Hello newbie needs advice

[MikeeB]

Hi everyone,

I currently own a 53 reg Cooper S and I am considering chopping it in for a new 197 Cup. I want some advice really. I've got quotes, and I can insure it fine, but I wondered what people think about whether or not I will be putting too much financial strain on myself.

I have been offered a good price for my current car in a part ex, and I can afford the repayments, but what worries me is that the majority of the value of the car will be on finance, so if I was to hand the car back to dealer if for some reason i could no longer afford it then I would still owe them money to clear the finance.

I'll be honest, I'm on 17K but am expecting my salary to rise in 6 months, at which point I will also start to recieve a company car allowance of 11.5%. What do people think, am I taking on too much, should I wait? For the amount I am earning am I borrowing too much?

I know I'm the only one who can make this decision, but I would appreciate advice and oppinions.

Thanks very much in advance

Mike

 

[Sarah]

as long as u can afford the repayments go for it

and welcome to cliosport mate

 

[W17GLE]

i would do it as long as it not going to make you totally skint, as running cost wise and insurance wise it shouldn't be anymore than the mini

 

[MikeeB]

i would do it as long as it not going to make you totally skint, as running cost wise and insurance wise it shouldn't be anymore than the mini

Thats a good point. Another point I should make is that until recently I was paying £215 a month on insurance for the MINI, but now I have paid it in full so I am saving this much. The insurance on the MINI is £1100 and the increase for the 197 would be another £300. Problem is though, people will think I'm, mad as I've only had the MINI since August.

Whats the 197 like for economy. I usually get about 40mpg out of the MINI (vast majority of driving is M-ways for me). The quoted figure for the Cooper S is 32mpg combined.