Need money for a car - What would you do?

When I bought my first car the insurance was over £1,000, just save up a bit more. I wouldn't recommend the credit card route as you will be paying out on petrol, repairs, insurance etc regularly anyway - any extra debt could leave you out of pocket when it comes to buying petrol anyway and could ultimately lead to you not being able to use your car.
 
I would also advise buying a cheaper car that you can afford. Trying to avoid getting into debt if at all possible is always a good idea. If you are young, don't make the mistake of piling up debt early, it can really ruin your life.

Rgds
 
Jez said:
Armed with an aqua card this is where i would be going...
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I wouldn't, the interest is way to high, and rather silly to get yourself into debt for something that may well depreciate into pennies well before the debt is paid off. Buy a cheaper car and put aside what you would've paid in extortionate interest into some savings and use it for something else rather than paying the credit card companies (e.g. newer better car in a year or two if that's what you want).
 
First car? Just spend £1000.

Insurance will be less and you wont feel so peeved if you prang it/write it off (which you probably will)
 
cb_linus said:
I wouldn't, the interest is way to high, and rather silly to get yourself into debt for something that may well depreciate into pennies well before the debt is paid off. Buy a cheaper car and put aside what you would've paid in extortionate interest into some savings and use it for something else rather than paying the credit card companies (e.g. newer better car in a year or two if that's what you want).
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You think? I was thinking that card, and the plan to buy a car at carcraft using it was quite good?

Its only 35% APR , thats good isnt it?
 
cb_linus said:
I wouldn't, the interest is way to high, and rather silly to get yourself into debt for something that may well depreciate into pennies well before the debt is paid off. Buy a cheaper car and put aside what you would've paid in extortionate interest into some savings and use it for something else rather than paying the credit card companies (e.g. newer better car in a year or two if that's what you want).
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Whoosh!
 
cb_linus said:
I wouldn't, the interest is way to high, and rather silly to get yourself into debt for something that may well depreciate into pennies well before the debt is paid off. Buy a cheaper car and put aside what you would've paid in extortionate interest into some savings and use it for something else rather than paying the credit card companies (e.g. newer better car in a year or two if that's what you want).
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:p

Woosh. :D

Edit - Just to add some sensible advice, it's your first car, you'll trash it. Don't buy something you A) Can't afford and B) Will damage.

Look at it this way. You're captain impatient right? Have to have everything as soon as possible? You get yourself into debt to get this now and you'll be waiting much longer for your next 'must have' item as you'll be paying extra money out in interest\stupidity tax.
 
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Jono8 said:
First car? Just spend £1000.

Insurance will be less and you wont feel so peeved if you prang it/write it off (which you probably will)
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^This, also if you keep it a year you can always flog it at almost no loss the next to upgrade if you want.

Whatever you do don't use a credit card unless it's got 0% for purchases or you put it on one which you can then transfer to a 0% card. You do not want to be paying 16%+ interest on this, you'd be far better off saving up or at least getting a small bank loan to cover it.

Personally I'd avoid CCs or HP and save up or take out a loan. For a first car though I'd be looking to go for a cheap run about, good god how much money have I pee'd away over the years on cars.. :o
 
rite ok, I will spend what I have saved for a car. I didn't really want to lend anything as I know what debt can do to people. Maximum £2,000 it is then. Thanks guys.
 
Halfmad said:
^This, also if you keep it a year you can always flog it at almost no loss the next to upgrade if you want.
Whatever you do don't use a credit card unless it's got 0% for purchases or you put it on one which you can then transfer to a 0% card. You do not want to be paying 16%+ interest on this, you'd be far better off saving up or at least getting a small bank loan to cover it.

Personally I'd avoid CCs or HP and save up or take out a loan. For a first car though I'd be looking to go for a cheap run about, good god how much money have I pee'd away over the years on cars.. :o
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Exactly, infact I wrote off my first car which cost me £800 to buy and the insurance company valued it at £1000, so after my excess I still got around £650 back
 
Spunking 3k of borrowed cash on your first car, before paying half again for insurance is lame. Although if after reading the responses you go out and buy a £500 car and buy the insurance up front too then this thread may at least serve a purpose. :)

And it was funny. :p
 
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