Need money for a car - What would you do?

buckeejit

buckeejit

buckeejit

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14 Aug 2004
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Well, I'm close to my practical test and I was hoping to extend my overdraft buy a bit and add it to what I have in my savings to buy a nice second hand car but unfortunately the bank declined my request. I'm the kind of person who needs things right now lol so my question is... what would you do to make the money up? I have a thousand in savings but was hoping to get a car for around £3,000. I don't really want a scrapper so this is why I was aiming for £3,000.

My mate said to get a loan but I don't really want to as I've been there before but I suppose it wouldn't be too bad over 2 years (for a £2,000) loan. Or would you apply for a credit card? I don't really want to save up because I wouldn't be able to get a car until after Xmas and this would annoy me (I'm very impatient). My parents can't lend me the money unfortunately.

I think my question is, what in your opinion would be financially better? Loan, credit card etc...

Thanks.
 
For 1st car I would wait unless I needed it for work and then I would buy what I can afford and what was suitable for my needs.

Why would a cheap <£1000 car not do for your first one? My GF is taking her test shortly and her first car will be extremely cheap for commuting into work on rainy days and doing a bit of shopping.
 
£1,000 is fine for a first car. After a year of abuse, then you should think about upgrading if needed.
 
firstly if its guna be your first car id juts get a nice cheap one with a small cc for the insurance costs eg, i have been driving for 2 years now and i have a 1.8 deisel focus and my insurance is 2 grand go for something small at first and also do pass plus if your instructor offers it!
 
Well when I passed my test I bought a Car about 1 month later for £500 It was a K reg Cavalier 1.6 did me well for the first year.

I cant understand it when people pass their test and rush out and buy a Car for £2000 when they are inexperienced and prone to have a few knocks also the insurance will be higher.
 
Buy a £1k car, it's pretty clear you cannot afford anything more. Not that this should be an issue, most people start with a £1k car.

My first car was £1200.
 
I'd go for a cheap car too, spent £800ish on mine (1.1 R reg 106) when I turned 17, 3 years later it's still going strong!

First cars often take a few knocks, and with the extortionate insurance prices for young guys, you'll probably be paying more than the car is worth just in insurance! :(
 
You shouldn't really be buying cars with credit cards, debit card over drafts surely? Thats what loans are for?

But tbh, there's plenty of good cars out there for £1000 or less, i had a 988cc G reg Micra, was pretty fugly but it worked well and it still cost me £900 to insure (in 2004) so god knows what your £3000 car is goin to cost you.
 
Spend peanuts on something decent (they do exist you know) and save up.
As with the other replies, how will you pay the insurance, general upkeep or if something goes bang if you've spunked £2k of the bank's money on a car?


If you use a credit card to buy a car I will personally hunt you down and smack you over the head with my keyboard.
 
got my 01 reg punto for £1300 as my first car last month wouldnt spend £3000 on a first car
 
3k is abit ott for a 1st car if you had said 3k including insurance that would sound better or even 2.5k inc you must also remember your 23 anything over 1ltr and you will have your pants pulled down by the insurance company and insurance isnt exactly cheap at the moment prices have rocketed

im 29 passed my test in February bought my 1st car in march a 1995 1.0 nissan micra i paid £495 for it + £780 insurance be sensible with your 1st car you will regret it otherwise
looking to upgrade after a year of holding a licence also ill be 30 lol
 
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