muddled finances, am i making the right decision?
Discussion
nothing to do with business or anything unfortunaley! just personal finances to be honest. im not going to reveal excat figures for obvious reasons but anyway here goes.
im 20 years old and moving out of home in a few weeks time. i currently own a EP3 type r, i would be in a more than comfortable position to run or upgrade if i stayed at home but however im moving out... (SELLING THE CAR IS THE LAST OPTION AND IS TO BE AVOIDED AT ALL COSTS)
i need near on £1000 ASAP, and the only viable way i can see of obtaining this... is to cancel my car's insurance policy and SORN the car which will result in me having £1000 easily, if not more. (the £1000 is needed for deposit and so on)
if i was to cancel it, i would probably lose my no claims... but i plan to re-insure it at a later point (issue is i dont know when this later point is, probably when im comfortable potentially one year's time or so thus itd be off the road for this period of time...)
the question i put to you all is - would you sell the car or keep it at all costs just because you like the car even though you know it will probably drop in value sitting there doing nothing? another worry is if it got stolen id lose everything associated with the car... because theres no insurance on it maybe insure it on my grandma's name so its just insured?
im 20 years old and moving out of home in a few weeks time. i currently own a EP3 type r, i would be in a more than comfortable position to run or upgrade if i stayed at home but however im moving out... (SELLING THE CAR IS THE LAST OPTION AND IS TO BE AVOIDED AT ALL COSTS)
i need near on £1000 ASAP, and the only viable way i can see of obtaining this... is to cancel my car's insurance policy and SORN the car which will result in me having £1000 easily, if not more. (the £1000 is needed for deposit and so on)
if i was to cancel it, i would probably lose my no claims... but i plan to re-insure it at a later point (issue is i dont know when this later point is, probably when im comfortable potentially one year's time or so thus itd be off the road for this period of time...)
the question i put to you all is - would you sell the car or keep it at all costs just because you like the car even though you know it will probably drop in value sitting there doing nothing? another worry is if it got stolen id lose everything associated with the car... because theres no insurance on it maybe insure it on my grandma's name so its just insured?
Edited by typer0612 on Thursday 3rd June 17:13
+1
Are you sure you will get 1K back from your insurers - i.e. have you explicity asked them - they are usually not very good at giving lots of cash back after cancellations.
Personally I'd take an evening job bar work anything just to earn cash... or even not go anywhere, dont spend anything for a month or so to save pennies..
Simes
Are you sure you will get 1K back from your insurers - i.e. have you explicity asked them - they are usually not very good at giving lots of cash back after cancellations.
Personally I'd take an evening job bar work anything just to earn cash... or even not go anywhere, dont spend anything for a month or so to save pennies..
Simes
Edited by 51mes on Thursday 3rd June 17:37
51mes said:
+1
Are you sure you will get 1K back from your insurers - i.e. have you explicity asked them - they are usually not very good at giving lots of cash back after cancellations.
Personally I'd take an evening job bar work anything just to earn cash... or even not go anywhere, dont spend anything for a month or so to save pennies..
Simes
i have asked insurance. and checked documents (i know theyre not good, iv cancelled three insurance policies on the trot lol this being the third one)Are you sure you will get 1K back from your insurers - i.e. have you explicity asked them - they are usually not very good at giving lots of cash back after cancellations.
Personally I'd take an evening job bar work anything just to earn cash... or even not go anywhere, dont spend anything for a month or so to save pennies..
Simes
Edited by 51mes on Thursday 3rd June 17:37
Dude you need to build more savings up or something will come up and you will have to sell the car!
Repairs, house insurance, job loss, theft, breakage etc.
Personally give up on buying a house, stay at home longer or perhaps better yet, go and flat/house share with some student nurses
Repairs, house insurance, job loss, theft, breakage etc.
Personally give up on buying a house, stay at home longer or perhaps better yet, go and flat/house share with some student nurses
Some insurance policies will let you suspend your policy and have off the road cover; you tell them that that you will not be driving the car for the next x months (up to 3) and then it is insured still when parked in a garage/on a drive etc, try your current insurer and see what they say. An alternative could be to cancel the current policy and to try to get another policy for laid up cars - try a broker.
I agree with all the above though; a car is a depreciating asset, not good to have all your money in it. If you have to have one get something old and cheap, eg 205GTi, and start saving some money.
I agree with all the above though; a car is a depreciating asset, not good to have all your money in it. If you have to have one get something old and cheap, eg 205GTi, and start saving some money.
musclecarmad said:
my advice is this:
if you are swanning around in a type r and paying over £1k per year for insurance but yet you don't have a pot to piss in then you have seriously got your priorities wrong.
stay at home a year or two and save up a house deposit, save up a nest egg - just don't run around in a type r paying £2,000 per year insurance without having even £1k in the bank!!!!!
have more than 1k in the bank... needed the last 1k... in the space of 3weeks which i couldnt see a way of obtaining unless i cancelled the insurance. if you are swanning around in a type r and paying over £1k per year for insurance but yet you don't have a pot to piss in then you have seriously got your priorities wrong.
stay at home a year or two and save up a house deposit, save up a nest egg - just don't run around in a type r paying £2,000 per year insurance without having even £1k in the bank!!!!!
il re-insure the car in about 3 months or so time. or if in three months time i cant insure it i will then sell it but i doubt that and hopefully wont be forced to sell it (shouldnt be forced to anyway)
cheers for your help though, sorted it all out now.
Edited by typer0612 on Friday 4th June 12:01
typer0612 said:
cheers for your help though, sorted it all out now.
Really?Edited by typer0612 on Friday 4th June 12:01
http://www.pistonheads.co.uk/gassing/topic.asp?h=0... to be made asap.
You need to take the advice from above. £1k is f
k all when it comes to houses.Gassing Station | Finance | Top of Page | What's New | My Stuff