New car - what do you think?

zervi2003

Is this the right thread?

I am interested in buying a brand new car for the first time ever. Cost of car is around 15,000.

Where is the best place to go for a card loan at the moment?
I would have say about 2000 to contribute to the car straight away so the loan would be for about 13000.

Am terrified of the montly repayments as I have never had such a large loan to pay off. Am looking to pay back something like €200 per month. Is it possible? Am I wasting money getting a new car? I have no other committments except that I pay rent and I am on a contract job. I am also hoping to go back to college part-time in September which may cut my working hours. I still think I can do it though. Maybe the pressure would be too much.

The Rooster

Monthly repayments on a 13,000 car loan over 5 years (fixed rate about 9%) with AIB would be €275 + insurance.
http://www.aib.ie/servlet/ContentServer?pagename=ROIPersonalPortal/AIBContent_C/pp_motoring_loan&c=AIBContent_C&cid=1136826417107&channel=P006

5 years is the maximum term you'll get for a car loan. €200 a month would get about a €9,000 loan - but even at that you'd need to think long and hard about having such a debt hanging over you.

unclebill98

Rough rule to go by is.

5k over 5yrs = 100euro p/m.

So most banks should be around 300p/m for 15k. Not inc insurance if your getting it.

kaiser sauze

In addition to the two good points made already, you'd be buying an asset that is losing value rapidly and is costly to maintain. It is not only the repayments that you need to factor!

Why not buy a second-hand car as your first car?