Opinions needed - trade up or stay as is?

Squidgy Black

Currently driving an 07 320i with the msport package, lovely car that hasn't given me much trouble, and only recently passed the NCT. Needs some minor work, but nothing major. I rarely do over 100km a week in the car, but do the odd trip to Belfast/Cork for work.

The issue is, the car is a 2 litre petrol, and unfortunately I'm 24 and as a result my insurance renewal is coming in around 1.4k for most places (4 years NCB and full licence for almost the same). And the pre 08 tax is 710 for the year.

I've been contemplating selling it/trading it in (rough estimation of about 3-4k for it at a stretch) and putting another 5 grand cash (or more) on top to get a MK6 golf (ideally 1.2tsi). Insurance will drop by 600 euro a year, and be saving the guts of 500 euro on tax, and the running costs will be lower.

I'm just looking for opinions on what others would do? I'm not too pushed on having to get rid of the car because it's lovely, but just future planning I guess?

Any advice/opinions are well appreciated!

James Bond Junior

Squidgy Black wrote: »

Currently driving an 07 320i with the msport package, lovely car that hasn't given me much trouble, and only recently passed the NCT. Needs some minor work, but nothing major. I rarely do over 100km a week in the car, but do the odd trip to Belfast/Cork for work.

The issue is, the car is a 2 litre petrol, and unfortunately I'm 24 and as a result my insurance renewal is coming in around 1.4k for most places (4 years NCB and full licence for almost the same). And the pre 08 tax is 710 for the year.

I've been contemplating selling it/trading it in (rough estimation of about 3-4k for it at a stretch) and putting another 5 grand cash (or more) on top to get a MK6 golf (ideally 1.2tsi). Insurance will drop by 600 euro a year, and be saving the guts of 500 euro on tax, and the running costs will be lower.

I'm just looking for opinions on what others would do? I'm not too pushed on having to get rid of the car because it's lovely, but just future planning I guess?

Any advice/opinions are well appreciated!

Spending €5k to save €1100. Keep it would be my advice.

MarkN

Try heaps of insurers. I'm afraid your valuation of the car is probably on the high side too which makes even more sense to keep it if you like it.

3 places worth a shout for insurance;

An Post
First Ireland
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Squidgy Black

James Bond Junior wrote: »

Spending €5k to save €1100. Keep it would be my advice.

I mean it's 5k to save over €1100 a year without bringing any maintenance costs into account, that was my logic behind that side of the argument anyways. I was thinking more future planning, rather than just immediate benefit.

MarkN wrote: »

Try heaps of insurers. I'm afraid your valuation of the car is probably on the high side too which makes even more sense to keep it if you like it.

3 places worth a shout for insurance;

An Post
First Ireland
AA

Cheers, yeah I haven't really checked the market prices I was just giving a rough figure off the top of my head. Will probably set aside a day to start ringing around and see if I can get the insurance down anyways.

H3llR4iser

Besides all the economical considerations to which there is one answer only, just ask yourself why did you go for a 320i; Once you have the answers, ask "will I be happy with a 1.2?".

I think I know what the final answer is

Idbatterim

Shop around more for insurance on the bm. Total ownership cost with the golf will be more... you do very little driving, so fuel economy near irrelevant and I would expect the bm to probably better the fuel economy on the long runs than a 1.2 engine being pushed...

an m sport bm is a much nicer car than the golf in my opinion...

James Bond Junior

On the shopping around for insurance, if you have a close relative in the public service, a teacher, nurse, garda etc you are eligible for insurance with Cornmarket. They are unbelievably competitive.

bodonnell

James Bond Junior wrote: »

On the shopping around for insurance, if you have a close relative in the public service, a teacher, nurse, garda etc you are eligible for insurance with Cornmarket. They are unbelievably competitive.

From my own experience I have never found cornmarket anywhere close to the other insurers. I check with all the usual suspects every year.

James Bond Junior

bodonnell wrote: »

From my own experience I have never found cornmarket anywhere close to the other insurers. I check with all the usual suspects every year.

Surprsing. My 2.4 diesel 2006 Volvo hovers between 600 and 700 fully comp. Next cheapest is €1200.