£20k Car @ 21

Herzlos

LiamTLOU wrote: »

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:

Not that I'm against that idea, but bear in mind a lot in life can change over the 4/5 years you're talking about paying it off, from 22 to 27. So you need to factor in being able to change the car to suit (and freeing up some equity) or whatever. You also need to factor in getting used to nice cars in case you need to downgrade later.


Like I mentioned before, I drove some pretty nice cars when I was your age, but they were always big "gas guzzlers" I got for peanuts, and got more sensible as I got more kids.


If you like SUVs, sure, stick with them. But if you're wanting to blow money on a fun car, I'd be looking to see what else you can get for your money. Hell, go nuts and buy a practical SUV and a pointless 2 seater sportscar whilst you can still get away with only 2 seats!


£20k buys you a lot of nice cars. Jaguar XFs, BMW 6/7 series, Audi TT's.

mattyprice4004

Personally, I'd get ahead of everyone by getting a mortgage and keeping the cheaper car - 25 years of mortgage starting at 30 (for example) is going to be around your neck well into your 50s.

Just my opinion of course, but I'm an avid fan of older cars. Today I've been pottering around in a 14 year old tatty BMW convertible I bought when drunk on eBay... :rotfl:

iolanthe07

I've just bought a Dacia Duster

A very sensible choice, by all the accounts I've read.

System

LiamTLOU wrote: »

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

You do know that the higher wages in London don't actually compensate you for the higher house prices? House prices for my house in London are 5 times what I paid, jobs doing what I do in London pay just 10%-20% more. The higher salary doesn't even cover the higher mortgage repayments meaning someone in London on the higher wage has less money in their pocket out of their wages after paying their mortgage every month.

parking_question_chap

Mrs_Arthur_Crown wrote: »

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

Totally agree.

Makes much more sense to get the mortgage and take a chunk out of that, and less interest given to the bank, rather than get a car that isnt much better than the one he currently drives.

Spunking money on an MPV now, might well be the thing that prevents him owning a really nice car 20 years down the line.

wymondham

parking_question_chap wrote: »

Spunking money on an MPV now, might well be the thing that prevents him owning a really nice car 20 years down the line.

In 20 years time will you be able to get a really nice car? They'll all be automated Google bubble cars wont they? Anyone with a petrol car will be an outcast!

silverwhistle

Tarambor wrote: »

someone in London on the higher wage has less money in their pocket out of their wages after paying their mortgage every month.

You could look on it as enforced savings until you move out of London and cash in. Plus you could make do without a car in London.:D


I'm not the person to comment really as I didn't learn to drive until I was 28 and still take a very functional attitude to cars and drive when I have to and often use alternatives. There always seems to be more interesting things to do, and although I'm a competent enough driver and I appreciate the convenience of a car I'm not bothered about what's parked outside and even less bothered if other people have an opinion. Fortunately I don't move in those circles. There's not much joy of the open road any more except perhaps when I'm driving in France. Then it's miles of boredom on their motorways!


If you are doing high mileages I can understand the need for comfort, but I'd keep your current car, save for a bit and then see how your circumstances or opinion changes. There might be a business opportunity arise which needs a bit of capital or you might want to take a break to (for example) sail around the world, you get the drift.



Anyway, not a bad problem to have. I'd never borrow for a depreciating asset but that's just me.

Scrapit

Herzlos wrote: »

Not that I'm against that idea, but bear in mind a lot in life can change over the 4/5 years you're talking about paying it off, from 22 to 27. So you need to factor in being able to change the car to suit (and freeing up some equity) or whatever. You also need to factor in getting used to nice cars in case you need to downgrade later.


Like I mentioned before, I drove some pretty nice cars when I was your age, but they were always big "gas guzzlers" I got for peanuts, and got more sensible as I got more kids.


If you like SUVs, sure, stick with them. But if you're wanting to blow money on a fun car, I'd be looking to see what else you can get for your money. Hell, go nuts and buy a practical SUV and a pointless 2 seater sportscar whilst you can still get away with only 2 seats!


£20k buys you a lot of nice cars. Jaguar XFs, BMW 6/7 series, Audi TT's.

He's already said what he thinks is a nice car.

fred246

I have watched owner's of posh cars where I live. When the car in front of them moves forwards they remain stationary. When the car in front is about 50 yards ahead they floor the accelerator. When they are a few yards behind the car in front they slam the brakes on and screech to a stop just behind the car. They keep repeating this. Maybe if you change your driving style it could make your Fiesta less boring to drive.