Is it worth getting a car / making payments for the insurance etc all via finance as I’m not in a financial position to purchase one outright, but I currently don’t drive and work a basic office job. But if I was to drive I could start doing my trade again which is painting and decorating and be able to earn a lot more money.
Is it worth putting yourself out of pocket by paying in instalments to get a better paying job?
Otherwise I feel like I’m stuck in this job with little room to save any money as after I’ve paid all bills etc I’ve got barely anything left and looking for something to take a risk with to potentially pay off in the long run.
Any advice or ideas would be much appreciated as I am currently a single father struggling to get by.
Anything would be appreciated
5 comments
Well yeah, this is most businesses isn’t it? They all have costs involved in running them.
If you can lease a van for £300 a month which allows you to earn £1000 extra, that’s a no-brainer to me. Especially considering how much more flexibility working for yourself gives you as a single parent, which is hard enough already.
Just make sure you would have the work before committing to a vehicle for three years just to then not be able to find anything, but the trades are all so busy at the moment I bet you could fill your days with work just from local Facebook groups.
Just don’t go overboard and get something crazy big and expensive that you don’t need. Something small and basic spec would do you fine, and remember you can still finance second-hand vehicles and offset them against your income on your tax return.
It’s a risk; if you don’t make as much money as you’re expecting as a painter / decorator then you’re potentially lumped with a vehicle you can’t afford to pay for.
Could you comfortably pay the finance on your current salary alone? If not, I’d probably recommend remaining car-less, especially if you’re struggling financially anyway.
I would see this as an investment in a business.
Most businesses need some sort of investment up front before they can turn a profit so I would think of this as getting the equipment needed to run that business.
The ability to carry all the equipment you need and get to jobs quicker without reliance on anyone else should be beneficial and tradesmen seem to be massively in demand.
Assuming you are a good painter and decorator you will get recommendations on local Facebook groups and the Nextdoor app so you’ll want to be able to get around the place.
I’m far from an expert on being self-employed but you may be able to lease it under your business rather than personally which may save you money.
Maybe r/UKPersonalFinance might be a place to post about the best way to do this financially.
If you’re needing a vehicle to get to an employed job as a P and D, you could do this with a very cheap car, a small lease car with low payments, or even on a moped. These wouldn’t land you with huge amounts to pay each month.
If you’re looking for something to work self employed from, you’re probably going to have to spend more. You will also need to factor in the volume of work you can generate, and costs associated with finding and doing it. If it all stacks up, then finance/leasing is likely better than paying upfront, as you may still have a rainy day fund.
Absolutely not