How do I pay for my new car?

Miss_Poohs

You don't by chance wear a uniform to work do you? ....... Sigh

dktreesea

stumblingtrout wrote: »

Not as bad as you would think - £630 fully comp with 2 named drivers (one of whom has 2 fault claims in the past 3 years.) I have 8 years no claims and am an advanced driver so that may help keep it down!

What a luvely jubbly car! I remember, a long time ago, driving an automatic Renault Fuego for the first time. A loan car from a garage. And noticing I was going past all the cars on the motorway (they looked like they were standing still) and the car was barely making a sound...for several kilometers, until I looked down and saw that the 100 I was doing (well within the 110kph speed limit....I thought) was actually miles, not kilometers.... Oh! Ah, I remember that car so affectionately.

I'm glad you are treating yourself to a good car, OP. The North west of Scotland has some good, empty roads. I can't imagine an X3 would be very impressed being stuck in the log jam of a major city for very long

stumblingtrout

pauletruth wrote: »

you earn less than 35k you have a new mortgage and 40 k in savings. do yourself a favour don't buy it.

pay 20k into the mortgage. just in case you have not noticed were in a recession. blowing that kind of money is just plain dumb.

Yes - I earn £31k a year but the house is paid off so there is no mortgage. I don't have any debts or other loans either.

stumblingtrout

dktreesea wrote: »

And with the rest of your money, I would suggest to start using an ISA. One where you can access the money when you need to, e.g. to buy the house, but at least, on the portion you can deposit in it each year, you won't have to pay any tax on the interest earned.

Thanks - I have 3 ISA's (for the past 3 years) maxed out, and a HL stocks and shares ISA. I have the 5% Nationwide Flex account maxed out too, so everything I have is working to the absolute maximum at the moment.

The £40k I have saved isn't to pay any mortgage off or anything (the house is purchased outright) but it's to put towards our next place when we want to upgrade from our 3 bed semi-detached to a larger place. We only moved in to current house 9 months ago and love it, so don't see us moving anytime soon.

stumblingtrout

Tenyearstogo wrote: »

I could carry my purse around in a tesco carrier but I use a Mulberry Bayswater. My choice, my money.

OP, enjoy your car. Use your savings and pay it back in monthly instalments as you would a loan.

Thanks - Thats what I'll do, I'll set up a standing order for £500 a month back into the 123 account and by the end of 3 years I'll be where I started.

Niv

Grats on the new car. Not a big car person myself but I know many people are.

Just to throw my 2 penny's worth into the ring, I am not against you spending your hard earned cash on a car, we all have our luxeries in life and if you can afford it (which you can) then go for it.

Niv

heartbreak_star

Anybody fancy telling me where all these great jobs are that allow you to make that much money in your twenties?

*sigh*

Enjoy the car, OP - glad you got it sorted in the end!

HBS x

Seen_the_light

Well now, I didn't think we were supposed to judge on these forums! It was a simple question, and required a simple answer (although not so simple that I could answer it -LOL) but it strikes me that stumblingtrout has done an awful lot right up to now which means he has got the funds to get the car he desires. Good on you for not wanting to waste money on how you pay for it 'cos that's how you got to this enviable position! And, I would try and negotiate a discount for cash!

simeyb

I'm sorry, but if you have so much cash loafing about, you own your own house outright, you have a stressful job (so I assume that you earn a very good salary), yet you need to come on here to ask a dopey question i.e. whether you should use a higher interest loan for part of a £50k car or lower interest earning savings instead and re-feed that with the monthly payments, and you don't already know the answer before you start typing the original post?????

Mate, I would spend £50k on a car if I could, I'd be the first in an Aston Martin garage for a Vanquish if I could - have no problem you buying a flash car, but to come on here asking such a moronic question was IMHO your way of showing off that you are buying a car for £50k. Jog on fella and enjoy your car.

stumblingtrout

simeyb wrote: »

Mate, I would spend £50k on a car if I could, I'd be the first in an Aston Martin garage for a Vanquish if I could - have no problem you buying a flash car, but to come on here asking such a moronic question was IMHO your way of showing off that you are buying a car for £50k. Jog on fella and enjoy your car.

Harsh - rather. I'm not the type of person who needs to brag about buying a particular type of car to an audience of complete strangers who I will never meet. I'm not an accountant and I don't know about the stock market. I know what might have been the best option, but no need to criticise for wanting some confirmation on this. If I was boasting, i'd have bragged from the offset about the type of car I have ordered. I didn't. I only posted the value of the car to allow those that genuinely wanted to offer some advice to make the best informed decision.