Spend savings on brand new car
in Savings & investments
24 replies 2.1K views
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FA - Oh you have a nice lot of savings! Did you have any plans for this wodge of money?
Friend - Not sure, might get a new car at some point.
FA - Well prices for new cars do keep going up so there might be an advantage on getting one now when you're not desperate and have the cash. Not like it's earning anything much in the bank.
2023 £1 a day £54.26/365
My earnings are modest so I have never owned a new car. What is the point in being wealthy if you don't spend it?
Yet I'm curiously reluctant to draw on that money.
Research shows that people spend less in retirement than they had planned. Many increase their savings rather than depleting them.
That transfer from accumulation to decumulation may be more difficult than you anticipate!