Guthrie14

right im 17 in a few weeks (cant wait) and need some advice on wether to get car finance on a used renault clio 1.4 04-05 reg do you think its worth doing, and as soon as i get the money through a tax rebate il be able to pay it off

M535I

dude just get a 50o quid banger as its your first car and if you twang it it wont really matter and as wih the credit crunch a loan might be a better option with lower apr's.

ditchmyster

iTrader: (7)

DON'T DO IT! dude your 17 or will be soon, buy a ****ter that costs £400 learn to drive properly get some no claims, learn to fix it and how every thing works.
In the meantime save your cash and buy somthing later in a year or so when you have more experience on the road..
theres nothing worse than having a nice car as your first car because your bound to make a mistake sooner or later, and even if you dont some jealous to$$er will key it or somthing and cost you a fortune, not to mention the interest you will pay, even if you do pay it off early there WILL be penalty clauses.
AT the end of the day finance/loans are a slippery slope to debt and poor personal financial management!! but hey it's your money and im not your dad!
Well i hope not

corradoboy

Make sure there's no early redemption penalties applicable on any finance. If the tax rebate is a guaranteed amount and you have a reliable date for its payment you could speak to the bank about doing it on an agreed short-term overdraft, or a low rate loan, again without redemption penalty.

At 17 you're gonna have to learn to drive which may only take a few weeks, but could take many months. The DSA are very strict these days and even very good provisional drivers get knocked back on test day for the slightest of things, and test bookings can have 6+ week lead times. It's easy to get excited at this milestone in your life, but to spend a load of money on a car and then leave it sat idle for a while could be a waste of cash. Remember, even though you possibly won't be driving it it will need to be insured for theft. The car you are considering I wouldn't consider as rare or exotic, so there's no rush as there'll be plenty just like it available nearer the time when you can actually go out and enjoy it.

Mikkel

You don't want debt at 17. Buy an old banger and build your no claims up, so when you can afford a better car you can afford to insure it too. My first car cost £300 (8 years ago). Insured it 3rd party for £500 lol

corradoboy

It's hard to find a £50 banger these days. You can get £150+ for scrap, making the cheapest cars £200+. I know a guy who has eBay all set up to find auctions ending within a few minutes, in his local area and below £50 to give him an alert. He buys 2-3 a week and picks them up on a Saturday morning, taking them to the scrappers and collecting a tidy profit on each, just because many people don't realize that the scrap values are through the roof right now.

Guthrie14

The thing that has really put me of from this though is one of my mates brought an old banger and 3 weeks later the gearbox is going the brakes are going and he has to push it in the mornings to get it starting he payed about 800 quid for it i though getting a newer car would remove these risks

Mikkel

Not really mate. You only remove the risks if the car is still within the manufacturers warranty, which I doubt you are looking at a car this new? Cars a funny old things and new ones can have as many issues as old cars.

Buy an old car like I said, but take someone with you who knows their cars to look over it before you buy. Choose which car wisely too as parts vary in cost. You can't go wrong with an old Ford for a first car IMHO. Pennies to put right if they do go wrong.

Leebo77

Agree with everyone else.

Bought my first car (1974 Mini) 13 years ago for 50 quid. Spent 200 quid to get it road worthy (learnt sooooo much doing so too) and then scrapped it a year later. 250 quid for a years motoring (not including 600 quid of insurance), much better than buying a 2007 car now worth a few grand less than it was 12 months ago....... .........which I have also done

dan/scooby

iTrader: (2)

i remember back in the day ( 7 years ago ) driving a round in a nova , so much fun , do miss playing with little cars sometimes , everything was so simple and more importantly bits were cheap
it dont matter if a car is 18 years old or 4 years old , things break

scooby88

i have a 1.1 fiesta you could have for 500 it taxed moted it a mk3 with electric front windows and electric boot release goes relly well and ive fixed all the problems

telscooby1

hi mate dont think you can get finance until your 18

Curry.

First car bought for 600 quid a few years back a 1.4 306 that i ran into the ground! Was a great car. Then i decided to get a loan and bought an old school mini cooper for £2500 (it was in mint condition) and £1500 to insure it at 18! Then after a year of pushing the thing everywhere i sold it for £1100 i then bought a Clio for £800 which i ran into the ground again until it exploded on the M42 then bought my Scoobs on finance! So i've had a loan and finance and am only 21. Dont regret it one bit. To be fair you could be dead tomorrow so why the hell not!!

Curry.

First car bought for 600 quid a few years back a 1.4 306 that i ran into the ground! Was a great car. Then i decided to get a loan and bought an old school mini cooper for £2500 (it was in mint condition) and £1500 to insure it at 18! Then after a year of pushing the thing everywhere i sold it for £1100 i then bought a Clio for £800 which i ran into the ground again until it exploded on the M42 then bought my Scoobs on finance! So i've had a loan and finance and am only 21. Dont regret it one bit. To be fair you could be dead tomorrow so why the hell not!!