How do you currently afford your car?

dipsomaniac

You're putting words in my mouth. I don't think it's bizarre that people pay monthly for a car and how my wife wants to pay for her car is her business. I don't get involved in how she spends her money.

All I have done is say how I buy my vehicles and point out that not everyone can afford £££'s per month.

Yet again it gets personal and the character assassination tactics come out

motorguy

dipsomaniac said:

You're putting words in my mouth. I don't think it's bizarre that people pay monthly for a car and how my wife wants to pay for her car is her business. I don't get involved in how she spends her money.

All I have done is say how I buy my vehicles and point out that not everyone can afford £££'s per month, yet again it gets personal

You constantly tell us that this forum is only for people who need help making ends meet with motoring.

That would exclude 90% of people from posting on the motoring forum.

I dont think anyone is disagreeing with you when you point out the glaringly obvious of "not everyone can afford £££'s per month" - noone is (a) saying they should, (b) saying they should aspire to that or (c) judging people because they dont.

Everyones circumstances are different.  

dipsomaniac

Herzlos said:

"

dipsomaniac said:

I am not preaching to anyone just sharing my experience.  I am not bitter or jealous, another couple of traits that people like to use on here if you don't want to follow the pcp/leasing fraternity

Edit: What kind of fuel economy are you getting from the Galaxy? 

Interestingly, the wikipedia page for the Galaxy says:

"In 1999, the MkI Ford Galaxy was rated in a Top Gear magazine survey as the least satisfying car in the United Kingdom"

So I don't buy for a second that you actually think it's better to drive than a Golf that's 25 years newer.

Around 28mpg. That's why I am driving the focus

Lol top gear mag.  Clarkson famously hated the MK1 galaxy. 

I have driven both and prefer to drive the galaxy. Smoother engine, smoother ride and better driving position

Petriix

Rolandtheroadie said:

Petriix said:

L9XSS said:

Bought a 57 plate Volvo V70 D5, private sale, 3 years ago with 112,000 miles for £2750. It’s now on 143,000 miles. Total spend in 3 years (about £600, tyres, cambelt, mini service and oil changes). I’m very happy with the reliability and costs incurred to run. I’ve previously had newer cars on PCP but have gone back to how I used to buy and run a car.
My “Savings” per month are going into pension and mortgage overpayments.

You forgot to mention the £4k in fuel on top of the £600 maintenance. The total fuel and maintenance for an EV over a similar period would have been close to that £600 mark. 

You forgot to mention the 20K + you spend on the EV (assuming it's not a 10 year old leaf)

Yes, you're right. The £20k is costing me about £30 per month (reducing) in interest, with capital repayments coming from the money saved on running costs. However, as depreciation is basically zero, those repayments are effectively savings.

I'll only run into issues if the value of the car suddenly plummets below the outstanding amount owing on that part of our mortgage. Unlikely in current times. With inflation going through the roof, having an expensive asset and a low interest rate fixed for a long time is a good thing.

Herzlos

dipsomaniac said:

Herzlos said:

"

dipsomaniac said:

I am not preaching to anyone just sharing my experience.  I am not bitter or jealous, another couple of traits that people like to use on here if you don't want to follow the pcp/leasing fraternity

Edit: What kind of fuel economy are you getting from the Galaxy? 

Interestingly, the wikipedia page for the Galaxy says:

"In 1999, the MkI Ford Galaxy was rated in a Top Gear magazine survey as the least satisfying car in the United Kingdom"

So I don't buy for a second that you actually think it's better to drive than a Golf that's 25 years newer.

Around 28mpg. That's why I am driving the focus

So you're not even driving the Galaxy you are raving about?

dipsomaniac said:

Lol top gear mag.  Clarkson famously hated the MK1 galaxy.

You know Clarkson isn't the editor of the magazine, and a survey usually involves the public?
I don't care if Clarkson doesn't like it, and wouldn't expect any other owners would, but I don't think it's intended to be a dynamic driving machine given it's an MPV. My new MPV does the MPV part brilliantly but handles like a banana boat.

dipsomaniac said:

I have driven both and prefer to drive the galaxy. Smoother engine, smoother ride and better driving position

I'll give you the better driving position, you'll be a lot higher up in the galaxy. I'm not convinced about the engine or ride smoothness, or the laundry list of feature improvements.

Grumpy_chap

It is delusional to base a car purchase on the depreciation being negligible.  That is the outcome of a short term set of unique circumstances and will end in a bump back to normal.

Herzlos

Grumpy_chap said:

It is delusional to base a car purchase on the depreciation being negligible.  That is the outcome of a short term set of unique circumstances and will end in a bump back to normal.

Even before the current car pricing madness, residuals from EV's were pretty decent.

Petriix

Grumpy_chap said:

It is delusional to base a car purchase on the depreciation being negligible.  That is the outcome of a short term set of unique circumstances and will end in a bump back to normal.

The purchase was not based on that, it's just been a spectacular bonus making the savings vastly better than I anticipated.

I was prepared to throw £150 per month at owning a brand new car. That's loosely working on the basis of the car being worth £6k after 7 years, factoring in that overall running costs are ~ £100 per month less than keeping my old diesel car on the road.

The overall idea is to ensure that the outstanding mortgage is always lower than the value of the car so that it can be paid off if we sell it. We're currently a couple of k to the good. 

MEM62

Deleted_User said:

I really, really, want a BMW 3 Series. I earn around £50k a year but some of these PCP/loan deals for these cars are like £500 a month, WITH a deposit. I just couldn't see myself paying that for 3-5 years for any car.

Neither could I.  

Deleted_User said:

Even when my nursery fees are out of the way and I have an extra £1,300 in the bank each month, I just could not see how I could justify spending so much on such a car. Yet, most people I know who drive these car earn less than me! Would be interested to know how others here afford their cars. 

I too love the 3-series.  I afforded mine because I bought a 5-year old example in really nice condition and paid cash. I didn't borrow money to purchase a car that I could not otherwise afford (and with a value that falls like a stone)  Mine served me well for 3 years and 60,000 miles with minimal expense and I got something back when I sold it. 

That's how you afford a 3-series.      

dipsomaniac

Herzlos said:

dipsomaniac said:

Herzlos said:

"

dipsomaniac said:

I am not preaching to anyone just sharing my experience.  I am not bitter or jealous, another couple of traits that people like to use on here if you don't want to follow the pcp/leasing fraternity

Edit: What kind of fuel economy are you getting from the Galaxy? 

Interestingly, the wikipedia page for the Galaxy says:

"In 1999, the MkI Ford Galaxy was rated in a Top Gear magazine survey as the least satisfying car in the United Kingdom"

So I don't buy for a second that you actually think it's better to drive than a Golf that's 25 years newer.

Around 28mpg. That's why I am driving the focus

So you're not even driving the Galaxy you are raving about?

You wouldn't use a Ferrari on a daily basis would you?

The focus is the runaround, the galaxy for special occasions🙂