Do I really need another car

[anonymous-user]

So for a while now I have been trying to sell, my Mini, I have spent a lot of money on a clutch, suspension parts and wear and tear items, servicing etc. Now its never let me down once, it's getting on a little with 93k on a 06 plate, but never the less its never let me down.

Now I have been considering buying something new, more for practicality, cheaper on road tax and possibly fuel, which I get about 30 mpg around town, so it's not bad I suppose. But it has with any older car started to have some issue, suspension bushes, control arms need replacing, the parts are cheap, but the labour is the killer, now my thinking is because the car is worth around £2-3k its not worth me spending around £600 to get these issues fixed, and would be better putting it towards another car perhaps. Now I have been saving when I started my new job this year. So I was thinking:

I could get a bank loan of £7500 - 3.4% APR or perhaps save up for the year and get something around £3-4k. The loan I could pay off at around £200ish a month for 2 years, but its a depreciating asset, it hopefully won't lose that much money, I know after 2 years having my Mini prices for it is basically what I paid for it, but I know as a Part Ex its about £1500. So I am not sure what to do really, I would like some advice.

[ZX10R NIN]

You said you'd sold the Mini & bought another one!!!

[anonymous-user]

ZX10R NIN said:

You said you'd sold the Mini & bought another one!!!

I decided on another Mini, but in the end, I never bought it. So I still have my original Mini. As the person who was going to buy it backed out at the last minute.

Edited by anonymous-user on Monday 26th March 12:35

[Integroo]

If it's never let you down, you still like it, and you have spent money already on things like the clutch etc, I would say pay the £600 and keep it rather than taking out a loan on a car that may well have issues itself. Better the devil you know.

[anonymous-user]

Integroo said:

If it's never let you down, you still like it, and you have spent money already on things like the clutch etc, I would say pay the £600 and keep it rather than taking out a loan on a car that may well have issues itself. Better the devil you know.

Thanks for the advice, I suppose your right, I think I would be better putting something aside each month, then working out what I can get for my budget, depending on what I can save in say a year.

[eldar]

rdb85 said:

Thanks for the advice, I suppose your right, I think I would be better putting something aside each month, then working out what I can get for my budget, depending on what I can save in say a year.

A newer version will cost you 2,400 a year or so, plus at least a grand depreciation.

You existing one will be £500 or so depreciation, £500 ish extra in tax & fuel and £600 repairs. £200 a month better off. Save that for a year or until the existing one dies.

[anonymous-user]

eldar said:

A newer version will cost you 2,400 a year or so, plus at least a grand depreciation.

You existing one will be £500 or so depreciation, £500 ish extra in tax & fuel and £600 repairs. £200 a month better off. Save that for a year or until the existing one dies.

£200 a month would be okay, but I have decided to go ahead and see if I can get the repairs done. That way its completely sorted. But I do think I am better just running Mini until as you say it dies. Then when it does I should have a nice little budget to buy another car, I do think this is not a bad strategy.

[Integroo]

rdb85 said:

£200 a month would be okay, but I have decided to go ahead and see if I can get the repairs done. That way its completely sorted. But I do think I am better just running Mini until as you say it dies. Then when it does I should have a nice little budget to buy another car, I do think this is not a bad strategy.

You could easy buy a car for 6-8k, and need to spend money on it quite quickly, on top of your loan repayment (trust me, I've been there!). At least you know your current car doesn't have any major problems lurking.

[anonymous-user]

I suppose it comes down to two option, buys a cheap car, then fix it when it breaks, or buy a new car, then stomach the depreciation.

[MrAverage]

I see you post a fair bit about getting a new car. i'd say if your asking then yes you do need another one.

I'm a serial car changer (30+ and counting) as soon as my mind wanders too buying another then the deal is sealed, i have to do it. Its clearly a matter on your mind and if your anything like me then it'll be driving you mad.

As long as you can afford to buy another and are not leaving yourself destitute then buy another motor, can always punt it on when your bored (like now?) and try another.

[anonymous-user]

MrAverage said:

I see you post a fair bit about getting a new car. i'd say if your asking then yes you do need another one.

I'm a serial car changer (30+ and counting) as soon as my mind wanders too buying another then the deal is sealed, i have to do it. Its clearly a matter on your mind and if your anything like me then it'll be driving you mad.

As long as you can afford to buy another and are not leaving yourself destitute then buy another motor, can always punt it on when your bored (like now?) and try another.

That’s the things whilst I could sell mine, I don’t have the cash at the moment. Hence why I was looking at a loan. I think for now I may keep mine a little longer, although I do fancy something I maybe better waiting.

[MrAverage]

get a decent lease deal? i have bought all of my cars outright (bottom end of the market) but i'm being seriously tempted by a lease. Can get a Leon Cupra for £220/month (various deals on these).

It's not the cheapest way into another car but leaves your 'capital' alone and as long as you can afford repayments i don't see it being a big issue. takes the guess work out of depreciation and you have something decent/reliable for 2/3 years.

[anonymous-user]

MrAverage said:

get a decent lease deal? i have bought all of my cars outright (bottom end of the market) but i'm being seriously tempted by a lease. Can get a Leon Cupra for £220/month (various deals on these).

It's not the cheapest way into another car but leaves your 'capital' alone and as long as you can afford repayments i don't see it being a big issue. takes the guess work out of depreciation and you have something decent/reliable for 2/3 years.

I’ve looked at finance and it’s too expensive. I am going to get the car looked at and a price for the suspension parts which it needs. Then I will see what I want to do. I will probably keep it I think as I got it MOT and Serviced in January. Once I’ve saved up a decent amount of money I can then decide what I want to do.