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Car payments are ruining our lives - BBC

Discussion in 'Motors' started by teaboy5, Jun 29, 2019.

  1. teaboy5

    Soldato

    Joined: Jan 12, 2006

    Posts: 5,421

    Location: NI

    Was reading this https://www.bbc.co.uk/news/business-your-money-48776454 and just thought to myself she is really trying to blame the finance company for her own daughters inability to use a calculator.

    To me to stinks of the daughter who was at her first year of uni wanting to own a car she clearly could never afford. Like jesus christ a £300 deposit and £329 a month for a second hand A1.

    I wonder when people who blame companies like this will look at their bank account and "You know what, I can't afford this, so some 2k car would better suit me" instead of "O must get a new/newish car so I can be as cool as my friends"
     
  2. Maundie

    Mobster

    Joined: Oct 20, 2010

    Posts: 2,500

    Always someone else's fault, surely she should take some responsibility rather than blame the company that gave her the 'loan'
     
  3. paradigm

    Caporegime

    Joined: Aug 26, 2003

    Posts: 35,025

    Location: Staffordshire

    Quite. The figures will have been spelled out in black and white before the moron signed for it. It's hardly come as a surprise that the total agreement will cost £20,000~. Accept the fact that you've not taught your children the value of money or basic money management skills.
     
  4. TNGL

    Mobster

    Joined: Jul 2, 2010

    Posts: 2,505

    A pretty stupid decision from her at the outset. A student with a part-time job and £329 per month going out on a car payment - not clever.

    I bet she ran the decision through her parents too and so I have little sympathy for them.

    I get the argument that somebody, somewhere along the line, probably should have told her you're not going to be able to afford this car. However, she was at least 18 years old and should have been able to make a decision herself.

    Moronic.
     
  5. Joeyuk

    Gangster

    Joined: Feb 1, 2017

    Posts: 295

    Yep seems that way. I hate reading stories like this when people blame everyone else for a problem that was clearly their own making. Also don't understand going to the press about it, you've not been conned or anything and all it does is make then look stupid.
     
  6. IAmATeaf

    Soldato

    Joined: Apr 3, 2007

    Posts: 7,003

    Location: South of the Watford Gap!

    Stupid is as stupid does springs to mind. Wonder what her original figure was after being persuaded ?

    Have to be honest, willing to spend creep does, certainly starts to creep in whenever I’ve changed cars but I always make sure I can afford it. I myself started with 16k is my max but ended up spending close to 24k.
     
  7. DereksDontRun

    Hitman

    Joined: Oct 23, 2013

    Posts: 907

    I read that earlier and was similarly rolling my eyes at them blaming others for the lack of basic maths skills... part time job + student doesn't usually equate to £300/month car loan. Is it keeping up with the Jones, or just wanting to show off with something they shouldn't (and obviously can't) afford, or spoilt kid and parents just don't want to say no to her?

    All these loans have a 14 day cooling period, so it's not like they can complain that they didn't get time to think about it and were pressured by the seller.

    Next it will be someone complaining they've been caught modifying a pcp car against the t&c, or that they're unable to drive over speed bumps due to lowering their car too much... Is it a lack of common sense, or an inability to take ownership for their actions?!?
     
  8. edscdk

    Soldato

    Joined: Jul 17, 2008

    Posts: 6,760

    its amazing how many people only see the monthly figure and are not worried about the number of months
     
  9. kirkster

    Hitman

    Joined: May 14, 2007

    Posts: 806

    Location: Newark, Nott's

    A moronic culture of keeping up appearances, to be seen as well-off and aspiring to things that are well above their station. We are a pathetic country for this.
     
  10. edscdk

    Soldato

    Joined: Jul 17, 2008

    Posts: 6,760

    I know I'm tight but I felt sick signing a £300 a month 17k agreement when it's only 10% of my monthly income..
     
  11. mjt

    Capodecina

    Joined: Aug 31, 2007

    Posts: 17,970

    My £20k bank loan is on £300 repayments and that's probably about the same amount of my net income as well. F doing anything like that on anything other than a (relatively) well-paid, stable job. Idiots.
     
  12. Stephanie Peterson

    Hitman

    Joined: Jan 9, 2019

    Posts: 887

    This really boiled my piddle as well, i had to go take a quiet minute to myself in order to calm down.
    Stupid bldy self entitled idiots trying to blame everyone else but take responsibility themselves - quite the modern way.
     
  13. Nasher

    Capodecina

    Joined: Nov 22, 2006

    Posts: 15,212

    People paying ridiculous money to finance nothing special seems to be pretty common. Lots of idiots about.
     
  14. Dis86

    Capodecina

    Joined: Dec 23, 2011

    Posts: 22,151

    Location: Northern England

    Thing is, it's massively common. I was talking to some of the gents at work and it was a revelation that they're all mortgaged to the hilt! When I bought my place, the deal was that we bought somewhere that myself or my partner could afford to keep on our own with the lowest income. That way should one of us every lose our job or fall ill we're still safe.
    I just cannot see the logic in having a mortgage that takes a massive chunk of your income and then spend huge amounts of your income on other fixed payments. What if something goes wrong?!
     
  15. Stephanie Peterson

    Hitman

    Joined: Jan 9, 2019

    Posts: 887

    The problem is status, thats what a lot of folk are driven by.
    Big fancy house, big fancy car, posh clothes...
    Its all to look good, try and pretend to be further up the food chain than they are. Gives me a good laugh though.
     
  16. DeanT77

    Wise Guy

    Joined: Oct 2, 2011

    Posts: 1,120

    Location: Wodensbyri

    That article is trash, it doesn't even say how much the vehicle *should* cost but talks about finance costing £20k total.

    Secondly, the financial ombudsman are about as useful as a chocolate teapot from my experience - I was mis-sold a car based on the spec/model and they deemed £500 was significant compensation.
     
  17. naefeart

    Wise Guy

    Joined: Jul 26, 2004

    Posts: 2,444

    Location: Aberdeen

    We now live in a culture where everything is bought on the tick. People want what they can't afford, they want it immediately and no-one wants to save first.

    What compounds issues is that the market is lining up to sell to these people... Don't understand 'APR' or how to workout compound interest? No problem, you probably can't afford this anyway but we can just extend the term...

    I won't say that I don't use finance, I have a mortgage so obviously I do, but I understand the basics; my income and my outgoings. In this case I think the parents were wrong on two counts - one for paying the girls debts (having not dragged her back to the garage within the cooling off period when they first saw the car) and second, for moaning to the BBC. I mean, really?
     
  18. DereksDontRun

    Hitman

    Joined: Oct 23, 2013

    Posts: 907

    mortgage is a little different tho - as it's hopefully an accruing asset, instead of a car which is pure depreciation. I know people that have been "advised" that for their 1st home they should basically stretch themselves as much as possible and go for near to the max mortgage they can borrow. With the thought that if houses all increase by a % then the higher you have to start with, the more it will gain over the same term. Also, youngsters getting their 1st house are likely to be at the start of their career ladder and should soon have pay increases to help.

    No, I'm not advocating it, but I understand the perverse logic. But any (normal) car, realistically, is a money sink & status symbol - we all could manage with an older, slower, less bling car, but the majority dont. it's human nature to want to treat yourself - but inteligence keeps it within your means... part time job + student does not equal £300/month pcp - anyone with even basic maths should be able to work that one out.
     
  19. d_brennen

    Capodecina

    Joined: Jan 30, 2009

    Posts: 15,371

    Location: Aquilonem Londinensi

    When I was 18, I went and paid cash for the banger I wanted. Zero sympathy
     
  20. Mr.Cookie

    Wise Guy

    Joined: Oct 21, 2002

    Posts: 1,446

    Location: HR 7047


    bang on :)