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£20k Car @ 21
Comments
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Need an explanation on the choice of car. Money saving tips aside, why would that be your dream car of all things? Personally, I would just keep the car you have.
At 23 purchased my first car outright. Since then my salary has more than doubled but I have the same car 7 years on. I've been in situations where I have been made redundant, unceremoniously let go at work and have had unexpected bills like leaks, tax fined etc. to deal with. During those situations, I am always so grateful I don't have £x coming out of my account for a fancy car I don't need.
Now, don't get me wrong, I have dreams of spoiling myself with an impractical sports car as soon as these nursery fees are out of the way and I have built up my savings. But it won't be ona Seat and I would still be a homeowner first.0 -
Keep your car and put that £300 per month in savings. Getting yourself a property is much more important, and satisfying, than renting a mediocre SUV.
Don't be like my brother - he drove nice cars and went on several lads' holidays through his late teens/twenties, but now he's 37 and still lives in a rented bedsit in East London.
Time goes surprisingly quickly and, before you know it, you'll be 30, house prices will be 20% higher than they are now and getting on the property ladder will seem impossible. But saving £300 per month, you'd have £33,000 - a nice deposit.0 -
Supersonos wrote: »Keep your car and put that £300 per month in savings. Getting yourself a property is much more important, and satisfying, than renting a mediocre SUV.
Don't be like my brother - he drove nice cars and went on several lads' holidays through his late teens/twenties, but now he's 37 and still lives in a rented bedsit in East London.
Time goes surprisingly quickly and, before you know it, you'll be 30, house prices will be 20% higher than they are now and getting on the property ladder will seem impossible. But saving £300 per month, you'd have £33,000 - a nice deposit.
There is no text book way... one of my ex colleagues, he got himself a house early whilst I saved for my then dream car, indeed my plan was get the car outright and use the monthly save for a deposit on a house.
Yes house prices had jumped about 40% in that 12 months so I had to move to other side of the city.
In the meantime he still had the bug for having some nice wheels and his Mrs the house mod cons, long story short...he lost the house and and no car .
Over the years I've had my cars and holidays (whilst keeping the house) GF's come and go, now mortgage and CSA free, but it's all about balance.
Whilst I can get a Porsche cayman with loads of options outright, the desire for one isn't there now, (especially as the seat covers are no longer as appealing as when I was in my 20s)
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parking_question_chap wrote: »All too often I hear the question "can I afford it?", when the more important question is "is it worth it?"
If you dont own a property and want to replace your current PCP car with a newer PCP car, then you are doing it wrong.
Get the house, get the mortgage paid off and then think about getting a really enjoyable car.
When you are too old to actually enjoy it
Buy what you can afford while you can.
No-one can predict the future, a marriage & divorce will see off half of any property, pension pot or other investment that you have made. A prolonged illness could force you to use your savings & property to fund the care.
If you want it, and you have the means to pay for it- I say get it while you can.
Me, I wish I'd put a lot more aside for my pension, but I'm looking backwards through the telescope. Anything could have happened that meant I wouldn't get to pension age, now it's looking increasingly likely that I'm going to make it, but if I still don't then my savings are going to someone else (to buy a nice car with, that I could have bought years ago. :mad:)
As long as you take responsibility for your choices, and are prepared to live with the consequences, they are yours to make.I want to go back to The Olden Days, when every single thing that I can think of was better.....
(except air quality and Medical Science)0 -
parking_question_chap wrote: »All too often I hear the question "can I afford it?", when the more important question is "is it worth it?"
If you dont own a property and want to replace your current PCP car with a newer PCP car, then you are doing it wrong.
Get the house, get the mortgage paid off and then think about getting a really enjoyable car.
Oh dear. You didn't read the post and just assumed didn't you? He doesn't have a car on pcp and has a sizeable deposit saved up to pay the remainder on a cheap or 0% loan0 -
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No, it's because young drivers in Fiestas scare the hell out of insurers - while the kind of similarly young driver boring enough to want a soft-roader is less likely to smear their mates all over the scenery after an evening hanging out in McDogbits car park.I have yes. The insurance was cheaper than my Fiesta which was odd, but assuming it's because less data on people my age buying this certain car.0 -
Supersonos wrote: »Keep your car and put that £300 per month in savings. Getting yourself a property is much more important, and satisfying, than renting a mediocre SUV.
Don't be like my brother - he drove nice cars and went on several lads' holidays through his late teens/twenties, but now he's 37 and still lives in a rented bedsit in East London.
Time goes surprisingly quickly and, before you know it, you'll be 30, house prices will be 20% higher than they are now and getting on the property ladder will seem impossible. But saving £300 per month, you'd have £33,000 - a nice deposit.
If I purchased this new Ateca, I could still put away £500 a month and still have money left over to enjoy myself every month and cover cost of car repairs etc... My salary is due to go up too thankfully which would help.
So if I was strict (and of course circumstances change and things happen...) in 5 years if I saved £500 a month for 5 years, I'd have £30,000 deposit. Of course saving in a help to buy ISA would make that a bigger sum
I think what a lot of people are missing on this thread is yes, I totally agree saving for a house is much more important than having a nice car. My Fiesta works, it's reliable, cheap to run, the sensible option is to keep it, save for a house, get the house, then worry about the car which is less important.
However, why can't I just get a nice car while also saving for a house at the same time? :rotfl:0
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