Spend savings on brand new car

Eco_Miser

sevenhills said:

What is the point in being wealthy if you don't spend it?

Depends on what you mean by wealthy, but in my case it's so I can spend it - when I need to. eg fixing a leaky roof, replacing failed appliances, keeping the heating on this winter, possibly one day living in a good care home instead of one the council chooses and pays for.

Albermarle

Eco_Miser said:

sevenhills said:

What is the point in being wealthy if you don't spend it?

Depends on what you mean by wealthy, but in my case it's so I can spend it - when I need to. eg fixing a leaky roof, replacing failed appliances, keeping the heating on this winter, possibly one day living in a good care home instead of one the council chooses and pays for.

Exactly, it is not necessarily about buying lots of things, expensive meals/holidays etc . It as much about being able to afford the day to day things easily, and not having to worry how to pay for them . Plus the odd splurge on a new car maybe !

InvesterJones

Although it might be better suited to a spending board than the investments and savings one, the question on what’s most ‘money saving’ is always worth considering. Bringing forward a planned purchase to avoid price increases is usually recommended if affordable - just look at many of the newsletter tips that are in a similar vein of avoiding price increases. But the question of getting the most for your money also needs consideration, and new cars suffer in comparison to used cars in normal circumstances (and the data is showing we’re rapidly returning to more normal service w.r.t. second hand prices).

So I’d summarise it as follows:
most saving = keep existing working car (also greenest option)
if wanting to treat yourself with a luxury purchase of a new car anyway = might as well bring forward a purchase to avoid price increases 
best bang for buck but still treating yourself = spend the same money but get a nicer car second hand to waste less on depreciation and put more of the value into something you benefit from over the life of the car 😊

Albermarle

InvesterJones said:

Although it might be better suited to a spending board than the investments and savings one, the question on what’s most ‘money saving’ is always worth considering. Bringing forward a planned purchase to avoid price increases is usually recommended if affordable - just look at many of the newsletter tips that are in a similar vein of avoiding price increases. But the question of getting the most for your money also needs consideration, and new cars suffer in comparison to used cars in normal circumstances (and the data is showing we’re rapidly returning to more normal service w.r.t. second hand prices).

So I’d summarise it as follows:
most saving = keep existing working car (also greenest option)
if wanting to treat yourself with a luxury purchase of a new car anyway = might as well bring forward a purchase to avoid price increases 
best bang for buck but still treating yourself = spend the same money but get a nicer car second hand to waste less on depreciation and put more of the value into something you benefit from over the life of the car 😊

Another option is to buy a 'nearly new' or ' ex demo' car from a dealer. Although you can not pick and choose options, it takes the sting out of the initial depreciation. Sometimes they have less than 100 miles on the clock.