Change of car on finance due to new job
Discussion
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.
Any help would be great.
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? Any help would be great.
What's your budget for a new car?
Would you like an estate? 5 doors etc?
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. What's your budget for a new car?
Would you like an estate? 5 doors etc?
Edited by rdb85 on Tuesday 16th April 21:18
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, easy
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
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.
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.Don’t really see the benefit of swapping 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.
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.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.
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.
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.
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.
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.
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...
Would SAAB also be worth a look in?
https://www.autotrader.co.uk/classified/advert/201...
https://www.autotrader.co.uk/classified/advert/201...
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. 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 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.
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. 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 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.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.
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