Sunday 21 July 2013

An expensive purchase.

I have always owned old card, however the last one I had was so unreliable and turns out it had BIG problems with it, I have taken a  big step and purchased a brand new car. I spent a long time researching cars with good reviews, ones which are practical for our family and which I can (just!) afford. After several weeks deliberation I traded in the old one for this;

 
I love it! It is fantastic to handle, it is shiny and it's mine.
 
I have taken it out on a finance agreement but with some careful penny pinching I am hoping to be able to pay it off sooner rather than later.
 
I needed a car that is reliable and practical as where I work it is very difficult to get to on public transport. It would take me several hours to get there and cost me time with my children, a LOT in bus fares and almost double in childcare due to the times I would spend travelling. Buying a new, reliable car is a big commitment but financially, and personally for my family the only sensible thing to do at this time.
 
So given that I have taken out this massive commitment my financial goal of getting on the property ladder has been set back temporarily. I am now aiming to pay off the car loan in as short a time as I can. I will still be exploring and having fun out and about but I will be saving as much as possible towards this rather than a house deposit. Once the car is paid off it is back to the mortgage saving. I am tied into a monthly repayment for 2 years and then I have the lump sum to pay off at the end so that is what I am saving towards as of last week when I signed the finance agreement.
 

8 comments:

  1. ...biggest congratulations to thee on thine newest family addition!...(O:

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  2. Nice one! I was in a similar predicament - the public transport up here is terrible and I live so rurally that I need to get about. I was always buying cheap cars that let me down but eventually I splashed out on a newer (not brand new, but only a couple of years old) car and its made life so much easier. It cost more to buy, but I'm sure I spent more than that on repairs on the last old car I had. Hope you all enjoy it :) x

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    1. That's the logic I had, I went to the dealer expecting to get one a couple of years old but due to deals etc they have currently it was less monthly payments to get brand new- crazy I still can't work it out but not complaining :-)

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  3. You have made a wise decision, it is so important to have a reliable form of transport and buses just do not meet most peoples needs. Frugal Queen blogged about this a while ago. My car was brand new in 2007 and has been serviced regularly, I am not going to tempt fate by saying any more!.

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    1. I have bought this with the intention of looking after it as you have yours, in the hope it will last and pay off in the end

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  4. What a beauty! This makes perfect long term sense. And what a difference it will make to your lives. You so deserve it.

    Sft x

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    1. Ty, I've always wanted a red car was so excited when it didn't cost extra to have it red :-)

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