#CarBuyingTips #FinanceVsBanger #BudgetFriendlyCars 💸
Hey everyone! 🚗💭 So, I have a bit of a dilemma and could really use some advice. I have £2000 in savings, just got my license (woo!) but know insurance is going to hit me hard. With an excellent credit score, I’m torn between buying a cheap banger for £1000 or getting a car on finance. What do you think would be the most cost-effective way of buying a car?
Here’s what I’ve been considering:
– Buying a cheap banger: Lower upfront cost, but potential maintenance issues down the line.
– Getting a car on finance: Spread out the cost over time, potentially newer and more reliable vehicle.
Do you have any other suggestions or experiences to share? I’m all ears! Let’s help each other out in making the best decision. 🤔💭 #CarAdvice #PersonalFinance #NewDriverJourney
For your first car go with a banger, you’ll be less upset if you bump it
Find a reliable car ( Japs are good), something cheap to Insure.
And make both as close to 2k put together as you can.
Do not finance a new car because you will bump and damage it.
For your first car i d definitely recommend a banger. It is a lot less daunting, kerbing the alloys hurts a lot less and you arent worried about it getting stolen or scratched. Run it for as long as u can n they scrap it or sell it on.
However, unpopular opinion, but i am not opposed to financing a sensible car for your second one. I always bought second hand dingers and they cost me more in repairs ultimately than anything. Ended up financing a used but not too old car from a genuine dealer with sensible payments and now m much less worried about monthly repairs and it breaking down out of nowhere.
I still like looking for cars that price and ive had my licence 25 years. They have a lot more character, better to drive and can leave them anywhere with no stress