Cheetah7

I am at the stage now where I am wanting a car - this is a big thing for me because since Mr PPs accident I have had a huge phobia of driving but thanks to an excellent and rather brilliant driving instructor, I am now whizzing around the busy roads every two weeks on my driving lessons to rebuild confidence.

I have seen a little Toyota Yaris for about $10,000 - I could probably whack a couple of grand deposit down but it would mean having 8 grand on finance.

I do not want an old banger to be honest and have made up my mind on that one, the car I like is 3 years old with 40,000km on the clock and I like it

Would you get it on finance? it would take me ages to save up 8 grand and I would like something for the winter as cycling to work each day in the winter does not appeal.

I cant even believe Im at the stage where I want a car - never thought this would happen although I can see me getting one and then shitting my pants when it comes to driving it.

knockoff nige

Is salary sacrifice for a car lease an option for you?

Cheetah7

I dont think so

Ill work something out - RAC do discounted interest rate for members with their car finance.

knockoff nige

Well, depending on how much you are prepared to drive (and whether it is an option for you) a car lease could be the cheapest way of getting a car. They will usually lease a car up to 6 years old.

Sally Redux

Good for you PP I hope you can get it.

ABCDiamond

As long as you get the best interest rate you can, and allocate the cost in your mind as a set thing. Then there is no problem with having some finance.

If you can get 12%, that $8,000 will cost you $61.50 pw over 3 years.

Is the convenience of a car worth $61.50 pw + Rego and Insurance, about another $30 per week, so say $100 pw plus of course petrol and maintenance...

asprilla

personally I wouldn't... that's just my opinion.

BUT - if you've got your heart set on buying it, and you reckon that the repayments won't be an issue, then why not ? If buying it outright isn't possible, then borrowing $$$ is your only option.

If I were you I would think about ways to reduce the finance amount.
a) save up for a bit longer and have a $3,000 deposit.
b) Try and knock them down a bit on the price... $9k or $9,500.
c) check to see whether any additional repayments have been made against homeloan, if so, redraw and use as part of deposit.

If I were you I would be keen to redraw $8k from my homeloan as opposed to getting $8k finance through the car company....

knockoff nige

Actually, haggling for a better price is a must. You can haggle for everything here. Its silly not to.

spartacus

Unless you want to drive around in a two grand car, its a necessity unfortunately . . . I've got nothing against two grand cars . . . in fact I have a preference for them.

Cheetah7

Im such a baby, I am so jealous of people that can get into their cars and drive with such confidence.

I dont get it - it was Mr PP's car crash, I wasnt even in the car, dont know why Im scared. Last week I was so proud of myself, I drove along some really busy roads and only got road rage once.

Ill get there eventually.

spartacus

I think you need a bigger car . . .

ABCDiamond

Check the car price against the Red Book to see how well priced it is.

hotfuss

You should think about how often and how far you'll actually be driving the car before you decide to get into debt to buy one. Also consider how much you'll spend on rego, petrol etc..

Maybe consider saving up 3 or 4 grand a buy an older one if you're only going to be using it for driving to work, the shops etc.. You'd be surprised at what you can get for that kind of money.

Cheetah7

Im not that big

spartacus

I wasn't inferring you were . . . I was just thinking that, if this recent snap is anything to go by, a bigger car may help you feel a bit more relaxed whilst at the wheel . . .