Yeah this is a tough one mate. You don't need to answer this but this may help make your decision. Did you save up this money while renting? If you did then buying will most certainly work. If the money is a gift then proceed with caution. Wannabe is right............to an extent. This is my second time around the car buying side of things. I learned a few valuable lessons first time around.
First. The perceived less hours you will have to work compared to renting. Get that thought out of your head now!!!. Think long term as much as you can. Once you have bought, you will have to buy again. So where is the money going to come from? Get a jar and the difference saved to renting per week goes in the jar! Guess what, that is your next car money and the inevitable repairs in year 3 as wannabe alluded to. You work endeavour does not change. I don't see much difference between buying and renting......only that you get a slightly quieter life buying if you keep on top of things. The trade is gone mate unless you are in London. It is just a job now for most of us. You are just servicing the costs and treading water. Which brings me on to hire purchase.
If you can get it. Do it. New car. 3 years return it back. Start again. All the while keeping that 6 and half grand providing you stay on top of things. Most my way do this. They know it is just a job now. I can't because I have been doing cash for so long my credit is poor. However, I am going to start building up my credit again. So in the next 4 or 5 years I will have a choice because saving up for the car I just bought was really tough. Especially after year 3. Thank god I have a great relationship with my mechanic. He helped stretch the payment for the repair bills.
One last thing. The cash you are able to get. I saved 8000 and I still think I was short. You want to get as new as you can afford. The first two years is when you build up the most money. Aim to have the cash to buy again after the first 2 years. Year 3, unless you are very lucky you will be in the garage all the time.
6500 could be a misnomer mate. It sucks doesn't it? I just managed to get a year old Toledo on that money I saved. 6500 and I would be looking at 70000 fords (which you are looking at) compared to a 30000 year old (year and a half actually) Toledo.
12000 in cash would be perfect for us all. You should have 3 years of stress free driving. saving up 4 grand per year working at your current rate and keeping the car for 5 years. Happy days. That is my aim for next time. If I fall way short it is hire purchase or exit from the trade. Poor mate in it? This is UK post 2008. I am away to get drunk. I will be calling for a cab. God help the driver!!! Oh and good luck whatever you decide.
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