Take out finance or save up and just buy outright
Discussion
DJP said:
lauda said:
And where do you live whilst you're saving for the house?
Well, back in the day, one was something of a young entrepreneur and saved plenty of money while living with Mummy and Daddy.I then bought my first house, sans mortgage, and saved for my next property whilst living there...
Can be done, y'know.
Nice of them to not charge you rent while you were living there
DJP said:
lauda said:
If living at home with your mum and dad whilst a working adult is a desirable, or indeed, available, option.
And, if you ain't, can you really afford to rent a car on finance?In addition to your other living expenses.
mp3manager said:
Nervasport said:
ikarl said:
Why do you keep saying meggy?? What's a meggy?
Short for megane
I save up for the things I buy, including the house, only a mug pays interest.
It might be nice to be in a postion to be able to save enough to buy a house without a mortage, but lets not pretend it's an option to the majority of people.
To suggest that everyone with a mortage is a mug marks you out as a ****
M1KEY said:
Good to see all the usual balanced responses to borrowing on PH. Of course everyone on here pays for everything cash!
As a more real world example you can borrow £5000 from Tesco over 3 years and repay £5440. That's costing you £12 a month not to have to wait and save!
Exactly. Make sure that you can get out if you have to where's the problem?As a more real world example you can borrow £5000 from Tesco over 3 years and repay £5440. That's costing you £12 a month not to have to wait and save!
DJP said:
Shaoxter said:
Ah yes... bank of mummy and daddy
Nice of them to not charge you rent while you were living there
LOL! Nice of them to not charge you rent while you were living there
The politics of envy is writ large on this thread.
I'll bet your rented car is worth more than my owned one.
And doubtless your rented house, too.
As always with these topics it's going off course and discussing the merits of renting/buying properties
DJP said:
lauda said:
Sorry, not sure I follow your question. I thought we were talking about the viability for most people of buying a house outright.
I wasn't asking one, we were talking about whether the OP should get a car loan or not...He's already said he can afford the payments so why shouldn't he? Oh yes, because getting back to where we started all this, anyone who pays interest is a mug. And off we go again, round in circles...
DJP said:
xRIEx said:
He rents of course. That way he's not paying interest.
DJP said:
Well, back in the day, one was something of a young entrepreneur and saved plenty of money while living with Mummy and Daddy.
I then bought my first house, sans mortgage, and saved for my next property whilst living there... and so on.
Can be done, y'know.
Ahem.. I then bought my first house, sans mortgage, and saved for my next property whilst living there... and so on.
Can be done, y'know.
M1KEY said:
Good to see all the usual balanced responses to borrowing on PH. Of course everyone on here pays for everything cash!
As a more real world example you can borrow £5000 from Tesco over 3 years and repay £5440. That's costing you £12 a month not to have to wait and save!
QuiteAs a more real world example you can borrow £5000 from Tesco over 3 years and repay £5440. That's costing you £12 a month not to have to wait and save!
And you'll possibly save that £14 in running costs on a newer car.
Finance isn't the devil that some think, as long as it's used properly and in the right circumstances.
There are lots of cars available at 0%, that's less than inflation so you actually pay back less than you borrowed in real terms. No brainer if you want a new car.
To the people boasting about buying houses cash that would be impossible here even over say 5 years unless you were earning £150k+/year and lived in hovel like a hermit and then why would you sacrifice life for a mediocre house when you could easily afford the mortgage on a beautiful home and enjoy life. The same logic is why I borrow for cars, I like new things, I can afford the interest (barely above inflation) and the depreciation so why not?
To the people boasting about buying houses cash that would be impossible here even over say 5 years unless you were earning £150k+/year and lived in hovel like a hermit and then why would you sacrifice life for a mediocre house when you could easily afford the mortgage on a beautiful home and enjoy life. The same logic is why I borrow for cars, I like new things, I can afford the interest (barely above inflation) and the depreciation so why not?
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