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Advice needed on financial problem!
- Thread starter SAX_MAN
- Start date
According to Parkers at 30k miles its only worth 4-5k. part-x
How come you owe so much on it ? (if you dont mind me asking)
Your on a slippery slope fella. Just the type of punter the Finance companies love. Be very wary and dont overcommit yourself
The list price for a new 182 is £14,700.
PLus metallic and options.
But you can haggle on that price. I paid £14k for mine. And that was with cup suspension, cup spoiler pack and renault ID paint. I saved £2.2k
According to parkers £4.5k is the higher range for that car. Baring in mind you have done a bit more milage
Dont do it mate. I realise that you may really want a 182. But its gonna end up in tears.
2 years down the line youll have a 20k loan and a car worth 8k.
Plus the £10135 to pay off the VTS loan!!!!! Like I said be careful not to overcommit yourselfQuote: Originally posted by Ralphy_VTS on 16 July 2004
So basically, i need £10,000 to buy a 182
Bottom line is at the end of the day its your decision....but for what my 2pence is worth here goes....!
1. Consider how much you earn each month each month.
2. Work out all your regular monthly outgoings, rent/mortgage/phone/ petrol/food/loan payments/credit card payments/beer money etc.
3. Deduct (2) from (1) this will tell you how much money you have left (if any) each month and give you an idea of your LIQUIDITY - how much £ you have or dont have and how easy it is to make ends meet.
4. Then consider emergency fund/exceptional expenses.....such as holidays, new tyres, and other items which can pop up...such as the central heating breaking. Will you have sufficient funds to cover several of these expenses if they arise out of the blue.
It worth considering the bigger picture, at the end of the day we all want to have the new desirable gadget/car etc tomorrow.....but it rarely makes economical sense. You need to consider whether you can afford a new car. For example...youll be looking at a total loan (taking into account VTS trade in) of approx.
£15,000 say at an APR. of 7.9%
Over 5 years that £300 per month, just for the loan! And how much will the car be worth in 5 years?? £3000 - £4000 Max!!
Consider what else youre going to want in the next five years...eg. buy a house/move house.
Id advise against the new 182 however much you want it....and recommend that you concentrate on managing your current debt rather than increasing your existing liabilities.
BUT all in all make a decision that you can live with, and one that youre happy with! It may be sensible to discuss this through with friends/family/or even...the dreaded bank manager!
DISCLAIMER: Purely my opinions - this is not intended to provide any financial advice!
Remapped derv Golf
Reno only offered me £4200 on a W reg VTR in November on buying a new cup.
They only offered my cousin £1300 for his P reg VTS when he enquired about a new 182
Sell youre VTS private and buy a 172!
