Takanta Posted March 8, 2012 Share Posted March 8, 2012 I cant decide what to do I currently have no bike due to selling it to my dad . And with that money i put a deposit down on my car.I currently have roughly 3.2k worth of car to pay off , that's without interest added. Im desperate for another bike though as Its just boring as fk driving.So should I save up and pay off car, then buy a bike on finance. ORSave up and buy a bike and continue paying off car thro finance over the 3 years. ORPay car off , sell car , buy a bike and a cheap banger of a car.Dont know whether to wait till october when my restriction is up either .Opinions please Quote Link to comment Share on other sites More sharing options...
mealexme Posted March 8, 2012 Share Posted March 8, 2012 Pay car off , sell car , buy a bike and a cheap banger of a car.Sounds the best option to me if you can afford it!Get a bike and restrict it, you are not going to want to buy a bike now and another once your restriction is off, but the better weather is starting, you are not going to want to e stuck in a car either! Quote Link to comment Share on other sites More sharing options...
mealexme Posted March 8, 2012 Share Posted March 8, 2012 Pay car off , sell car , buy a bike and a cheap banger of a car.Sounds the best option to me if you can afford it!Get a bike and restrict it, you are not going to want to buy a bike now and another once your restriction is off, but the better weather is starting, you are not going to want to e stuck in a car either! Quote Link to comment Share on other sites More sharing options...
davefly76 Posted March 8, 2012 Share Posted March 8, 2012 How much is the car worth? Could you get a dealer to buy the car back and pay off the finance that way? Then get a new bike on finance and a cheap car to run around in. Thats what i'd do.. Quote Link to comment Share on other sites More sharing options...
Colin the Bear Posted March 12, 2012 Share Posted March 12, 2012 Get dad to put you on bike insurance and borrow dad's bike. Simples Quote Link to comment Share on other sites More sharing options...
TC Posted March 12, 2012 Share Posted March 12, 2012 Get dad to put you on bike insurance and borrow dad's bike. Simples Yep thats what i'd doPlus WTF are you doing spending that much on car anyway. Quote Link to comment Share on other sites More sharing options...
polecat Posted March 12, 2012 Share Posted March 12, 2012 cheap small economical car and a nice bike for summer is ideal as you get a little older,Rain gets wetter,winds are stronger and cold is much colder after your 40 ! Quote Link to comment Share on other sites More sharing options...
Stu Posted March 12, 2012 Share Posted March 12, 2012 get shut of the car and buy a cheaper one! i know of a vauxhall corsa for sale really good car Quote Link to comment Share on other sites More sharing options...
Fozzie Posted March 13, 2012 Share Posted March 13, 2012 3.2k is a bit steep, you can get 5 year old Ford Fiestas for £2.5k or so with less than 60k on the clock Id get saving up, pay off the car and then dont sell it as the money you put into a car keeping it going you never get back so you may as well stick with it now. Then save up some more and either buy a 600 project bike you can work on and get going on the cheap or buy a decent one but that takes a bit longer in saving. Quote Link to comment Share on other sites More sharing options...
Takanta Posted March 28, 2012 Author Share Posted March 28, 2012 haha it was an impulse buy , may have came up with a solution , the maw has a few k sitting doing nothing and shes wanting an automatic car. so she did offer to pay off my car , basically buy it off me , then she trades it in for an auto.or she pays off car , I sell car , give her money back , Kinda like a loan haha Quote Link to comment Share on other sites More sharing options...
XmisterIS Posted April 3, 2012 Share Posted April 3, 2012 My advice:1) get rid of car, get yourself out of all that finance. Get yourself back in the black.2) NEVER EVER EVER EVER BUY ANYTHING ON FINANCE!!!!!!! It's dead money and a fool's game.3) Buy a bike, or bike and car if you can afford both. Quote Link to comment Share on other sites More sharing options...
Boothy Posted April 3, 2012 Share Posted April 3, 2012 2) NEVER EVER EVER EVER BUY ANYTHING ON FINANCE!!!!!!! It's dead money and a fool's game. Even if its 0% finance as many places now do (by that I mean Honda) xD Quote Link to comment Share on other sites More sharing options...
XmisterIS Posted April 3, 2012 Share Posted April 3, 2012 Even if its 0% finance as many places now do (by that I mean Honda) xD There's no such thing as a free lunch. 0% finance invariably means you have to pay more, later. Rarely (if ever) do companies give things like that away for free. Quote Link to comment Share on other sites More sharing options...
GazW Posted April 3, 2012 Share Posted April 3, 2012 My advice:1) get rid of car, get yourself out of all that finance. Get yourself back in the black.2) NEVER EVER EVER EVER BUY ANYTHING ON FINANCE!!!!!!! It's dead money and a fool's game.3) Buy a bike, or bike and car if you can afford both. What about a mortgage? Is that a fools game? It's relatively easy to get a decent rate on finance, my girlfriend bought a 10k astra, she went to the bank after hearing the dealerships initial offer, took back all the interest details and such the bank could offer her and the dealership drastically dropped their initial offer to beat the bank and she ended up paying by finance. I do have a savings account and put some aside each month, I wouldn't consider myself bad with money. Let me put forward two scenarios.Guy A & Guy B;Both have 12,000 in savings. Guy A goes and blows the lot on a brand new R1.Guy B works out he can comfortably spare £150 a month so he goes to the dealership and gets the exact same bike on finance.. Knowing he's gunna pay 1500 more, but he still has all his savings.Now say they both have a work related accident and are on statuary sick pay for 6 months.Guy A would be knackered. Within a few months he would probably have to sell his bike for much less than he paid for it.Guy B would have 12 grand to cover his finance payments and cost of living untill he could go back to work..I have a savings account on my own with just over 2k in, I have a joint savings account with my misses with 1,900 in that we started in November last year to save for a mortgage. I also have an account set up that's about £300 in it for my 7 month old son when he turns 21. I would rather work out a monthly figure I can afford and get a bike that way than to blow all that on one and have nothing to fall back on. I dipped into my own personal savings for my current bike, because I bought it in august for £675 (I think) and just wanted a winter hack that I wouldn't be bothered about if I threw it down the road, fortunately mechanically it's a gem, aesthetically it's a turd, I'm hoping it will see me through to next February without me putting too much money into it when I get another years no claims and my insurance on the next bike I'm after drops by £400 to £350.Also if you spend your life saving up for things and never getting any credit wouldn't you have a nasty surprise when you came to get a mortgage and got refused? I mean my credit file has no mention of my account balance or savings, all I can see over the past 6 years is mobile phone contracts, two loans I have had and cleared and my credit card info. Banks want proof your a good borrowerer before they will happily let you walk off with a couple of hundred thousand of their money. Quote Link to comment Share on other sites More sharing options...
RicKsTa Posted April 3, 2012 Share Posted April 3, 2012 Gotta agree with red on this one im afraid. Plus i have a mortgage Quote Link to comment Share on other sites More sharing options...
Ratser Posted April 4, 2012 Share Posted April 4, 2012 Even if its 0% finance as many places now do (by that I mean Honda) xD There's no such thing as a free lunch. 0% finance invariably means you have to pay more, later. Rarely (if ever) do companies give things like that away for free. How do you work that one out ?0% finance with the likes of Honda means exactly that.No extras, no additional value added to the cost of the bike, nothing.I agree on the principle of buying on credit though, as it is something I would never do since I was stung buying a Sega Mega Drive that should have been about £100, and ended up costing me three times that.My house has a mortgage, but other than that no other credit for me. Quote Link to comment Share on other sites More sharing options...
OhJay Posted April 4, 2012 Share Posted April 4, 2012 Also if you spend your life saving up for things and never getting any credit wouldn't you have a nasty surprise when you came to get a mortgage and got refused? I mean my credit file has no mention of my account balance or savings, all I can see over the past 6 years is mobile phone contracts, two loans I have had and cleared and my credit card info. Banks want proof your a good borrowerer before they will happily let you walk off with a couple of hundred thousand of their money.If you get a loan and clear it you're OK but if you have outstanding finance when you apply for a mortgage it affects your mortgagability so time it carefully.I bought my car outright couple of years ago since the Mrs and I were hoping to get a house and a mortgage within 6-12 months and didn't want any outstanding loans or finance on our records when we applied. (Mrs was a mortgage adviser in a previous life so I'm taking her word for it on this)Admittedly that plan has since flown out the window but still... Quote Link to comment Share on other sites More sharing options...
Susieque Posted April 4, 2012 Share Posted April 4, 2012 It's an arse about he whole credit history thing though.Because I don't use my overdraft, rarely use my credit card & always pay the balance off in full, don't have any household bills in my name (they don't seem to count insurance or mobile accounts) my credit history is cr*p!! My bank reduced my overdraft & credit card limits to pathetically low amounts and they're not even worth having really! Quote Link to comment Share on other sites More sharing options...
GazW Posted April 4, 2012 Share Posted April 4, 2012 It's an arse about he whole credit history thing though.Because I don't use my overdraft, rarely use my credit card & always pay the balance off in full, don't have any household bills in my name (they don't seem to count insurance or mobile accounts) my credit history is cr*p!! My bank reduced my overdraft & credit card limits to pathetically low amounts and they're not even worth having really! I don't agree with the way it works. Being good with money shouldn't mean you have to borrow, they should class people with the ability to save up and buy things better than someone who has credit up to the eyeballs as IMO it takes a lot more self restraint. I do stand by the rather take finance and have some money to fall back on, but finance can be a very bad thing for people who are crap with money. Quote Link to comment Share on other sites More sharing options...
Katie Posted April 4, 2012 Share Posted April 4, 2012 0% finance invairably means you pay more for whatever you're buying in the first place. Afterall no such thing as a free lunch. An example being when we bought our sofas the discounted price advertised in the window was further discounted when we said we'd buy it outright rather than use their finance deal. I'd never buy anything on a finance deal from a dealership, instead I always shop around for the best available loan, usually via moneysavings expert website. Nothing wrong with keeping a bit aside for a rainy day, but then again I spent all my savings on my bike rather than get a loan as I've got my hubby's earnings to fall back on if need be. We all manage our money differentley, horses for courses. Quote Link to comment Share on other sites More sharing options...
archiec Posted April 8, 2012 Share Posted April 8, 2012 just bought new bike from dealer list price and interest free Quote Link to comment Share on other sites More sharing options...
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