I'm at a sad crossroads in my life when I finally have the coupe I always wanted, in the colour I always wanted and to the spec I always wanted but now unfortuneatly i'm also trying to buy our first house, and as i'm sure so many of you are aware, its ALL ABOUT DEPOSIT

At the moment I have an 18% cash deposit towards what I want to spend on a house but the banks will give me a much better interest rate if I can hit the 20% mark meaning that in the long run I will be much better off.

So do I sell up, gain the extra couple of % or pay for it in the long run?

One thing is for sure, I do not want to sell it and if the worse happens, i'm sure at first oppertunity I'll be hunting down the new owner in an attempt to buy it back.

sad times

Can you not borrow the remaining two % from family?

Just an idea

I understand how you feel.

When I needed my first deposit 6.5 years ago, I had to sell my motorbike and Plus to put towards a deposit.

I bought another Coupe a few years later though

The same reason why I had to sell mine unfortunately and also buying a house in the city meant i'd want to get a separate garage for it, I wouldn't want to keep it on the road for fear of it being keyed/vandalised etc

5 grand did help the house deposit but was sad times indeed

Now I'm looking at german Q cars (e.g VW Golf V6 4Motion) which are reasonably powerful but discrete and once de-badged just look like a bog standard 1.8

Or just wait a few months until you can save up the cash. By the time you've advertised it, found a buyer, found a replacement, swapped insurance, fixed the niggles on the new car etc. you're likely to only be a couple of grand better off. Or why not go for a new-build scheme where you don't need as much (or any) deposit - that's the option I went for and haven't looked back.

Already borrowing 10K from my parents, and they aren't willing to give me any more and they are also giving my brother the same. So any extra they give me they will also have to give to my brother. Which is pretty fair to be honest and I can't complain at 10K cash.



I think thats where I will end up


A few months... lol. times are tough.
a couple of grand pays the stamp duty and is a good chunk to wards the fees.
The house price is one thing but fees etc are another.
I'm not keen on a self build, basically just because of size and the fact that where I live houses are dirt cheap for a hell of a lot.

i.e. what i've found is a house which was previous 3 cottages, knocked into 1 big house with a double garage for £160K

But I'm very wary about the future and we don't want to get a mortgage on both incomes, we will be sensible and buy a house on my income alone, so that 1. we can live a confatable lifestyle 2. if the misses ever lost her job we wouldn't be screwed and have to sell our house or worse off have a repo and 3. within the next 25 years who knows where interest rates will hit within that time.

Sensible is key to our choice and we're trying not to get carried away with over spending now, paying the ultimate price in the long run.

If you can get t he loan with what you've got now just go for it. What you get for selling the coop will make little difference to the overall costs over 25 years, plus you'll have the hassle of sellign and then having to find another car anyway. I can understand it would be a nice lump sum to pay immediate fees but I can't see it making much difference overall.

Houses.... don't buy more than you need. People often get hooked into buying houses that are bigger and more expensive than they really need or can afford. It is not just about the buying price today. hikes in interest rates, Maintenance on bigger places and fuel bills can bite hard if you don't properly plan for them.

In saying all that a place to live is more important than a car. So if by selling the car you can get to where you need to be then it has to go

I agree with Bob on the point about people buying larger and larger houses etc. Fuel and maintenance will really hurt on larger houses.

However I don't agree with getting rid of the car.

You are about to buy a house, hold on to the car you will only be very marginally better off. Keep something you love while you get the house.

Karl,
where you seem to be in your life I would have to agree that the house is more important than the car .

A real shame if you have to sell her though. She looked lovely when I picked up the bumper and skirts (by the way, they will finally be fitted to my Scottie this week; can't wait!).

Good luck,
Tim

Whilst i am naturally drawn towards suggesting finding a way to keep the coupe, i have to reluctantly agree selling would probably be best.

If you kept it and started struggling financially you'd find;

1/ you can't afford to run/maintain/insure it
2/ you resent the car
3/ you have to sell it cheaper due to circumstances

Have you worked out the difference per month of not getting the lower ltv rate? Might only be talking £20/£30 a month and if you do get another coupe in 12 months, what's to say you won't spend more than £350-£400 a year getting it back into the condition yours is in now.

Ross

A nice idea, but the way Coupe prices are going at the moment the next owner of Karl's machine will be paying him to take it away

Thats excatly what we are avoiding, I know that if we work on both our incomes then we could afford it but thats not a boat we want to be in, we want to stay sensible knowing that fuel costs, interest rates are only going to go in 1 direction from now on so keeping the second wage as the bunce instead of strecthing now seems like the sensible solution.



Obviously the car isn't the only thing on the hit list at the moment, but if it pays the fees and gets me a lower interest rate then its short term loss for long term gain.
..I can always get another coupe, although it might not tick all the boxes like my one currently does



Good luck with the fitting mate, i'll keep my eye on the syling threads to see the results.



I completely agree



around 5-5.5% vs 3.8% which is a £150-£200 a month on the mortgage i'm looking at.


**** BIG SIGH ****

obviously I don't want to sell it and at the moment trying to do all I can not to sell it... after all whats the point in have a garage if there's nothing decent to put into it lol

one thing is for certain .... I won't be leaving the forum

Oh, I think I'll be the judge of that....



Good luck with whatever you decide

thanks stan

you'll be the last one here, thats for sure

At the heat death of the universe, when the last star gutters out and all that is left are a few cockroaches, a faint smell of cat pee, and perhaps Keith Richards... there will still be Stan.

"Hey, who turned out the lights?"

Fantastic

"... And here ended today's lesson."