car dilemma

I've got to that point when car bills are going to be more than the car’s worth. the car needs service, MOT (June), exhaust, brake lines and probably brake pads that i know of. there was play in a front swing arm last year which was noted on the MOT, but not enough to fail. this time it may have changed. add to that the intermittent misfire which has the garage scratching their heads and the fact that it doesn’t like starting when it’s cold and damp and when it’s cold it doesn’t like changing between forward and reverse… time to change car i think.

now comes my dilemma – new, nearly new or old.

i don’t actually have any money for a car, so i would be borrowing from the bank or on finance. i have an existing loan with the bank which ends in July meaning that i will be £300 per month better off and as i know i can survive whist paying that, I'm happy to pay up to that on finance or loan repayments.

having got a cat, i have basically resigned myself to living with my parents for the foreseeable future, so i don’t need to worry about not being able to afford a rent as i am already paying my parents a nominal sum each month, which will continue.

so what i am looking for in a car is;

•  4 wheel drive, especially if we’re to have winters like this last one in years to come
• it to more economical than my current car (which isn’t hard as i can’t afford a Ferrari or a Lamborghini…),
• it not to be an import as that pushes up costs of everything – insurance, parts, etc.
• i fit, it to comfortably seat my more than adequate frame
• reliability, no point buying a car to find I'm back at square one in 6 months
• it would be useful if it were 4 or 5 door and had a boot large enough for dad’s wheel chair
• that “X factor”, i don’t want to be one of the crowd.

now do i go for new?

• should be reliable if not most do at least 3 years warranty
• some garages are still offering scrappage schemes, even though the government have stopped their participation
• most garages are offering attractive finance deals, some even offering 0%
• would i be bored of the car before I've paid it off?

or nearly new?

• let someone else take the hit on depreciation
• i will get less off the price for part exchanging my car
• higher rate finance deals

or old?

• lower price means less debt
• never really know history of car
• only 2-3 years before I'm in a similar situation
• bank finance deals only
• pittance for part ex (if anything at all, depending on price they may not be interested)