Is it worth getting a car for just a year?

JClarke

JClarke

JClarke

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Interesting situation which I thought I would pick your brains on.

Basically, my work has near zero parking available, and gives out the spaces it does have via lottery. This year was my lucky year, and I have been assigned a space.

My options are now to either take the space for a year, or give it back to go into the lottery again (and get £1000 subsidy instead).

If we did take the space, the main reason is for quality of life improvement. It would mean I could do nursery drop off and pick up, so my wife is not so rushed when getting home to get dinner going and get the kids. I currently travel by train, so can't ever do pick up.

Am I mad for considering owning a car for a year? I would be buying outright, then probably selling at the end assuming no changes in life situation.

I have looked on the market, and see lots of nice options for around £10-14k, but this a lot of money to potentially waste. Assuming depreciation of £1000, losing the parking space subsidy, and tax, insurance and MOT, total cost is likely about at least £2,500.....

Thoughts? Would you bother with a car for a year?
 
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I probably wouldn't bother if you are managing fine without, but if I was going to, I'd almost certainly be looking for an old banger with a year's MOT (and so minimal depreciation) rather than spending over £10k
 
why would you need to spend £14,000 on a car for one year.

There are pages and pages of MK 3 Clios between £1000 - £2000 on autotrader.

And before you say they are unreliable, i have an 18 year old one and it literally never breaks down or fails to start and easily passes MOT.
 
Fair points all round. Yeah, I really should just go for an oldie if I was going to bother doing this. Most likely, I won't bother as the wife isn't keen on the idea.
 
What does your wife think, she may want to keep as you are and take the extra £1k instead of spending on a car. How much is a yearly train ticket? Is it more expensive than buying and running a car for a year?
 
Either cheap car from Facebook marketplace and hope for the best, or take the £1k. No point in spending a lot of money for a year on a car that will depreciate. Buy something that can fall a couple of hundred at most.
 
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That sounds like a loose loose situation.

Keep the £1000 you won on the company lottery and take the family out for some nice activities.

Buying and using a car for a year would waste a load of money. Commuting by car is no joy either.
 
3rd option - offer the company to keep the £1000 and you WFH for the year (assuming that's feasible for your job).

Seems like win-win. Company saves money, you save commuting time, and can do the nursery run :)
 
What is the ratio of people trying to get a space vs spaces available? If it was say 50:50 next year you'd get a space again I'd be more inclined to get a car and cross my fingers, especially as it sounds like your quality of life would be improved with the extra flexibility.

Also, is your wife's car due for replacement any time soon? If so the new car could be moved on to her and you can run the old one as long as a space is available, or vice versa.
 
JClarke said:
I have looked on the market, and see lots of nice options for around £10-14k, but this a lot of money to potentially waste. Assuming depreciation of £1000, losing the parking space subsidy, and tax, insurance and MOT, total cost is likely about at least £2,500.....
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Bare in mind if you're buying from a dealer you will lose out more, especially if you then also sell to a dealer. You will basically add their margin onto the amount you lose.
 
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Of course the real answer is to run a modern classic for a year and sell it on for a profit.*



*The above suggestion may result in huge maintenance costs and extreme unreliability
 
Depends on how often you want to pick up the kids. My kids love it when I can pick them up as it's always the wife..
Would your wife prefer you to pick them up and drop them off so she doesn't need to rush.

If this is all worth the extra few grand you'll spend on a car, insurance, depreciation, etc. then go for it.
If you can keep doing what you're doing and everyone is happy, take the £1000.
 
adam cool dude said:
I laugh when companies put on site parking as a benefit in job adverts. I didn't actually realise this is a thing.
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Here in London it's a massive thing, and people often go for it.

You know, the city with the best public transport in the UK. And an office, where you never bring more than just yourself to the office.
 
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