Would you sell your 197 for this...

[ben_r1]

A house?

After recently getting married to my partner for 8 years the next logical step in life seems to be to get out of renting property and secure a mortgage for our first house.

Its as good a time as any right now for first time buyers with 95% mortgages making a reappearance, but after spending all our savings on the wedding i'd still need £8000 plus for a deposit. The easiest way to achieve this would be to sell my mods and 197, but i desperately dont want to lol. The misses has permitted me to replace it with a cheap 172 should i make the sacrifice so im not completely RS cold turkey.

A part of me thinks my 197 is finally working nicely and its just been finished in the perfect setup i've worked on for 4 years ( ITBs etc ) and im really happy with the car ATM so it'd be a real loss in my life, but on the other hand i tell myself to grow up and prioritise my future over a hot hatch, which is rarely used outside of shows and trackdays.

its a sticky situation, what would you do!?

 

[930Tech]

My answer would be NO!

I've had one of those and it was'nt as fast or exciting as the 197.

 

[henderson]

tough one mate,will you ever get another car that you have single handedly built yourself again? if so i'd let it go...

 

[MikeH]

Nope, you will only regret downgrading and it could potentially be the start of a wedge in your relationship if you felt you were pushed in that direction

My hand was forced when I had been married for a month or so over not keeping something, the marriage only lasted 3 years longer

 

[Rogue]

Sell.

There are bigger priorities in life than a car.

 

[Willis]

Keep the car but stop spending on it and put the funds towards the deposit instead.

 

[ben_r1]

Perhaps I worded it wrong people lol, she's not forcing the sale upon me, more of a mutual decision that's welcomed new by her than myself.

The reasoning is that it's hardly used, especially this time of the year and a highly modified car is so expensive to insure aswell. But once it's gone a little bit of me will go with it, after 4 years of smiles and tears I'm quite attached to the old girl.

 

[N0ddie]

Keep the car but stop spending on it and put the funds towards the deposit instead.

+1

Just stop spending money on the car and save money towards the deposit.

 

[adam1942]

Ben - I'd keep the car and save as much as possible after 6 months review and sell if you feel you want/need to..

I bought a house with a girlfriend a year of 6 years about 1 yr and a half ago.. was the best decision I made.. after the initial deposit I was glad I kept the Clio (and then moved to the 350z)

Good luck whatever you choose!

 

[Mentalpen]

i hate to say this but you are unlikely to achieve what you want to by selling the car.

8K for a four year old 197 in this climate is an unlikely achievement especially if you are wanting a quick sale to fund a house deposit + funding for a 172.

Then there is everything that goes on top of buying a house.

Don't be rash and work out exactly what you will achieve from the sale.

If you don't use it, sorn it and inform the insurance and see how much it is for 0 mileage.

quick sell on the 197 = £6K - 172 = 2.5K for a decent one leaves you net £3,500

is it really worth it?

having said that you are still young mate and plenty of time to get another.

I'd rather be on the property ladder and paying it off sooner.

I'd hate to think i've got to work till 55 let alone have a mortgage till then just because i kept a car.

 

[gazb197]

Don't forget about all the mods he's has to sell aswell! He'll make nearly double that! I'd say sell it mate! Even if he only comes away with £3500 the intrest you'll save by paying this off a say 30 year mortgage is substantial! Any one who has a mortage and has used an overpayment calculator will totally agree!

Best of luck whatever you choose

 

[A2ON]

I sold a car to fund a house before.

Sold the cars and drove a ka and a e46 320d for a while i was crap BUT now i am 23 and have two houses and could buy a brand new clio.

House is a good investment, sooner your on the property lader sooner you can pay some of that mortgage and get another one .

95% mortgage will result in an inflated rate so in some respects better to wait and get 90% and get a good 2yr fix or similar as the LTV will suit more lenders .

Can you buy in a cheaper part of town ? 10% of 100,000.00 is 10k ? 8 ( your goal ) is not far off that then 90% but dont forget solicitors fee's estate agent fees's and assuming its your first house stamp duty ?

either way you need a house sometimes selling your assets is the only way and in this case it seems logical but just ensure you have enough money for fee's etc .

Play the market well and in 20 years or less you can have all the cars you want .!

 

[james_h]

This!

having said that you are still young mate and plenty of time to get another.

I'd rather be on the property ladder and paying it off sooner.

and

Sell.

There are bigger priorities in life than a car.

It's only a car - a house is 10 x more important in your life IMO.

I've had to make loads of car sacrifices over the years to pay my mortgage but that's life as you get older I'm afraid. Once you get on the ladder and get your house sorted as you want it you will find that you have more spare cash again and can probably buy something better by then anyway.

 

[r&skxa]

If you want the house bad enough then go for it. What's more important, a box that "will" rust and break eventually or something you can make a home out of! Just buy another one in a year or two. Oh and I'd jump at it if someone is offering 95% mortgages! We both have awesome credit histories and for a decent rate on mortgage (3.5%) we put down a £16,000 deposit and that was only a year ago.

 

[Arran]

It's a difficult decision, but I think I would try and find a way of keeping the car and buying the house. I don't think the housing market is going to pick up that much over the next few years to an extent that you would really notice.

I've decided to keep the Mazda and save for the next 3 years, by which time I'll have saved a decent amount and my loan will be paid off. One thing about getting a mortgage is your ability to pay the monthly payments and how much cash is tied up in other things. It's great to have a big deposit, but that's not the only thing they'll be looking at.

 

[ben_r1]

£8000 was the target but I'm confident I'll get more than that in stripping mods off and flogging the car, it is after all on 12500 miles and spotless inside and out lol.

And the replacement in form of the 172, I should have elaborated. A few months back my mk1 1.4 Clio daily gave up the ghost and I was offered a cheap ph1 172 at the time so replaced it. What I meant to say is I'm allowed to keep the 172 but as my only motor, for the time being.

A2ON: prices are a little more expensive down south, 100k wouldn't get me a shed lol!

 

[Chris197F1]

I would personally sell the car to fund the house purchase. I bought my house when I was 21 and it was the best thing I ever did, crippling at times paying a mortgage and bills but its worth it. Maybe in a few years time you could buy another car that you like as much as your Clio, its not like you will never have a nice car again.

 

[ben_r1]

I do feel time is of the essence in such a situation lol

 

[philmots]

3 years ago I got rid of a lovely 330 Sport to fund a house. Best decision ever.

Now our fixed rate has finished it's substantially cheaper than renting.!

 

[Chrisgti6]

I sold my last car due to buying a house. Ok so it was only a 306 GTI-6 worth a couple of grand but it covered the fees etc.

I would definately want to get on the property ladder if I were in your situation. Renting is just lining someone elses pocket.