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NEW CAR ideas needed for student!!

SteDaley

Active Member
Hey guys, i've decided its that time! that 22 is far to old to be buying my first car.

Ive been passed for 5 years but haven't ever had the money to afford a car! but i can afford a loan and a car is the only thing im really after!!

I havent a Budget as of yet as i havent decided how much of a loan to get but i have been looking into a new car on finance (VW Up!) with the years free insurance and also a mx5 mk1 for around 1500 quid but with 1300quid insurance just doesnt seem worth it until im older!!

I just wanted some ideas if anyone has bought a 2nd hand car using a loan instead is it better value for money??

The VW up! is around 150 a month with a 1200quid deposit for a brand new car! I know you can get finance on a second hand car but havent been in any dealers to see what thats like ahs anyone on here?

any other cars a student could be looking at??

Ste
 
D

Deleted member 27989

Guest
Yes, a bus! :)

Safe your money, don't build up debt now....youll thank me later....put the 'spare' money in a private pension plan or pay off student debts...
 

davepuma

Distinguished Member
I agree. I bought a car a few months after passing my test at 17 but I was working at the time. I would wait until you are earning before taking on the burden of running a car. Remember, it's not just payments + petrol + insurance. Obviously if you go new, you will get a warranty. My first cars all needed a lot of work done on them towards the end as they were second hand bangers and were a serious drain on my finances. I went a long period of not owning a car after that and just borrowed my Dad's car until I saved up a few quid and bought a brand new Puma several years later.

A car will also interfere with your drinking. When I was a student I had a car (I was earning) but ended up hardly using it and the yellow low-fuel light was permanently lit. I didn't need the car anyway as public transport could take me anywhere I needed to go.
 

SteDaley

Active Member
Well ive been looking at a new VW up,
im just fed up of having to get a bus like i have for the past 7+ years...
regarding student loan ill never pay it all back! too many years and Chemistry Degree sets it up in my favor of a decent job at the end!!
I also forgot to out i have a job as well!!
 
D

Deleted member 27989

Guest
You could pay an extra £150 per month towards your student loan ;) or if early payment is not allowed pop it in a tax free isa.

Don't make the mistake like many others and saddle yourself with debt. Save for it, then buy it. It is the recipe of a great life with freedom.
 

Darision

Standard Member
when looking for a starter car you should probably get 1.2l if your worried about costs since you would be looking at spending around £1000 for the car and probably up to £2000 for insurance. try looking at getting something like a small saxo or an old ford fiesta.
 

gangzoom

Distinguished Member
I seem to remember I spent most of little money I had as a student on :beer: and loved it:)

As other have said buy some thing cheap (£500-1000 mark), try not to crash it build up a no claims and when you start earning you can get into something decent.

I had a £500 Micra for the last few years at Uni, within 4 months of leaving uni and working in my first job I went and brought a second hand Honda Integra Type R and because I had a few decent years of no-claims I could actually afford to insure it :D.
 
D

Deleted member 27989

Guest
I had a bus pass but mainly because I didn't need a car....Immediately afterwards I got a Saab 900 Turbo Convertible, but didn't get a loan for it, wouldn't dare especially if I had student loan to pay off, which again I didn't...Not everyone has to live their life like that....but at a young age piling on the debt is rather foolish imo...
 

Soundburst

In Memoriam
Hey guys, i've decided its that time! that 22 is far to old to be buying my first car.

Ive been passed for 5 years but haven't ever had the money to afford a car! but i can afford a loan and a car is the only thing im really after!!

I havent a Budget as of yet as i havent decided how much of a loan to get but i have been looking into a new car on finance (VW Up!) with the years free insurance and also a mx5 mk1 for around 1500 quid but with 1300quid insurance just doesnt seem worth it until im older!!

I just wanted some ideas if anyone has bought a 2nd hand car using a loan instead is it better value for money??

The VW up! is around 150 a month with a 1200quid deposit for a brand new car! I know you can get finance on a second hand car but havent been in any dealers to see what thats like ahs anyone on here?

any other cars a student could be looking at??

Ste
The up! Might be 150 a month but remember you'll have a final end payment of about £3-4 I'm guessing so prepare for that!
 

PSM1

Distinguished Member
I had friends at Uni who had cars and they never had any money due to having to pay this and that for the cars. Running a car is an expensive pastime with servicing etc. What APR is the deal on the UP! So how much do you actually end up paying back? Buying new cars always ends up costing due to depreciation. You will lose £1k as soon as you drive it off the forecourt if not more. There is a lot to be said from buying cheap cars that run and use them until something goes wrong and then buy another cheap car for a few hundred.
 

un1eash

Distinguished Member
I had my own paid for car from the age of 18 as I worked part time at Tesco when at uni. It wasn't until i was working full time and the age of 25 I got my first car on finance.
I would buy something cheap, maybe a modern classic and use that for now.
 

Epicurus

Well-known Member
Far too many sensible people here. Ignore student debt, no great advantage to paying it off early as it's cheap finance in comparison to what you might get elsewhere, and doesn't show on a credit report.

VW Ups make great sense and the free insurance makes them almost a no brainer in your position. They have low depreciation so might even have a grand of equity in it at the end of the agreement. So ultimately you get a choice between £50 a month on trains and buses, or £200 (including fuel) for a new car and comfort and freedom.

Even if you end up regretting it, you're only 22 so it's the right time of life to make mistakes!
 

Monty Nine

Well-known Member
Don't buy a Talbot Sunbeam. Mine did not last long.
 

BT Bob

Distinguished Member

rousetafarian

Moderator
and don't hide your weed in the glove compartment that doesn't close properly during a random police check at 2.00am in Leeds circa 1995.

Get an Up!
 

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