New Loan - Am I being sensible?

[Deleted User]

Darklinglion wrote: »

Anything with a ford badge on makes me want go to sleep these days.

Spending £10k + (of borrowed money) on a 100,000 mile car, would keep me awake nights.

Not really have a dig at anyone for wanting to save money

Well, this is the Money Saving Expert Forum.

tonyh66

Housekeeping £425 (Mortgage, council tax, gas, water, elec, home ins, life ins, TV Licence, phone broadband and tv).

are you really only spending this on all of these? your mortgage must be tiny.

p.s are you 'darkmatter'

David_Aston

Thanks tonyH66. You saved me from having to ask the question!

Darklinglion

tonyh66 wrote: »

Housekeeping £425 (Mortgage, council tax, gas, water, elec, home ins, life ins, TV Licence, phone broadband and tv).

are you really only spending this on all of these? your mortgage must be tiny.

p.s are you 'darkmatter'

Yeah, I've bought with my partner. Bills are shared.

But yes the mortgage is fairly small. £420 a month on it's own but we're overpaying about £100 each month and have done since we moved in 3 years ago. Nationwide calculated we'll be done in another 16 years time, not bad considering it was a 25 year mortgage. They did say how much we'd be saving too but I can't recall the exact figure. Well into the 1000's though!

Darklinglion

Think I might do something sensible for a change....

I'm still getting the car I don't care what you all say

I'm going to keep my car for another year and save some in first directs regular saver account.

They offer a locked in account at 6%. Maximum a month £300 up to £3600.

Works out about £95 interest over 12 months if you use the full allowance.

That'll drastically reduce the amount I'll need to borrow, I'll earn a bit on the side but means I've got another year or so with the same car which I suppose I can manage with.

somethingcorporate

That is marginally more sensible, well done.

I still think you're a loon for spending such a silly amount on cars but then again I am going to spend more than that alone on a holiday next year (but I do earn quite a bit more than you).

patanne

I completely understand the OPs desire to buy a really nice car. After all I bought myself the sports cars I'd always wanted when in my 20s, 40+ years ago. The only difference is firstly the car was only 2 months pay and secondly I had it in savings & didn't need to borrow. That is what you should do with luxuries - save to buy them & not go in to debt!

ReadingTim

Well done to the OP for doing the sensible thing - if he still wants the car in 12 months time, he's saved a good chunk of a deposit, and reduced the loan required.

OP - suggest that in the meantime you also research the running costs of said beast - insurance, fuel, routine maintenance and also the likelihood of things going wrong - you only seem to have considered the upfront costs of buying it, rather than the costs of running it, which at that mileage might start having an impact - the premium brands have premium ongoing costs which aren't pleasant...!

iolanthe07

Jaguar XFS. 3 litre twin turbo V6 oil burner.

Of course it isn't sensible, but it'll be a lot of fun. Go for it. I wish I'd done something like this when I was younger, and hadn't always bought sensible, boring cars.

Darklinglion

ReadingTim wrote: »

Well done to the OP for doing the sensible thing - if he still wants the car in 12 months time, he's saved a good chunk of a deposit, and reduced the loan required.

OP - suggest that in the meantime you also research the running costs of said beast - insurance, fuel, routine maintenance and also the likelihood of things going wrong - you only seem to have considered the upfront costs of buying it, rather than the costs of running it, which at that mileage might start having an impact - the premium brands have premium ongoing costs which aren't pleasant...!

Yes I have looked into those already. As mentioned the fuel cost isn't a massive difference to your ordinary 2 litre 4 cylinder diesel when driven normally.

Tyres are cheaper than mine which is bizzare considering they're 20" on the Jag and 18"s on my MG.

Insurance is more expensive by about £150 and tax is about £30 more expensive but I've factored that in.

The one main expense in terms of servicing could be the cam belt, which I've factored in. They're due about 90,000 miles so I wanted one slightly above that to ensure that's already been done. The other thing is the DPF filter, but that's standard on all newer cars now so there's no getting away from that regardless which car you buy. Just a matter of ensuring you drive it enough to do a proper regen cycle.

I've been sitting down and had a look through my finances today, I'm a little shocked by some of my spending habits. I've spent nearly £500 alone on Amazon in 2014 and most of it seems to be tat.

I've done a proper budget for all my outgoings (including allowance for £300 a month in savings and an extra £40 increase on my mortgage overpayments) and I should in theory still have £40 a week to spare. I'll keep that in the account while pay day and any extra will be transferred to savings.