Seriously thinking about jacking it in for a while

[pbirkett]

I think unless anyone can persuade me otherwise, I've come to a decision which I am not taking lightly by any stretch of the imagination, that is am thinking of selling my car, and not replacing it.

At least, not for the time being.

The problem is, I have been a silly boy with money. A very, very silly boy in fact.

Without disclosing how much debt I am in, I will say that really, if I keep the car (or perhaps any car), I feel that I will struggle to get out of debt within the next 6 years. However, if I was to sell up, with the money I save from not running a car, I will be clear within 2 years.

I then plan on starting again, and never getting into debt for a car ever again. Cars are a large reason I am in the mess I am in - losing thousands in depreciation, and in a fair number of cases, making bad decisions like spending lots on a car just before selling it.

Truth is, with my money being like it is, I am sick and tired of having my hand in my pocket all of the time. And also, although I still enjoy driving, I dont quite enjoy it as much as I did, but then perhaps that is due to how much its costing me!

So I think it might be for the best if I sell up, and then return when I am financially better off. The car is really a luxury item and should be seen as such, but at the minute, its just incinerating my wallet trying to run this and service debts.

If I did go ahead with this, I hope you would not all forget about me and maybe offer me pax rides if I can make it to a hoon

[xxplod]

The motorist is going to continue to be a cash cow for this useless government for a while and running costs will only go one way.

My advice - sell up and sit tight, then buy something half sensible at the bottom of its depreciation curve.

[pbirkett]

xxplod said:

The motorist is going to continue to be a cash cow for this useless government for a while and running costs will only go one way.

My advice - sell up and sit tight, then buy something half sensible at the bottom of its depreciation curve.

Yep thats what I was thinking. Petrol up 2p a litre again. VAT soon to go up. Car is pretty thirsty as it is.

My plan is to do exactly what you've said. Besides, sometimes a break can do you good. I think I'd feel a lot better about owning a car if I wasnt shelling out on loans every month for it.

[heebeegeetee]

MX5.

Oops, i see you already have one. So what's costing you so much money then?

[pbirkett]

heebeegeetee said:

MX5.

Oops, i see you already have one. So what's costing you so much money then?

Everything really.

It still needs a few jobs doing to it... but nothing is majorly wrong with it. However, at the moment, I can even do without the day to day running costs of a car that is rarely used at any other time than the weekend. Thing is, I drive it every weekend for about 200 miles just for the sake of it, and I cant really afford to, but its too tempting, so I am spending a fair bit on petrol too.

All the work I am doing is getting stuck on a credit card, and its not really getting paid off. Rather than just find something cheaper to run, I'd rather just clear it as fast as I can.

[amir_j]

pbirkett said:

heebeegeetee said:

MX5.

Oops, i see you already have one. So what's costing you so much money then?

Everything really.

It still needs a few jobs doing to it... but nothing is majorly wrong with it. However, at the moment, I can even do without the day to day running costs of a car that is rarely used at any other time than the weekend. Thing is, I drive it every weekend for about 200 miles just for the sake of it, and I cant really afford to, but its too tempting, so I am spending a fair bit on petrol too.

All the work I am doing is getting stuck on a credit card, and its not really getting paid off. Rather than just find something cheaper to run, I'd rather just clear it as fast as I can.

Depends on where you live, if public transport mear you sucks then would be better to get a second/third job keep the car and run on a budget. or even get a 1.0 old shape micra etc

Its taking me 1.5- 2 hours each way to get to work as my car is in the garage, 20 mins to drive hence the advice.

[heebeegeetee]

pbirkett said:

heebeegeetee said:

MX5.

Oops, i see you already have one. So what's costing you so much money then?

Everything really.

It still needs a few jobs doing to it... but nothing is majorly wrong with it. However, at the moment, I can even do without the day to day running costs of a car that is rarely used at any other time than the weekend. Thing is, I drive it every weekend for about 200 miles just for the sake of it, and I cant really afford to, but its too tempting, so I am spending a fair bit on petrol too.

All the work I am doing is getting stuck on a credit card, and its not really getting paid off. Rather than just find something cheaper to run, I'd rather just clear it as fast as I can.

Hmm, feel for you. If you've got yourself into debt, then yes, i think you should get rid of as much as you can. Its frustrating for a petrol head though.

I'm tempted to say, get yourself a younger MX5 even if that means adding to the debt, and then keep it for a few years and leave it unmolested 'cos its a car that can always put a smile on your face.

There's still the issue of not driving it at weekends though.

[pbirkett]

Amir - I live in Newcastle, public transport isnt a problem for me, but it wont be needed anyway since I am insured on my lasses car and we drive it into work every day anyway.

heebee - getting into more debt is simply not an option. I've mulled over the possibility of a cheaper car to run, but it wouldnt be worth it because it would still mean my debt would take a lot longer than i like to get paid off - then theres the risk - the Mazda was meant to be cheaper than my old teg but it hasnt worked out that way thus far.

[The GMan]

pbirkett said:

Amir - I live in Newcastle, public transport isnt a problem for me, but it wont be needed anyway since I am insured on my lasses car and we drive it into work every day anyway.

heebee - getting into more debt is simply not an option. I've mulled over the possibility of a cheaper car to run, but it wouldnt be worth it because it would still mean my debt would take a lot longer than i like to get paid off - then theres the risk - the Mazda was meant to be cheaper than my old teg but it hasnt worked out that way thus far.

Do you live with your other half? Is it serious? Is there an option for maybe selling your car, using some of the money to put towards a car to suit most occasions to share, then use the rest to pay off some debt?

I know most people on here will say get out of debt, it's only a car etc...But when I was younger I would have sold my left bk to make sure I kept my car. I don't know how old you are or the rest of your circumstances so at the end of the day you have to do what you feel is the most suited for you.

Tough one.

[pbirkett]

The GMan said:

Do you live with your other half? Is it serious? Is there an option for maybe selling your car, using some of the money to put towards a car to suit most occasions to share, then use the rest to pay off some debt?

Tried that, she aint having it....

But she did talk about the possibility of getting something better next year anyway, shes been making noises about a Clio 182 but her job isnt 100% safe at this point so shes playing it safe (understandably).

[Gad-Westy]

Hi Paul, Been there myself and when a car is raping your wallet dry, you start to resent it and if you're not enjoying the car, its just not worth the sleepless nights and all the worry. Sell it, get a debt repayment plan/budget together, stick to it, clear the debts and save for a car. It'll be a much more satisfying experience.

[SeanyD]

Paul, feel for you matey, I can imagine being a petrolhead and skint is leaving you with some very difficult decisions. Whichever way it pans out, you're ALWAYS welcome for a pax with me anytime for a run out. Having been to various Cars in the Park with your good self over the years, and various ad-hoc blasts out here and there, I know how much it means to you.

My compromise which I seem to have found is to buy a car which I liked, and keep it for a good while. There's no monthly re-payments for it as its paid for, only costs are running costs, servicing, and tweaks here and there. I've so far ignored any urges to trade in for an upgrade or newer model, and so far she has served me well. Yes it still has running costs etc, but seems to be a reasonable compromise on the money-fleecing wallet.

Hope you get it sorted matey, I'll always keep you posted on any runs out, whether you have the car or not, as I say, pax is always there for the taking.

[pbirkett]

Cheers Sean, I appreciate that

I've got my car up for sale now on PH. I wont be giving it away as I've already spent quite a lot on it (new tyres, cambelt, wheel alignment and more), but we'll see what happens.

I think if I can sell it for a reasonable price then I will. However, if I can't get a half decent price (as in I'd be heavily out of pocket) then I've decided it will have a stay of execution.

Having slept on it, I have to say the idea doesn't sit any easier with me, it's really hard to turn my back on cars.

Part of the problem possibly is the milesage I am doing, however, I have thought about cutting that right back but then I think what's the point in paying circa £1k a year in insurance, road tax, MOT etc if I am hardly going to use the car. Overall, its a difficult decision.

[ol]

Sad news matey. What about changing your job for something that brings in some more pennies? Or start a website business in your spare time to bring in a second income? You could start a website selling MX5 parts, and therefore be able to keep yours running on the cheap?

I really feel for you, petrol prices are ridiculous at the moment, and insurance and tax only adds to the problems. If it's any consolation you're always welcome to have a PAX in my new car, it's thirsty as hell but sounds fruity...

[2woody]

that's got me thinking - you could park it up for one year.

you'd save insurance, tax and fuel costs, too.

[pbirkett]

2woody said:

that's got me thinking - you could park it up for one year.

you'd save insurance, tax and fuel costs, too.

I guess that'd be an alternative if I couldnt sell it...

Thanks for the offer ol. The website thing is something to think about I suppose but I am very rusty with that sort of thing nowadays... however a second income would be an option for me, maybe I should look into it.

[shoggoth1]

2woody said:

that's got me thinking - you could park it up for one year.

you'd save insurance, tax and fuel costs, too.

That's what I've done.

[RDMcG]

Sorry to hear it; I got there in a big way when I was quite young and remember vividly the feeling of not wanting to answer the phone for bill collectors,maxed out credit cards, and living almost hour to hour. I made ok money and was completely and solely the author of my situation. I felt desperate, in fact.

It took me about two years to climb out, but it was worth it. I consolidated some debt and did adeal with the credit cards companies to pay it all off if they would wait a while. It was a very,very quiet two years. I had a repayment schedule and every payday I chipped away at it. After a little while it began to be quite motivating as the debts started to melt down. After I finally climbed out I promised myself I would never have a debt again, and the only two I ever had were one car loan and my first mortgage, which I paid off in ten years.

It is incredibly liberating to live debt free. have no doubt I could have made more money with well planned borrowing to invest but the experience made me permanently gun shy about owing money. Its a a hard road for a while, but when you get through it its one the the greatest feelings ever. Best of luck to you!

[pbirkett]

Thanks for the words of encouragement guys, it makes me feel a bit better about the situation.

I think as you all say, it would make all the difference to actually OWN the car you drive. I have always had loans to pay for cars. And because of my tendency to get itchy feet, I have always lost a lot in depreciation (£9,500 to be precise in the last 4 years).

Its probably for the best if I just write it all off as a bad job and start again from scratch. I've always fancied an Elise or something like that and if I start again and save up and pay for it outright it will be so much easier of a proposition to own.

[T S Magnum]

Sorry to hear your troubles mate. You're welcome a spin in my lowly NA '5 anytime.