car 15k?

[TW]Fox said:
Do not take out a 4 year old loan in your circumstances.

Seriously dude, don't do it.

You are a Uni student and the only 'guarantee' with your financial circumstances is that you'll earn between £10k and £15k next year. Thats it. The year after that, you are a full time student again, the year after that, who knows? You might walk into a £32k graduate job, or you might sit on Job Seekers Allowance or working at McDonalds.

You just DONT KNOW - so do NOT commit to any large financial commitments until you do.

I know, I know, you want a posh flash car. I do as well, and I intend to spend my placement money on it but the way to do it is to make sure that the day you finish your placement, you owe nobody any money. That means borrow money, sure, but only enough that you can repay it before you finish your placement job.

You'll seriously regret it if you end up finishing uni in 2008, unable to find a job, with £15k of car-debt around your neck as well and a car thats not worth the amount you owe on it.
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also the OP doesnt specify if he's taking home 10 to 15k next year, or earning that pre-tax. if hes living at home or if hes got other expenses. if he pays his own way through uni etc. as you are bound to have other debts at uni as well unless you are very very lucky.
 
Stuff the car, you're at Uni so go out and spend the money on enjoying yourself. You can get a flash car when you graduate and walk into that £50k job (that *is* what graduates expect these days isn't it ;))
 
eidolon said:
Stuff the car, you're at Uni so go out and spend the money on enjoying yourself. You can get a flash car when you graduate and walk into that £50k job (that *is* what graduates expect these days isn't it ;))
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Damn right, theres plenty of fun to have at uni that doesn't involve cars :p :D
 
My first car was an orange Austin Allegro 1.3 HLE. I think the HLE stood for Hi-Lux Edition. Someone at Austin Rover had a sick sense of humour.

I had to bang parts of it to make things like the speedo & lights work. Funny & quite charming at first, but after a while you get fed up of banging the same part over and over again so much like the gf I had at the time - it had to go.

You guys don't know you're born. None of my mates (and none of them were stupid) managed anything more than an absolute shed as their first car, university or not.
 
Jees, admittedly i won't be doing a placement year at uni, but I'm having to really think about spending 1k on a car for next year and that's only assuming i can get a full time job over the summer. You're gonna comeout of uni with enough debt as it is, please don't lumber yourself with 15k more for a car, it's just not worth it.
 
You'd be surprised at how quickly money goes

Say a salary of £12k pre tax. This gives you a little over £800 pm

Expenses: (all assuming sharing with four people & splitting costs)

Rent: £250
Broadband: £10
Electricity: £10
Gas: £5
Food: £120
Water: £7
Sewage: £5
TV License: £2.50
Mobile phone: £30
House Phone: £5

Leaving: £355.50

This has to pay for going out, car loan repayments, car fuel and insurance
 
The thing is im living at home in uni and dont have many out comes apart from phone,clothes (which takes up most of my income already), petrol and hifi equipment(which ive finished spending on) and thats it.

I use my car so often as i commute to uni and work everyday (not necessarily work everyday but most). So i would like a nice comfortable car so use. i currently have 1.2 clio Y reg which is ok on fuel economy, however im getting bored and had it for 3 years.

As ive said when i go back to uni i will be working again getting a reasonable mount of money a month plus what ever i earnt from gap year to pay for the car.
 
I know, my circumstances are exactly the same as yours thats where the cash for my nice 5 Series or whatever is coming from but one thing you do NOT have however much you think you do is any security. You HOPE to be working again when you go back to Uni but there are no guarantees you will or how much you'll get, so you'd be daft to finance a car at this stage in your life.

Once you finish uni, sure, take out a 3 year loan, but whilst you are where you are now the maximum you should consider if you are thinking straight is a loan which you can have paid off, IN FULL, by the time you complete your placement.
 
i will definatly be working even if i dont get a car in my gap year i will spend the money on clothes and wont be able to afford my self when i go back to uni so i will be getting a job. If i ever get into problems im sure my rents would help me out. It could be possioble go back to where im working now and know how much i shall be getting month etc.
 
Seat leon tdi 150 cupra/fr quick but cos it a diesel the insurance will be ok Group 8 i think 12K will get you something a year old
 
Chabsy said:
Seat leon tdi 150 cupra/fr quick but cos it a diesel the insurance will be ok Group 8 i think 12K will get you something a year old
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Thats a lot of money to spend on a Seat, especially as he says he wants something flash.

Besides, something that won't depreciate will be useful when he realises that his plan to get a job right after Uni didn't quite work out and he desperately needs to sell whatever it is he bought :p
 
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