Just feeling sad.

[Photokid]

First suggestion, leave the repair for next month. Don't add more debt. Depending how much benefit you are going from the intercooler, I would consider trying to recoup some costs from there.

A few years ago I decided to get rid of my credit card and only work with cash, over draft for extreme situations. The benefits are amazing, I only work cash basis and save for things I want. Yes there's always the unexpected but being able to save almost instinctively makes it much easier. Apparently we need to be able to up to 30 % of our income in some way or form, that's my aim.

I am considering getting another credit card now for the benefit of my credit rating.

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Or use the card as cash, and benefit from the 55day interest free loan.
Though I suppose you have to have a certain amount of discipline not to overspend.

 

[msm]

Sorry to hear dude

Anyway, I would suggest only doing critical maintenance on the car from now onwards until you're in a better place. If something is cosmetic, just leave it for now.

Also, selling it and buy a "cheapy" means you're buying someone elses trouble. A R20k cheapie could end up being a pile of junk and cost you more at the end of the day.

So, if you can manage, keep the 320d - it's light on juice, so that's the bonus for now in light of petrol prices. Just don't do any more cosmetic stuff or mods to the car - just do what's necessary to keep it on the road and reliable.

Hope it works out for you whatever you decide

 

[herr bmw]

sorry to hear bud

stop spending unnecessary money on the car,leave the door as is,start looking at what you owe and take the smallest amounts and pay them off first,once that is done take that money and start settling the larger amounts.

also,cut back to the basics,only buy what you need too untill you get back on your feet,im gonna sound cruel now,but blowing a couple hundred rand on a day at kyalami is a waste unless you can really afford it.

also talk to your other half and sit back and think before you buy,ask your self if you really need it and then if you do buy it cash and cash only,if you cant buy it with cash,then dont buy it,rather save up untill you can afford it,by that time you will also realize you might not need it

also agree with what mo says,keep the bm as you might end up buying some body else s troubles

hope this helps:thumbs:

 

[frikkieh]

Clifton; Pay dept - starting with the one that has the smallest installment first. You have to pay substantially more on this smallest account. Then move on to the next "smallest monthly settlement" and the next and snowball yourself out of it that way. It is not easy.
Sh1t happens like tire issue you had.

But that is why mods should be low down on your priority list no matter how desirable. In fact, it should not even be considered.
Draft a budget and stick to it as hard as you can. Plan how you are going to sink your dept as described above. You need to plan this with your budget.

It is better to stick to the car you have. The best car on the road is the one that is paid for...
There are cheaper maintenance options that you can follow (although some temporary IMO) just as a stop gap to get you to breathe a little.

Try to save on whatever you can - electricity, groceries, fuel (lift club?), cell phone & internet etc. Are certain things like DSTv absolutely essential?
Exploit and discover means to cut cost as best as you can. What you save here should go straight to the smallest account installment and reinforce the snow-ball effect.

You and your spouse have to work together on this.
Discipline to stick to a budget is a huge challenge for most people...Pay the house, water & lights and dept first - dept that you can't withdraw from later (As in not the credit card because cash is too easily accessible. Just pay to make the bank happy here.)

Easier said than done, but these are the tips from me because I was there.

All the best man, hope you plan ahead and get out of dept soon :thumbs:

 

[sclass]

Seeing as your car is paid off I'd say focus on sorting out the other (non vehicle) expenses. Everyone has given great advice, all you need to do is change your mindset.

All the best with it :thumbs:

 

[GeeMan]

Hey Clifton, sorry to hear about your situation man. We've all been there and still there. I have shyed away from cosmetic cost and I only fix what's critical mechanical things (DIY in my case). Try to save where possible, it's been working for me.

 

[Dogland]

I had the same issue.
Bought a VW Polo Vivo. BIGGEST MISTAKE EVER!
Still regret selling the beemer.

 

[cOlDFuSiOn]

Hey Clifton, sorry to hear about your situation man. We've all been there and still there. I have shyed away from cosmetic cost and I only fix what's critical mechanical things (DIY in my case). Try to save where possible, it's been working for me.

I cannot agree with you more, cosmetic things are a daily reality and unless you own a show car there is little point in spending to fix it... Not going into many details of how... but I got a dent on my E90 LCI's bonnet and it bothered me to some extent but I left it. I also hit a piece of aluminium on the hiway which stuffed up the sideskirt on the car too.. Traded the car in as is and made little difference at BMW so I would have just wasted money trying to fix things on a car I don't even own anymore..

Keep your 320d that is my honest and sound advice it's paid for (sort of) and you will be loosing out buying a cheapie and just keep it on the road - what can really go wrong just don't abuse it on a track until you have the cash to fix major things! :thumbs:

 

[RAArmstrong]

Cheaper to maintain a good car than to sell it and potentially buy someone else's problems IMHO...

 

[Bavarian1]

I agree with the guys try spending money on critical needs not wants and save some cash, before you know it you will be happy again

Good Luck


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[Kerrits]

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).

As per the above, if you have to take out a loan when something breaks, to service a car or to buy tyres, then you can't afford that car.
You can't plan for everything (that R40k was rough!), but you do need to get yourself in a position where a set of tyres or a failed waterpump won't make you go into debt.

It's easier said than done when you aren't in such a position already, especially when you have a family. If I need money, I follow the 2 minute noodles or pap & mince diet. A wife and kids probably won't like it that much.

If you sell your BMW you won't get the amount that the car is worth to you. That's why I would try and hold on to it.
Do the math, see how long it will realistically take you to pay off your debt.
Have a look and see how much the interest will cost you and decide if you can afford it.
Can you afford an after market warranty to mitigate the short term risk of something else breaking? (which probably won't cover things like a clutch)
DON'T skimp on anything that goes against the T&C's of your insurance. Make sure your car stays roadworthy, especially the tyres.
Get buy-in from the family if you decide to keep the car. Everyone will have to sacrifice for you to pay off your debt sooner so that it makes sense to keep it.
When all is done, make sure you have a savings account with some money in it for when things go wrong. Be it car related, medical issues, home issues, special levies etc. Knowing that you have R20k - R50k stashed away for when something is going to cost you money just makes sleeping so much easier!

---

Discipline to stick to a budget is a huge challenge for most people...Pay the house, water & lights and dept first - dept that you can't withdraw from later (As in not the credit card because cash is too easily accessible. Just pay to make the bank happy here.)

I had a 24 hour notice period account that I paid my savings target into after all my debit orders went off.

It meant that if I wanted to spend money out of budget, I had to go into the branch and fill in some paperwork. That was just too much effort for me :rollsmile:

If 24 hour notice isn't enough, try and get an account with a longer notice period. Then just also make sure you can't go into debt in your CC or have an overdraft facility on your cheque account. No use saving one place but spending in another.

 

[sash]

My wife is worst then me. But its not crritical. Its a thought. Sad thought. But a thought.

The only discipline I have is that I don't touch my salary till debit orders goes off.

Shock Therapy is in order. Between yourself and your SO, think of how life would be if it got worse, no car, no money for basic neccessities etc. It is enough for me and my wife to consider and reconsider spending excessively. I never buy anything on impulse without enough research and information.

Bro, you're halfway there, if you have the discipline to wait for debit orders you can make another transfer into your savings every month. Also depending on your bank you should also look at things like bank fees, ebucks, free transactions etc. I try to make the best of my banking option and reduce unneccesary transactions (i saved about R150 per month on this alone)

Or use the card as cash, and benefit from the 55day interest free loan.
Though I suppose you have to have a certain amount of discipline not to overspend.

Too risky.., if not paid of in the 55 days the interest will just add on excessively

 

[328ii]

It is more comfortable to cry in bmw than on a bicycle

8?>