javierlopez
New member
I’m 19 and I’ve been working my first full time job since August, earning about 1.3k after tax and ~£700 left after I’ve covered board, my current car insurance, tax, petrol etc. I commute around an hour each way 3 days a week and drive a fair bit on weekends/wfh days too.
My current car is an old Clio and although it is in working order it does have a few issues (loud noises and faulty electrics) and my MOT is coming up next month which could end up costing a fair bit. I want a nicer second car as I use mine a lot and I’m generally quite interested in them, so more than a runabout would be nice.
My options right now are to finance one (be it through a loan, HP or PCP) or to buy outright. Using part ex and my savings I could put down about 2.5k towards a new car.
Buying one outright wouldn’t be much of an upgrade and seems pointless with my current budget. PCP allows me to get the best quality for my money but seems like an overall waste as I’m trading an asset for a constant expense since the final payment never seems worth it. Going for HP/Car loan seems like a good option because I can put down my deposit and still get an asset in the end, however I’m not sure if it’ll be worth it with how much it’ll depreciate over the 3/4 years.
If I was to go PCP/HP, I’d be looking to spend ~£170, which budgets in lower insurance as I’m currently overpaying what I could be. What would your advice be, is it wise to get a new one or should I just run the clio into the ground? Cheers
My current car is an old Clio and although it is in working order it does have a few issues (loud noises and faulty electrics) and my MOT is coming up next month which could end up costing a fair bit. I want a nicer second car as I use mine a lot and I’m generally quite interested in them, so more than a runabout would be nice.
My options right now are to finance one (be it through a loan, HP or PCP) or to buy outright. Using part ex and my savings I could put down about 2.5k towards a new car.
Buying one outright wouldn’t be much of an upgrade and seems pointless with my current budget. PCP allows me to get the best quality for my money but seems like an overall waste as I’m trading an asset for a constant expense since the final payment never seems worth it. Going for HP/Car loan seems like a good option because I can put down my deposit and still get an asset in the end, however I’m not sure if it’ll be worth it with how much it’ll depreciate over the 3/4 years.
If I was to go PCP/HP, I’d be looking to spend ~£170, which budgets in lower insurance as I’m currently overpaying what I could be. What would your advice be, is it wise to get a new one or should I just run the clio into the ground? Cheers