I think its time for the clio to go.

[Jay.S]

My 182 is costing me alot of money £600+ a month, this due to me having finance on the car. I have decided its time to start thinking of things to do with it, i have a few options:-

- Get a loan pay off finance sell the car, pay off the loan, back to square one a fresh.
- April 2012 i get some shares in from my company i can then pay off the finance and sell the car.
- buy a second car for the 75 mile aday journey and save on the petrol.

This is due to me realising its time for me to start saving for a deposit on a place. My 182 has never let me down and i do love driving it but £600 a month is alot of money. The finance is £180 a month, Insurance is £140, the rest is petrol.

What would you do?

Thanks

 

[Dunn]

Keep it

dont get a loan to pay off a loan Lol

and dont get another car that will not save you money

 

[Jay.S]

I no holding out untill April 2012 is best idea but it kills spending that much a month.

I was thinking of taking to a car company and asking them if they would pay off my finance if i get a car with them has to be a diesel, then pay this car of in 2012.

 

[JackJack]

You will regret it if you get rid a lot of others have.

 

[Jay.S]

i no i will regret it as it still puts a smile on face after 18months its just time for me to start saving for a house.

 

[Revels]

So you're spending nearly £300 a month on fuel. That's 6 tanks. So say 1800 miles a month?

What you need is a diesel. Sell the Clio. Buy something cheap with the funds from that. Keep paying the finance and once it's paid off, consider what you want to do.

 

[Scott S]

A 125cc bike to get to work and back?

 

[Toms_clio]

convert the car into lpg?

 

[Dean.]

m3

 

[alanc1000]

From your loist of ideas my thoughts are:

- Get a loan pay off finance sell the car, pay off the loan, back to square one a fresh. - Thats if you will even be able to get a loan, and as you are already finance committed (on the current car), any additional loan is likely to be higher APR than you are on today due to the risk (even if it is to pay off the current car loan). You will also not get any where as near as much from selling the car as you'll need to pay off the loan, so you are simply going to end up with a no car and a loan.

- April 2012 i get some shares in from my company i can then pay off the finance and sell the car. - Not a bad idea, sounds promising

- buy a second car for the 75 mile aday journey and save on the petrol. - Just no!

I would sell the clio, buy a cheap run around and pay off as much of the loan as you can with the excess. Dont forget by doing this you wont be saving £600 a month, sounds like you'll be saving maybe a couple of hundred at best given your insurance and petrol costs.

 

[Goodj]

how much longer have you got left / £ left on finance?

If it's less than £5k (which it must be) the loan rate would be awful.

You may just have to struggle on, loans for loans just spread the pain out longer and you'll end up paying far more than the car was worth in the first place.

if you can, just keep on going, maybe a £2k Diesel runabout (like a 106, or clio, or fiesta) would save you gthe fuel, but then you've got to insure, tax, service and generally run it.

 

[Jay.S]

The finance has got 3years left about 5k I think the plan was to pay it all off in 2012.

Yeah I currently do 75miles a day so its roughly a gallon there, gallon back. I know the 2nd car is not good but it will save the mileage on the clio.

I am looking at renting buts it a catch 22 really so I want to save up enough for a deposit.

I will sit down and qork my finances out, I also cannot sell the car as it won't be HPI clear. I got the car of bristol motors and they say I phone up and swap anytime I like but there has to be a catch.

 

[.Kev.]

Love these threads.

 

[alanc1000]

The finance has got 3years left about 5k I think the plan was to pay it all off in 2012.

Yeah I currently do 75miles a day so its roughly a gallon there, gallon back. I know the 2nd car is not good but it will save the mileage on the clio.

I am looking at renting buts it a catch 22 really so I want to save up enough for a deposit.

I will sit down and qork my finances out, I also cannot sell the car as it won't be HPI clear. I got the car of bristol motors and they say I phone up and swap anytime I like but there has to be a catch.

TBH i think you are looking at this totally wrong, and there is a chance you'll end up a mug.

Buying a second car to save milage on the clio is just madness and will save you nothing, it will in fact make you poorer, surely you can see this?

Your car will be HPI / finance clear once you settle the finance, therefore Bristol motors are merely trying to get you to buy another car from them. You could possibly look to trade the car down with them and see if they'll do this to reduce the finance.

This is what happens when people buy a car they cant afford, sorry if i sound harsh.

 

[TheEvilGiraffe]

£1680 on insurance ? Holy frik on a stick. :dead:

Get a better insurance quote ? Get a job closer to home / better paid ? Straight swap for Sash's dCi 100 ?

Man up and deal with it !? Have you worked out how expensive houses are ? Unless you're barrelling into your 40s, stay at home for a while lol.

 

[Jay.S]

No its ok I see where your coming from I can afford it, I just feel like its money down the drain though as I would like to start saving.

I think I will keep it until my shares come in then sell it and use the money from that towards a deposit.

Plus I think am just having one of them days i will fall back in love with it tomorrow and think its the best thing since sliced bread.lol.

It's ok for you CS millionaires :rasp:

I no it will be HPI clear when I settle the finance but its just not practical right now. Also I know the 2nd car is bad but by the time 2012 comes round my car will be on nearly 100,000 then and be worth pennies.

 

[TheEvilGiraffe]

If you had to get a loan, you couldn't technically afford it.....

If you buy another car, you'll be worse off due to 2x tax, insurance, MOT, tyres, servicing etc etc, AND then left with two cars that are worth nothing in 2012 instead of one.

Just put this idea to bed, go out for a blat late one night, and dont look at the price when you fill up :rasp:

 

[timmyd]

I would sell the car, pay off the finance and get something cheaper to run.
This is what i done, got rid of the 182 after five yrs, really loved that car, but now spend £38 a week petrol compared to £90 a week in the clio.
Buying a house, is an investment, throwing money at a car is not worth it, Ive done it for the last 10yrs. LOL

 

[jenic]

I'm struggling to get my head around that finance, you've had the car a year i presume? and have 3 years left?

So 48 x £180 = 8640

Now a decent 182 this time last year was around £5k for a good one, Moneysupermarket brings up the cheapest loan at £122.50 a month, total of less than £6k over 4 years. Thats almost three thousand pounds cheaper than your finance!

So you got shafted on either the car or more likely the finance. You cant get out of that hole now, no matter how much you change cars/get loans. I'd stick with it and pay it off asap.

Lesson is never get finance without first comparing it to a personal loan.

 

[Curtis!]

Don't dig the whole any deeper mate, if it means having to wait for the house longer then so be it.

Clear the slate, then get saving like mad for what you want.

 

[Jay.S]

Yeah I did get abit shafted at the time but something big had happened in my life and a young family died in a traffic accident got hit by a drunk driver, so I thought f**k it I could die next week, month etc live to the full.

So that's what I did, but now am thinking of the future. So decided am keeping it until my shares come in pay it off sell it and go to Auss on hol and look for jobs while am there.

 

[R-Sport.]

Sell the car - clear your debt- your equity position will only deteriorate with time-

If you have no equity & no savings its a long hard road as your still starting from scratch-

Buy a runabout....
S

 

[Brett]

I'd just keep the 182. If its proving to be reliable which I presume it is as you haven't mentioned repairs then really its only tax and insurance that are expensive. A 182 will do 35 mpg all day long, doing the miles your doing which are presumably motorway will see around 37-42 mpg. The difference in fuel between a 1.2 and 182 is negligible.

The only real way to save money as mentioned earlier is to buy a car for the same amount the 182 is worth such as a Clio dci and reap the benefits of a genuine 55-70mpg and £30 tax combined with reduced insurance.

 

[Covps2blue]

Yeah I currently do 75miles a day so its roughly a gallon there, gallon back. I know the 2nd car is not good but it will save the mileage on the clio.

Fook me 37.5 Miles to the gallon!! I am getting about 38mpg, and that is doing sensible speeds of 70-80 on the motorway!! try driving at 70 on the motorway

 

[Jay.S]

Fook me 37.5 Miles to the gallon!! I am getting about 38mpg, and that is doing sensible speeds of 70-80 on the motorway!! try driving at 70 on the motorway

I do mate I don't go any higher and rarely do town driving.

 

[Nick172Cup]

Buy a £500 diesel runaround with long tax and test, swap the insurance over to it from the clio and declare the clio SORN for the time being. That means you can chop the tax in on the clio which will give you a lump of money towards a car, insurance will be no doubt half the price and fuel bills cut in half also.

Ollie82. on here had a 106 non-turbo diesel that he used as his runaround, insurance was peanuts, did stupid miles to a tank and saves him a shed load in comparison to his Cup. The only thing is it was slug slow and didnt have any creature comforts, but if your thinking future in mind then /speed/creature comforts go out the window in my opinion.

 

[Sir_Dave]

All depends on your financial position & your ability to service/pay off the outstanding debt on the clio.

I found myself in a similar position 5 years ago, big loan on 6 month old 182 (when they still cost £10k lol), doing 4k miles a month, expensive rent, huuuuge student debt, 1st job not paying the expected commission, etc etc. The big city dream was getting me more & more in debt each month. The credit cards were all maxed lol.

Sometimes you have to bite the bullet & do something drastic. I sold the 182 for £9k, bought a 206 hdi for £5k and paid off most of the credit cards. Debt consolidation FTL. I drove a cheap to run car for nearly 3 years (car hobby most definately on hold, almost), paid off my loan & started again.

Sounds like you need to do the same.

 

[JD]

The finance has got 3years left about 5k I think the plan was to pay it all off in 2012.

5K? Is the car even worth 5K these days?

Sell. Diseasel.

 

[Goodj]

even if you sell the clio, it'll never fetch £5k!

and I wouldn't worry about adding miles to it either, it's not like it's a super-rare collectors piece.