Looking for some financial advice
Moderator: RichardW
Looking for some financial advice
So I have the two Omegas at the moment but I'm fed up with having cars that need stuff doing to them but even if I manage to sell the Omegas that I have (which seems highly unlikely) I still won't have enough to buy something decent. I know my Xantia was fine and tbh was probably worth keeping but I have got to the point where I do not have the patience to do any work on a car. I want something that works but I am picky as cars are pretty much all I have so I want some enjoyment from one.
I want something that needs no work, was thinking V6 or V8. Also taken a fancy to the Legnum VR-4. Unless anyone has any other suggestions?
My question is this...What is the best way of raising money for a decent car? I'm not entirely sure how much I'm thinking of at the moment but having never had a loan in my life (still not keen on the idea - I pride myself on being debt free but crap cars only end up costing me more in the long run) I don't know the ins and outs and what options I have available to me?
So, any advice would be greatly appreciated.
I want something that needs no work, was thinking V6 or V8. Also taken a fancy to the Legnum VR-4. Unless anyone has any other suggestions?
My question is this...What is the best way of raising money for a decent car? I'm not entirely sure how much I'm thinking of at the moment but having never had a loan in my life (still not keen on the idea - I pride myself on being debt free but crap cars only end up costing me more in the long run) I don't know the ins and outs and what options I have available to me?
So, any advice would be greatly appreciated.
Toby
Previous:
2004 Peugeot 407 HDi 138 SE Luxury Pack
2001 S2 Xantia HDi 110 SX
2001 Peugeot 406 V6 Coupé
1998 S2 Xantia Activa
2000 S2 Xantia HDi 110 SX
1999 Peugeot 406 2.0 16v Estate
Previous:
2004 Peugeot 407 HDi 138 SE Luxury Pack
2001 S2 Xantia HDi 110 SX
2001 Peugeot 406 V6 Coupé
1998 S2 Xantia Activa
2000 S2 Xantia HDi 110 SX
1999 Peugeot 406 2.0 16v Estate
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- Sara Watson's Stalker
- Posts: 7098
- Joined: 19 Aug 2008, 12:38
- Location: NEW South Wales, Australia. I'll show you "Far, far away" ;-)
- My Cars: Peugeot 605
Citroën Berlingo
Alfa 147 - x 93
Advice? Can't have champagne tastes on a beer budget.
I work one day a week for a mechanic, on his personal off-work projects (carpentry/building/shipwrighting). It gets me hoist time, parts at cost and access to a good workshop. I don't know if you have trade skills, but if you do, it might be possible to seek some similar arrangement.
Socks are awesome. How much does a pair cost, for the number of hours they last (especially if you can darn)? To me, the "sock index" is a good hard way to look at things - how much they cost, for how many hours of enjoyment.
In other words, once initial "glow" of a new acquisition has worn off, how much more enjoyment will you derive from being in it, presuming one keeps the same driving patterns and usage level? Ruthless honesty is the only satisfactory method here.
I recommend a fun, simple website to calculate finance costs:
http://www.drcalculator.com/mortgage/
You just move the sliders or type in the rates/times, and it recalculates. Fun and simple, sort of like me.
Remember that any used car out of factory warranty, will have issues that need "putting to bed" smartly. Allowances for car costs include insurance, transfer, immediate issues and a contingency sum. If you can't afford all of these at the time of purchase - in addition to the asking price - then you honestly can't afford the car.
I'm pointedly not going to say "good luck" as luck should never enter into a finance situation at the outset! Diligence will be your friend, and the peace of mind it brings when you have run all possibilities to ground, is real freedom.
Cheers, Adam.
I work one day a week for a mechanic, on his personal off-work projects (carpentry/building/shipwrighting). It gets me hoist time, parts at cost and access to a good workshop. I don't know if you have trade skills, but if you do, it might be possible to seek some similar arrangement.
Socks are awesome. How much does a pair cost, for the number of hours they last (especially if you can darn)? To me, the "sock index" is a good hard way to look at things - how much they cost, for how many hours of enjoyment.
In other words, once initial "glow" of a new acquisition has worn off, how much more enjoyment will you derive from being in it, presuming one keeps the same driving patterns and usage level? Ruthless honesty is the only satisfactory method here.
I recommend a fun, simple website to calculate finance costs:
http://www.drcalculator.com/mortgage/
You just move the sliders or type in the rates/times, and it recalculates. Fun and simple, sort of like me.
Remember that any used car out of factory warranty, will have issues that need "putting to bed" smartly. Allowances for car costs include insurance, transfer, immediate issues and a contingency sum. If you can't afford all of these at the time of purchase - in addition to the asking price - then you honestly can't afford the car.
I'm pointedly not going to say "good luck" as luck should never enter into a finance situation at the outset! Diligence will be your friend, and the peace of mind it brings when you have run all possibilities to ground, is real freedom.
Cheers, Adam.
WOW that is a very good speech addo
i think if your on a tight budget its no good looking at what you fanccy (like V6,V8 ) as they will shore as eggs is eggs suck every last penny out of your pocket,
get your self a dersh even though a good one aint cheap, as long as the body/chassis is in near perfect condition, the nuts and bolts stuff is very easy,
on top of that they are loads of fun and all dersh drivers wave at each other,
then if you want something with a bit more go get a dersh on an AMI supper chassis with a GS/A 1300 lump under the lid
regards malcolm
i think if your on a tight budget its no good looking at what you fanccy (like V6,V8 ) as they will shore as eggs is eggs suck every last penny out of your pocket,
get your self a dersh even though a good one aint cheap, as long as the body/chassis is in near perfect condition, the nuts and bolts stuff is very easy,
on top of that they are loads of fun and all dersh drivers wave at each other,
then if you want something with a bit more go get a dersh on an AMI supper chassis with a GS/A 1300 lump under the lid
regards malcolm
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- Posts: 590
- Joined: 21 Apr 2009, 15:35
- Location: Hemel Hempstead (unfortunately)
- My Cars:
- x 2
I’m going to play devils advocate and say do it, your only young once, right now the interest rates are historically low it would be a good time for a fix rate loan over say 5k over 2 years, you’ll have that paid off in no time.
Just remember the initial cost of a big large engine car is the cheap bit, the petrol and insurance are the things that sting. I don’t mean to sound patronising with that last point, its something I personally always ‘forget’ during the excitement of buying a car.
If you want a lot of ‘bang’ for your money consider the Jap marks, Honda prelude, Integra have really good handling and 0-60 times, as do Nissan 200sx and 300zx, in fact the 300zx is a really bargain performer a good one can be had for about 4k if you get the manual 3.0 TT its 0-60 is 5.5 seconds, the 300zx is consistently rated as one of the all time top cars http://en.wikipedia.org/wiki/Nissan_300ZX#Awards.
Just remember the initial cost of a big large engine car is the cheap bit, the petrol and insurance are the things that sting. I don’t mean to sound patronising with that last point, its something I personally always ‘forget’ during the excitement of buying a car.
If you want a lot of ‘bang’ for your money consider the Jap marks, Honda prelude, Integra have really good handling and 0-60 times, as do Nissan 200sx and 300zx, in fact the 300zx is a really bargain performer a good one can be had for about 4k if you get the manual 3.0 TT its 0-60 is 5.5 seconds, the 300zx is consistently rated as one of the all time top cars http://en.wikipedia.org/wiki/Nissan_300ZX#Awards.
Gone to the dark side.
Past Citroens
'99 Xantia HDi Exclusive
'99 Xantia 3.0 V6 Exclusive (Green Goblin)
'02 C5 Hdi 110 LX Estate
'98 Xantia 1.8 sx auto with LPG
'00 Xantia Hdi (110) forte
'97 Xantia 1.9D sx
'93 Xantia 1.9D lx (my first) R.I.P
Past Citroens
'99 Xantia HDi Exclusive
'99 Xantia 3.0 V6 Exclusive (Green Goblin)
'02 C5 Hdi 110 LX Estate
'98 Xantia 1.8 sx auto with LPG
'00 Xantia Hdi (110) forte
'97 Xantia 1.9D sx
'93 Xantia 1.9D lx (my first) R.I.P
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- Sara Watson's Stalker
- Posts: 7098
- Joined: 19 Aug 2008, 12:38
- Location: NEW South Wales, Australia. I'll show you "Far, far away" ;-)
- My Cars: Peugeot 605
Citroën Berlingo
Alfa 147 - x 93
Yes, we do need an advocate for "the other side". I am battling the urge to buy a Stagea estate, a clean Fuego or seek out a first front ID Safari.
Sometimes I find the best way to manage outgoings, is to commit overheavily on the things I know must be done; it then reminds you of how tight times can be if all goes really pear-shaped.
Sometimes I find the best way to manage outgoings, is to commit overheavily on the things I know must be done; it then reminds you of how tight times can be if all goes really pear-shaped.
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- Posts: 590
- Joined: 21 Apr 2009, 15:35
- Location: Hemel Hempstead (unfortunately)
- My Cars:
- x 2
Come to the dark side of the force, it is your destiny.Yes, we do need an advocate for "the other side"
*humming*
dun dun dun du da dun du da dun
Gone to the dark side.
Past Citroens
'99 Xantia HDi Exclusive
'99 Xantia 3.0 V6 Exclusive (Green Goblin)
'02 C5 Hdi 110 LX Estate
'98 Xantia 1.8 sx auto with LPG
'00 Xantia Hdi (110) forte
'97 Xantia 1.9D sx
'93 Xantia 1.9D lx (my first) R.I.P
Past Citroens
'99 Xantia HDi Exclusive
'99 Xantia 3.0 V6 Exclusive (Green Goblin)
'02 C5 Hdi 110 LX Estate
'98 Xantia 1.8 sx auto with LPG
'00 Xantia Hdi (110) forte
'97 Xantia 1.9D sx
'93 Xantia 1.9D lx (my first) R.I.P
Thing is I can afford to run large cars with what I get paid each month with no problem, its just that initial outlay to buy something decent.
I think the problem lies with having cars that need LOADS doing to sort them to the point of it bein overwhelming. If a car need one or two small things sorting on purchase and then general maintainence from there on I could do it.
As I say, I'm not even sure I will go down the loan route yet. As I say I have no idea what options there are and if they are even suitable. Just sounding out opinions to the idea.
I think the problem lies with having cars that need LOADS doing to sort them to the point of it bein overwhelming. If a car need one or two small things sorting on purchase and then general maintainence from there on I could do it.
As I say, I'm not even sure I will go down the loan route yet. As I say I have no idea what options there are and if they are even suitable. Just sounding out opinions to the idea.
Toby
Previous:
2004 Peugeot 407 HDi 138 SE Luxury Pack
2001 S2 Xantia HDi 110 SX
2001 Peugeot 406 V6 Coupé
1998 S2 Xantia Activa
2000 S2 Xantia HDi 110 SX
1999 Peugeot 406 2.0 16v Estate
Previous:
2004 Peugeot 407 HDi 138 SE Luxury Pack
2001 S2 Xantia HDi 110 SX
2001 Peugeot 406 V6 Coupé
1998 S2 Xantia Activa
2000 S2 Xantia HDi 110 SX
1999 Peugeot 406 2.0 16v Estate
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- (Donor 2021)
- Posts: 4625
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- Location: Kent / Susssex
- My Cars: 2010 C5 X7 2.0 hdi 160 exc auto
MG TF 135
Boxer II 2.2 camper conversion
BMW R1200RT
BMW K1300 R
Honda V F R 800 5thG / MT500 Armstrong - x 39
hi Tobi, i think you need to look at one owner low mileage FSH etc to have any chance of a car being low on problems...
that doesnt really mean it needs to be 3 years old..
otherwise a classic that has been well restored may give little trouble..
all of my vehicles fir into the 'middle aged' part of their lives I would say, and all need constant work to the point that my life is given over to them.. which is not really a way to live
i am a bit greedy though
that doesnt really mean it needs to be 3 years old..
otherwise a classic that has been well restored may give little trouble..
all of my vehicles fir into the 'middle aged' part of their lives I would say, and all need constant work to the point that my life is given over to them.. which is not really a way to live
i am a bit greedy though
This is it. I want to be able to enjoy a car rather than driving it and being constantly reminded of the niggles and then spending all free time I have sorting them outjgra1 wrote:...all of my vehicles fir into the 'middle aged' part of their lives I would say, and all need constant work to the point that my life is given over to them.. which is not really a way to live ...
Toby
Previous:
2004 Peugeot 407 HDi 138 SE Luxury Pack
2001 S2 Xantia HDi 110 SX
2001 Peugeot 406 V6 Coupé
1998 S2 Xantia Activa
2000 S2 Xantia HDi 110 SX
1999 Peugeot 406 2.0 16v Estate
Previous:
2004 Peugeot 407 HDi 138 SE Luxury Pack
2001 S2 Xantia HDi 110 SX
2001 Peugeot 406 V6 Coupé
1998 S2 Xantia Activa
2000 S2 Xantia HDi 110 SX
1999 Peugeot 406 2.0 16v Estate
- CitroJim
- A very naughty boy
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Toby,
Enjoy these big-engined fast cars while you can before family and kids make demands on your time and pocket, as they surely will. Otherwise you'll have to wait until your kids are grown-up before you can indulge in your automotive pleasures again..
That's where I am now.
Of all the Xantaie I've spent time and funds on they all settle to be reliable and not expensive in the long-run after the initial outlay.
Last thought from me. NEVER EVER EVER EVER take out a loan to buy a car. I'd walk in preference to having a car on the never-never..
Enjoy these big-engined fast cars while you can before family and kids make demands on your time and pocket, as they surely will. Otherwise you'll have to wait until your kids are grown-up before you can indulge in your automotive pleasures again..
That's where I am now.
Yes! They can be very good. How about a Jensen Interceptor? It has the V8... Or perhaps a nice V8 Rover P6 3500? Or, how about a Reliant Scimitar? Only problem with those is the horrible old boat anchor of a V6 Ford Essex in them. Hoike it out, weigh it in and put a nice Rover V8 in there!jgra1 wrote:otherwise a classic that has been well restored may give little trouble..
Of all the Xantaie I've spent time and funds on they all settle to be reliable and not expensive in the long-run after the initial outlay.
That's what I enjoy John!!!!jgra1 wrote: all of my vehicles fir into the 'middle aged' part of their lives I would say, and all need constant work to the point that my life is given over to them.. which is not really a way to live
Last thought from me. NEVER EVER EVER EVER take out a loan to buy a car. I'd walk in preference to having a car on the never-never..
Jim
Runner, cyclist, time triallist, duathlete, Citroen AX fan and the CCC Citroenian 'From A to Z' Columnist...
Runner, cyclist, time triallist, duathlete, Citroen AX fan and the CCC Citroenian 'From A to Z' Columnist...
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- (Donor 2018)
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Toby,
Have you considered finance? as opposed to a loan, Finance company will hold the car as the colateral until you make the final payment, and this would leave you free for a bank loan should you ever need one. I appreciate that the intrest is higher but as I say it does give you another option.
There is also the option then to trade one/both of your cars against the new(er) vehicle.
Have you considered finance? as opposed to a loan, Finance company will hold the car as the colateral until you make the final payment, and this would leave you free for a bank loan should you ever need one. I appreciate that the intrest is higher but as I say it does give you another option.
There is also the option then to trade one/both of your cars against the new(er) vehicle.
Steve
2008 C6 2.7 Exclusive in Mativoire Beige with Vitali Leather.
2019 C5 1.6 Aircross Flair+ in Platinum Grey with Claudia Rimini Leather
http://c6owners.org/index.php
2008 C6 2.7 Exclusive in Mativoire Beige with Vitali Leather.
2019 C5 1.6 Aircross Flair+ in Platinum Grey with Claudia Rimini Leather
http://c6owners.org/index.php
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- (Donor 2021)
- Posts: 4625
- Joined: 27 Nov 2005, 19:07
- Location: Kent / Susssex
- My Cars: 2010 C5 X7 2.0 hdi 160 exc auto
MG TF 135
Boxer II 2.2 camper conversion
BMW R1200RT
BMW K1300 R
Honda V F R 800 5thG / MT500 Armstrong - x 39
Enjoy these big-engined fast cars while you can
agree, not least as france have announced tax on carbon today I think..
it wont be long before we all have to drive around in a solar panel with wheels
agree Jim about a rover v8, maybe a good stag although I am not sure they were ever that good.. Jenson a nice choice
Jag V12?
I do to Jim I think we all must do, to have old[er] citroens..That's what I enjoy John!!!!
I think that I just have too much on, and seem to have missed summer... god knows what it must be like if you have a demanding job, kids etc
I've been there and done that with fast good cars while i was young,
Went thru the following list in only a few years and my coop had 3 engine rebuilds
Renault 5 1.4 auto
Renault 5 GTTurbo
Renault 19 16v Chamade
ford orion 1.8si thing
Fiat Coupe 20vt
They all eventually ate their way thru any money i worked for, the coupe ended up costing me almost as much as to have bought and taken out finance on a Skoda Fabia Vrs at the time....
If it were me i would go down the route of a small cheap car for say £200 with tax and MOT and then when somethign broke would stick it on the bay of e and get back what i could and move onto something else cheap. This can save you a small fortune on servicing as the cars don't last long enough usually and TAX and MOT are never worries for the same reason and you never have too long to get bored of them either.
Where as when you spend out lots of money on one car you have to make that money worthwhile by spending on it to maintain it over the longer term so increasing the term to feel like your getting value out of it and thus having to stay with the same car for longer....
Lots of old cars out there for a few hundred quid and the money you save as you go along can go towards that much better newer car, and a warranty from places like warranty direct to go with the vehicle
Went thru the following list in only a few years and my coop had 3 engine rebuilds
Renault 5 1.4 auto
Renault 5 GTTurbo
Renault 19 16v Chamade
ford orion 1.8si thing
Fiat Coupe 20vt
They all eventually ate their way thru any money i worked for, the coupe ended up costing me almost as much as to have bought and taken out finance on a Skoda Fabia Vrs at the time....
If it were me i would go down the route of a small cheap car for say £200 with tax and MOT and then when somethign broke would stick it on the bay of e and get back what i could and move onto something else cheap. This can save you a small fortune on servicing as the cars don't last long enough usually and TAX and MOT are never worries for the same reason and you never have too long to get bored of them either.
Where as when you spend out lots of money on one car you have to make that money worthwhile by spending on it to maintain it over the longer term so increasing the term to feel like your getting value out of it and thus having to stay with the same car for longer....
Lots of old cars out there for a few hundred quid and the money you save as you go along can go towards that much better newer car, and a warranty from places like warranty direct to go with the vehicle
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- (Donor 2018)
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No, I said "Trade" not scrappage, and trade I mean't, there is with hind sight another option to boost the pocket, I'm sure that the must be an "Omega" owners club, and they would perhaps love the chance to get their spanners on your car(s)
Steve
2008 C6 2.7 Exclusive in Mativoire Beige with Vitali Leather.
2019 C5 1.6 Aircross Flair+ in Platinum Grey with Claudia Rimini Leather
http://c6owners.org/index.php
2008 C6 2.7 Exclusive in Mativoire Beige with Vitali Leather.
2019 C5 1.6 Aircross Flair+ in Platinum Grey with Claudia Rimini Leather
http://c6owners.org/index.php