TheBunting's Starting From Scratch Savings Diary

Eco_Miser

TheBunting wrote: »

I don't use a car enough anyway as I have a work van with diesel card.

Have you considered just renting a car for those few occasions that you need one?

bhughes1986

i think it was someone from Ford (very senior person) that in an interview said that they are not actually a car company any more. He said that they are now a finance company, and the products they use to sell the finance are the vehicles.

Think about it, someone buys a 3 year PCP, pays the monthly fees, hands the car back owning nothing. The dealer then sells the car used, again on PCP finance for 3 years, then it gets handed back again. Finally, it may get sold for 'cash' (read bank loan or dealer HP with silly APR). Think how much money they squeeze out of 3 people from one car, which probably cost them to make, less than the initial 'owner' paid over the 3 year PCP deal.

Cars make silly money for big businesses. It is a huge industry.

TheBunting

I'm keeping my current car for at least another year anyways so can we drop the whole car thing thats not an issue atm. My current car does the job and is cheap to run. That's all that matter now I will decide in a years time what to do.

TheBunting

So March is finished and I am moving closer and closer to that wage rise :T. Managed to put away another £100 away despite having my works night out and other spends. Looking forward to the start of the new tax year so I can open up my new S&S ISA. Leaning towards the Vanguard LF 80. Been shopping around various platforms to see which would be best cost wise. Narrowed it down to either Cavendish or Hargreaves Lansdown. If anyone could advise me on which is best that would help.

Also read about the new Help2Buy ISAs that are launching in Autumn so will be opening that as my Cash ISA next tax year and put the max £200/month into that and the rest into my Current Accounts and S&S ISA. So I have a plan set for the future to get up and running. Exciting times !

enthusiasticsaver

I invest in Vanguard LS 60 through Cavendish. Easy to use and trades completed within 5 days usually. According to the compare platform website it is one of the cheaper ones. HL is much more expensive but they do have lots of tools on their website. I just downloaded the app on to my ipad though and do some fund research on it but then invest through Cavendish which is much cheaper.

savings_my_hobby

TheBunting wrote: »

I'm keeping my current car for at least another year anyways so can we drop the whole car thing thats not an issue atm. My current car does the job and is cheap to run. That's all that matter now I will decide in a years time what to do.

Sorry to chirp up about the car thing. My advice is save cash and use it to buy a car, don't ever get caught up in debt. the only debt you want is a mortgage because when that's paid off you don't have to find rent. Yes the help to buy isa looks good doesn't it? £3000 off your first house, better than nothing

TheBunting

savings_my_hobby wrote: »

Sorry to chirp up about the car thing. My advice is save cash and use it to buy a car, don't ever get caught up in debt. the only debt you want is a mortgage because when that's paid off you have to find rent. Yes the help to buy isa looks good doesn't it? £3000 off your first house, better than nothing

It's ok man thanks for the advice. Yeah it sounds good I have read all about it so once it's out I will shop around for good rates and then get one open asap!

As for my S&S I was leaning towards Cavendish but was also told HL is a better platform, although I don't know if it's worth the larger charges? Would probably do the same, use Cavendish for my ISA but use the facilities of HL to research as I already have been using it to look up funds. I was thinking the 80 as opposed to the 60 because I am young and in it for the long term so could use the 80 despite the higher fluctuations. However the difference is that much.