Getting an M5 at 21 while a student?
Discussion
Innowaybored said:
Slow said:
Is this just stupid and my man maths is just ridiculous?
Yes. At your age you should have fun but if you ever want to live in the real world anytime soon it is time to start being a bit prudent. I know this is unfashionable but I don't buy this "oh how tough this generation has it". If you don't want to go live on a beach in Thailand for the rest of your life and get a home etc then now it the time to start saving. Put your money into a help to buy ISA. You get free money from taxpayers. Put a bit aside to pay down any student debt. Get a fun little car that won't cost you a fortune when you crash it. Which you will because you have too many hormones. Slow said:
Didnt explain it well, in Scotland everyone except with parents earning over something like £60k a year can get the student loan of around £5k, which is paid in monthly amounts while your in the Uni.
You only start to pay it back when you earn something like £20k+ a year and its in very small amounts, like £40 a month or so at only £20k a year income.
Ok, thanks - this is all new to me! An M5 is still going to be a bugger to run on that (assuming you want to live an otherwise normal life! You only start to pay it back when you earn something like £20k+ a year and its in very small amounts, like £40 a month or so at only £20k a year income.
) Would something like a 330d / 335d not be an option?Slow said:
Read my post, I will be living at home, which is just 15 miles from the Uni.
Im used to the mpg of my Range Rover, which will be going very soon and I will be driving my e38 730i which is never going to be good on fuel either.
Its the parts cost/how often an e60 M5 will break which is all that worries me really.
Well, in that case, look for one that's on a BMW insured warranty and renew it throughout your ownership. Takes a lot of the pain out of repair costs and it's a really good warranty, includes breakdown cover and BMW assist so courtesy cars and all that jazz included. Im used to the mpg of my Range Rover, which will be going very soon and I will be driving my e38 730i which is never going to be good on fuel either.
Its the parts cost/how often an e60 M5 will break which is all that worries me really.
Slow said:
I would like to point out that this is not my only money, this is my car fund of 10-11k after selling off my old cars with then a little finance on top. Student debt doesnt really happen in Scotland as someone else pointed out that you barely pay back the loan in any meaningful amount and its 0% interest while having no tuition fees.
Buy something fun and save the rest. Not sure how much property is in Inverness these days (haven't been since Scitti Polliti were in the charts) or wherever you want to go live once doing your course. Chances are that you will be able to put the money to much better use than spending it on a tatty old money pit like a M5. If you're living at home then your parents should increase your board money so you actually pay your way. Seems quite an ambitious car to own while a student, check that insurance falls into affordability too, I imagine it'll be fairly high. Your life will revolve around it somewhat, but that's not necessarily a bad thing if you are single. What sort of mileage will you be doing in it? As that affects how feasible this is too. The car purchase price is not really a problem as you can recoup some back if you need to sell, maybe a high percentage considering what it is we're talking about and assuming you sell it working.
Innowaybored said:
Buy something fun and save the rest. Not sure how much property is in Inverness these days (haven't been since Scitti Polliti were in the charts) or wherever you want to go live once doing your course. Chances are that you will be able to put the money to much better use than spending it on a tatty old money pit like a M5. If you're living at home then your parents should increase your board money so you actually pay your way.
You dont know my at home situation so dont just assume I dont pay my way. My father lives in the states so he isnt involved in this except he had offered to pay rent on a flat for me which I turned down as I dont want to be a leach... My mother runs a holiday cottage and is the process of building an extention which I also help with, cut the lawn every week (takes 2 hours as theres a playpark + 3 gardens), do the strimming. Im also going to be respraying her 81 corvette project for her. I do pay my way around at home, just not in money.Xaero said:
Seems quite an ambitious car to own while a student, check that insurance falls into affordability too, I imagine it'll be fairly high. Your life will revolve around it somewhat, but that's not necessarily a bad thing if you are single. What sort of mileage will you be doing in it? As that affects how feasible this is too. The car purchase price is not really a problem as you can recoup some back if you need to sell, maybe a high percentage considering what it is we're talking about and assuming you sell it working.
Do you know much about the running costs for one? Its my main worry, not that I cant afford the £200 a month for only 2 years to finance the last £4k.Checked insurance which comes in at £1500-£2k which isnt bad really.
Jimmy Recard said:
alec.e said:
If you are staying at home and have a job, why get a student loan? How about saving up for the M5, then buying outright? Then you are debt free.
The student loan repayments are so piss-takingly small that it's pretty much the same thing really. And 0% interest. He'd be stupid not to take the full loan, whether he wanted to spend it on an M5 or not.Saying that, hindsight is just that. First thing I bought with my loan was an XR2! Had loads of fun in it and was the only way I could have had a decent car at the time. OP, if you don't mind paying for it in the future, get the M5 whilst you can.
Rsdop said:
Unless it's changed, the near enough 0% interest doesn't quite work out like that. I'm still paying my student loan and I'm 36. Only the last few years I've started to make a proper dent in it. Problem is, unless you get a reasonable paying job immediately the balance does creep up year to year. My loan was 9k and three years later it was over 10k. In hindsight wish I'd borrowed less as I didn't need it all. It's annoying having £20-50 a week taken out your wages at source years later.
Saying that, hindsight is just that. First thing I bought with my loan was an XR2! Had loads of fun in it and was the only way I could have had a decent car at the time. OP, if you don't mind paying for it in the future, get the M5 whilst you can.
+1 to the above.Saying that, hindsight is just that. First thing I bought with my loan was an XR2! Had loads of fun in it and was the only way I could have had a decent car at the time. OP, if you don't mind paying for it in the future, get the M5 whilst you can.
I wrongly thought this 11 years ago when I started uni! At 29 I've just paid my student loan off, and the repayments have been around £260 per month for the last few years!!! Nice real term pay rise now though :-)
For the years immediately after uni I'm sure the interest on my student loan was around £50-£60 per month, not exactly free!
Important question, what's parking like at Uni? I've never come across a university that had plenty and/or cheap parking. Which means adding the cost of parking, or trading paint with lots of student cars.
That's not to say you shouldn't have anything nice, but just be aware.
That's not to say you shouldn't have anything nice, but just be aware.
andrewparker said:
Live at home while at Uni? f
k that.
This too.k that. I am well positioned to answer this question because I did a similar thing. Bought my Z4M during the first year of my degree. I continued to work around 25 hours per week, add those wages to my student grant/loan along with any commission I earned and I was comfortably able to afford the running costs whilst living at home paying board. I'm currently on my industrial placement and renting a flat close by with the missus. Still no issues although I walk to work which has of course reduced the running costs. It is fairly expensive to keep on the road, £500 road tax, pricey servicing, tyres, brake pads/discs which will all of course be applicable to an M5. Insurance for me is only £550 (renewed last week) and my car has been very reliable which cetainly may not be the case with an M5.
So running a nice car at uni is certainly doable. An M5 could be a bridge too far in terms of potential repair costs but I'd still say do it.
So running a nice car at uni is certainly doable. An M5 could be a bridge too far in terms of potential repair costs but I'd still say do it.
Evanivitch said:
How many contact hours a week do you have to manage a 25 hour part time job?
I don't know the exact figure but as most students will attest to it should be more considering what it's costing me. I'm on a full time engineering degree so a fair amount. I'd be in uni most days for at least a few hours and I'd work a full saturday shift plus 1.5 days in the week. Never had any issues of work getting in the way, Uni always comes first.J4CKO said:
How come the Scottish get free University anyway ?
'Jock Privilege' Good luck to them. I benefited from free University and a support grant (small though it was) and have repaid it many times over in tax.
Also good luck to the OP. That said I wouldn't be buying an M5 if I didn't have the ongoing budget to support it. Were I in your position I'd be looking at something older and more advantageous from an insurance POV. There are a lot of fast,fun older cars that can be relatively very cheap for younger drivers to insure.
Motorrad said:
J4CKO said:
How come the Scottish get free University anyway ?
'Jock Privilege' Good luck to them. I benefited from free University and a support grant (small though it was) and have repaid it many times over in tax.
Also good luck to the OP. That said I wouldn't be buying an M5 if I didn't have the ongoing budget to support it. Were I in your position I'd be looking at something older and more advantageous from an insurance POV. There are a lot of fast,fun older cars that can be relatively very cheap for younger drivers to insure.
Im English but been living here for 11 years now which after 5 years entitles me to the free Uni.
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