Keep savings, pay off mortgage or buy a new car in cash?

fatbelly

In 5 years a 40k car will be worth 20k, if kept in mint condition and low mileage.

Factor in average depreciation of £333 per month

driver_rider

I think various people have different passions.

I personally wouldn't spend 100's on a night out drinking in my local pub....Many people do.  If this is their passion let them enjoy their car!  Others would rather have the money in stocks, watches, jewellery, bonds we are all different.

To the OP where have you gone 

Altior

[Deleted User] said:

There is a trend for certain types of posters to go silent when they do not receive the overwhelming approval they desire for their stated plans. Some posters are incapable of responding to, or even considering well intentioned suggestions that may benefit them.

Partly because posters get judged on their life choices, rather than the technical question being addressed. In this case, they have not supplied enough detail for the technical question to be addressed accurately. They however are definitely not asking about whether they should spend £40K on a new car or not!

[Deleted User]

I wasn’t judging choices just commenting on fact that OP hasn’t returned even if only to acknowledge the comments and suggestions made. The other posters  have only really pointed out possible pitfalls. After all this is MSE and they are merely offering their views on the best possible financial approach. This may or may not mean spending £40000 on a new car. 

Altior

Completely disagree. Anyhow, I didn't claim that you were making a judgement. But others have. The very first contribution has done just that, and received 4 x Thanks! 

I'm putting forward that as a hypothesis of why they might not have returned to their thread. They already stated that they were buying the car. The question they were looking for advice on was whether to fund it using a loan, or existing savings. Not 'should I spend £40K on a new car?' It's a reasonable assumption that they have already determined that they should.