20 year old buying 35k car on finance?

hight

Once again many thanks to everyone for your constructive posts, and I am taking everything on board regarding paying for things out right etc,owing my own home is 100% my main priority.

Who knows what the future holds, I've seen many good friends go before me due to having cancer at a such a young age, and it makes you think, I want to make the most of life because who knows what the future holds, anyone could go the next day.

Chopper_Read wrote: »

Is that a personal lease or business?

It's still over 11 grand to pay.

What about servicing costs, VAT and any damage it will pick up over four years?

It is personal, I think I would rather pay 11 grand over 4 years and have nothing to show for it, even if it sounds silly. I could buy a 11 grand car now, 4 years I can get 4-6k for it, which makes sense.

Does some leasing company's do insurance also?/servicing? this company does not so that's a hitting point.

I could take a 2 year lease, which will essentially reduce any sort of major damage compared to 4 years.

I know I won't be doing down the HP/PCP route. Leasing seems the one for me, even though I will pay 6 - 11k and come away with nothing.

I will be getting myself on the housing ladder first, budget and whatever left over use it for luxuries such as a nice car.

ILW

hight wrote: »

Once again many thanks to everyone for your constructive posts, and I am taking everything on board regarding paying for things out right etc,owing my own home is 100% my main priority.

Who knows what the future holds, I've seen many good friends go before me due to having cancer at a such a young age, and it makes you think, I want to make the most of life because who knows what the future holds, anyone could go the next day.



It is personal, I think I would rather pay 11 grand over 4 years and have nothing to show for it, even if it sounds silly. I could buy a 11 grand car now, 4 years I can get 4-6k for it, which makes sense.

Does some leasing company's do insurance also?/servicing? this company does not so that's a hitting point.

I could take a 2 year lease, which will essentially reduce any sort of major damage compared to 4 years.

I know I won't be doing down the HP/PCP route. Leasing seems the one for me, even though I will pay 6 - 11k and come away with nothing.

I will be getting myself on the housing ladder first, budget and whatever left over use it for luxuries such as a nice car.

It will impress nobody.
They will just think you are driving daddies car.

hight

ILW wrote: »

It will impress nobody.
They will just think you are driving daddies car.

Don't get me wrong, I'm not out to impress no one. (believe it or not) I just want to drive a nice classy car because I really don't have much hobbies other than music/football I just see this as hobby.

I like cars, this method gives me the opportunity to drive a nice car.

System

tbh 10k can buy a pretty decent car!! get yourself something ridiculous until you need a sensible car!

if you like cars why not get one that needs a bit of tlc then you can have a hobby too!? my second car was a classic mini, great fun and taught me a bit about driving/fixing cars

david555_2

OP - define five or six specific things that you want from a car and I will give you 5 better options to put on your soon-to-be drive way.


Also have a Google for "pistonheads readers cars 924 first car" A guy spent under £1000 on his first car, a Porsche 924, and has spent time and a bit of money restoring it and made it his hobby.

THIS is how you approach a car when you're young. This guy has so much class and kudos points from us on Pistonheads as he has a great car, subjective or not, puts time into it as a hobby and has the respect of his peers.

jaydeeuk1

By a classic instead, at least something that will still hold its value so its not money down the !!!!er. For around £15k you can get a ferrari 308, aston martin db7, porsche 911, Lotus Elise 111r, TVR Tuscan. All far nicer than the merc. Look after it, and 4 years down the line, it will be worth at least what you paid for it

System

jaydeeuk1 wrote: »

By a classic instead, at least something that will still hold its value so its not money down the !!!!er. For around £15k you can get a ferrari 308, aston martin db7, porsche 911, Lotus Elise 111r, TVR Tuscan. All far nicer than the merc. Look after it, and 4 years down the line, it will be worth at least what you paid for it

unless it blows up in a haze of smoke!
but I agree, get something with personality and value

worried_jim

This thread is bollox- just some idiot trying to practice their English in some dodgy internet cafe before they start to scam old ladies via email.

"Who knows what the future holds, I've seen many good friends go before me due to having cancer at a such a young age, and it makes you think, I want to make the most of life because who knows what the future holds, anyone could go the next day."

How many 20 years old have lost "many good friends" to cancer? You are talking bollox mate, it was April Fools yesterday.

arcon5

k3lvc wrote: »

Assuming you can find someone to lend you you the money then

a) write off your £10k as soon as you drive it away - you'll never see that again
b) budget min £500 a month for your £25k loan over 5 yrs
c) add £50 a month for GAP
d) add £150 a month for your insurance (but tbh I'd have expected closer to £250 a month unless you're fronting)
e) add £100 a month for servicing/tyres etc

At this point you realise you're over 50% of your monthly salary and yet you still want to buy a house

If I were you and you're dead set on this car then look at a lease deal for a couple of years and save yourself both the £10k and the risk. My only ever £35k car cost me £1k deposit and just under £400 a month for 3 years then I handed it back. At that point my salary was more than double yours plus my company was giving me £10k pa (gross) to fund a car

Agreed!

But think you've been very generous on the last point. A £35k motor is likely to be complex and serviced at a dealership - £1200 per year will soon disappear.

hight

the_r_sole wrote: »

tbh 10k can buy a pretty decent car!! get yourself something ridiculous until you need a sensible car!

if you like cars why not get one that needs a bit of tlc then you can have a hobby too!? my second car was a classic mini, great fun and taught me a bit about driving/fixing cars

I would take up on that but my life is so busy plus one thing about cars, when you have to fix them up, you think that's it, but there's always something nasty hidden which can potentially cost £££ - ££££ to fix and just isn't worth it.

I would love to know more about cars though because I would love to do some of the easier/straightforward jobs myself.

david555 wrote: »

OP - define five or six specific things that you want from a car and I will give you 5 better options to put on your soon-to-be drive way.

Also have a Google for "pistonheads readers cars 924 first car" A guy spent under £1000 on his first car, a Porsche 924, and has spent time and a bit of money restoring it and made it his hobby.

THIS is how you approach a car when you're young. This guy has so much class and kudos points from us on Pistonheads as he has a great car, subjective or not, puts time into it as a hobby and has the respect of his peers.

head turner
quick
reliable
goes around corners well
powerful engine with possibly, a great sound?

:rotfl:

I looked at the thread briefly and for what he's done, hats off to him! I will be looking more throughout that thread after work because i'm intrigued. However, I probably won't get involved into something like this due to the fact I really don't have the time for it, also because my brother did this but didn't really get much out it financially,

I don't know if he done it wrong, but he bought category write off cars, fixed them up with credit cards, made little profit or broke even at times.