Hubby wants to upgrade under HP agreement

happywithlife

Hubby bought a car in 2016 under a HP agreement. It was his first-time having a new car as previously he's always bought a banger outright and let it last as long as it did. We also have a HP agreement on the main family car - only 1 yr left in that.
He now wants to upgrade his car to a 182. Apparently everything is good to go on paper- he has already been into the garage and finance company will refinance new deal. It'll actually be 20euro a month cheaper - albeit we would be starting a new 5 yr term all over.
I'm extremely reluctant to change. My car would ideally be changed next year as it does a lot of mileage and I'd be looking for something similar again (smax)
He is very impulsive and sprung this on me with no prior consultation. His insurance is up in Sept and will increase as he has an open claim at the moment following an accident in May. Insurance company has deemed him at fault but we are still waiting on the whole thing to go through. Third party is putting in an injuries claim. Broker cam only say loosely hus insurance is going to go up but not by how much and can't give an answer as to whether it will cost more to insure the 182 over the 161
Given the garage has worked it out at 20 quid less per month and he'll probably want to upgrade at the end of the current agreement anyway am I being stubborn not agreeing to the upgrade or am I right to hold firm and resist it? He was initially reluctant to go with a PCP 2 years ago as he was doing a lot of driving at the time and couldn't keep mileage down. That has eased somewhat in the past yr

colm_mcm

Don’t lose sight of the fact that you’re going from a 3 year deal to a 5 year deal.

Are you paying for it or cosigning on the finance?

James Bond Junior

The HP deal will still be there in 6 months time or a years time. I'd hold off and see what the story is with insurance before progressing. Could you sell your car when the time comes, take his 161 and let him go for a 191 or whatever? We have a similiar plan in our house.

Del2005

If there's a personal injury claim it won't matter what car you have come renewal time, it'll be expensive.

If you have both cars already on HP then unless you want to buy the car outright you will need to replace it and that'll cost either way. Where you going to buy or lease again when the current lease ends? You'll have to do similar for your car next year.

It's €240 a year less for a new car, unless you were planning on replacing with a banger next year you would have to spend similar and it looks like interest rates are going to increase soon.

happywithlife

Op again- no we won't be swapping cars JamesBondJunior as he's is way too small. I need the bigger family car and boot that comes with it- if anything I'd be considering a cross over maybe as too often last winter I found it difficult to naviage our rural roads - had 4 detours one day trying to get through floods and honestly thought at one stage I'd have to abandon the car and get my Dad to collect me in his jeep
JayZeus no not cosigning but payments do come out of the joint family budget same as my car.

Del2005

happywithlife wrote: »

Op again- no we won't be swapping cars JamesBondJunior as he's is way too small. I need the bigger family car and boot that comes with it- if anything I'd be considering a cross over maybe as too often last winter I found it difficult to naviage our rural roads - had 4 detours one day trying to get through floods and honestly thought at one stage I'd have to abandon the car and get my Dad to collect me in his jeep
JayZeus no not cosigning but payments do come out of the joint family budget same as my car.

Just be aware that most crossovers are as bad as cars in floods, the air intake isn't much higher and there's plenty of other places water can get it to do damage. Unless you have a fording kit and KNOW the depth of the water then detouring is the only safe way.

Effects

Del2005 wrote: »

Just be aware that most crossovers are as bad as cars in floods

Are you sure? I think a 2WD Nissan Qashkai can handle anything a HiLux can.

VonZan

I'd be wary of the warnings in the market. In real terms the value of these cars are massively overstated even at a 3 or 5 year period. Depreciation on value can be quite significant and nevertheless the HP is quite an expensive option but if he has to buy a new car and you can afford it then I don't see the problem.

Lantus

Unlikely to make financial sense esp as you need to review your car in 1 Yr. Can't you keep car, pay off and even save for a tear or two?

What's so wrong with this new car that you need to get rid of it?

ba_barabus

I'd wait until the insurance situation settles down personally.

Dravokivich

If he wants another car, suggest he does it without financing. All he's doing is essentially extending his current loan. The lifetime of the vehicle isn't the length of the term for the loan and shouldn't be seen as a normalised outlay or living expense.

OP, can you clarify something for us, because I think it's not particularly clear.

There is 1 year left on your HP contract for your current family car, an S-max. You intend to replace this with something similar at the end of that contract. Correct?

Your husband also has a car on HP, purchased new 2 years ago, so you're now 2 years into that contract. How much time remains on that contract? Was it a 3/4/5 year HP agreement, or did he go with some form of PCP product at the time?

happywithlife

JayZeus he's 2 yrs into a 5 yr HP agreement
Nothing wrong with his car at all only I feel he is using a "new car" as a fix to other underlying depression. He's been very chaotic the past month and seems fixated on this as a solution as it'll make him feel better. Naturally I can think of all manner of reasons why this won't work and have bedn pushing for him to see a counsellor but its very slow progress.
He's pushibg the whole "its 20 quid less per month and IF he'd have changing the car after 5 yrs (not necessarily agreed on) it doesn't matter if he was pushing out the loan for another 2 yrs effectively." My head was melted yesterday from it all but even writing it down here helped me see the woods for the trees and it really is being used as a pick me upper ....had a fairly goid discussion with him this morning though so hopefully nade progress on the seeing someone end of things

ba_barabus

happywithlife wrote: »

I feel he is using a "new car" as a fix to other underlying depression.

Do not agree to buying the new car. No way.

While it may give him an emotional high now I can almost garauntee it'll values an emotional low over time.

If he just get a new car why not consider the following.

If you can afford it and have space, why not encourage him to seek out a car from his past that he has always wanted and buy it as a classic or weekend car. Identify a clear budget, free of financing. It'll occupy a lot of time finding the right car and sourcing any parts it needs not to mention giving him a new hobby and social outlet. Remember to buy the best example as it's cheaper in the long run.

Just to add my logic in this idea is that the financial outlay and loss should be minimal or at least controllable. I've seen friends use it as a distraction when things aren't going well.

dazed+confused

Effects wrote:

Are you sure? I think a 2WD Nissan Qashkai can handle anything a HiLux can.

Hahaha class.

bazz26

Effects wrote: »

Are you sure? I think a 2WD Nissan Qashkai can handle anything a HiLux can.

Don't think so. You cannot fit an anti-aircraft gun on the back of a Qashqai.

mr c

happywithlife wrote: »

JayZeus he's 2 yrs into a 5 yr HP agreement
Nothing wrong with his car at all only I feel he is using a "new car" as a fix to other underlying depression. He's been very chaotic the past month and seems fixated on this as a solution as it'll make him feel better. Naturally I can think of all manner of reasons why this won't work and have bedn pushing for him to see a counsellor but its very slow progress.
He's pushibg the whole "its 20 quid less per month and IF he'd have changing the car after 5 yrs (not necessarily agreed on) it doesn't matter if he was pushing out the loan for another 2 yrs effectively." My head was melted yesterday from it all but even writing it down here helped me see the woods for the trees and it really is being used as a pick me upper ....had a fairly goid discussion with him this morning though so hopefully nade progress on the seeing someone end of things

from that post i think you know the answer
and this is quiet common
i new a chap suffering from similar
went down and bought a used Ferrari 360 from a dealer
the Wife rang the dealer and said it was a mistake and explained the situation
Dealer said he understood
when the phone was put down went straight to the bank with the cheque and cashed/lodged it
car then had to be sold on at a a loss afaik
hold firm and see how things pan out in a few months
nothing rash should be done in a situation like this
wishing you all the best with it o.p.

I have to say OP, you’re doing the wrong thing here as far as I’m concerned. He may have pressures and stresses and a bout of depression to deal with but if he’s looking at 3 years remaining now, what difference will it ultimately make? In 3 years time he’ll have 2 years payments remaining but the car will be 2 years newer than what he has today. It’s swings and roundabouts as far as I can see.

Conflating a guys desire to upgrade/update his car with no notable impact on monthly costs at least for the next 3 years (the insurance matter will need to be dealt with either way) with some notion that he’s making a mad decision to give a temporary lift to the spirit is a mistake. It’s not at all unreasonable of him to look to keep ‘up in the years’ after investing in the purchase of a new car, and nothing you say suggests that’s overstretching family finances or anything like that. Let him change the car. It’s not a speedboat or a motorbike.

The depression/therapy thing is another issue, to be addressed separately.

.G.

I wouldn't be doing anything until you see your insurance renewal. It could quite literally be anything and well into the thousands.

Toyotafanboi

superg wrote: »

I wouldn't be doing anything until you see your insurance renewal. It could quite literally be anything and well into the thousands.

To be fair I don't think the insurance is an issue. With an open claim against you, it's going up and that's it. It's going up because of the driver not the car.

We are talking new/ nearly new family cars here, not performance or exotic stuff. Switching from a Golf to a Focus isn't going to carry a monumental insurance loading.

.G.

Toyotafanboi wrote: »

To be fair I don't think the insurance is an issue. With an open claim against you, it's going up and that's it. It's going up because of the driver not the car.

We are talking new/ nearly new family cars here, not performance or exotic stuff. Switching from a Golf to a Focus isn't going to carry a monumental insurance loading.

Thats got nothing to do with it. If it goes up substantially due to the claim (not the new car) and it can with personal injury claims involved, then the insurance may no longer be affordable at all. So not much point having new car if the OP's husband can't afford to insure it while repaying his loan too. The new car is still there when they get the quote, makes sense to wait and see what it is.

Eric Cartman

mr c wrote: »

from that post i think you know the answer
and this is quiet common
i new a chap suffering from similar
went down and bought a used Ferrari 360 from a dealer
the Wife rang the dealer and said it was a mistake and explained the situation
Dealer said he understood
when the phone was put down went straight to the bank with the cheque and cashed/lodged it
car then had to be sold on at a a loss afaik
hold firm and see how things pan out in a few months
nothing rash should be done in a situation like this
wishing you all the best with it o.p.

I have to say though , If I was with the kind of woman who'd make me return a Ferrari then I think it would be pretty easy to pinpoint the source of my depression.

Cee-Jay-Cee

happywithlife wrote: »

JayZeus he's 2 yrs into a 5 yr HP agreement
Nothing wrong with his car at all only I feel he is using a "new car" as a fix to other underlying depression. He's been very chaotic the past month and seems fixated on this as a solution as it'll make him feel better. Naturally I can think of all manner of reasons why this won't work and have bedn pushing for him to see a counsellor but its very slow progress.
He's pushibg the whole "its 20 quid less per month and IF he'd have changing the car after 5 yrs (not necessarily agreed on) it doesn't matter if he was pushing out the loan for another 2 yrs effectively." My head was melted yesterday from it all but even writing it down here helped me see the woods for the trees and it really is being used as a pick me upper ....had a fairly goid discussion with him this morning though so hopefully nade progress on the seeing someone end of things

You could use a new car as a bargaining chip for his depression, basically if he goes to counselling and deals with that issue then you'll agree to him changing his car. If you believe the only reason for him wanting to change is for the very brief 'feel good' effect then hold firm on your side. The feel good thing only lasts a few weeks and then he may even suffer buyers remorse sinking him again.

ba_barabus

Cee-Jay-Cee wrote: »

You could use a new car as a bargaining chip for his depression, basically if he goes to counselling and deals with that issue then you'll agree to him changing his car. If you believe the only reason for him wanting to change is for the very brief 'feel good' effect then hold firm on your side. The feel good thing only lasts a few weeks and then he may even suffer buyers remorse sinking him again.

I don't feel that's an appropriate action and possibly demonstrates a lack of understanding of depression.

For all we know this person could be bipolar so any high from a new car could be followed by a severe low from purchasing it.

ba_barabus

ba_barabus wrote: »

I don't feel that's an appropriate action and possibly demonstrates a lack of understanding of depression.

For all we know this person could be bipolar so any high from a new car could be followed by a severe low from purchasing it.

Did he slide into depression 2 years ago when he bought a new car? Probably not.

He just wants to change his car. He probably wants to keep to a newer car than he used to and who could blame him.

Why all the BS amateur psychology lads? If he wanted a sports car on PCP it would be one thing, but he’s looking at basically doing the same thing he did 2 years ago, which I’m guessing was perfectly fine with the OP then.

He should speak with someone about depression (starting with his GP) but life goes on. If he feels it’s time to update the car and finances are generally heathy, NOTHING changes really.

Maybe the OP is worried her car won’t be changed in a years time. Fine. Change yours now and his in a years time. Or whatever makes sense. Trying to say this guy shouldn’t change his car now and could be bipolar is some crazy bloody jump though lads, isn’t it?

ba_barabus

JayZeus wrote: »

Did he slide into depression 2 years ago when he bought a new car? Probably not.

He just wants to change his car. He probably wants to keep to a newer car than he used to and who could blame him.

Why all the BS amateur psychology lads? If he wanted a sports car on PCP it would be one thing, but he’s looking at basically doing the same thing he did 2 years ago, which I’m guessing was perfectly fine with the OP then.

He should speak with someone about depression (starting with his GP) but life goes on. If he feels it’s time to update the car and finances are generally heathy, NOTHING changes really.

Maybe the OP is worried her car won’t be changed in a years time. Fine. Change yours now and his in a years time. Or whatever makes sense. Trying to say this guy shouldn’t change his car now and could be bipolar is some crazy bloody jump though lads, isn’t it?

I think you're trying to be outraged for the sake of it.

The OP mentioned mental health at the start. It was mentioned for a reason.

They mentioned this person is down and seeking a high from a car purchase. Highs and lows..... you can see why I touched on one particular aspect of depression. It wasn't just plucked out of thin air. As they will be impacted by the financial transaction because of the joint account they are right to be worried and concerned about the implications of this decision. Ask yourself this, if the person had to take time off work to help with this depression could they maintain their contribution to the family finances and pay for the car without adding to their anxiety?

Best advice, and my last word on this, both of you go and see the family GP and arrange some positive action to help with the depression.

As this is a medical issue I'm not commenting further.