think you could spend £98 a month on a car, leaving yourself just £102 to pay for tax, mot, fuel, repairs, etc?

Oh, then out of the change you've got to have a life as well.

I'm sure we would all like a car more expensive than we can afford, but most of us resist the urge to cripple ourselves financially.

At the time, I was at home, yes.

Again, have you seen the amount of thread on MSE and such places where people seem to think it's okay because their brother / whoever did similar?

I have read no posts from people who have then owed money on cars worth nothing 2-3 years down the line.

I posted an experience which I would hope young people may read before making silly decisions. Nothing more.

[Elskeggso]

I once financed a car without thinking properly about it (not 50% of my income, but still a fair chunk), and I think it actually taught me a decent lesson about credit/borrowing etc.

[thinfourth2]

Coming soon more stunning advice

Like don't wee on the electric fence

[wargriff]

Have a look at the contract you signed. It may have termination rights included within the term and conditions.
This would allow you to give it back to the finance company and not pay any further payments. It is only worth doing this if the balance outstanding is greater than the cars value.