When is it time to change the car? And what's the best way to do it?

MrMiata

I've an old Mk5 Golf, it's a little 1.4 petrol, costing me €380 a year on Road Tax, it's taxed till next March (I think).

It's running fine, one of the windows won't go down, and I've spent a few hundred on brakes, callipers, discs, pads and lines in the past year.. Radio is also ****e.
Only time it wouldn't start was when the fuel pump went last winter.

I don't really see a need to change.. Unless it fails its NCT next month.

If it passes the NCT I'll probably try and keep it until the tax is out.
I'll also be going first year in my own name next month... a newer car would be (slightly) cheaper.

My parents want me to change my car, they think I'm due an upgrade.

I've around €2k saved in my credit union.. My parents think I'm better off leaving that be and then taking out a loan from the Credit Union.

My only issues with the car are - It's old and therefore more expensive to insure.
It's costing me €50+ a week on petrol as I'm doing a lot of driving between college and work.
But it's running fine, and I'd rather save up a good sum of money to buy a car in cash come next March (or somewhere around then), and buy something outright in cash..

I could even tax it for 6 months and then get of it when the tax and NCT are both out.. So I'd be keeping it for a full year.

I've 2 years left in college and I'd hope to properly upgrade when I graduate.. or sell my car if I was to move to Dublin or abroad..

What do ye think?

I'd assume I'm better paying in cash.
I'd rather drive this thing into the ground (or till the tax is up).

Dravokivich

Sounds to me like you need new parents.

cruizer101

Often the biggest outgoing for a car is the depreciation, most people don't realise that.
A newer better car might cost a bit less in fuel, insurance and tax but probably not more than the depreciation, you'd have to do the sums yourself to be sure, would depend on what you would buy.

Personally I would hate to be taking a loan while in college unless absolutely necessary.
I'd stick it through the NCT and see how you get on and run it into the ground.

Shefwedfan

MrMiata wrote: »

I've an old Mk5 Golf, it's a little 1.4 petrol, costing me €380 a year on Road Tax, it's taxed till next March (I think).

It's running fine, one of the windows won't go down, and I've spent a few hundred on brakes, callipers, discs, pads and lines in the past year.. Radio is also ****e.
Only time it wouldn't start was when the fuel pump went last winter.

I don't really see a need to change.. Unless it fails its NCT next month.

If it passes the NCT I'll probably try and keep it until the tax is out.
I'll also be going first year in my own name next month... a newer car would be (slightly) cheaper.

My parents want me to change my car, they think I'm due an upgrade.

I've around €2k saved in my credit union.. My parents think I'm better off leaving that be and then taking out a loan from the Credit Union.

My only issues with the car are - It's old and therefore more expensive to insure.
It's costing me €50+ a week on petrol as I'm doing a lot of driving between college and work.
But it's running fine, and I'd rather save up a good sum of money to buy a car in cash come next March (or somewhere around then), and buy something outright in cash..

I could even tax it for 6 months and then get of it when the tax and NCT are both out.. So I'd be keeping it for a full year.

I've 2 years left in college and I'd hope to properly upgrade when I graduate.. or sell my car if I was to move to Dublin or abroad..

What do ye think?

I'd assume I'm better paying in cash.
I'd rather drive this thing into the ground (or till the tax is up).

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Off you go, do not waste your money on a new car or newer car. Even if it fails the NCT it will probably be minor to fix.



A new car will drop like a stone in value. With covid etc the last thing anyone should be recommending is buyin a car with your only savings

ddarcy

I think it’s a numbers game.

I had an old Mondeo that kind of sounds like it’s in your position.

Essentially my motor tax was 800 a year, insurance was 1500 a year and no one would insure me and it needed a lot of work (I had a quote of about 5k worth of work on it to do.) as I was at the time driving locally a switched to a demo end of year fiesta. I didn’t need anything more. The tax dropped to 180 and insurance dropped to 400. So those two alone brought an annual savings of 1800. The guests set me back 13k. So just doing the sums I could get the new car for the cost of running the Mondeo for another 4 years. It just made sense on those numbers (of also assume the cost’s of insurance probably went up as well).

I will run that car into the ground like the Mondeo ( well the girlfriend will as I had to get a golf for work).

So I’d do the sums and see what you get. See how much extra it will cost you to keep the car and how long it will take to buy a new one with those differences.

I’d say keep it for now unless something massive goes wrong with it. But if the costs mean you can finance a Car in a reasonable time, then go for it. That’s what I would do anyways

MrMiata

cruizer101 wrote: »

Often the biggest outgoing for a car is the depreciation, most people don't realise that.
A newer better car might cost a bit less in fuel, insurance and tax but probably not more than the depreciation, you'd have to do the sums yourself to be sure, would depend on what you would buy.

Personally I would hate to be taking a loan while in college unless absolutely necessary.
I'd stick it through the NCT and see how you get on and run it into the ground.

I'd only really thought of depreciation as in - if I buy a car for €6k, paying back €7k on a loan over 3 years that car won't be worth the €6k let alone the €7 I've paid for it..
I don't think I'd ever buy new..

In fairness I spend feck all money, I commute, I bring a lunch with me.. a more comfortable car wouldn't put me out too much.

ba_barabus

Fix that car and drive it on. Financially there's no reason to change it. You'll be spending far more than you could possibly ever save.

If it breaks and you're still in college buy another cheap car and keep going.

biko

I'd chime in with keeping the car. As long as something expensive doesn't break there is no reason to switch.

gooner99

We had a 1.4 mk5. Window regulator problems are common enough on them. Our fuel pump also went as the miles went on. Other things were wear and tear like suspension, brakes and exhaust. Ours had 245k miles on it before it retired. The tax is not that much more relative to the cheapest tax available on most post 08 cars, which I think is 180 a year.

BobMc

Fix it and keep it, we run a two car family, I get the short straw, have the run around a Clio, bought new in '10

just broke 75k mileage this week, missus is at me to upgrade next year, Im not bothered, runs fine, usual repairs, tyres etc.
but its long since paid for (2013) so costs are minimal

crisco10

Keep the car until it becomes a money pit (either insurance or repairs).

No matter what "new" car you'd buy, presuming it's an upgrade, you will be paying at least €500 per year in depreciation. Complete waste of money for someone in college if you ask me.

kirving

MrMiata wrote: »

My parents want me to change my car, they think I'm due an upgrade.

....

What do ye think?

I think that if they want you to change your car, then they should be paying for it. Madness to be pressuring a college student into taking out a loan for the sake of a car.