Having started a graduate job that pays £28000 a year up north (much cheaper living costs), I ended up buying a 2015 ford focus on car finance. I've since realised how much of a money sink this is and want to get away from it. I'm currently living at home paying £200/month in board and £331/month on a car loan. I also spend around £120/month on fuel plus I pay around £600/year for insurance. Putting my monthly car expense at roughly £500/month (without even counting services, road tax etc.
As I work in the city centre I'm considering selling my car back to the garage and taking the hit on the deprecation (around £1400 though I have the money to cover this). Then using the freed up finance to help me get a mortgage on a 2 bedroom flat in or within walking distance of the city centre (I have enough saved up for a 5% mortgage).
Is it practical to get rid of my car when I'd be living in the middle of a major city (with good metro and bus links to other places) especially when my work and most of my friends are in the same city around the same location?
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Getting rid of my car & moving to the city watch
- Thread Starter
- 24-02-2016 21:43
- 26-02-2016 15:20
Yes it would be practical. Most cities have great transport networks and you'll find driving around a ball ache anyway. Just a couple of questions, can you definately sell your car back to the garage even though it's on finance? And secondly, don't get stumped by the expense of house/apartment prices. They are considerably more in and around City centres so you may need to look at alternatives to begin with.