Just feeling sad.

[CliftonH]

Hi guys.

I have been thinking for some time now and not sure as yet.

Personally to be honest u guys know I don't enought money for the month. Since buying my bmw I have just taken loan after loan.
First loan was to buy it back from insurance R40 000.
Second loan was to do the software and downpipe and inter cooler. R10 000. Next was the big service R5000. Other expenses was a burst tyre. Dvd screens. Need to do a mag refurb on one mag.
Need to fix the accident damage will be done month end for R10 000.

Well I was thinking. Once I am done with everything should I just sell it. Free all my debt. Buy a cheap second car for abt 20 000. Save for another car.

Or should I just keep it.

Its just getting to expensive.

I love my car. Its fast. Its light on fuel.
Its sexy. Its free. Bmw has always been my dream but I am neglecting my house which needs some work also. My accounts.

I think I'm just addicted to the car.

Maybe in 2 years will get another one.

What u think. Ur professional advice please.

 

[Dippies]

Think with your head and not your heart

 

[Kyle]

Hey bud,

Times are tough at the moment, there isn't actually any point in owning the car if all you think about is what its costing you :thumbdo:

You will never enjoy it completely this way. This was the reason I sold my 320i, debt is not the answer!

 

[moranor@axis]

seems to me the problem is this has all come in a short time for you... I would have held off on the mods and done some maintenance...

getting rid of it now you will get no Joy from the work you have done on it and it will have been a waste of money...

having high debt on a car is not a good idea though so it depends on how soon you can clear this debt...

 

[Oresome]

Sorry to hear, its not a comfortable situation.

Unfortunately perhaps you should consider selling it, getting rid of dept, clearing your name and starting again.

Unless you have a hobby that can generate cash or can find a second income to pay off the debt.

 

[sanesh21]

Tough situation man, but you gotta put priority first . Don't take out loans for things that are unnecessary , (Mods)
Take time and think about it, and weigh up your options.
Your fam and home should come 1st, you can always get a better car later on when the time is right.
Just my opinion.
Good luck

 

[CliftonH]

Hi guys.

I agree with all of u. And yes I have spent a lot so far. In terms of cleaniness this car is really clean. Doubt will find another one like it. In terms of what I was looking. Sure there are cleam bmw out there.

My mind says sell it. Pay off all my debt and start fresh in a year. I will be able to afford it then.

My heart says hang on a little more and see what happens.

Oh just orderd a new lock nut from bmw R134 for one nut. I give up.

My other concern is I don't wanna spend more then the trade in. Cause if I sell I will loose totally.

Advise. Would R90 000 be a fair price to sell it if I choose to.
Its a 2005 model E90 320d sportspack. Miliage is at 156000km.

If less then 90 000 I might as well stick it cause expenses would be almost 90 000 once finished with everything.

I'm impulsive. That's my problem.

:nonono:

 

[sash]

Hey Clifton,

Its a tough place to be in right now, our economy does help the situation at all.

On one hand selling now will not return the money you put in, which will give the sense of losing more but you can free yourself of debt.

On the other, by freeing the car you should have more to pay of the loans sooner.

I am not sure on how many months you have left to pay, but there are ways and means to get you there sooner.

I would consider selling other items that are not being used to recoup some cash to lower your amount owed and maybe paying the same amount as before to reduce the amount owed even further.

All depends on you and your choice to get out of a situation like this.

Sent from my BlackBerry 9780 using Tapatalk

 

[Sabretooth tiger]

Not a nice spot to be in, trust me, I was there years ago.

Best thing to so is sit and decide on a plan of action, make a list of what you need, and what you want. Try to cope with what you need only, things you want is not a need and can wait. Pay as much as you can towards debt, paying it off in a shorter time saves a lot of interest.

 

[Rayzor]

Hi Bud, if you can afford to keep the car then do it. by this i don't mean living from hand to mouth. If you feel that you wont be able to live comfortable then let it go. :thumbs:
If you have a home loan.
You may want to considered taking a further loan on your bond. This can help you reduce the current installment amount on your Personal Loan, the only negative is that you will pay it over a longer term through your bond. The benefit will be having extra cash monthly. :thumbs:

 

[ChefDJ]

Sorry to hear bud.

Honest opinion, sell for as much as possible and get something small and reliable for now.

A year goes by so quickly.

You'll be back in a good BMW sooner than you think :thumbs:

 

[Vader]

Hey bud,

sorry to hear youve had a bad run with the car.

Maybe you should consider putting an aftermarket warranty / service plan on the car so that you dont incure any of these unforseen charges over 2 years. They extend for 2 years at a time and the pricing is very reasonable.

I would be more than happy to help you get a quote from a company called driveplan. Let me know if I can help, pop me a PM and I will guide you through your options and assit where I can.

 

[Nick]

Hey bud,

sorry to hear youve had a bad run with the car.

Maybe you should consider putting an aftermarket warranty / service plan on the car so that you dont incure any of these unforseen charges over 2 years. They extend for 2 years at a time and the pricing is very reasonable.

I would be more than happy to help you get a quote from a company called driveplan. Let me know if I can help, pop me a PM and I will guide you through your options and assit where I can.

+1 dude!

My dads has had most of his e46 replaced under SA warranties.
I think he pays 200 odd bux Per month and it has saved hiz ass many times.

 

[CliftonH]

Just sitting and reading all your replies.

Agreed since I am not paying an installment on the car. I am using that money for the loans. Its all the extra stuff. The sudden R1000 here and there.
Also admit its not critical as yet. Maybe need to spend another 10000 and should be perfect. Things I want to still do. Not urgent but I think I need to do is clutch plate and pressure plate. And I want to service the turbo as a preventative to save cost later.

Then the car can run smooth. I have extra oil for next service.

What is getting to me is all these extra expenses. I know its my fault. For example I was parking in the mall the other day and was close to the curb. The one tyre touched. Got a small cut on it. R1000 new tyre.
The lock nut now R135.
Tomorrow will be a light or something. All that extra money is what is getting to me.

To give u an example I owned a hyundai atos for abt 4 years. I serviced it when it was due. And changed tyres once in 4 years. Well it came with new tyres.

Never spent a single cent extra. I doubt I even changed a globe.

drove it to work and back daily doing 100km a day. Ran perfect.and I drove it like it was a V6.

My wife says I must buy a second small car use that for work and keep the bmw at home. She also loves it.

Bmw is my dream. And since this is my first bmw I fallen so inlove with it.

And I know after it get sprayed and new door its going to look more stunning and I won't wanna part with it.

I don't know. Still clueless. Think the best I can do is just think more.

 

[Speedy]

Sux man, sorry to hear.

Try and consolidate your loans as best you can, get rid of higher interest loans first and move on from there.
As awesome as the car is, you cant enjoy it if its stressing you out all the time.
So maybe sell it and get something more affordable for the interim.

Having said that you don't want something that is going to cost you $ either so draw up a pros and cons list and go with whatever is the best option.

 

[Nick]

Yea maybe go to the bank and see what the total outstanding amount is.

Then take the amount to settel everything.

Some times the bank will help you out.

Better paying off one amount per month than many.

I did the same, A mate of mine gave me 20k to settle my Credit card, Edgars and a few other things.
I paid him back interest free.

 

[RAArmstrong]

Hey bud,

Really am sorry to hear about your situation!

The thing I guess you need to consider is that if you sell your BMW for something cheaper, will that car in the long run end up costing you more money? :dunno:

If the car is running relatively well now perhaps put a hold on the other work that you need to do on it. Make up a list of what you need to still do on the car and what it's going to cost you, include a timeline on that to try and gauge how far along the line you might be able to afford to do some more work on your car?

Gotta be hard to think about selling your BMW, especially seeing as it's your first BMW and the bug has bitten... Heck I've just test driven a BMW and the bug bit me REAL hard, get sad every time I jump into my Golf cause it's not a BMW :rollsmile:

 

[AdiS]

You need to re-position yourself financially.

Debt is your biggest risk in the current economy, you should be trying to reduce it as much as possible. Ideally, you should also have a short term liquid savings reserve to protect yourself from all these ad hoc expenses that tend to arrive unannounced; and you should know that owning a BMW has associated costs which you must budget for.

Taking loans for mods is a very bad idea. Stop this right now. At an extremely basic level, part of the decision to spend money on anything which is not essential, should be considering whether you have your short term reserve fund up to scratch, and if you have debt which needs reducing.

I know I am being harsh here, but you need to understand that you have created this situation for yourself. Times are tough out there, and the economy is not going to do you any favours in the short term. You need to protect yourself (saving, reducing debt), and not expose yourself to more risk (taking on new/unnecessary debt, over extending yourself).

 

[moranor@axis]

hold up on the work you doing... fix what NEEDS to be fixed now and save up for the other work DO NOT get any more debt to work on the car...

how much HAD to be done now? if you spread it out a little and fix things with money you do have it will be much cheaper in the long run... only use debt if its something urgent that you cant wait on...

 

[CliftonH]

Sux man, sorry to hear.

Try and consolidate your loans as best you can, get rid of higher interest loans first and move on from there.
As awesome as the car is, you cant enjoy it if its stressing you out all the time.
So maybe sell it and get something more affordable for the interim.

Having said that you don't want something that is going to cost you $ either so draw up a pros and cons list and go with whatever is the best option.

I was just thinking that. Cause I am on olx searching cars. And I will really kill myself if I buy a car and end up spending more money. Then I will regret selling the bmw.