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Whats been your biggest financial blunder
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I paid £20k for mine in July 2009, maybe worth £8k now, but thats irrelevant because my last one lasted me for 18 years (only changed then because of the scrappage scheme) and I intend to make this one last as long.3. Have bought a succession of new cars and lost a great deal of money over the years. The most recent was bought Dec 2010 for £20,000. Book value now only worth £8,400, if I could get that!“It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair0 -
Buying shares in Northern Rock (90p value last trading day) and Bradford & Bingley (around 20p value last trading day). Then having the UK Government of the day confiscate these shares without payment and pay someone to make up reports that the values on both stocks are suddenly worth 0p.0
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Glen_Clark wrote: »I paid £20k for mine in July 2009, maybe worth £8k now, but thats irrelevant because my last one lasted me for 18 years (only changed then because of the scrappage scheme) and I intend to make this one last as long.
The scrappage scheme may be a valid enough argument but I never really got the "buying new is a good idea because I'll make it last me 18 years". Why not buy a 3-year old car at half the price and make it last you 15 years?0 -
marathonic wrote: »The scrappage scheme may be a valid enough argument but I never really got the "buying new is a good idea because I'll make it last me 18 years". Why not buy a 3-year old car at half the price and make it last you 15 years?
Exactly. It doesn't make any economic sense, it's just something people tell themselves to try and convince themselves they're not wasting their money - which of course they are!0 -
marathonic wrote: »The scrappage scheme may be a valid enough argument but I never really got the "buying new is a good idea because I'll make it last me 18 years". Why not buy a 3-year old car at half the price and make it last you 15 years?
Because you struggle to find a 3 year old vehicle that has been looked after well enough to last another 15. They tend to be like mine - not for sale whatever the book value says.
Especially when its a van (perhaps I should have said that) Used commercials tend to be well used. But it applies to cars too.“It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair0 -
O/T and just curious, but while I am no fan of the current situation, I can't remember any promises to savers, broken or notGlen_Clark wrote: »Remember Cameron & Osborne's broken promises to savers when the election comes round...0 -
Not jumping on the housing ladder when I was looking seriously in 2000 and a decent 3 bedroom semis with garages on an excellent estates were listed for 69k.
I still have the saved web pages somewhere just to annoy myself!• The rich buy assets.
• The poor only have expenses.
• The middle class buy liabilities they think are assets.0 -
In my eyes a financial blunder is something you have done not something you didn't do....although I see the point with cashing in on shares on a high.:eek:Living frugally at 24 :beer:
Increase net worth £30k in 2016 : http://forums.moneysavingexpert.com/showthread.php?p=69797771#post697977710 -
Glen_Clark wrote: »Because you struggle to find a 3 year old vehicle that has been looked after well enough to last another 15.
Not IME. The last two cars that I bought (and have now sold) are both still on the road, one is now 21 years old and the other a mere 18.
Of our current two, one should do the same, but the other is a Fiat 500 that my wife took a liking too. I officially hate it because it's cheap ephemeral tat and as such I expect it to expire of something Fiat related at an early age.
Buy with your head rather than your heart.
The same applies to houses and equities.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
Surely a house that's going to be your home has room for a bit of heart led purchase...?0
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