Financing car - 19 years old

joel491

davetrousers wrote: »

So how are you any different from other 19 year olds?

I don't drink, I don't socialise nearly as much as I should, and when I do purchase something (normally games) I always purchase outright. I'm not trying to sound special, was simply making the point that I'd like to do this now whilst the moment seems right.

joel491

Pay_me wrote: »

At your age and if you can afford it and you are not expecting things to change dramatically (i.e. for the worst) financially in the next couple of years, then, I'd agree that this is the time of your life you should have some fun. Really crunch down on the sums and if it works go for it but work in the contingencies etc. Never stretch yourself to far though.

The fact that you are 19 started a business and already paying yourself a wage, which hopefully will grow shows that you have what it takes to sort your finances and make the right decision for you.

I always wanted to buy a Land Rover ever since I was a kid. I couldn't afford one when I passed at 18 so I purchased a used Astra then at 23 I had the opportunity to buy the Land Rover lots of disposable income and I didn't take it, I bought a used Peugeot instead because life started to get in the way...i.e. relationship, wanted a house etc etc.

Roll forward 12 years and I will never buy that Land Rover. Life got in the way, 2 redundancies later, several significant pay cuts and a failed and expensive relationship later including significant reduction in savings paying of the debt from the relationship etc etc.

Luckily I was savvy enough to have enough savings to buy myself out of the financial mess of the relationship but how I wish I was 23 again and taken the opportunity to have treated myself back then. I now earn less than I did when I was 23 so don't take it for granted that things always improve as life goes forward it doesn't!!

Like I say crunch the sums, build in the contingency and if it still works financially..then make your choices.

Thank you for this - that was a really interesting read. I will think very carefully and follow your advice.

Pay_me

joel491 wrote: »

I don't drink, I don't socialise nearly as much as I should, and when I do purchase something (normally games) I always purchase outright. I'm not trying to sound special, was simply making the point that I'd like to do this now whilst the moment seems right.

Joel, you don't need to justify anything to anyone. The issue with this site it is about money saving so people naturally revert to money saving mind sets. Some people will ask probing and non relevant questions or jump to conclusions that don't exist. I have had it happen to me. However you do not need to justify yourself.

Your question is simple about whether you will be accepted for £15k finance. I do not know the answer I have never applied for that much myself my most expensive car to date cost £7k cash.

Only you know your full financial position. If the finances work and you can build in a contingency then I say it is up to you.

Others will advise if you are likely to be accepted for the loan/finance.

27col

I remember thinking many, many years ago. That you don't need to be able to justify buying something. You just need to be able to afford it. But in my case, I was buying outright and not having things on credit.

wymondham

can you lease the car?

Pay_me

27col wrote: »

I remember thinking many, many years ago. That you don't need to be able to justify buying something.You just need to be able to afford it. But in my case, I was buying outright and not having things on credit.

I see what you are saying, however in this case the lad does not need to justify anything to a bunch of internet strangers. He asked a question that is quite clear and that is the question the forum should try to answer.

smithers1981

Pay_me wrote: »

I see what you are saying, however in this case the lad does not need to justify anything to a bunch of internet strangers. He asked a question that is quite clear and that is the question the forum should try to answer.

Fair point: Only way to find out is get yourself down to a Mazda garage and see what they can do for you, i would think a PCP would be best/easiest option for you with your deposit.

The salesperson will do everything they can to get you the finance and bag the sale.

ps: isn't the MX-5 a girls car?:rotfl:

Auntie-Dolly

http://www.lingscars.com/Mazda/mx-5-leasing/cheap-contract-hire.html#

Nebulous2

smithers1981 wrote: »

One of the best pieces of advice i've heard on here is: buy the most expensive house you can, and buy the cheapest car you can.

Wise words IMHO only wish i'd heard them when i was 19.

Would you have listened?

I had a lot of financial advice - knew a fair bit about personal finance - had been very careful with spending before that, but I still bought a Volkswagen Scirocco at 19!

Like many people I have probably spent too much on cars. Some I enjoyed, some were just a pain, some I got out without losing much, others I took a big hit. The ones I regret most were the ones I lost most on. I don't regret that scirocco though.

andyfromotley

Pay_me wrote: »

I see what you are saying, however in this case the lad does not need to justify anything to a bunch of internet strangers. He asked a question that is quite clear and that is the question the forum should try to answer.

Whys that then?

This forum would be a very dull place if threads didnt evolve, spread and spiral in all sorts of directions. As long as its done in a friendly manner its one of the charms of this forum and imo a large part of what makes it one of the most popular forums in the uk.:money: