What to do what to do what to do.
- Thread starter marshall
- Start date
Boring alert.
All depends on your salary / earnings and disposable income.
We can all crack one off over the pistonheads classifieds and get a 'good finance deal' but for every £20k finance deal you have to be aware of how much moolah you are flushing down the loo and what you are trading the car off against financially.
Took me till mid 30s to realise it. Daily is now a 9 year old skoda diesel with 91k on the clock. Could be a porsche or ferrari or ........ but I ain't working till old age.
Boring alert over.
All depends on your salary / earnings and disposable income.
We can all crack one off over the pistonheads classifieds and get a 'good finance deal' but for every £20k finance deal you have to be aware of how much moolah you are flushing down the loo and what you are trading the car off against financially.
Took me till mid 30s to realise it. Daily is now a 9 year old skoda diesel with 91k on the clock. Could be a porsche or ferrari or ........ but I ain't working till old age.
Boring alert over.
I know mate. Been there, done it, got the badge.
Personally I think you've got to find a balance. We've all got cars in the blood and aren't going to shake that easily. So I've decided on cheap daily and clio as a fun weekend / track car. I'm lucky cause I can afford that now without jeopardising other plans, and I appreciate that's very lucky.
My advice would be only change to a car that you know you are going to live with for a few years if that will be your only car. Otherwise you'll see greener grass and just be changing again in no time and there's no such thing as a cost neutral car change.
It's very difficult to get your kicks and do the daily grind with the same car. If you can afford 2 lots of insurance etc. and can live without the luxuries of a new car then perhaps get 2 older cars (banger diesel for the daily, and an older hot hatch for kicks (172 or other equivalent)).
You need a budget though and I don't care what anyone says new cars are madness unless you're rockefeller. If you don't know how much you have to spend on everything you want (car, living, house, fun, savings / pension) and set a budget for each according to priorities something's always got to give.
I will never finance a car again or buy new. If I can't afford I'll do without. I'll judge what I can afford knowing what I want to do now and in the future and how much that will cost. I wish that attitude had started 15 years earlier as it would probably have saved me 5 plus years working at the other end!!!!!!!!!!!!
Good luck with it.
Didnt realsie you had it from new! i'm in the same situation! i didnt want mine and wanted to sell, i bought my silverstone for 21K, 1 year and 6 months ago, now with 35K on the clock its worth like 10-12K at max! and its just not worth it at all!
So how about a plan like Nick! buy a old 4 door audi or something for nothing and turn the clio full fun track car for weekends!? and spend the saved fuel and new car costs on trackdays?
I'm in a very similar situation to you. Sold the Clio, bought a Panda 100hp and banked the difference.
To get a 20k car on finance before you are on the property ladder is total madness IMO. Btw that finance quote you got on an ST was for 6k miles a year. You can probably nearly double those repayments with your mileage!
I completely agree with Nick. It's annoying that it's taken me to get to 24 before I realised that spunking money on cars in my situation is ridiculous. My friend who is two years younger than me but earns about £5k more per year got a mortgage on his first house five months ago and is about to start renting it out whilst he lives at home. His car; a Fiesta 1.2tdci (68bhp) on a five year lease.
The final nail in the coffin for the Clio was realising I'd spent over £6k in 18 months on V-Power. It's nice to have a fast car but you don't realllyyyyyy need it, you just think you do. 6 months ago my attitude was totally different.
To get a 20k car on finance before you are on the property ladder is total madness IMO. Btw that finance quote you got on an ST was for 6k miles a year. You can probably nearly double those repayments with your mileage!
I completely agree with Nick. It's annoying that it's taken me to get to 24 before I realised that spunking money on cars in my situation is ridiculous. My friend who is two years younger than me but earns about £5k more per year got a mortgage on his first house five months ago and is about to start renting it out whilst he lives at home. His car; a Fiesta 1.2tdci (68bhp) on a five year lease.
The final nail in the coffin for the Clio was realising I'd spent over £6k in 18 months on V-Power. It's nice to have a fast car but you don't realllyyyyyy need it, you just think you do. 6 months ago my attitude was totally different.
Fernandez
Gold Member
I'm gonna go totally left field here but the fasination this country has with getting on the property ladder is mental....
Firstly you need a stupid amount of money for a deposit before you can even think about buying a house. When you do have enough after you have saved for years on end, basically cutting your life in less than half, you then have to pay a stupid amount of money for the house.
House prices in this county are a complete joke, yes I'm sure everyone loves it when their 200K house goes up in value by 35K but then so does every other house so you're not ever gonna see that money unless you sell up and live in a tent...
Next up is the mortgage, bloody expensive and in the end you pay more than double what you borrow, factor in the legal fees, stamp duty and insurances and over the whole life period you would actually be better of renting even when factoring in retirement.
Worst of all is the faultering economy, one crash you're ****ed, 1 in 7 people.are in negative equity.
We are probably the only country that has this ingrained notion that you must buy a house but actually you don't... live is for living, enjoy it people.
Firstly you need a stupid amount of money for a deposit before you can even think about buying a house. When you do have enough after you have saved for years on end, basically cutting your life in less than half, you then have to pay a stupid amount of money for the house.
House prices in this county are a complete joke, yes I'm sure everyone loves it when their 200K house goes up in value by 35K but then so does every other house so you're not ever gonna see that money unless you sell up and live in a tent...
Next up is the mortgage, bloody expensive and in the end you pay more than double what you borrow, factor in the legal fees, stamp duty and insurances and over the whole life period you would actually be better of renting even when factoring in retirement.
Worst of all is the faultering economy, one crash you're ****ed, 1 in 7 people.are in negative equity.
We are probably the only country that has this ingrained notion that you must buy a house but actually you don't... live is for living, enjoy it people.
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Agree to an extent Mr F but long term buying is still more cost-effective vs renting even after factoring in mortgage interest.
Deposits are a big ask at the moment but rents are actually higher than mortgage rates in many areas which hasn't historically been the case.
Plus at the end you have the equity to downsize to your tent
or pass on.
Deposits are a big ask at the moment but rents are actually higher than mortgage rates in many areas which hasn't historically been the case.
Plus at the end you have the equity to downsize to your tent
or pass on.I bet the salesman took his family on an all inclusive two week Caribbean holiday off the back of that deal!
Agree to an extent Mr F but long term buying is still more cost-effective vs renting even after factoring in mortgage interest.
Deposits are a big ask at the moment but rents are actually higher than mortgage rates in many areas which hasn't historically been the case.
Plus at the end you have the equity to downsize to your tent
I think renting costs are typically 10% higher atm.
Renting is dead money. You are lining someone else's pockets. Plus with a mortgage you have security in that you can release equity in the future if you need to. You can't ask your landlord for some money back!
Fernandez
Gold Member
Depends where you live tbf, Zoopla’s most recent figures show that in Stockport, for example, there is no difference: a typical two-bedroom flat costs £586 a month to rent, which is almost exactly the same as the monthly interest repayment on a mortgage for this type of property (valued at £141,000, with interest of 5 per cent). In Plymouth, rents work out about 11 per cent cheaper than interest repayments on two-bed flats, while in Milton Keynes renting is 40 per cent more expensive than servicing a mortgage based on this measure.
If you want to buy, you’ll need to save up a substantial deposit: on a £200,000 property, most banks will only offer you a decent mortgage rate if you can put down at least £50,000, although you may be able to get away with just a £20,000 down payment if you can afford higher monthly repayments.
Think of the alternative uses for these kinds of savings: they could go towards holidays, clearing credit-card debts or even into your pension. In theory, home ownership gives you the opportunity to benefit from growth in house prices: so your £200,000 flat could be worth £250,000 in four years, giving you £100,000 or more of equity if you’d put down a £50,000 deposit. In the very long term, this equity could be used to help pay for your children’s college fees or your own retirement. But there are no guarantees that property prices will always grow – they certainly haven’t in the past few years.
And falls in values could leave you in negative equity, where what you owe exceeds your outstanding mortgage: that could create a serious problem if you needed to move. Renting doesn’t mean you won’t have any financial security for the future. Provided your rent cost less than monthly capital plus interest repayments on a home loan, you could use the spare cash (added perhaps to what you would have spent on a deposit) to save or invest.
Renting certainly doesn't have to be "dead money"
Now if anyone wants to rent property in the North then give me a PM.. Lol
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Personally I'd sell up and get a used seat Leon tdi fr
Not the best but not the worst car ever and see you with £4-5000 in the bank towards a house.
Fast cars, you have been there and done it, sooner your on the housing ladder the sooner you can get back to fast cars.
What I would say is the mk3 meg is extremely reliable if its that what's putting you off.
Not the best but not the worst car ever and see you with £4-5000 in the bank towards a house.
Fast cars, you have been there and done it, sooner your on the housing ladder the sooner you can get back to fast cars.
What I would say is the mk3 meg is extremely reliable if its that what's putting you off.
melvin1993
Scotland | Alba Rep
A new style fiesta zetec S with 1ltr Eco bost
120bhp iirc and a crazy amount of mpg win win
I had one the other week and the engine is amazing. So easy to drive but I wouldn't expect crazy amounts of MPG. After a week of driving it pretty much flat out everywhere (hire car) it only averaged 34mpg! Steady driving it was lucky to see 45mpg.