Should I or shouldn't I...

[JRT]

Hi Chaps and Chapettes

I've been thinking about selling my car and getting a cheap runaround - the plan is to sell my 172, pay off the remaining small amount of the car loan, buy something cheap and put the rest in an ISA or similar so that in a couple or few years time I've got a deposit for a house.

The thing is I've become slightly accustomed to the 172 :D and would want to replace it with something suitably sporty...

So I've got two questions:
[bullet]is it worth it for the £2-3K I'm going to gain plus around £800 a year on insurance and god knows how much on petrol...[/bullet]
[bullet]and what should I buy? I'm thinking that £2k is a sensible amount. Maybe an old MX-5 but they start around £3k :( [/bullet]

cheers!
jim

[alexkp]

Only you can answer if it is worth it - it depends on your financial state and income.

Is the 172 worth the extra money to you?

[mxdi]

We have a MX5 and a 172 in the household, both as much fun as the other for different reasons, surely you will be losing that money if you keep the 172 in depreciation, if its in an ISA will be gaining interest, yet you will still have a bundle of fun in the driveway. Try Ebay for a cheap MX, should be able to pick up a higher milage for less than £2k and they are reliable.
Not to mention cheaper insurance, mines £300

>> Edited by mxdi on Friday 5th August 21:40

[JRT]

I'd class myself as having a low income, although enough to run the 172 and still have a bit of spare cash. I guess I'm motivated by the fact that I could liberate a few extra grand and drop it in with a bit of other cash I have in a ISA so that I'd have a decent(ish) deposit on a house in a couple of years (currently 25 and live with parents )

plus 99% of the driving I do is in rush hour traffic. start. stop. start. stop. st...

jim

[alexkp]

JRT said:

I'd class myself as having a low income, although enough to run the 172 and still have a bit of spare cash. I guess I'm motivated by the fact that I could liberate a few extra grand and drop it in with a bit of other cash I have in a ISA so that I'd have a decent(ish) deposit on a house in a couple of years (currently 25 and live with parents ) plus 99% of the driving I do is in rush hour traffic. start. stop. start. stop. st... jim

it sounds like you are making a responsible decision...but life isn't always about being responsible...

[mxdi]

You will feel better about having that money in the bank too.

[JRT]

anonymous said:

[redacted]

my original plan was sell the 172 and buy and old Alfa

[shirepro]

A deposit on a caravan. With interst rates as low as they are £2k won't make much a dent in the kind of deposits needed. Might pay the solictors fees and searches.

[MrFlibbles]

*cough* MR2 Turbo *cough*

[Rob_F]

Get a 306 XSi for 2k, then save even more on insurance and still have a very quick, fun hot hatch which is better looking than your current, good plan, non?

Cheers,
Rob.

[mxdi]

shirepro said:

A deposit on a caravan. With interst rates as low as they are £2k won't make much a dent in the kind of deposits needed. Might pay the solictors fees and searches.

But 2k is better than nothing, he could always keep the 172, have no money in the bank and in 3 years time when the 172 is worth 3k he wont be any closer to buying a home. 2k is a start and everyone needs to start somewhere

[Rob P]

But is it a false economy? By downgrading to something older along come more bills etc? Presuming the 172 you have is in good condition then why sell?

[968]

JRT said:

Hi Chaps and Chapettes I've been thinking about selling my car and getting a cheap runaround - the plan is to sell my 172, pay off the remaining small amount of the car loan, buy something cheap and put the rest in an ISA or similar so that in a couple or few years time I've got a deposit for a house. The thing is I've become slightly accustomed to the 172 and would want to replace it with something suitably sporty... So I've got two questions: is it worth it for the £2-3K I'm going to gain plus around £800 a year on insurance and god knows how much on petrol... and what should I buy? I'm thinking that £2k is a sensible amount. Maybe an old MX-5 but they start around £3k cheers! jim

I don't envy your position, and indeed, I am in a similar situation.

I think your rationale is a good one. An MX5 is a FANTASTIC car, whatever anyone says. It's also japanese and if you get a good car, that hasn't been thrashed, then you shouldn't have any problems.

I had one, until recently and loved it to bits. Ok it doesn't have the 172s grunt, but its so chuckable, moreso than most cars, and it's not that difficult to modify, if you want to.

It's also very cheap to maintain and service..... so go for it, you won't regret it and you can get a fine example for 3k...... I would make sure you get an AA or RAC check of the car though.....

[JRT]

cheers for the advice!

Does anyone know of a decent website on the mx-5 containing model history, special editions and what to look for ie pros and cons of buying an import. I've done much googling and can't really find anything.

cheers
jim

[matt172]

Mxdi here...

www.mx5oc.co.uk

Has specs and forums, you will find out most info from here

In fact specs page has disappeared, so i'll have a look on history see if i can find it for you

>> Edited by matt172 on Saturday 6th August 12:40