Prestigious cars or retire early

fred246

I am planning to retire very early in the next year. All my colleagues are saying that they've many more years to go. I have been reflecting on how I have got to my current financial position. The number one saving has been avoiding private education. Number 2 is avoiding buying posh cars. I normally buy standard cars and maintain them myself till they die. Most of my colleagues buy a new prestigious car every 3 years. I reckon I will retire five years early as a result from my back of a fag packet calculations. I was sat in the Jacuzzi the other day working out my investments.
Property-slowly increases in value over the years
Shares-ups and downs but should make plenty.
Bonds-safer should make a bit.
New cars-MASSIVE LOSSES GUARANTEED.
So do people make that connection? Would people rather enjoy years of retirement or have a posh badge on their car? Or would they prefer to deny the association?

System

Most people get them on PCP and seem to conveniently forget the deposit when working out what it costs a month and when you factor in the deposit it can increase the cost per month by 50% in some cases. All they see is they get a new car every 3-4 years for £150-£200 a month.

Long may it continue I say. They provide people like ourselves with a plentiful supply of low mileage nearly new cars with full dealer service history for a fraction of the new price.

GwylimT

People like different things, my wife tends to buy a new car fairly regulary, we"ll be retiring at 50. We could retire earlier and might, we'll just have to see how we feel at the time.

enjoyyourshoes

At least we all have choices !

Its up to each and every one to identify how to maximise their 'life' within their own financial envelope.

Everyone has different financial envelopes and ways to use these, there is no one size fits all.

k3lvc

So OP where do you draw the line on spending. Obviously you've a bee in your bonnet re cars but what about holidays, phones, smoking, drinking, branded vs own-label food.

Given my work is fulfilling and allows me to travel I'd much rather do this and enjoy what comes with it than gloat about retiring early because I've scrimped for last 30+ years

Each to their own though

ACG

If you passed away tomorrow, you would have spent time maintaining cars and not experienced the niceness of a new car or your retirement.

I am not saying I disagree with you, but it is not really as simple as you make out.

As someone who could not repair anything on a car, I would end up spending time and money at a mechanics if there was a problem as well as the headache trying to sort out getting the car there and replacement vehicles etc.

Added to that, I actually like my job and I dont think I would ever want to retire unless I had an amount where I could literally travel the world without a care in the world about money.

reeac

I see so many contributions here from people whose main ambition is to retire early ...pretty sad really that they have jobs that they just don't enjoy. I also read articles about people who retire early and then don't know what to do with their newly acquired leisure ...again pretty sad.

[Deleted User]

Retire too late and you risk pegging it before you can enjoy your retirement. Like my neighbour who retired at 65 then died 3 months later.

Earlier you can retire the better then enjoy life, go travel, see the world etc. But of course this all depends on if you can afford too. No point in retiring early if you will only have £100 a week to live on etc.

If all the difference between retiring or keep on working with a new car, retiring would win hands down.

NBLondon

What you've missed (or avoided?) Fred is that some people enjoy driving and thus will spend the money on a car for the pleasure of driving it - not just for the prestige or image. Others will have kit cars and track day cars and classics - which may be more expensive than having a nondescript "get you from A to B" vehicle but gives them pleasure.

Personally, if I had the extra disposable income then yes, I might buy something I enjoyed driving more than my workaday Ford but not to the point where I can't afford to retire reasonably comfortably or to impress someone else.

EssexExile

Children cost more than cars, avoid children.

I retired at 50, 16 years ago, it's great.

debtdebt

Tesco Finest or retire early.
Foreign holiday or retire early.
Heat the house or retire early.
Have kids or retire early.

Different people have different priorities in life. You can't sit there in your filth infested working class dun good jacuzzi thinking you're better than everyone else because you're not.