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  • getmore4less
    getmore4less Posts: 46,882 Forumite
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    The right thing to do is ditch them both and get a cheap run around.

    If you want to get into investing the last place to be spending it is on depreciating assets like cars and sunk costs like insurance.

    You need to be in cash preservation mode

    Savings should be £7k a month(less if you are maxing out pensions contributions).
    That's another £50k deposit just from the delay on your property completion.
  • Georgedunn
    Georgedunn Posts: 27 Forumite
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    getmore4less wrote: »
    The right thing to do is ditch them both and get a cheap run around.

    If you want to get into investing the last place to be spending it is on depreciating assets like cars and sunk costs like insurance.

    You need to be in cash preservation mode

    Savings should be £7k a month(less if you are maxing out pensions contributions).
    That's another £50k deposit just from the delay on your property completion.

    Completely agree, however I did also want to enjoy earning decent money while I was young i.e. spending it on nice cars however coming out of that phase now as I see how much is going out my account each month!
  • csgohan4
    csgohan4 Posts: 10,587 Forumite
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    edited 14 May 2018 at 9:03PM
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    Georgedunn wrote: »
    Completely agree, however I did also want to enjoy earning decent money while I was young i.e. spending it on nice cars however coming out of that phase now as I see how much is going out my account each month!



    so It will be a tough choice then won't it? House or fancy cars?? Can you live in a car and sleep comfortably and bring your girlfriend to sleep in your car e.t.c??


    You need to save for a rainy day, splashing the cash while you have it is unwise, you could lose your job tomorrow and where will that leave you? I hope you are saving for a pension as well
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • getmore4less
    getmore4less Posts: 46,882 Forumite
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    Georgedunn wrote: »
    Completely agree, however I did also want to enjoy earning decent money while I was young i.e. spending it on nice cars however coming out of that phase now as I see how much is going out my account each month!

    that's because you took on debt, which is what a lease, mobile contract etc. are, to have the lifestyle.

    The sensible way is to save and then buy with cash so there is no ongoing commitment to generate income.

    With £20k basic that should be where you target regular living costs like fuel for a car.

    House is an exception to that rule as you need somewhere to live and long term they work out OK.
  • westernpromise
    westernpromise Posts: 4,833 Forumite
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    csgohan4 wrote: »
    so It will be a tough choice then won't it? House or fancy cars?? Can you live in a car and sleep comfortably and bring your girlfriend to sleep in your car e.t.c??


    You need to save for a rainy day, splashing the cash while you have it is unwise, you could lose your job tomorrow and where what that leave you? I hope you are saving for a pension as well

    You can sleep in your car, but you can't drive your house. I'd go for the car.
  • Georgedunn
    Georgedunn Posts: 27 Forumite
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    Just by way of update:

    Negotiations were very productive and have concluded.

    My mortgage offer has been extended until mid December so plenty of time to complete.

    Thanks for all helpful inputs, advice thoroughly taken on board and will bear in mind for future.

    For those of you who felt the need to personally email both myself and my father, I would advise you spend your time being more productive. Learning curve for us all.
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