Jakkels1991
Expert Member
where are you going to get money for the deposit on the cheaper car?
already you say selling it is to cover what you currently owe the bank. Taking a personal loan for say R15k comes at its own monthly payments and interest, normally at a rate close to what credit cards are charged. it will also incur a small monthly admin fee.
At what interest rate will you get the replacement?
call a dealer, ask about interest rates, deposits, on the road fees, etc....
then see if you still think it is cheaper. If you sell and buy a sub100k car, maybe 80k, it could then possibly be at a lesser monthly rate. Just be aware that much older cars often don't have maintenance and service plans left, so.... (you guessed it, you need to find that money too).
I do not envy you being between a rock and a hard place.
Yeap its a ****ty situation, I have ~R18K that I have put away for the past couple of month for when I find a good deal. As for the services and so on. I am looking out for demo/very low mileage cars that still have service plan. I have been looking at something like a Figo/i10 somthing in that class.
I am very aware of all the negative things about this but as you said its me being stuck between a rock and a hard place. But at the end of the day I need to look after my family.