Without adding fuel to a non existant fire but if you are happily able to save £1000 a month and spend £20k on the car and have a work van for work then surely you could be looking at something much more impressive than a Scirocco. By the sounds of it you are financially capible of owning most cars on the road with those sorts of figures.
Car Finance
- Thread starter blairw
- Start date
![[TW]Fox](/data/man-of-honor/2009.png){kind=avatar}
The ability to save up to £1000 is limited by many things though, including;
- My current use of a work van is not part of my job role and is a something afforded to me on a temporary basis (has been for the last year and a half and there are no moves to remove it any time soon)
- The continued living at home.
- Having no flexibility in my spending
I have been saving monthly for the last few years, it hasnt always been such a high figure, but combining savings, money from shares and being fairly wise with purchases this is the figure I have arrived at.
At this moment in time I have been saving around 500 a month, with move to 'full wage' coming in september, I take a large jump up. Living my life in the same way I currently do, I could reach that 1000 mark most months.
Frankly i find my choice of car here to be good, I don't think id be a fan of REALLY splashing out, to then have a change in circumstances (mortgage, holidays etc) mean I have to sell up and downgrade.
Edit/
Got it in one there Fox, cheers!
- My current use of a work van is not part of my job role and is a something afforded to me on a temporary basis (has been for the last year and a half and there are no moves to remove it any time soon)
- The continued living at home.
- Having no flexibility in my spending
I have been saving monthly for the last few years, it hasnt always been such a high figure, but combining savings, money from shares and being fairly wise with purchases this is the figure I have arrived at.
At this moment in time I have been saving around 500 a month, with move to 'full wage' coming in september, I take a large jump up. Living my life in the same way I currently do, I could reach that 1000 mark most months.
Frankly i find my choice of car here to be good, I don't think id be a fan of REALLY splashing out, to then have a change in circumstances (mortgage, holidays etc) mean I have to sell up and downgrade.
Edit/
Got it in one there Fox, cheers!
[TW]Fox;18674113 said:
I was thinking something still in warranty. 330i with an extended warranty and Vauxhall were chucking out Insignia VXR's cheap the other month.
It was just a suggesting that if I had £20k + £1k per month I don't think I'd be buying a Scirocco however I would still be looking for something sub 3 years and with a warranty.
Was mearly something to ponder, especially as £20k on a car is a fair wack.
Very open to suggestions on cars, I'm not going to be purchasing till after summer like I said and I plan on taking my time and test driving everything I can.
My mate just got a cracking deal on the Fabia VRS and while I do like the Polo, having this money behind me has allowed me to make another step up.
My mate just got a cracking deal on the Fabia VRS and while I do like the Polo, having this money behind me has allowed me to make another step up.
Call me over cautious but i think being encouraged to do this is dangerous advice given my reading of your financial situation. If i am reading you correctly you are "only" managing a surplus of £1000pcm based on curbing expenditure to an absolute minimum, living with your parents, and using a work vehicle for transport at no cost to yourself;
This is not a huge surplus, and i think you are miles from the mark whereby i would ever have thought you should be considering using those savings to buy a car. You should buy something a lot cheaper, and continue to save whatever you can to add to this. You will want this money at some point and will regret overspending on a car like this while in this financial position. Put the £20k cars on ice for a few years until you are in a better position financially, i believe you will regret it if you do not.
This is not a huge surplus, and i think you are miles from the mark whereby i would ever have thought you should be considering using those savings to buy a car. You should buy something a lot cheaper, and continue to save whatever you can to add to this. You will want this money at some point and will regret overspending on a car like this while in this financial position. Put the £20k cars on ice for a few years until you are in a better position financially, i believe you will regret it if you do not.
I would tend to agree with Jez's analysis of the situation.
Your circumstances could change significantly and your ratio of disposable income (which you choose to save) to mandatory expenditure is exceptional due to your circumstances. If your circumstances changed where you had to pay rent/bills/etc you would be unable to maintain your savings rate and might even struggle with the finance repayments.
It would be my recommendation to spend a modest amount of your savings on a nice car and keep on saving for a house deposit or a rainy day.
Your circumstances could change significantly and your ratio of disposable income (which you choose to save) to mandatory expenditure is exceptional due to your circumstances. If your circumstances changed where you had to pay rent/bills/etc you would be unable to maintain your savings rate and might even struggle with the finance repayments.
It would be my recommendation to spend a modest amount of your savings on a nice car and keep on saving for a house deposit or a rainy day.
Sorry yes those figures are for at the moment, I am finishing in september moving to full wage at that time. I don't really want to get deep into my personal finances as it is fairly private stuff but yes there is always a consideration for buying a 10k car outright, keeping 10k of the money and having no monthly payments at all on the car.
Another option is to wait a year, I am in no pressing rush to buy a new car, I have a car that it in fairly good nick, cost 150 to get through its mot the other week including 2 tyres and has not really skipped a beat since I got it 2 years ago.
Overall I am really just looking for advice in this thread and I thank you all for giving it, I don't in any way wish to rush into anything
Another option is to wait a year, I am in no pressing rush to buy a new car, I have a car that it in fairly good nick, cost 150 to get through its mot the other week including 2 tyres and has not really skipped a beat since I got it 2 years ago.
Overall I am really just looking for advice in this thread and I thank you all for giving it, I don't in any way wish to rush into anything
I can do nothing but commend you for just how sensible an approach you are taking, blows many other threads out of the water IMO.
There is more than one way to skin a cat but in these austere times and with the housing market the way it is, I would be (and indeed am!) looking to build as big a nest-egg as I can as fast as possible...
Believe me mate, I will be having a huge stress on a purchase like this until the point when I sign the dotted line. As ive said previously, I could always wait a year to make sure I get exactly what I want, luckily that is the kind of position I am in, a mix of a good career, great parents and being fairly laid back helps!