130i... can I justify it?
Discussion
Lets set the scene... I'm 22 and will be finishing my degree in a couple of months. I'm an absolutely enormous petrol head (like everyone on here I'm sure), however never actually owned my own car. The sensible part of me has always got in the way of actually buying anything, although I have been insured on various other peoples vehicles and probably driven more cars than your average Joe does in their whole life, from a 911 and Gallardo, to an Aygo and Suzuki swift driving the coast of Croatia. Thinking back I'm not sure how I've managed it, I must just be a bit crafty.
Anyway back to the point, in a couple of months I will be in the position when I will be buying my very first car, as you can probably imagine this is a pretty big deal for me. I've whittled it down to a few options and although I've got lots of experience in choosing a car I will enjoy, actually knowing whether I can afford those options is very difficult as this is something I have no experience of what so ever.
I've created this account as I want to write some pretty personal information which I would prefer to be kept anonymous for obvious reasons.
The options are:
130i (Around £7k-£8K) - Ultimately I want to own this car at some point, not so much a yes or not but a when is what I'm looking for. The reason being I don't think any other car has the practicality (just me and the ball and chain most of the time) plus the pure driving experience of RWD, N/A 3.0 straight 6 and BMW handling.
Seat Ibiza Cupra TDI with remap (Around £3.5K-£4.5K) - The idea behind this being I need something cheap to run for a year to then afford the 130i. I know I will get dissatisfied with a bog standard cheap runner and grow to hate it which I really don't want to happen. I'm going to be doing around 10K-12K miles a year so cheapest motoring will need a diesel, and if I'm going to be going with a diesel I may as well get one that's going to be relatively quick.
I'll have around £4k saved up to make a purchase and will probably be able to scrape a little more together if needed for the Ibiza without having to get finance.
Insurance (I know it's cheap for my age, I won't go into it this is due to several personal circumstances)
BMW - £750ish
Ibiza - £650ish
Money Calcs
Ultimately my monthly take home will around £1400ish after tax, NI and student loan.
Bills including rent, council tax, water, electricity, gas, phone etc etc etc will be around £500/month which leaves me with £900.
Options: - Pay £4000 and take out £4000 on finance to pay for the 130i over 2 years and approx £185/month including interest.
- Buy the Ibiza, run for a year and buy the 130i once saved up.
I suppose what I'm asking is for some sound eyes to look over the above and tell me if I'm being stupid with getting the 130i partly on finance, or possibly even the Ibiza is stupid and I should be getting a Ka?
If you've read this far, first of all wow, but also thanks, and your opinion would be very much appreciated.
Anyway back to the point, in a couple of months I will be in the position when I will be buying my very first car, as you can probably imagine this is a pretty big deal for me. I've whittled it down to a few options and although I've got lots of experience in choosing a car I will enjoy, actually knowing whether I can afford those options is very difficult as this is something I have no experience of what so ever.
I've created this account as I want to write some pretty personal information which I would prefer to be kept anonymous for obvious reasons.
The options are:
130i (Around £7k-£8K) - Ultimately I want to own this car at some point, not so much a yes or not but a when is what I'm looking for. The reason being I don't think any other car has the practicality (just me and the ball and chain most of the time) plus the pure driving experience of RWD, N/A 3.0 straight 6 and BMW handling.
Seat Ibiza Cupra TDI with remap (Around £3.5K-£4.5K) - The idea behind this being I need something cheap to run for a year to then afford the 130i. I know I will get dissatisfied with a bog standard cheap runner and grow to hate it which I really don't want to happen. I'm going to be doing around 10K-12K miles a year so cheapest motoring will need a diesel, and if I'm going to be going with a diesel I may as well get one that's going to be relatively quick.
I'll have around £4k saved up to make a purchase and will probably be able to scrape a little more together if needed for the Ibiza without having to get finance.
Insurance (I know it's cheap for my age, I won't go into it this is due to several personal circumstances)
BMW - £750ish
Ibiza - £650ish
Money Calcs
Ultimately my monthly take home will around £1400ish after tax, NI and student loan.
Bills including rent, council tax, water, electricity, gas, phone etc etc etc will be around £500/month which leaves me with £900.
Options: - Pay £4000 and take out £4000 on finance to pay for the 130i over 2 years and approx £185/month including interest.
- Buy the Ibiza, run for a year and buy the 130i once saved up.
I suppose what I'm asking is for some sound eyes to look over the above and tell me if I'm being stupid with getting the 130i partly on finance, or possibly even the Ibiza is stupid and I should be getting a Ka?
If you've read this far, first of all wow, but also thanks, and your opinion would be very much appreciated.
If cars / motoring are your primary hobby, then take the budget a 'normal person' would spend on a car for transport.
Then add the budget you allocate each year to your hobby. Add the two together and you have your car budget.
No different from those who drive a cheaper car, as it's just transport, but commit their money to designer clothes / handgliding / clubbing / eating in nice restaurants each weekend.
You'll only mess things up if you realise that actually designer clothes / handgliding / clubbing / eating in nice restaurants each weekend at £400/mth is a hobby you thought you could live without, but actually you don't want to. Then the car is a dead weight hanging around your neck or you'll do both and end up in financial strife.
So only you can work out what you want to afford on a car.
Then add the budget you allocate each year to your hobby. Add the two together and you have your car budget.
No different from those who drive a cheaper car, as it's just transport, but commit their money to designer clothes / handgliding / clubbing / eating in nice restaurants each weekend.
You'll only mess things up if you realise that actually designer clothes / handgliding / clubbing / eating in nice restaurants each weekend at £400/mth is a hobby you thought you could live without, but actually you don't want to. Then the car is a dead weight hanging around your neck or you'll do both and end up in financial strife.
So only you can work out what you want to afford on a car.
2 grand car, stick the rest somewhere to earn a bit of interest, save as much as you can and look at something like http://www.pistonheads.com/classifieds/used-cars/b... in a years time ?
Crafty_ said:
2 grand car, stick the rest somewhere to earn a bit of interest, save as much as you can and look at something like http://www.pistonheads.com/classifieds/used-cars/b... in a years time ?
For sale Privately, in Essex, custom tuned...
trunk mounted water/meth kit...
Dual cone induction...
rolled rear arches for the wide wheels...
HID’s with projector side lights...
black carbon roof wrap...
rear tinted windows...
BMW satin black wheels...
Full white LED interior lighting...
Contact Barry full details
There's a thread somewhere about 'adverts that put you off a car' - this ad has my radar lit up like a Christmas tree
Changing a car after a year to then buy the 130i will end up costing you more in the cost to change --- you'd be exceptionally lucky to end up better off
Also it might be cheaper to borrow the £8k over the £4k due to the lower apr you'd have on the £8k. Leave the £4k in a good ISA job done.
Also it might be cheaper to borrow the £8k over the £4k due to the lower apr you'd have on the £8k. Leave the £4k in a good ISA job done.
I'd also budget for something going wrong. I bought my Golf GTI as my first car in seven years after going to uni and moving to London. Did the maths and on paper it was all perfect. Paid insurance (£1500 because of no ncb and area!), put aside a bit for next years insurance each month, etc...
Then the car failed it's MOT on lower suspension bushes just as my tennancy came to an end- I had to find a deposit and I'd just dropped a couple of hundred on tyres. Didn't quite kill me but was definitely squeaky bum time for a bit. I guess I'm saying don't leave yourself financially exposed.
Re:finance. I got a 0% purchases c/card, racked up all my normal shopping on that and kept my cash in the bank. I've just transferred the remainder to a new 0% balance transfer card (which I cut up when it arrived) for a couple of years for a £90 fee. If you must go into debt, credit cards are looking much cheaper than loans right now!
When I look at changing cars (which is almost the fun bit) now I work out the cost of 10'000 miles petrol, depreciation, servicing, brake pads/discs, tax, finance, 3 tyres, insurance and everything else I can think of over 12 months which gives me a depressingly large number I can then deal with.
If you have a shed and change the brakes/oil/whatever yourself people will view it as a bonus. If you do the same to your 130i with its now empty logbook because you couldn't stretch to dealer servicing it'll look quite different.
Then the car failed it's MOT on lower suspension bushes just as my tennancy came to an end- I had to find a deposit and I'd just dropped a couple of hundred on tyres. Didn't quite kill me but was definitely squeaky bum time for a bit. I guess I'm saying don't leave yourself financially exposed.
Re:finance. I got a 0% purchases c/card, racked up all my normal shopping on that and kept my cash in the bank. I've just transferred the remainder to a new 0% balance transfer card (which I cut up when it arrived) for a couple of years for a £90 fee. If you must go into debt, credit cards are looking much cheaper than loans right now!
When I look at changing cars (which is almost the fun bit) now I work out the cost of 10'000 miles petrol, depreciation, servicing, brake pads/discs, tax, finance, 3 tyres, insurance and everything else I can think of over 12 months which gives me a depressingly large number I can then deal with.
If you have a shed and change the brakes/oil/whatever yourself people will view it as a bonus. If you do the same to your 130i with its now empty logbook because you couldn't stretch to dealer servicing it'll look quite different.
Edited by glazbagun on Sunday 1st March 12:14
I won't get into your finances, but I will add the following:
A) If you really want a 130i you're not going to enjoy a diesel Ibiza.
B) spending £7k on something you want is surely better than spending £4k on something you don't
C) you may plan to buy a 130i in the future, but life has a habit of changing your plans for you if you're not careful
D) 130is hold there value very well, so you're unlikely to lose out badly if you decide to get one but then your circumstances change and you need to bail
Ps until recently I owned a 130i and a golf tdi. I got rid of the golf as it was just painfully dull and I grew to hate it. I may never sell the 130i
A) If you really want a 130i you're not going to enjoy a diesel Ibiza.
B) spending £7k on something you want is surely better than spending £4k on something you don't
C) you may plan to buy a 130i in the future, but life has a habit of changing your plans for you if you're not careful
D) 130is hold there value very well, so you're unlikely to lose out badly if you decide to get one but then your circumstances change and you need to bail
Ps until recently I owned a 130i and a golf tdi. I got rid of the golf as it was just painfully dull and I grew to hate it. I may never sell the 130i
Defcon5 said:
What's so sinister about you having cheap insurance?
In any case, just get the 130i
It's not even cheap, compared to mine at his age!In any case, just get the 130i
But yes, you're right. Buy the 130i. Don't spend a large chunk of money buying something you don't really want, keeping it running, putting yourself through the hassle of selling it again, etc etc etc. Get the car you want, and it will be easily worth it if you're the enthusiast you say you are. It won't even be expensive to run, there aren't many common faults and you'd get 30mpg or more.
Get something cheap and cheerful for a year or two whilst you're setting yourself up and look to by something properly nice once you have a footing in the World. If you're literally just finishing Uni and starting a career you will have no idea how things may pan out with the job, house, relationships, etc.
Anyway, I don't really think a 130i is really special enough to seriously be justifying man maths and stretching finances. I doubt you're going to tell your grand kids that 40 years ago you owned a BMW hatchback.
Anyway, I don't really think a 130i is really special enough to seriously be justifying man maths and stretching finances. I doubt you're going to tell your grand kids that 40 years ago you owned a BMW hatchback.
Matt UK said:
Crafty_ said:
2 grand car, stick the rest somewhere to earn a bit of interest, save as much as you can and look at something like http://www.pistonheads.com/classifieds/used-cars/b... in a years time ?
For sale Privately, in Essex, custom tuned...
trunk mounted water/meth kit...
Dual cone induction...
rolled rear arches for the wide wheels...
HID’s with projector side lights...
black carbon roof wrap...
rear tinted windows...
BMW satin black wheels...
Full white LED interior lighting...
Contact Barry full details
There's a thread somewhere about 'adverts that put you off a car' - this ad has my radar lit up like a Christmas tree
glazbagun said:
279 said:
I doubt you're going to tell your grand kids that 40 years ago you owned a BMW hatchback.
In 40 years time admitting that you drove a 3.0 petrol for fun will be like casually mentioning you're an ex-Nazi and used to go out on the town with Gary Glitter in the 70's 
Defcon5 said:
What's so sinister about you having cheap insurance?
Check your sums on your estimated household bills - 500 quid all in seems very cheap!
In any case, just get the 130i
What about budget for:-Check your sums on your estimated household bills - 500 quid all in seems very cheap!
In any case, just get the 130i
Summer and winter holidays overseas
Gifts
Days out
Rolling repairs to the property
Clothing
Meals out
Ladies -
Thanks for the replies everyone, some very differing views but very valuable all the same.
It is a tricky one as I've never made a big purchase before and I'm a finance student which naturally makes me as tight as a camels arse in a sandstorm. On the one shoulder I've got the devil saying "just do it, life's for living" and on the other I've got the angel saying "are you sure this is a good idea or will you end up in a sticky situation", hmm..... decisions decisions.
I know the 130i isn't everyones cup of tea but I'm all about driving experience tbh, not really about the way it looks and I don't really see anything else that gives the all round experience that the 130i does for the money.
I should really talk to the old man but I know he will just tell me to stop being a plonker; he drives an R reg V70 R AWD, which is a cool car in itself and pretty rare, but he only got the R because I told him he had to when I was 14. Now he never takes it over 2500 rpm, and does this weird sitting forward thing when he over takes a tractor like its going to take him a while to recover from the lunacy he's just delivered. Whereas secretly I was hoping you guys would convince me in the other direction haha.
It is a tricky one as I've never made a big purchase before and I'm a finance student which naturally makes me as tight as a camels arse in a sandstorm. On the one shoulder I've got the devil saying "just do it, life's for living" and on the other I've got the angel saying "are you sure this is a good idea or will you end up in a sticky situation", hmm..... decisions decisions.
I know the 130i isn't everyones cup of tea but I'm all about driving experience tbh, not really about the way it looks and I don't really see anything else that gives the all round experience that the 130i does for the money.
I should really talk to the old man but I know he will just tell me to stop being a plonker; he drives an R reg V70 R AWD, which is a cool car in itself and pretty rare, but he only got the R because I told him he had to when I was 14. Now he never takes it over 2500 rpm, and does this weird sitting forward thing when he over takes a tractor like its going to take him a while to recover from the lunacy he's just delivered. Whereas secretly I was hoping you guys would convince me in the other direction haha.
Edited by anon12 on Sunday 1st March 12:46
Welshbeef said:
What about budget for:-
Summer and winter holidays overseas
Gifts
Days out
Rolling repairs to the property
Clothing
Meals out
Ladies -
You're right, I haven't included all the other indulgences but the way I see it the money left over is what I'll be using for all those bits. I probably need to have some time playing with spreadsheets to work all this out really accurately (if you ever can do this stuff accurately). Summer and winter holidays overseas
Gifts
Days out
Rolling repairs to the property
Clothing
Meals out
Ladies -
anon12 said:
Welshbeef said:
What about budget for:-
Summer and winter holidays overseas
Gifts
Days out
Rolling repairs to the property
Clothing
Meals out
Ladies -
You're right, I haven't included all the other indulgences but the way I see it the money left over is what I'll be using all this for. I probably need to have some time playing with spreadsheets to work all this out really accurately. Summer and winter holidays overseas
Gifts
Days out
Rolling repairs to the property
Clothing
Meals out
Ladies -
Welshbeef said:
Saving up a deposit to buy a house --- isn't the average deposit now £78k. Given the remainder it could be 12 years assume zero other spend .... Hmm
I'm not really even thinking about deposits on houses yet in all honesty. I think if I thought like that I would never spend anything at all. The majority of house deposits are sourced through inheritance anyway these days I think (not meaning to sound too morbid), rather than saving up.Gassing Station | General Gassing | Top of Page | What's New | My Stuff