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  • FIRST POST
    • fred246
    • By fred246 4th Jan 18, 3:51 PM
    • 947Posts
    • 520Thanks
    fred246
    Prestigious cars or retire early
    • #1
    • 4th Jan 18, 3:51 PM
    Prestigious cars or retire early 4th Jan 18 at 3:51 PM
    I am planning to retire very early in the next year. All my colleagues are saying that they've many more years to go. I have been reflecting on how I have got to my current financial position. The number one saving has been avoiding private education. Number 2 is avoiding buying posh cars. I normally buy standard cars and maintain them myself till they die. Most of my colleagues buy a new prestigious car every 3 years. I reckon I will retire five years early as a result from my back of a fag packet calculations. I was sat in the Jacuzzi the other day working out my investments.
    Property-slowly increases in value over the years
    Shares-ups and downs but should make plenty.
    Bonds-safer should make a bit.
    New cars-MASSIVE LOSSES GUARANTEED.
    So do people make that connection? Would people rather enjoy years of retirement or have a posh badge on their car? Or would they prefer to deny the association?
Page 1
    • Tarambor
    • By Tarambor 4th Jan 18, 4:06 PM
    • 1,935 Posts
    • 1,379 Thanks
    Tarambor
    • #2
    • 4th Jan 18, 4:06 PM
    • #2
    • 4th Jan 18, 4:06 PM
    Most people get them on PCP and seem to conveniently forget the deposit when working out what it costs a month and when you factor in the deposit it can increase the cost per month by 50% in some cases. All they see is they get a new car every 3-4 years for £150-£200 a month.

    Long may it continue I say. They provide people like ourselves with a plentiful supply of low mileage nearly new cars with full dealer service history for a fraction of the new price.
    • GwylimT
    • By GwylimT 4th Jan 18, 4:15 PM
    • 5,993 Posts
    • 11,137 Thanks
    GwylimT
    • #3
    • 4th Jan 18, 4:15 PM
    • #3
    • 4th Jan 18, 4:15 PM
    People like different things, my wife tends to buy a new car fairly regulary, we"ll be retiring at 50. We could retire earlier and might, we'll just have to see how we feel at the time.
    • enjoyyourshoes
    • By enjoyyourshoes 4th Jan 18, 4:21 PM
    • 930 Posts
    • 1,149 Thanks
    enjoyyourshoes
    • #4
    • 4th Jan 18, 4:21 PM
    • #4
    • 4th Jan 18, 4:21 PM
    At least we all have choices !

    Its up to each and every one to identify how to maximise their 'life' within their own financial envelope.

    Everyone has different financial envelopes and ways to use these, there is no one size fits all.
    Debt is a symptom, solve the problem.
    • k3lvc
    • By k3lvc 4th Jan 18, 4:27 PM
    • 1,989 Posts
    • 3,191 Thanks
    k3lvc
    • #5
    • 4th Jan 18, 4:27 PM
    • #5
    • 4th Jan 18, 4:27 PM
    So OP where do you draw the line on spending. Obviously you've a bee in your bonnet re cars but what about holidays, phones, smoking, drinking, branded vs own-label food.

    Given my work is fulfilling and allows me to travel I'd much rather do this and enjoy what comes with it than gloat about retiring early because I've scrimped for last 30+ years

    Each to their own though
    Last edited by k3lvc; 04-01-2018 at 4:42 PM.
    • ACG
    • By ACG 4th Jan 18, 4:40 PM
    • 16,100 Posts
    • 8,278 Thanks
    ACG
    • #6
    • 4th Jan 18, 4:40 PM
    • #6
    • 4th Jan 18, 4:40 PM
    If you passed away tomorrow, you would have spent time maintaining cars and not experienced the niceness of a new car or your retirement.

    I am not saying I disagree with you, but it is not really as simple as you make out.

    As someone who could not repair anything on a car, I would end up spending time and money at a mechanics if there was a problem as well as the headache trying to sort out getting the car there and replacement vehicles etc.

    Added to that, I actually like my job and I dont think I would ever want to retire unless I had an amount where I could literally travel the world without a care in the world about money.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • reeac
    • By reeac 4th Jan 18, 5:02 PM
    • 1,164 Posts
    • 468 Thanks
    reeac
    • #7
    • 4th Jan 18, 5:02 PM
    • #7
    • 4th Jan 18, 5:02 PM
    I see so many contributions here from people whose main ambition is to retire early ...pretty sad really that they have jobs that they just don't enjoy. I also read articles about people who retire early and then don't know what to do with their newly acquired leisure ...again pretty sad.
    • LeeUK
    • By LeeUK 4th Jan 18, 5:06 PM
    • 5,715 Posts
    • 2,627 Thanks
    LeeUK
    • #8
    • 4th Jan 18, 5:06 PM
    • #8
    • 4th Jan 18, 5:06 PM
    Retire too late and you risk pegging it before you can enjoy your retirement. Like my neighbour who retired at 65 then died 3 months later.

    Earlier you can retire the better then enjoy life, go travel, see the world etc. But of course this all depends on if you can afford too. No point in retiring early if you will only have £100 a week to live on etc.

    If all the difference between retiring or keep on working with a new car, retiring would win hands down.
    • NBLondon
    • By NBLondon 4th Jan 18, 5:18 PM
    • 1,507 Posts
    • 7,659 Thanks
    NBLondon
    • #9
    • 4th Jan 18, 5:18 PM
    • #9
    • 4th Jan 18, 5:18 PM
    What you've missed (or avoided?) Fred is that some people enjoy driving and thus will spend the money on a car for the pleasure of driving it - not just for the prestige or image. Others will have kit cars and track day cars and classics - which may be more expensive than having a nondescript "get you from A to B" vehicle but gives them pleasure.

    Personally, if I had the extra disposable income then yes, I might buy something I enjoyed driving more than my workaday Ford but not to the point where I can't afford to retire reasonably comfortably or to impress someone else.
    Womble #7 - Running Total £0.21 $0.00 Ä1.57
    • EssexExile
    • By EssexExile 4th Jan 18, 5:27 PM
    • 2,533 Posts
    • 1,709 Thanks
    EssexExile
    Children cost more than cars, avoid children.

    I retired at 50, 16 years ago, it's great.
    Tall, dark & handsome. Well two out of three ain't bad.
    • debtdebt
    • By debtdebt 4th Jan 18, 5:28 PM
    • 374 Posts
    • 256 Thanks
    debtdebt
    Tesco Finest or retire early.
    Foreign holiday or retire early.
    Heat the house or retire early.
    Have kids or retire early.

    Different people have different priorities in life. You can't sit there in your filth infested working class dun good jacuzzi thinking you're better than everyone else because you're not.
    • AndyMc.....
    • By AndyMc..... 4th Jan 18, 5:38 PM
    • 902 Posts
    • 661 Thanks
    AndyMc.....
    Children cost more than cars, avoid children.

    I retired at 50, 16 years ago, it's great.
    Originally posted by EssexExile
    Iíll second that, drive a prestigious car that needs an mot and move it on when it starts costing. Iíll be retiring early compared to some.
    • ACG
    • By ACG 4th Jan 18, 5:50 PM
    • 16,100 Posts
    • 8,278 Thanks
    ACG
    Children cost more than cars, avoid children.

    I retired at 50, 16 years ago, it's great.
    Originally posted by EssexExile
    But the value of a kid goes up. Ive got an 8 month old and every day gets better...the nights get worse with less and less sleep, but the days are better.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • knightstyle
    • By knightstyle 4th Jan 18, 6:04 PM
    • 4,542 Posts
    • 1,672 Thanks
    knightstyle
    Well I stopped work when made redundant at 50 and went to live the good life in France, posh cars and 5 kids so not all fag packet calculations work. Oh and our UK house bought 11 years ago dropped in value at first and only now can we get our money back!
    • facade
    • By facade 4th Jan 18, 6:23 PM
    • 2,963 Posts
    • 1,509 Thanks
    facade
    Retire.
    The second that you can.
    Live in penury if you must, it is better than working those extra years to be "better off" and then becoming ill- at which point all that money you sweated to save will be used to pay for your care before the state chips in.
    Retire with nothing, and anything you need you will be given by the sweat of someone else's brow.

    I'm retiring this year no matter what, I'll get by somehow, I just pray that I can make it with my health still intact.
    I want to go back to The Olden Days, when every single thing that I can think of was better.....

    (except air quality and Medical Science )
    • mark1959
    • By mark1959 4th Jan 18, 6:44 PM
    • 267 Posts
    • 286 Thanks
    mark1959
    I see so many contributions here from people whose main ambition is to retire early ...pretty sad really that they have jobs that they just don't enjoy. I also read articles about people who retire early and then don't know what to do with their newly acquired leisure ...again pretty sad.
    Originally posted by reeac
    Well i'm one of those people [and my wife] who retired early, but it didn't mean I didn't enjoy my job. I quite liked it, but I enjoy retirement more.
    Oh, and we always buy new cars [not really moneysaving ethos] and keep them for 10-12 years.
    • motorguy
    • By motorguy 4th Jan 18, 6:59 PM
    • 15,951 Posts
    • 9,219 Thanks
    motorguy
    I am planning to retire very early in the next year. All my colleagues are saying that they've many more years to go. I have been reflecting on how I have got to my current financial position. The number one saving has been avoiding private education. Number 2 is avoiding buying posh cars. I normally buy standard cars and maintain them myself till they die. Most of my colleagues buy a new prestigious car every 3 years. I reckon I will retire five years early as a result from my back of a fag packet calculations. I was sat in the Jacuzzi the other day working out my investments.
    Property-slowly increases in value over the years
    Shares-ups and downs but should make plenty.
    Bonds-safer should make a bit.
    New cars-MASSIVE LOSSES GUARANTEED.
    So do people make that connection? Would people rather enjoy years of retirement or have a posh badge on their car? Or would they prefer to deny the association?
    Originally posted by fred246
    You're asking a very loaded question there - with a very clear response being "oh yes, i'd rather retire early".

    To contrast, my BIL retired last year aged 56, having driven brand new cars every three years - Preludes, then Accords, then the last 3 - Jaguars. His wife changed her car every three years too - usually a Jazz or similar. They've lived in a detached home in a nice development since they married and will stay there in their retirement years. He worked his way up in the civil service and retired from a Head of Finance role, having worked his way up from an entry level admin person 40 years ago.

    So driving a nice car and retiring early arent mutually exclusive - i guess though it depends on your earning potential, how generous your employers pension has been, and how much effort you make yourself as to whether you can do both.

    Also, i know of many many people who look back on their lives and say "i wish i'd lived a bit more" or took more chances, or retire with ill health an can do little, or dont make it to retirement at all - my wife was commenting there that of 3 of her friends who got their first management role in BT at the same time and roughly the same age as her some 20 years ago, two of the three of them are now dead.

    And lets not forget that the vast majority of people who dont spend money on nice cars, nice holidays, a nice house, etc live like that because they have no choice - often of course, with protests to the contrary.

    And finally, theres retirement and theres "retirement" - very few retire early and can continue to afford to do the things they really want to do. Not much point in retiring if at that point you cant afford to take the holidays and drive the cars you always denied yourself.

    IMHO, theres a balance to be had. I want to enjoy life now whilst i'm young enough to do it (48), whilst of course keeping an eye on the longer term, should i be fortunate enough to make it to retirement.
    Last edited by motorguy; 04-01-2018 at 7:19 PM.
    You are not special. You are not a beautiful and unique snowflake.
    • motorguy
    • By motorguy 4th Jan 18, 7:12 PM
    • 15,951 Posts
    • 9,219 Thanks
    motorguy

    Retire too late and you risk pegging it before you can enjoy your retirement. Like my neighbour who retired at 65 then died 3 months later.
    Originally posted by LeeUK
    Happened my FIL. Eked out a living for years, awaiting retirement, then died of cancer 3 months after he retired. He sat in a security hut on a minimum wage job for years every night awaiting his pension kicking in.

    Conversely, some people dont get as fire as retirement before their number is called.

    Theres a balance to be had.


    Earlier you can retire the better then enjoy life, go travel, see the world etc. But of course this all depends on if you can afford too. No point in retiring early if you will only have £100 a week to live on etc.
    Originally posted by LeeUK
    People can enjoy life, go travel and see the world and work? My wife and i do.


    If all the difference between retiring or keep on working with a new car, retiring would win hands down.
    Originally posted by LeeUK
    Clearly, however its never going to be that binary choice is it?
    Last edited by motorguy; 04-01-2018 at 7:15 PM.
    You are not special. You are not a beautiful and unique snowflake.
    • motorguy
    • By motorguy 4th Jan 18, 7:14 PM
    • 15,951 Posts
    • 9,219 Thanks
    motorguy
    Retire.
    The second that you can.
    Live in penury if you must, it is better than working those extra years to be "better off" and then becoming ill- at which point all that money you sweated to save will be used to pay for your care before the state chips in.
    Retire with nothing, and anything you need you will be given by the sweat of someone else's brow.

    I'm retiring this year no matter what, I'll get by somehow, I just pray that I can make it with my health still intact.
    Originally posted by facade
    Am i reading this right? You're saying retire with nothing and let other people - presumably the state - support you? Is that not what all the dole heads down the dole office have done then?

    And whats the point of "retiring" just to "get by somehow"?

    I'd rather work and enjoy life with the money i earn.
    You are not special. You are not a beautiful and unique snowflake.
    • facade
    • By facade 4th Jan 18, 7:15 PM
    • 2,963 Posts
    • 1,509 Thanks
    facade
    very few retire early and can continue to afford to do the things they really want to do. Not much point in retiring if at that point you cant afford to take the holidays and drive the cars you always denied yourself.
    Originally posted by motorguy
    I used to think like this, and worked hard to put money aside "for my retirement". Now I think I'd rather find a way to live cheaply and do without all those "rewards" I promise myself for working hard by simply not working hard any more.

    There's not much point in dropping dead shortly after you retire, or worse before you even get there, because you kept on and on working.
    I want to go back to The Olden Days, when every single thing that I can think of was better.....

    (except air quality and Medical Science )
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