Question:

Please tell me what I should do???!!!??? Help!!!?

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Hi, i have a big decision in my hands. I spotted a car for sale for a £1000 and have fell in love with it. I only have £1000 in my bank account right now, and have found out that this car would cost £1666 for insurance. I have a job where I get a £100 a week, and I have been having arguements with my parents who think buying this car is silly in aspects such as how am I going to afford the insurance, petrol etc..

I cant see the danger because if im making £100 a week, I can pay for the insurance no problem, by monthly payments. I havent passed my driving test yet, and will need probably another 2 months before I go for the test, so it would sit in the drive no problem, until I pass. What do you think of this, please tell me what I should do?? Please bare in mind the car is a bargain and kind of a one chance opportunity.

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  1. What you should do is save up until you pass your test, when you will then be able to maybe get cheaper insurance.  Falling in love with cars is bad news, they need a lot of thought before you go rushing in and buying.  You don't get a lot for a grand and there will be a good reason why it's so cheap, it could be a complete heap under the surface and cost you a fortune to keep on the road.  Having it sat on the drive will do it no good either.  Don't be in such a rush and you'll save yourself a lot of money and keep your parents on your side too.  Do you really want to hear them say 'I told you so' when you're totally skint in 6 months time?


  2. I'm 36 and a grown up with kids of my own. Go buy the car and bloody enjoy it!

  3. I agree with your parents.  You're obviously young and daft and don't appreciate how much it will cost to to run a car.

    Your wealth at the moment is £1000, this will be reduced to £0 when you buy the car.

    The insurance costs £1666, I assume that this will be paid monthly as you do not have the money to pay in lump sum.  It is likely that the insurance company you choose will want a deposit on the insurance, for example 2 months and will charge you interest for paying monthly. I reckoned that your insurance will cost about £170 per month (based on interst charge of 25% on top of the £1666) you may also have to pay up front for road tax if car isn't already taxed.

    So your monthly income is £434 - say £170 on insurance, this will leave you £264, a tank of petrol will cost you at least £40 a time. I assume that you will want to have a social life and go out with friends etc..

    Forget about this car and possibly buy one when you pass, this will reduce the insurance cost, even better - wait until you are earning more and really need a car e.g to get to work.

  4. I think if you really love it,and if you really can afford the insurance,you should,but I would go over it,and make sure there is nothing wrong with it.....buying a car is not just about the look of the car,Someone can have the car washed and detailed and make the tires shine,but if it has mechanical problems it wouldn't be worth it.

  5. My friend and i did this when we were young. He didn't make it.  His needed a repair and it ruined his plan.  Completely ruined.  I guess we forgot that things can go wrong.  Why did we forget that.

  6. Right first things first...do you really wanna be paying for a car that you cant even drive yet and is not being used? And what if you don't pass your test...its going to be there even longer. I have about £1500 in my savings account and earn just as much as you but wouldnt even consider buying a car until i'm on a better wage. Have you checked everything about the car like if its got a valid MOT or anything. I have taken my test twice now and failed both times so when i pass my test i'll be driving my mums car. Alot cheaper for me at £50 a month extra on insurance. And usually if its your first car you have to pay the whole insurance off straight away. Consider these facts before you go rushing into buying something that you cant even use till you pass your test! x

  7. Hi  I know what its like to fall in love with a car but have to say think long and hard about this purchase.  

    The insurance, petrol and tax alone will eat up your £100 each week not taking into account any repair bills that occur and believe me they will!

    My advice is - focus on passing your driving test.

    HTH's

  8. what car is it?

  9. If your young and male which I expect, you are probably going to pay through the nose for insurance. I say go for it you sound intelligent enough, and have worked out your budget.

    Perhaps, going on one of your parents name, will help reduce the premium. I did it in my dads name for two years I think it was direct line, and they still gave me no claims, when I decided to go in my owm name.

  10. Bare in mind that your car is going is going to sat on the drive not moving anywhere, it's not a good thing for the car. Cars do not like to stay still for long periods of time.

    £100 a week is not a great deal of money really, when you consider your going to be laying out say half of that each week on insurance, about £40 on petrol, then tax ontop of that.

    So long as you have absolutely no other hobbies whatsoever then you could do it.

  11. i dont think you have thought this through.

    insurance= 32 ish a week

    fuel at £5.00 a gallon say 10 gallon tank = 50.00

    tax around £140 per year

    mot around £35-£40

    any added repairs/tyres

    you wont be left anything to live on

    go for cheaper smaller car and save your money

  12. Wait until you have passed your test,  there are thousands of cars out there which will be just as good.

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