Loan vs salary

Treadmill

With 5k coming in per month, I'd say £400 is more than manageable myself.

CLAPTON

what's your gross income?

YorkshireBoy

Hepsta wrote: »

20-25k as a loan.

Are we being realistic having loan payments of around the £400 a month mark.

In order to get the payments down to £400 per month you'll need to get one of the best rates available at the moment (5.1% APR) and repay over 6 years.

Had you realised that?

Apples2

Personally I would rather those figures be the other way round, saved £20k and need to borrow £15k

Think hard about how difficult it was to amass £15k and consider you have to save a whole lot more by way of credit repayments over the following xx years

Aside from that, superb car with an outrageous engine considering the size of the car.
I drive a 530D which is plenty quick enough even though it weighs as much as a small house.

chris-j

Have you spoke to BMW dealer. As you are going for new car you might get better price for trade in and dealer discount if using their balloon payment option. Although this incurs more interest, sometimes dealer discount and better trade in price can make it better value than loan. If you get the trade in value offered you can always see if you can sell current car for more and use cash for deposit.
Have you looked at BMW site for current offers?

ukflippy

I was in a similar situation to you a few years ago, bought an expensive car, really enjoyed it. After about 4 years, I sold it for a fraction of what I paid, because insurance and petrol costs were killing me.

I have no regrets at all - was worth every penny, but you should definitely consider more than just the base cost.

Tyres on that car = £150 each. Tyres on current car = £40 each.
Insurance on that car = £800. Insurance on current car = £180.
MPG on that car = 23. MPG on current car = 55.

Also, I guess your car tax will be fairly high - I had that car before the rates were CO2 based.

Also also, I live in London, where insurance is extortionate anyway.

Finally, don't buy a BMW - it'll put you one step behind an Audi driver on the idiot scale.

BugsyBrowne

ukflippy wrote: »

I was in a similar situation to you a few years ago, bought an expensive car, really enjoyed it. After about 4 years, I sold it for a fraction of what I paid, because insurance and petrol costs were killing me.

I have no regrets at all - was worth every penny, but you should definitely consider more than just the base cost.

Tyres on that car = £150 each. Tyres on current car = £40 each.
Insurance on that car = £800. Insurance on current car = £180.
MPG on that car = 23. MPG on current car = 55.

Also, I guess your car tax will be fairly high - I had that car before the rates were CO2 based.

Also also, I live in London, where insurance is extortionate anyway.

Finally, don't buy a BMW - it'll put you one step behind an Audi driver on the idiot scale.

It really makes my teeth itch when people like you call BMW drivers idiots, me and my missis both drive them and can tell you now my BMW is quick as but I wouldn't ever act like a tw*t in it and once a year me and my mates will hit the autobahns for a weekend where even then I sh*t out at around 130mph knowing it will take me to 165mph if I wanted to.

You need to stop listening to the myth about bimmer drivers and start looking at vauxhall and mondeo drivers.

Apples2

People carriers of any make are the worse.

Driven by half men who are unable to choose their own vehicle to drive, wifey makes those big decisions. every one of the 357 variables the back seats can fold to are key requirements.

All ends up with a half man trying to prove his masculinity driving like a pillock, my 530D doesn't stand a chance against them, they WILL overtake at any cost.

BugsyBrowne

BugsyBrowne wrote: »

It really makes my teeth itch when people like you call BMW drivers idiots, me and my missis both drive them and can tell you now my BMW is quick as but I wouldn't ever act like a tw*t in it and once a year me and my mates will hit the autobahns for a weekend where even then I sh*t out at around 130mph knowing it will take me to 165mph if I wanted to.

You need to stop listening to the myth about bimmer drivers and start looking at vauxhall and mondeo drivers.

Apples2 wrote: »

People carriers of any make are the worse.

Driven by half men who are unable to chose their own vehicle to drive, wifey makes those big decisions. every one of the 357 variables the back seats can fold to are key requirements.

All ends up with a half man trying to prove his masculinity driving like a pillock, my 530D doesn't stand a chance against them, they WILL overtake at any cost.

Apples you got the pre-LCI or LCI?

Apples2

Pre-lci. Regret it now but I reduced my budget to allow a buffer for swirl flap removal, gearbox fluid change, DPF problems, cracked exhaust manifold and all the other pitfalls I had read about.

I knocked £2k off my budget leaving £8k which wouldn't stretch to an LCI (at the time).
I can do most of those jobs myself but didn't realise at the time, it is a very rewarding car to work on.
I wish I had kept my original budget and gone LCI knowing I could DIY most of it.