MK2 Octavia VRS

MikeHiow said:
How do you suggest I do that?

House costs £xxx,xxx

Mortgage Lender requires xx% of that for a deposit

I need that £5k to reach that xx%.
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Missed the part where you stated that the £5k was capital required for property.

The vRS is fine, but it's no Golf GTi. It's faster, cheaper, bigger and the ride is better, but it's still a Skoda!

Check out this quote from Jeremy Clarkson:

'Of course when all is said and done it’s a Skoda, which is fine for the working class, who don’t care what people think. And the upper class, who also don’t care what people think.

That’s the worst thing about being middle class. The snobbery. The need to come across as being cleverer and richer than you really are.'

I'm exactly the type of person he's talking about! :(
 
MikeHiow said:
No, that £5k is required to reach the minimum required deposit, simple as that.
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Thats what I mean - as you said, they want a certain percentage deposit in order to lend you money. If the 5k is make or break, you're obviously going to be within a few percent of that minimum - not somewhere I'd want to be personally
 
MikeHiow said:
No, that £5k is required to reach the minimum required deposit, simple as that.
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How did you not know this only 3 months ago when you decided to make a major financial commitment and buy a car like yours?

Its not the sort of thing you wake up randomly and think 'I know, I'll buy a house today!' and if its on the horizon buying a really expensive car seems an odd decision!
 
[TW]Fox;16350071 said:
Its not the sort of thing you wake up randomly and think 'I know, I'll buy a house today!'
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That's exactly what we did when we bought our house. My then girlfriend and I woke up, went for a walk and it came up in conversation. The next day we went to an estate agent's. Three weeks later we'd put in an offer.
 
I'm not one to care too much what people think of me, I'd happily drive a fastish Skoda. What I do care about is having a car that is respectable.

Iain, why would should I not want to be there? In a time where minimum deposits are generally around 20%, why would I want to be putting more down than is required as a deposit? I'm a 23 year old first time buyer, who has only been working in a professional capacity for a few years, and already been set back by the "credit crunch" hitting shortly before reaching my original 10% target on a small house for a single male, as well as requiring a bigger house now.

Fox, 4 Months ago now, when I was first looking for STs, I was having troubles mortgaging the type (price range) of property I wanted and it looked like it was well over a year away before I would be in a position to do so.
 
stoke1863 said:
Sorry to call you out but i guess thats why you bought a new Golf on scrapage? Care too much what people think of you? :D
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No, it's because they were one of the few manufacturers that were allowing internet broker discounts combined with the scrappage allowance, so I took advantage of the potential to own a nice new family car without taking the depreciation hit to the extent to which a purchase like that would normally be subject.
 
A few reasons that I can think of - firstly, interest rates seem to be a lot higher when you get close to the maximum LTV. Do a few quotes, but you might find that selling the car and buying something for 5k, to release about 8k might make you a LOT better off day to day.

Secondly, if you ever wanted to borrow extra money further down the line for home improvements or the like then you'll struggle if you're close to the maximum. Santander for example will give you a 3/5 year loan from 5k upwards at the same rate as the mortgage - this is obviously very favourable when compared to normal unsecured loans. However, if the extra borrowing would push you over the LTV limit then you wont be elligible. They take current market value of the property into account when doing this and not purchase price - although the market is beginning to recover, it's still a bit flaky so this could also push you over the LTV without any additional borrowing.

Anyway its your money, your choice - I'm not here to tell you what to do with it. But do bear in mind your priorities WILL change significantly when you get your own place and by making a small sacrifice on the car now (which will seem even smaller when you move), you could find yourself in a much nicer position for the years to come
 
MikeHiow said:
I would certainly consider something for £5k, but I really cannot find much I like for that sort of money.
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As I said, just think about where your priorities are now and where they might be in a few years time - when you will still be paying for the decision.

2 years ago, I was in exactly your position - I was 23 and looking to make my first purchase, so hopefully my experience can be of use. £5~£6k still buys plenty of nice metal, it might be a step down, but that's my point
 
I have no issues with taking a step down, but it needs to be a car I like, and that I'd appreciate owning.

The closest I've found to that and £5k is a localish LCR for £6k.
 
I made the decision to step down before I moved and ended up with my old Mondeo. I felt pretty bad about the decision as I really loved the car I had before and the Mondeo was really dull in comparison. But after I moved, the car became second on my list of priorities and really turned into a tool for transporting stuff from B&Q and to the tip.

Took nearly 2 years to get bored of it after that, if you had told me after I bought it that I'd end up keeping it for 2 1/2 years, I wouldnt have believed you. You may be different, but it does happen

An LCR would be much better than the VRS - ticks the financial boxes and is much more similar to your ST. The ST170 is worth a look, although probably lacking a bit of grunt for you, it's still a very rewarding car. Or there's the classic OcUK suggestion of 330ci
 
I've considered a Saloon 330 Sport, and still check autotrader every few days, but I've come to the conclusion that there isn't really much out there that really ticks all the boxes, much less for £5k. Except perhaps this one if I ignore my facelift prerequisite, but then, there is just something about the advert that doesn't quite seem right, although that could just be their awful photography skills.
 
A tidy mk1 Octavia vRS would be much cheaper and most likely be in much better condition than a mk2 for £7k IMO and extra cash when buying a house can only be a good thing. They do feel dated inside and use cheaper materials compared to their younger brother though, having said that a bottom of the pile mk2 probably won't have climate which was standard on the mk1.
 
[TW]Fox;16350071 said:
How did you not know this only 3 months ago when you decided to make a major financial commitment and buy a car like yours?

Its not the sort of thing you wake up randomly and think 'I know, I'll buy a house today!' and if its on the horizon buying a really expensive car seems an odd decision!
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FFS - Why don't you talk about the merits of a VRS or butt out?

I'm interested in a VRS too, but trying to read this thread is impossible with your bitching.
 
Mr.Pink said:
FFS - Why don't you talk about the merits of a VRS or butt out?

I'm interested in a VRS too, but trying to read this thread is impossible with your bitching.
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I've already given my opinion on the vRS. It's a Golf GTI, but softer. This thread is about the merits of a £7k vRS, of which there are not many. If you've got a bigger budget, perhaps start a thread of your own where you'll get advice tailored to your circumstances.
 
Come on Fox, pull that stick out of your arse. If I'd posted up saying I had a budget of around £8k there would have been no issue. I've said several times already, there are loads at £8k, and I'd consider stretching that far for the right car - but no extra useful information has appeared about the car.

I think what it really is, is a lot of people just don't really know much about the car, but being OCUK motors, simply sitting this thread out isn't an option for many :)
 
I have to agree people when they say sort out your priorities.

A few years ago myself and a friend landed a job at the same place which paid very well. Soon after I bought my first house and realised that running any sort of performance car would be a stretch, so I drove something bland. My friend on the other hand decided against getting a house and went down the performance car route, and 3 years down the line still lives at home, but drives car worth 20k.
 
Slightly late to discussion - but I thought I would chip in to the price issue from the top of the thread.

There is a large batch of mk2 vRS's on the market imported by some cheapskate dealer from Ireland or Cyprus that don't meet UK spec. You will easily spot them in classifieds as they all have "washing machine knob" style manual air con instead of digital dual zone climate control all UK vRS's were equipped with. Some of them are also missing other options - such as, depending on year, full maxidot, tyre pressure sensors etc. Because of that they often fetch prices below the book and constantly change hands because the owners very quickly get annoyed with missing features everyone else has.
 
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