# Finally own my car



## sammatty (Jul 28, 2010)

This may seem like a "blow my own trumpet" thread, but what the hell!

After buying our first house, my girlfriend and I went through some serious money problems, she was made redundant (less than one year in her job, with a minimal goodwill jesture payoff). Ended up with some serious money problems, living hand to mouth, finishing 2009 with about £15k of credit card debt, £11k car finance as well as a mortgage :doublesho .

With some very strict budgetting, alot of ebaying, second jobs and a heck of alot of money supermarket, we have ended 2011 with no credit card debt. today I have paid the ballon payment on my Civic and so own my car with the 207's final payment on the 207 in March. This will mean that the only asset we don't own is the house. 

To celebrate I think i will take out a 20 grand loan to spank on a holiday to Vegas :lol::lol:


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## Bero (Mar 9, 2008)

Well done, but be very satisfying, especially clearing >£26k in 24months!

Don't be so pessimistic, take the £20k loan and come back from Vegas a millionaire!


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## eddie bullit (Nov 23, 2007)

Well done you! It's a pity there more people cant do the same instead of declaring bankruptcy and the rest of us absorbing the debt.
You've every right to blow your own trumpet! I never buy anything that I can't afford. the only thing we have on credit is the house and that wont be for much longer. Already paid one mortgage off and then we moved!
Great feeling being debt free and well worth the effort. Well done again!
Edd


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## Ravinder (Jul 24, 2009)

Well done.


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## vroomtshh (Nov 23, 2009)

Lend us a fiver? :lol:


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## PugIain (Jun 28, 2006)

Well done.Car finance though? Why do people do it.


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## The Cueball (Feb 8, 2007)

Well done..... much better to be living debt free... you may not have the "latest and greatest" but you always know that your wages at the end of the month are all yours... not going to pay for a life you can't afford...



:thumb:


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## vroomtshh (Nov 23, 2009)

PugIain said:


> Well done.Car finance though? Why do people do it.


Because people want a new reliable decent car, and most folk dont have £10k plus in the bank?


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## PugIain (Jun 28, 2006)

vroomtshh said:


> Because people want a new reliable decent car, and most folk dont have £10k plus in the bank?


Ive never had a new car,Im too tight.Id rather let some other fool take the depreciation hit and buy one a few years old for a few quid.Ive never bought an unreliable car either.
My 407,5 years old £17k brand new.I payed £3800 with 44k on it and fsh.


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## The Cueball (Feb 8, 2007)

vroomtshh said:


> Because people want a new reliable decent car, and most folk dont have £10k plus in the bank?


Where does this figure of 10k come from!?!? 



PugIain said:


> Ive never had a new car,Im too tight.Id rather let some other fool take the depreciation hit and buy one a few years old for a few quid.Ive never bought an unreliable car either.


Agreed....

You can find very nice, reliable cars for well under 10k...

:thumb:


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## vroomtshh (Nov 23, 2009)

The Cueball said:


> Where does this figure of 10k come from!?!?
> 
> Agreed....
> 
> ...


I'd say in todays market, £10k is cheap for a new decent car.

I'm not saying you can;t find nice reliable cars for a lot less. I don;t own a brand new car, nor would I, but most people on here are car enthusiasts.

Your average punter wants to buy something brand new, because they believe (mistakenly or not) that a new car is the way forward for trouble free motoring.

My point was more aimed towards saying why would people take car finance. The reason is that most people aren;t ina financial position to buy a car outright that they believe is reliable.

I'm currently looking for a new work car, and I'm looking at 150k mile A4s etc.
They're peanuts, and reliable generally.
But to your average punter, 10 years old and 150k means its going to cause you a lot of hassles


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## sammatty (Jul 28, 2010)

eddie bullit said:


> Well done you! It's a pity there more people cant do the same instead of declaring bankruptcy and the rest of us absorbing the debt.
> You've every right to blow your own trumpet! I never buy anything that I can't afford. the only thing we have on credit is the house and that wont be for much longer. Already paid one mortgage off and then we moved!
> Great feeling being debt free and well worth the effort. Well done again!
> Edd


Well appallingly I am an accountant, so at least bankruptcy was out of the question.



PugIain said:


> Well done.Car finance though? Why do people do it.


Car finance was because of work, the car needed to be below 2 years old to ensure I could claim business mileage (there is some serious corporate manslaughter scaremongering at my workplace) and I didn't have the savings to be able to do that!


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## PugIain (Jun 28, 2006)

Do do you that much mileage that a £500 10 year old Punto diesel or something wouldnt have made better sense?


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## The Cueball (Feb 8, 2007)

vroomtshh said:


> I'd say in todays market, £10k is cheap for a new decent car.
> 
> I'm not saying you can;t find nice reliable cars for a lot less. I don;t own a brand new car, nor would I, but most people on here are car enthusiasts.
> 
> ...


Ah OK... yes I agree... :thumb:



sammatty said:


> Car finance was because of work, the car needed to be below 2 years old to ensure I could claim business mileage (there is some serious corporate manslaughter scaremongering at my workplace) and I didn't have the savings to be able to do that!


What a load of b0ll0cks... I just have a letter signed by any employee using personal cars for business (inc me  ) stating that their car is in a road worthy condition (MOT'd and Tax'd) and they service and maintain as per the cars manufacturer guidelines.... anything more is becoming intrusive into their personal life.

Waaay too much BS and scaremongering going on! :lol:

:thumb:


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## sammatty (Jul 28, 2010)

PugIain said:


> Do do you that much mileage that a £500 10 year old Punto diesel or something wouldnt have made better sense?


No I probably don't, it's worth maybe £1 to 1.5k per year (offset by fuel costs), however with two earners in the household it was a financial risk I was prepared to take without the consideration of how precarious our financial situation was if one of use were to ever be unemployed.


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## PugIain (Jun 28, 2006)

sammatty said:


> No I probably don't, it's worth maybe £1 to 1.5k per year (offset by fuel costs), however with two earners in the household it was a financial risk I was prepared to take without the consideration of how precarious our financial situation was if one of use were to ever be unemployed.


I see,Redundancy is a **** mate.I was made redundant in 09 and it was not good.


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## sammatty (Jul 28, 2010)

PugIain said:


> I see,Redundancy is a **** mate.I was made redundant in 09 and it was not good.


It is and it isn't, redundancy after a short amount of time is, as there is very little compensation. If you can walk away with 3 months salary and then find work relatively quickly, then that is a different matter.


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