And now the fuse is lit...

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  • EssexHebridean
    EssexHebridean Posts: 21,372 Forumite
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    Having recently had a short but very sharp shock in relation to the "life is short" message myself, and specifically in relation to the fact that taking some care of yourself can really pay dividends, I'm going to urge you to press ahead with any aspects of changing your life for the better that don't require cold hard cash to execute. It might be as simple as making some time to get out in the fresh air on a regular basis, or making some small changes to your diet, but whatever, in the "old school" MSE vernacular "Just F'in do it!" :rotfl:
    🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
    Balance as at 01/09/23 = £115,000.00
    Balance as at 31/12/23 = £112,000.00
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  • ZTD
    ZTD Posts: 24,327 Forumite
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    An interesting new road to hell has recently opened up.

    http://www.taxresearch.org.uk/Blog/2017/10/24/does-pendragon-signal-the-start-of-another-debt-crisis/

    Would be ironic that things go south because used car prices crash rather than used house prices...
    "Follow the money!" - Deepthroat (AKA William Mark Felt Sr - Associate Director of the FBI)
    "We were born and raised in a summer haze." Adele 'Someone like you.'
    "Blowing your mind, 'cause you know what you'll find, when you're looking for things in the sky."     OMD 'Julia's Song'
  • gallygirl
    gallygirl Posts: 17,228 Forumite
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    ZTD wrote: »
    An interesting new road to hell has recently opened up.

    http://www.taxresearch.org.uk/Blog/2017/10/24/does-pendragon-signal-the-start-of-another-debt-crisis/

    Would be ironic that things go south because used car prices crash rather than used house prices...

    :eek: Note to self - don't lend any money for car financing on P2P sites :eek:.
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
  • ZTD
    ZTD Posts: 24,327 Forumite
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    gallygirl wrote: »
    :eek: Note to self - don't lend any money for car financing on P2P sites :eek:.

    I think the point of the blog post was not necessarily on the car "leaser" failing to pay, but that they'd do the lease and then give the car back as agreed. Then the finance house would discover the (now used) car to be worth much less than they assumed. At this point the finance house would have financial problems.

    Spread across a lot of banks, suddenly that's a systemic problem...

    Of course reducing car sales themselves could be a "canary in the coalmine", but that still remains to be seen. (IMHO)
    "Follow the money!" - Deepthroat (AKA William Mark Felt Sr - Associate Director of the FBI)
    "We were born and raised in a summer haze." Adele 'Someone like you.'
    "Blowing your mind, 'cause you know what you'll find, when you're looking for things in the sky."     OMD 'Julia's Song'
  • gallygirl
    gallygirl Posts: 17,228 Forumite
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    ZTD wrote: »
    I think the point of the blog post was not necessarily on the car "leaser" failing to pay, but that they'd do the lease and then give the car back as agreed. Then the finance house would discover the (now used) car to be worth much less than they assumed. At this point the finance house would have financial problems.

    Spread across a lot of banks, suddenly that's a systemic problem...

    Of course reducing car sales themselves could be a "canary in the coalmine", but that still remains to be seen. (IMHO)
    Agreed Z but still best to avoid overall I think!
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
  • Butti
    Butti Posts: 5,014 Forumite
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    I think it's quite hard to keep the mileage rate down to a level which meet s their expectations!
    Debt LBM (08/09) £11,641. DEBT FREE APRIL 2021.
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    'one day I will be rich and famous…for now I'll just have to settle for being poor and incredibly sexy'. Vimrod Member of MIKE'S :cool: MOB
  • ZTD
    ZTD Posts: 24,327 Forumite
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    Butti wrote: »
    I think it's quite hard to keep the mileage rate down to a level which meet s their expectations!

    Well that's the old, old story of decreasing the advertised rate by pumping up the penalty rate.

    You can set the mileage to what you want - but anything above the minimum will cost - though that's not reflected on comparison tables/advertising.

    Although leasing may make sense for me as I do few miles, I tend to buy the car I want (second hand), then run it into the ground. Probably not the best way, but at least I'm not concerned about resale value/money owed ratios...
    "Follow the money!" - Deepthroat (AKA William Mark Felt Sr - Associate Director of the FBI)
    "We were born and raised in a summer haze." Adele 'Someone like you.'
    "Blowing your mind, 'cause you know what you'll find, when you're looking for things in the sky."     OMD 'Julia's Song'
  • Karmacat
    Karmacat Posts: 39,460 Forumite
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    A friend of mine does that, Z, with cars that she buys - I've known her for 30 years, and she's only had 3 cars :)
    2023: the year I get to buy a car
  • EssexHebridean
    EssexHebridean Posts: 21,372 Forumite
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    ZTD wrote: »
    Well that's the old, old story of decreasing the advertised rate by pumping up the penalty rate.

    You can set the mileage to what you want - but anything above the minimum will cost - though that's not reflected on comparison tables/advertising.

    Although leasing may make sense for me as I do few miles, I tend to buy the car I want (second hand), then run it into the ground. Probably not the best way, but at least I'm not concerned about resale value/money owed ratios...

    Precisely our approach these days with MrEH's car - when the MoT Test starts to show a tendancy for them to cost more money than we're happy with, they go in part exchange against the next banger in line. First one cost us £2.3k, lasted 4 years, part-ex'd for £400 against the current one which cost £2k and is still running OK after 3 years... Long may that continue.

    My car was bought brand new *just* ahead of me embarking on the MSE journey, so is 10 years old in a fortnight. She'll stick about again until she starts to cost money, at which point we'll most likely replace with something about 3 years old.
    🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
    Balance as at 01/09/23 = £115,000.00
    Balance as at 31/12/23 = £112,000.00
    SOA CALCULATOR (for DFW newbies): SOA Calculator
    she/her
  • ZTD
    ZTD Posts: 24,327 Forumite
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    EssexHebridean wrote: »
    Precisely our approach these days with MrEH's car - when the MoT Test starts to show a tendancy for them to cost more money than we're happy with, they go in part exchange against the next banger in line. First one cost us £2.3k, lasted 4 years, part-ex'd for £400 against the current one which cost £2k and is still running OK after 3 years... Long may that continue.

    I don't buy bangers as I need it for work, and hence need reliability. I'm big on reliable cars. I've had this car 5 years. The car before lasted 8 (which was disappointing), the car before than 13, the car before that only a few months before it was wiped out.
    EssexHebridean wrote: »
    My car was bought brand new *just* ahead of me embarking on the MSE journey, so is 10 years old in a fortnight. She'll stick about again until she starts to cost money, at which point we'll most likely replace with something about 3 years old.

    I've never had an actual new car. I've always waited for the steepest part of the depreciation curve to go by before getting one.

    This one had specialist requirements, so it cost quite a bit. I'll probably end up killing myself if I go back to front-wheel drive cars again though... :eek:
    "Follow the money!" - Deepthroat (AKA William Mark Felt Sr - Associate Director of the FBI)
    "We were born and raised in a summer haze." Adele 'Someone like you.'
    "Blowing your mind, 'cause you know what you'll find, when you're looking for things in the sky."     OMD 'Julia's Song'
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