House time

[nige87]

I'm just after some opinions.

It's time me and the mrs are start saving for a house. The car loan of 259 a month is a big chunk of my wages everymonth and would free up alot of funds. It would kill me to see it go.

What would you do in my shoes?? Sell it or keep it and struggle??

[vxrkar]

With todays market you have to think if you would get enough for the car to pay off the loan in full. To be fair, £260 is not that much per month for a car.

Personally, I'd keep the car and take a second job working a couple of evenings a week in a bar or something, that will pay for the car each month and probably give you a little extra too. That's what I did for two years and it sorted me out. I got my house and kept the car.

[smithy]

With todays market you have to think if you would get enough for the car to pay off the loan in full. To be fair, £260 is not that much per month for a car.

Personally, I'd keep the car and take a second job working a couple of evenings a week in a bar or something, that will pay for the car each month and probably give you a little extra too. That's what I did for two years and it sorted me out. I got my house and kept the car.

Completely agree, if you sold the vehicle you would need something to replace it and thats going to cost as well. Just get a second job in the evenings. I will be doing that over Christmas to make some extra funds to cover my partying habits at new years

[Ian2k]

As with what vxrkar said, im not starting to doa long day before my day off once a week if i can at work, it all add's up hopefully

[Brano]

With todays market you have to think if you would get enough for the car to pay off the loan in full. To be fair, £260 is not that much per month for a car.

Personally, I'd keep the car and take a second job working a couple of evenings a week in a bar or something, that will pay for the car each month and probably give you a little extra too. That's what I did for two years and it sorted me out. I got my house and kept the car.

well said

as also R15MTY said you will need also to buy another car which will cost you some money too...

[nige87]

That is great advice. Exactly what I needed. Something I was thinking of doing and now I think I will. Not just a car forum full of great advice!!

[Spool]

so you have a car that is costing a reasonable amount of cash you'd like to put elsewhere for something very sensible and worthy, such as a house. so you guys are telling him to get another job, work harder and have less of a social / 'time off' life so he can keep the car and scrap some money for a house!! ermm....

no point having the car if your doing a fulltime day job and then a part time job in the evening. when the hell will you drive it1?!

get yourself a house bud, and buy a 1.9cdti and map it. good on fuel, will be cheaper than your vxr in outright cost, fuel, tax and insurance!!

no brainer!! a house you live in, a car you dont!!

[IanJ]

Am with Spool on the house comes 1st - although it depends if you can afford to sell the car depending on how much is outstanding etc and whether you have enough to muster a deposit as mortgages require more of a deposit these days than they did 3yrs ago

[Spool]

To be fair, £260 is not that much per month for a car.

ermm yes it is, especially when you want more than just a car!! its 3120 a year before 215quid tax, say 500quid insurance (thats reasonable). so at the moment were at 3835.

lets be very optimistic and say you use 95ron fuel and only do 5k a year and your returning 30mpg. so thats 760quid. this is obviously all very underated coz youll be on 99ron, 10k a year and about 27mpg. which would work out at about 1800-1900 a year!!

so your car, a year, is probably costing you, 4.5k AT LEAST! plus all the cleaning and modding bits you buy!!!!

it all adds up! what you need to do, is think about what you and your mrs really wanna be doing now, and in 10 years time!

sorry to sound sensible!

EDIT:
i probably spend around 5565 a year on my car BEFORE cleaning and modding! jesus me!

[Brano]

just take paper and calculate exactly all what Spool said, to see how much you can save with 1,9 cdti Astra or some other car, that you can see the difference in exact numbers...

[Spool]

you can save 400quid a year over 10k with just 10mpg better, thats if the price of fuel was the same! http://www.fuel-economy.co.uk/calc.shtml

[Sparkles]

no brainer!! a house you live in, a car you dont!!

Ah but you can sleep in a car but you can't drive a house

In a similiar position myself, took on a second job and so far it is working out ok, am also in college part time so social time is at a minimum however within the next 18 months I should have both my masters and a house, saving for a house is much easier when studying, you would be staying in a lot of the time anyway doing research and study

[Spool]

yeah but you also cant have all your mates round in your car, you cant have a shower in your car, cant sleep with someone in a car (comfortably), cant have post delivered to your car, you cant raise a family in a car, you cant gaurentee loans / purchases / orders etc living in a car!!

i think we all know, a house, at the right time in a person / persons life is the right thing to choose over a car, any car!

[Sparkles]

yeah but you also cant have all your mates round in your car, you cant have a shower in your car, cant sleep with someone in a car (comfortably), cant have post delivered to your car, you cant raise a family in a car, you cant gaurentee loans / purchases / orders etc living in a car!!

i think we all know, a house, at the right time in a person / persons life is the right thing to choose over a car, any car!

Your 100% correct in the above, especially with the current climate, if you can get on the property ladder and avail of the low house prices and interest rates then you would be foolish not to.

I would look at the value of the loan and what would be recovered if it was to be sold on, factor in the balance between what you get for the car and the cost of picking up a daily driver and see how that differ's than if the payment was to be kept up.

Either way best of luck

[nige87]

A cdti was also another option. How much are these?

If I sel my car now i could pay off finance and have say 3k left over. I also currently do around 13k per year as I work quite a way so a cdti would also be alot less in fuel for me also!!