5k budget

Metalface Mark · 5 Apr 2011 at 09:16

Basically, Ive been trying to get my finances in ship shape condition, last month I got rid of my 09 Focus ST with the intention of saving up 5k for a replacement.

I just had a little look at finance figures, and if i took out a 5k loan over a year its only going to cost me about £220 to borrow it, so while its prudent to save up, its not actually going to slow my finance plan down any by just taking a loan over the year, or even 6 months which is only about £125.

The question is, what vehicle to go for? I want something that I can maximise my expenses in, so preferably diesel, comfortable and reliable. I dont mind a small car, so long as it is comfortable for someone 6 foot.

My previous cars have been

Ford Focus ST
Vauxhall Vectra 07 Sri
Ford Fiesta ST 07
Alfa Romeo GT
Vauxhall Vectra estate 2.6 Sri V6

DM · 5 Apr 2011 at 10:15

Why dont you just get an old 1500 quid Mondeo for cash till you get back on your feet.

Morba · 5 Apr 2011 at 10:17

£3k on a mondeo?

Skeeter · 5 Apr 2011 at 10:19

So your trying to get your finances together by... taking out a £5k loan on a car? You've been watching to much Ocean Finance TV.

Buy something cheap and reliable with cash you have.

233 · 5 Apr 2011 at 10:25

Give me an M............

also look at veccy diesels (early facelifts 06/07) and the usual cry of focus

Metalface Mark · 5 Apr 2011 at 10:32

DM said:
Why dont you just get an old 1500 quid Mondeo for cash till you get back on your feet.

Im on my feet, ive got about £2500 a month spare at the moment.

Skeeter said:
So your trying to get your finances together by... taking out a £5k loan on a car? You've been watching to much Ocean Finance TV.

Buy something cheap and reliable with cash you have.

I dont have any cash, ive been overpaying 2k a month on my current payments to get rid of all my debt as soon as possible. I had planned to save up for 3 or 4 months to get the 5k, but when i saw how cheaply I can get the finance, it seems more sensible to take a loan out.

SGWills · 5 Apr 2011 at 10:35

if i had the option of saving for a bit and paying it all off in one or taking out installments each month ............. i would save the money. nothing worse than being stuck in a good few months of repayments etc.

Skeeter · 5 Apr 2011 at 10:35

Ok, so you have just got rid of all your loans and you think the best thing to do is to take out another one?

This thread makes no sense?

Metalface Mark · 5 Apr 2011 at 10:42

SGWills said:
if i had the option of saving for a bit and paying it all off in one or taking out installments each month ............. i would save the money. nothing worse than being stuck in a good few months of repayments etc.

Skeeter said:
Ok, so you have just got rid of all your loans and you think the best thing to do is to take out another one?

This thread makes no sense?

Im only looking at taking out a loan over 6 months where the additional cost would be £125. Im not looking for financial advise as I dont have any money problems, Im looking for vehicle suggestions.

IvanDobskey · 5 Apr 2011 at 11:49

I'd buy a cheap focus for cash to be honest. Clear your debts, then save up for a decent car

Morba · 5 Apr 2011 at 12:02

£2500 spare a month? Buy a £2500 mondeo. Simple.

Metalface Mark · 5 Apr 2011 at 12:07

IvanDobskey said:
I'd buy a cheap focus for cash to be honest. Clear your debts, then save up for a decent car

That is the plan, Ive never really looked at low end cars so perhaps 5k is more than I do need to spend.

Metalface Mark · 5 Apr 2011 at 12:07

Morba said:
£2500 spare a month? Buy a £2500 mondeo. Simple.

Can you get something reasonable for that amount?

Morba · 5 Apr 2011 at 12:20

Metalface Mark said:
Can you get something reasonable for that amount?

Should be able to get something quite nice I would have thought. From Ghia X's to Zetec S's (zetec s looks nice).

IvanDobskey · 5 Apr 2011 at 12:21

I'm guessing you could get a decent mondeo / focus for around 2k. I suspect you'd get most of your money back on it after a year of saving for a better car as well.

Disco Boy · 5 Apr 2011 at 12:23

Metalface Mark said:
Im not looking for financial advise as I dont have any money problems, Im looking for vehicle suggestions.

You shot yourself in the foot by telling everyone about your finances then didn't you?

What are your requirements? Do you need 4 seats? 4 doors? Big boot? How many miles do you do?

Metalface Mark · 5 Apr 2011 at 12:29

Disco Boy said:
You shot yourself in the foot by telling everyone about your finances then didn't you?

What are your requirements? Do you need 4 seats? 4 doors? Big boot? How many miles do you do?

The reason I did that was to stop people from telling me not to get a loan

I need 4 seats but not 4 doors, boot size doesnt matter, i do about 10,000 miles a year, although i do still intend to walk to work/back from work when the weather dictates, so that would probably cut about 1500 miles a year off that.

Morba · 5 Apr 2011 at 12:33

right, now you are starting to be more specific with your requirements

what do you want from the car?

[TW]Fox · 5 Apr 2011 at 12:42

I'd go for a Mk3 Mondeo - but a 2.0 Duratec. Reliable, chain driven engine thats reasonable economical and has none of the DMF/Injection issues of the TDCi. Bags of choice out there as well and available in almost every trim level, but you might as well get the Ghia X as they don't cost a huge amount more and are loaded with gadgets.

Metalface Mark · 5 Apr 2011 at 12:44

Morba said:
right, now you are starting to be more specific with your requirements

what do you want from the car?

Just something cheap to run and reliable (I have became an unbelieveable skin flint since pruning costs out of my life in my quest to be debt free before im 40 next aug).