First Steps to Solvency

alt80

@PassElephant think my wife would be asking what drugs I’d been taking haha.

PassElephant

She loves you. 

ryanm8655

Swapping out the BMW for a more sensible car that you can put through the business seems like a great idea to me.

If I was in your shoes I'd actually swap out the range rover when I could and get a sensible/boring 5 series or something on the business and replace the current BMW with something fun for the weekends (being ultra sensible either financing something a few years old or even waiting until the debt was cleared and rewarding yourself with something cool). Though I appreciate you won't be ready to contemplate this level of compromise ha.

I think about it though, and my uncle actually earns the same take home as you (possibly more with bonuses) and he drives a 4 year old 5 series estate that he bought for cash (plus a nice motorbike) and, by the sounds of things, has a much more modest house (4 bed detached on a modern development in the midlands - works in London but his kids are up there). Granted he has to fork out a lot for maintenance for his kids. He likes his fancy restaurants and nice wine etc. He's had debt in the past (used to be in perpetual debt that he would then clear when his bonus came in) but then being made redundant and going 6 months without a job seems to have shifted his mindset some what (he was looking at far more expensive cars initially before he took a step back and went for the BMW). I still wouldn't say he's all that great with money either...

alt80

@PassElephant I wouldn’t be so sure right now lol. 

@ryanm8655 Trouble with putting through the business - the best overall deals are either tiny little FWD things that really aren’t for me or some kind of hybrid / electric (Low / 0% BIK). Wife thinks we should have a go in an ipace - it’s not exactly a looker but is fast. Thing is I can’t get excited by an electric car - seem totally soulless to me.

I’d like a 2 door coupe with a petrol engine, really don’t like any of the newest BMWs that have come out so thinking possibly a C/E Class coupe but they’re either slow or high BIK. If Jaguar did an XE coupe with the 5.0ltr V8 I’d not need to look any further but the BIK would be horrendous on that so back to square one. I know first world problems again lol.

Always said I’ll hand in my licence if I ever contemplate any 5 Series that doesn’t have a V8/ V10 lol just so boring to me and I’ve had 4 BMs over the years E21 320 (first car, slow as f**k, rusty but I was 17, it was a BMW and tail happy so win win lol), E36 M3, E92 335i and the current 440i. They’ve definitely got more bloated and less fun imo too polished now I see BMWs how some see fast Fords I think haha.

As I’ve said before cars and houses are my vices. Could I live in a smaller house - undoubtedly, do I want a bigger one - undoubtedly. I think it’s in some ways it’s probably easier to shift the mindset when you have insecurity in your work, focuses the mind I suppose. I know a few people like your uncle who’ve lost businesses / jobs, spent some time with little income before getting another similar job / business but not out buying the toys. 

RelievedSheff

Both the other half and me have secure jobs we have both worked in for 20 years plus. Our jobs are as safe as can be. We both earn a good wage. We have no insecurity yet at the same time are happy with our modest detached house.

Happiness is not measured in assets. It is measured in the memories you make with those you love.

mamamu

RelievedSheff said:

Both the other half and me have secure jobs we have both worked in for 20 years plus. Our jobs are as safe as can be. We both earn a good wage. We have no insecurity yet at the same time are happy with our modest detached house.

Happiness is not measured in assets. It is measured in the memories you make with those you love.

Completely agree. Same here. Secure job, income not far off alt80, but only working between 30-40 hours a week.  Modest house, modest car but what makes me happy that I can spend time with my child. I can earn double what I am earning if I worked more, but I have decreased my hours to see my child grow and be there for him. I do not need big expensive house or new expensive leased car. ( my toyota is almost 13years old haha - bought it outright 9 years ago and never had any problems except service and changed battery once. Going to drive until it drops dead I think lol). 

And tbh my colleagues who are earning somewhere between 5-8k most of them driving old bangers and we always laugh about who has got best out of the car and whos car is oldest. Haha. 

getmore4less

The drive to need more money to get what you want is fine.

Getting what you want before you have secured the money to get it is the underlying problem.

You have been committing at least one full years of income(£100k) ahead of earning it and are now around 2years full income committed ahead, that's does not include living expenses.

Andyjflet

All I can say is come and drive my Audi etron S !!! 0% BIK this year, sensible business decision, I can sort the leasing....

QueenJess

I think you should stop torturing yourself about the cars. You don't need to make a decision about them at the moment, so don't.

Just concentrate fully on getting that credit card debt down ASAP and then formulate a car plan later.

enthusiasticsaver

No matter what the replies are you keep dragging this thread back to cars and posh houses. You are totally blinkered. You have formulated a plan and all you have to do is stick to it. You aren't in a position to exchange any of the cars unless you take a big financial hit so why not do as I suggested and park this for 6 months and just learn to live within a budget.