Change of car on finance due to new job

Change of car on finance due to new job

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Discussion

rdb85

Original Poster:

605 posts

86 months

Tuesday 16th April 2019
quotequote all
So I have a new job. I am thinking of swapping my Lexus IS250 SE-L for something a little better on fuel, tax and insurance. The commute a year is 20k. So I don't think I would need a diesel. Currently, I owe £6k on the Lexus and its valued at £4-5k. So I am considering options on what to do, as really the Lexus although reliable, will kill my wallet at the pump. I am open to suggestions but either way, there is £2k of negative equity that needs to be swallowed into a small car.

Any help would be great.

Sc0tchland

434 posts

80 months

Tuesday 16th April 2019
quotequote all
rdb85 said:
So I have a new job. I am thinking of swapping my Lexus IS250 SE-L for something a little better on fuel, tax and insurance. The commute a year is 20k. So I don't think I would need a diesel. Currently, I owe £6k on the Lexus and its valued at £4-5k. So I am considering options on what to do, as really the Lexus although reliable, will kill my wallet at the pump. I am open to suggestions but either way, there is £2k of negative equity that needs to be swallowed into a small car.

Any help would be great.
You don't think you'd need a diesel?
What's your budget for a new car?
Would you like an estate? 5 doors etc?

rdb85

Original Poster:

605 posts

86 months

Tuesday 16th April 2019
quotequote all
Sc0tchland said:
You don't think you'd need a diesel?
What's your budget for a new car?
Would you like an estate? 5 doors etc?
I dont think so due to the commute being 20k miles, the roads are mainly A roads, with some motorway, but not much to warrant a diesel. Budget for a new car would be £2-3k. A small car would be best, 5 doors if possible. Cheap to insure, maintain and service. But nothing French, would not go down that route again.


Edited by rdb85 on Tuesday 16th April 21:18

evoivboy

926 posts

145 months

Tuesday 16th April 2019
quotequote all
Get a personal loan at 3-4% to cover the cost of paying the finance off on the Lexus and buying another car, either sell the Lexus privately or part ex at a dealer with your new car, easysmile

rdb85

Original Poster:

605 posts

86 months

Tuesday 16th April 2019
quotequote all
evoivboy said:
Get a personal loan at 3-4% to cover the cost of paying the finance off on the Lexus and buying another car, either sell the Lexus privately or part ex at a dealer with your new car, easysmile
Not a bad idea. I am just after something cheap, maybe £2-3k that I can keep for a year or two, I could pay that off in a year or 18 months depending on what I would get from a loan company.

Edited by rdb85 on Tuesday 16th April 21:17

ninjag

1,827 posts

118 months

Tuesday 16th April 2019
quotequote all
Suzuki Swift five door 1.2 SZ2/3 can be had for under £3k, it will be up in the 90k+ mileage though but it's a very reliable car and the small engine is actually fun to drive thanks to the precise gearbox and go-kart handling. I always enjoy driving it for a change. Can return over 60mpg on the motorway.

silentbrown

8,791 posts

115 months

Tuesday 16th April 2019
quotequote all
How's the Lexus financed at present? If it's PCP would VT'ing be a possibility?

shake n bake

2,221 posts

206 months

Tuesday 16th April 2019
quotequote all
Would running the Lexus cost 2-3k more on fuel than another Petrol small car?
Don’t really see the benefit of swapping really.

stevemcs

8,592 posts

92 months

Tuesday 16th April 2019
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Assuming you have just started the new job, stay put don't do anything and see how the job goes.

Dave.

7,324 posts

252 months

Tuesday 16th April 2019
quotequote all
shake n bake said:
Would running the Lexus cost 2-3k more on fuel than another Petrol small car?
Don’t really see the benefit of swapping really.
This, really.

Anything you buy will generally need a few quid spending on it, so unless you know of any looming big maintenance items on the Lexus, I'd stick with it for a bit longer.


rdb85

Original Poster:

605 posts

86 months

Wednesday 17th April 2019
quotequote all
silentbrown said:
How's the Lexus financed at present? If it's PCP would VT'ing be a possibility?
It’s on a HP. I would need to pay over £2k to VT.

rdb85

Original Poster:

605 posts

86 months

Wednesday 17th April 2019
quotequote all
Dave. said:
This, really.

Anything you buy will generally need a few quid spending on it, so unless you know of any looming big maintenance items on the Lexus, I'd stick with it for a bit longer.
That’s a thought. It’s currently out of its extended warranty. So I was concerned there.?But I could stick with it and see how the job goes.

rdb85

Original Poster:

605 posts

86 months

Wednesday 17th April 2019
quotequote all
shake n bake said:
Would running the Lexus cost 2-3k more on fuel than another Petrol small car?
Don’t really see the benefit of swapping really.
It would cost £3k a year to run the Lexus. A smaller car would be half that. The insurance would be cheaper.

ninjag

1,827 posts

118 months

Wednesday 17th April 2019
quotequote all
rdb85 said:
It would cost £3k a year to run the Lexus. A smaller car would be half that. The insurance would be cheaper.
And road tax presumably, parts (probably) etc?




rdb85

Original Poster:

605 posts

86 months

Wednesday 17th April 2019
quotequote all
Obviously yes. For example a Ford Fiesta. You could get a diesel which is £30 or less to tax as oppose to £315 on the Lexus. Even a petrol fiesta would be half the tax of the Lexus.

Lexus are probably one of the most reliable brands of car. My worry is it’s out of extends warranty, as it’s too old to get a new one. Which if it could it’s £800 - £900 a year for that.

ZX10R NIN

27,490 posts

124 months

Wednesday 17th April 2019
quotequote all
If you are going to be doing 20k a year comfort becomes a big factor & I would be buying a diesel that's Focus sized or bigger because when you get to this size of car gets longer gearing making them better on fuel vs a Fiesta, the savings will still be significant.

In answer to your question the answer would be something along these lines:

IS220d

https://www.autotrader.co.uk/classified/advert/201...

https://www.autotrader.co.uk/classified/advert/201...

Toyota Auris SR

https://www.autotrader.co.uk/classified/advert/201...

https://www.autotrader.co.uk/classified/advert/201...

I'd run the 250 for a bit to get a proper idea of what the fuel consumption will be.

ninjag

1,827 posts

118 months

Wednesday 17th April 2019
quotequote all
Never thought about the comfort factor.

Would SAAB also be worth a look in?

https://www.autotrader.co.uk/classified/advert/201...

https://www.autotrader.co.uk/classified/advert/201...

rdb85

Original Poster:

605 posts

86 months

Wednesday 17th April 2019
quotequote all
ZX10R NIN said:
If you are going to be doing 20k a year comfort becomes a big factor & I would be buying a diesel that's Focus sized or bigger because when you get to this size of car gets longer gearing making them better on fuel vs a Fiesta, the savings will still be significant.

In answer to your question the answer would be something along these lines:

IS220d

https://www.autotrader.co.uk/classified/advert/201...

https://www.autotrader.co.uk/classified/advert/201...

Toyota Auris SR

https://www.autotrader.co.uk/classified/advert/201...

https://www.autotrader.co.uk/classified/advert/201...

I'd run the 250 for a bit to get a proper idea of what the fuel consumption will be.
I will run the 250 for a while to see what the fuel consumption over a month would be. As I say there is nothing wrong with the Lexus but the fuel cost would be a factor in trading it in. But I will see what it’s like.

I will consider something Focus size as I quite like them. The Toyota looks okay I would image they would be reliable.

The only reason I’m looking at £3k for a car is I was made redundant at the end of the year. So it’s been a challenge paying the Lexus off and because I don’t have a high credit rating the finance from the dealer was cheaper than the bank. But you learn from these things.

So I was thinking something cheap, than can be paid off in a year, cheaper to tax, maintain, insure and run then it sounds a good idea.

So as things stand there is about £2k of negative equity. Now if I traded it in today I would get £4000. So how I understand it I would need to from a dealer get a car worth £6k-£7k to finance the equity owed. But I don’t want to go down that route.

rdb85

Original Poster:

605 posts

86 months

Wednesday 17th April 2019
quotequote all
ninjag said:
Never thought about the comfort factor.

Would SAAB also be worth a look in?

https://www.autotrader.co.uk/classified/advert/201...

https://www.autotrader.co.uk/classified/advert/201...
SAAB looks okay, I would imagine they would be quite expensive to maintain and as they don’t make them anymore parts would be hard to source. Nice car though.

ZX10R NIN

27,490 posts

124 months

Wednesday 17th April 2019
quotequote all
rdb85 said:
I will run the 250 for a while to see what the fuel consumption over a month would be. As I say there is nothing wrong with the Lexus but the fuel cost would be a factor in trading it in. But I will see what it’s like.

I will consider something Focus size as I quite like them. The Toyota looks okay I would image they would be reliable.

The only reason I’m looking at £3k for a car is I was made redundant at the end of the year. So it’s been a challenge paying the Lexus off and because I don’t have a high credit rating the finance from the dealer was cheaper than the bank. But you learn from these things.

So I was thinking something cheap, than can be paid off in a year, cheaper to tax, maintain, insure and run then it sounds a good idea.

So as things stand there is about £2k of negative equity. Now if I traded it in today I would get £4000. So how I understand it I would need to from a dealer get a car worth £6k-£7k to finance the equity owed. But I don’t want to go down that route.
Everything your saying tells me you need to keep the Lexus & just use it the fuel is a just one part of cars cost, plus you're in negative equity so build up your credit rating until you at a point where you can get a decent loan rate & then consider your options.