£20k Car @ 21

motorguy

LiamTLOU wrote: »

The £1269pm is every cost I have going out monthly, with a few hundred kept for things that go wrong like appliances breaking or car work etc...
So it's £1000 I have per month to save and put some into a car.

A lot of people don't like my choice of car either :rotfl: But I've looked into it and it seems like a really nice car to drive, and I like the looks of it. The MPG on it seems reasonable too. I grew up with 4X4s and SUVs, and have always dreamed of having one since I was younger, so personally to me I'd be very happy in one, as I've test driven a few and know what I like.

I like the idea of having a faster car, but I also love bigger cars a lot. So, I just thought why not combine the two....

The thing I've found recently is if you suggest a car to someone, they always say "But you could get this car for that price!!"

Yes, the car that in your eyes you would want if you were spending the money. I'm open to criticism and help on getting a car that is actually worth it, but don't want someone's bias getting in the way as if it were their own decision they were making init.

Also looking into the future is always sensible, even if it's for things you might not necessarily care about right now, like a pension, however I am not in a need nor rush to get on the property ladder right now or within the next 5 or so years.

We all have our own priorities we would prioritise, all of our circumstances are different too. I agree having your own home is liberating and sensible, but I can put money away still and do that when it matters to me... What matters for me at my younger age is having something I enjoy and something I can afford.

Well said.

Buy the car you want, not something someone else thinks they would want. If you like Altecas then great, get one!

And yes, you've plenty of time to save as you go along for a house down the line, whilst getting someone you want and will enjoy now.

System

Owning a four year old car at your age is quite an achievement. If it does the job of getting you around without breaking down stick with it for a couple of years, unless of course you are doing a high mileage week in week out in which case it will probably lose a lot in value over the next couple of years.
If your forum name is your actual name, I would guess that you are male!! Judging by the ambitions to possess lovely things that my teenage son is harbouring at the moment, I suspect owning a new car may have a touch of vanity about it?

Be sensible. Don't get a new car because you can, get a new car because it's a necessity.

motorguy

AdrianC wrote: »

https://forums.moneysavingexpert.com/discussion/6000645/20k-car-21#11
You seem to have forgotten the £8k initial payment. And all the running costs on top of simply renting the thing.

But since we now know that it's not a PCP on a new one...

I havent forgotten anything - it seems to have been you who assumed in the first instance

As i said, no matter which way you look at it - whether just the monthly payments or the £20K or so cost to buy minus its value in four years time it works out at around 36p per mile +/- a couple of pence.

Not an unreasonable amount, and far removed from your headline 90p a mile.

motorguy

Mrs_Arthur_Crown wrote: »

Owning a four year old car at your age is quite an achievement. If it does the job of getting you around without breaking down stick with it for a couple of years, unless of course you are doing a high mileage week in week out in which case it will probably lose a lot in value over the next couple of years.
If your forum name is your actual name, I would guess that you are male!! Judging by the ambitions to possess lovely things that my teenage son is harbouring at the moment, I suspect owning a new car may have a touch of vanity about it?

Be sensible. Don't get a new car because you can, get a new car because it's a necessity.

Why? He has his whole life ahead of him to be sensible - mortgage, kids, family, commitments, career.... Hes doing well for himself and wants to buy himself a car that he can easily afford and he has a well thought through approach to doing it.

Life is about finding the balance, not only doing things when needs must.

AdrianC

motorguy wrote: »

I havent forgotten anything - it seems to have been you who assumed in the first instance

As i said, no matter which way you look at it - whether just the monthly payments or the £20K or so cost to buy minus its value in four years time it works out at around 36p per mile +/- a couple of pence.

Not an unreasonable amount, and far removed from your headline 90p a mile.

So going with the then-extant theory of an 8k mile 48mo PCP, £250/mo + £8k initial...

£250/mo x 48 = £12,000 + £8,000 initial = £20,000 out of your account over 4yrs on a PCP.
4 x 8,000 miles = 32,000 miles
£20,000/32,000 miles = 62.5p/mile

Are we agreed on that? Good...

Now, what do you think the fuel costs will be?
https://www.honestjohn.co.uk/realmpg/seat/ateca-2016/20-tsi-190-dsg-4wd
35mpg at £1.25/litre = 16p/mile

16p + 62.5p = 78.5p/mile. Still with me? Good.

Now, all the other running costs - including insurance for a 21yo. Grand a year all-in sounds mildly optimistic, doesn't it?
£1,000/8,000 miles = 12.5p/mile + 78.5p/mile = 91p/mile.

Although I'm happy for you to show me where I've gone wrong in that...
<waits patiently>

motorguy

AdrianC wrote: »

So going with the then-extant theory of an 8k mile 48mo PCP, £250/mo + £8k initial...

£250/mo x 48 = £12,000 + £8,000 initial = £20,000 out of your account over 4yrs on a PCP.
4 x 8,000 miles = 32,000 miles
£20,000/32,000 miles = 62.5p/mile

Are we agreed on that? Good...

Now, what do you think the fuel costs will be?
https://www.honestjohn.co.uk/realmpg/seat/ateca-2016/20-tsi-190-dsg-4wd
35mpg at £1.25/litre = 16p/mile

16p + 62.5p = 78.5p/mile. Still with me? Good.

Now, all the other running costs - including insurance for a 21yo. Grand a year all-in sounds mildly optimistic, doesn't it?
£1,000/8,000 miles = 12.5p/mile + 78.5p/mile = 91p/mile.

Although I'm happy for you to show me where I've gone wrong in that...
<waits patiently>

No one was EVER talking about a PCP deal except you Adrian.

Keep up at the back....

LiamTLOU

Mrs_Arthur_Crown wrote: »

Owning a four year old car at your age is quite an achievement. If it does the job of getting you around without breaking down stick with it for a couple of years, unless of course you are doing a high mileage week in week out in which case it will probably lose a lot in value over the next couple of years.
If your forum name is your actual name, I would guess that you are male!! Judging by the ambitions to possess lovely things that my teenage son is harbouring at the moment, I suspect owning a new car may have a touch of vanity about it?

Be sensible. Don't get a new car because you can, get a new car because it's a necessity.

I can see where you're coming from, however because I grew up around a father who was an enthusiast of his cars, (all being 4x4s and SUVs), it's meant I've wanted to get one of my own for a while.

Due to my circumstances and the fact I love driving, and do a lot of mileage, a comfortable larger car, which is new (and hopefully more reliable to a point as a result), is far from vanity...

LiamTLOU

motorguy wrote: »

Why? He has his whole life ahead of him to be sensible - mortgage, kids, family, commitments, career.... Hes doing well for himself and wants to buy himself a car that he can easily afford and he has a well thought through approach to doing it.

Life is about finding the balance, not only doing things when needs must.

There are two types of people in life. Yourself (and me), and AdrianC...

LiamTLOU

alan_d wrote: »

Interesting thread. When I was 21 I was driving a 5.3L Jaguar XJS V12... which was cheaper to insure than the usual 'hot hatches' like Golf GTi's that my friends were driving!
The car was bought cheap as a non-runner and I swapped the engine from a MOT-fail XJ12 that was also stupidly cheap. I still do most car maintenance / repairs myself to keep costs down.
I bought my first house at 24, and now, 19 years later and onto house #2 with a wife and 3 kids the mortgage is nearly paid off :j
I think the most i've ever paid for a car was £7500.
I currently have 3 cars, one of which is a heavy SUV - and even with 185BHP it's not quick or particularly exciting to drive - but it's very good at towing my large caravan and as family transport.
I have another 'sleeper' quick car instead
At this stage in life my priorities are more paying off the remaining mortgage (hopefully before the end of the year) and throwing more at my pension, to help with early retirement.

If i'd spend my 20's and 30's driving 'new(er)' or 'flash' cars it's unlikely my mortgage would be nearly gone now.

Thank you for your input. My thought processes is I can get this whole, buying a newer 'flash' car out the way while I'm young, and then maybe the novelty will wear off. If I buy this car, it won't stop me from being able to successfully aquire and pay off a mortgage in my later years (at a reasonable age).

If I was that desperate for a house, I'd just move to London, get paid more for the same job, buy a house there, and move back to the countryside in my later years after selling off my London property for a pretty penny...! That's what a lot of my older friends where I live have done and live in beautiful town houses etc... But I'd rather keep London at an arms length and drive around my SUV/ 4X4 by myself and no kids, towing nothing but monthly payments :rotfl:

AdrianC

LiamTLOU wrote: »

There are two types of people in life. Yourself (and me), and AdrianC...

You should see the fleet kicking around here - I waste FAR too much money on cars.

Just... not new Golfs-on-stilts...