Should my husband sell his car - financial advice please?

Lounge
1

My husband is going to get another mortgage on our house to repay his mum and to buy another car
If he sells the one he has, we will be able to get a smaller mortgage

It’s just so wasteful because his car he has now was new and was paid for as the most expensive car he has ever had
It’s depreciation kills me

To elaborate he gets a car every other year
He also has an old and collectible car and really with all the money in the world he wants to collect cars

Is it wrong to take out mortgages on the idea that our parents are aging and we will soon get inheritance

Sorry I know there are more serious money worries but I don’t have anyone to ask

2

How much does he owe his mother?

A line of credit might be the answer.

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He owes her £30 000 or so… although we still have some, it was a loan when she moved
She, a year later, wants to move again and the money he used a lot of it to pay off the balance of his latest new car

4

He wants to pay off debts to 0% cards and only have the mortgages

Is it unsafe to have a big mortgage?
He is in secure work as a key worker

5

I’m no financial guru…perhaps some other posters can weigh in with advice later in the day.

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I guess I don’t understand how mortgages work.

As far as getting a new car I’d say it’s a bad idea. I don’t know your relationship dynamics so I don’t know how you should approach. If he’s logical and economical you can tell him it’s a waste of money.

I miss my old green Oldsmobile that cost 1k. The only reason I bought a new one was because I needed to travel across country.

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Sorry, I know it’s a struggle for most
I just have told him he can do what he wants so much
Don’t know when to put my foot down and say no you can’t have a classic car
It’s his obsession tho

8

I dunno.

I’d love an expensive classic car as well…but not on my Mother’s dime. That would never happen.

Maybe tell him to put on his big boy pants…scale down a bit…and pay Mom back.

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Yea he is just so greedy about cars.

I don’t think we can afford to keep his new car and a classic

I think he needs to get a cheap car to run around and this classic Car
if he loves old cars
But we tried that before and soon he complained

10

Sorry
The house was more than half mine and we moved to a smaller place with the excess going on this new car
He pays all bills and excess things and holidays
It’s just more my money than his that he’s spending

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Yes, he always intended that it was her money and she would get it back
So I think your advice is right
I understand your thoughts on this

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Just also think that you can’t take it with you
We have no dependants
Let him have what he wants?

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