I need a little bit of financial advise and this is not a wind up. Ive made a bit of a **** up and im just wondering what everyone else would do.
Its a story about a boy and his car (boo,hiss, boody car drivers )
Around a year and a half ago I bought a brand spanking new BMW 1 series as I fancied something a little different. After a year and a half I realised I had made a terrible mistake and bought the car on one pf those contracts where you have to pay a massive lump sum. Well knowing full well that I would never be able to do this I went into my local Ford dealership, explained my conundrum and they sorted me out with a ‘deal’
Now Im the sort of person that likes the look of a car and dont really wanna be seen in a clapped out VW polo (Nothing wrong with that btw !! ) But that is me !!!
So I have now a Ford Focus Titanium which I am paying £380 for the next 5 years. Now having only had the car around 3 months I am really starting to feel the strain and I know 5 years is a long time. In the not too far future I am hoping to buy a place with the missus and I know for a fact with what im paying for the car right now thats not gonna happen. (Bills, maintenance, new flat screen TV for games room, yes she is letting me have a games room :P)
Im also a little jubious that if I do change the car I will get a load of stick from work mates thinking that I have loads of money with another new car.
I have always had the best with the most gadgets etc but Im struggling a bit now. I know I have made an awful mistake but Im looking for a bit of serious advise.
Ermm…perhaps you could buy less of the best gadgets and sell some of the ones you do have.
Or sell your car and get one that doesn’t look as nice! Perhaps an L reg citroen AX - I know of one for sale!
Or you could try the sensible option and contact your local loan shark - GMTV were explaining the pros and cons this morning which I could PM you all about if you want.
Good luck
Skyline or Evo (Scooby if she is really picky about comfort) - cost effective but lots of car for the money - can pick up a good deal too. Then you can just say you wanted proper manual drive to your mates at work. Cant lose street cred on that one either. Used to drive a 535 - much preferred the VI.
Ditch the debt - the house is more important and you’re going to need all the money you can get in the next 12 months…
I think your right powerpuff girl in that I need all the money I can get. Its a big mistake I know and in the last few years ive made quite a few with money but I have been trying to put that right ( Budgeting and stuff)
Just how long should I wait before I ditch the car I’ve got ? Its a Focus titanium. Ive had a look at the depreciation values and like everything they aint good.
If you sold the ford back to them, would you have enough for a budget car??
I used to work with a girl who had to sell her 2 year old convertible merc for a Y reg toyota because she wanted to buy a flat and realised that it was better to have the money for a deposit.
As PPG said it is definitely worth more to keep your house etc - you can get a good car and gadgets again when all your debts are gone.
(For some reason when I read your post the first time, I thought you were taking the p*ss. Sorry. I hope it works out for you)
Yeah I thought some people would think it would be a wind up but its genuine. Thats what Im thinking about doing, just selling it back then getting a basic model. Feel a but silly though but thats me all over.
I hope you get it sorted soon!
I would tell your friends and family that you arent doing presents this year or be creative and find things that dont cost the earth. You could ruin all your hard work by panic buying in the days before christmas!!!
Whilst I understand that it might be nice to have a good car the fact that you bought a new car, with a dealers finance package means you are probably paying more than necessary.
Also with the way the economy is at the moment and the huge number of unsold cars you will be lucky to get any sort of reasonable price for it.
If you are serious about wanting to save money then dump the finance and buy something cheap, either that or keep the car for 10 years, at which point it will just about to start to pay for itself.
Sorry, but I feel half the problems in this country are caused by people who want Jam today and don’t worry about how they are going to pay for it in the future…
I reckon that you’re gonna be stuck with it, the dealer is going to be in no hurry to take it back off you as they have no reason to. By my reckoning you’re going to be paying out £22k over the next five years for a car that’ll be worth about £3k in five years time if you’re lucky.
With the depreciation on the car you’re going to struggle to get enough for it to clear the finance but I tink that would be the best option. Sell it on and take the hit now rather than later.
Plasmas still faster in response time and produce little if any picture noise…they are not as bright but the pictures are still better quality when used with HD.bUYING ANYTHING OVER 5 YEARS THAT IS LIKELY TO BE CHANGED IN 2 YEARS OR LESS IS A BIT ON THE ODD SIDE BUT STILL THATS WHAT WE ALL DOFROM TIME TO TIME.Get out of the contract by selling the car as soon as possible and paying off the debt and then get your self a nearly new model that you will keep and dont be such an arse because no one thinks your any better because you drive a new car…Although I once got off (well had a coffee) with a very very well known lady who drove a red xkr the exact same model and year as mine and we met each other outside the ritz one night, she was going one way and me the other, we both had to stop I said and hello and one thing led to a coffee and a very nice chat…but that was all, honest guv…
or you could ask 2stroke for a interes free loan since he has a xkr:)
I done the exact same **** as you… got myself a new car and now I regret it, was brilliant, new car feel, I love it… but… I am probably not as bad as I put down 4K the car was 16k but I had a discount from work so the loan is only 10k I will still end up paying 12k in 5 years. I might just pay the whole loan and take 1 month penalty…
)
) But that is me !!!
