Getting an M5 at 21 while a student?

[Slow]

Chainsaw Rebuild said:

OP even f your Range Rover can tow 3t, your license doesn't allow you to. You will be limited to 750kg, unless you took an extra test for trailers.

Did that when I was 19, regulariliy tow 3 ton so was finding it a pain without a tow car.

[Chainsaw Rebuild]

Ah fair enough! I get that problem at work and you have to tell them they can't do it. Do you tow for work?

[p1stonhead]

So instead of an exciting money black hole, you bought an unexciting money black hole?

[delta0]

Jimmy Recard said:

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.

It's RPI+3%

[zarjaz1991]

Dunno why people like to mock us youngsters for what we do.

If a 21 year old wants to waste money on seemingly (to some) stupid or boring cars, then great! If they like the cars, then what's the harm?

Speaking as a 24 year old with two Mondeos.....

We will have years of being older and more boring in which to rue our frivolous purchases, if needs be.

[silentbrown]

delta0 said:

It's RPI+3%

Not in Scotland. It's just RPI.


Zarjaz1991, It's not the frivolous or boring aspect which concerns, it's the concept of taking on significant debt to fund it. A strong possibility of "rueing" a significant deduction in your pay packet for many years to come.

[delta0]

silentbrown said:

Not in Scotland. It's just RPI.


Zarjaz1991, It's not the frivolous or boring aspect which concerns, it's the concept of taking on significant debt to fund it. A strong possibility of "rueing" a significant deduction in your pay packet for many years to come.

It's the same as the rest of the UK.

Whilst studying it is RPI+3%
When completed studying it is based on salary:
Less than 21,000 is RPI
21,000 to 41,000 is RPI+0-3%
Greater than 41,000 is RPI+3%

https://www.saas.gov.uk/_forms/slc_terms_condition...

[silentbrown]

delta0 said:

It's the same as the rest of the UK.

Whilst studying it is RPI+3%
When completed studying it is based on salary:
Less than 21,000 is RPI
21,000 to 41,000 is RPI+0-3%
Greater than 41,000 is RPI+3%

https://www.saas.gov.uk/_forms/slc_terms_condition...

In Scotland you're on Repayment Plan 1:

The document you linked said:

Repayment plan 1
The interest rate will be the Retail Price Index (RPI) in the previous March, or 1% above the highest base rate of a nominated group of banks (Bank Base Rate), whichever is lower, and is set on 1 September each year, although changes can still happen during the year too.

[AJXX1]

I'm 23, my last car a disco 3 cost £2,800 to insure and my current 320 CLK costs £1,500. (no points, claims, had a driving licence for 4 years).

How on earth a 21 year old can get insurance on an M5 for under 2k is beyond me.

Insurance company's are beyond ridiculous, I'm sure they just pull these figures out their arses.

[Vaud]

AJXX1 said:

How on earth a 21 year old can get insurance on an M5 for under 2k is beyond me.

Insurance company's are beyond ridiculous, I'm sure they just pull these figures out their arses.

I'm sure that they don't.

Look at this thread:

http://www.pistonheads.com/gassing/topic.asp?h=0&a...

I tried a quote - 21 year old for a GT-R, and it came to £1800.

[delta0]

silentbrown said:

delta0 said:

It's the same as the rest of the UK.

Whilst studying it is RPI+3%
When completed studying it is based on salary:
Less than 21,000 is RPI
21,000 to 41,000 is RPI+0-3%
Greater than 41,000 is RPI+3%

https://www.saas.gov.uk/_forms/slc_terms_condition...

In Scotland you're on Repayment Plan 1:

The document you linked said:

Repayment plan 1
The interest rate will be the Retail Price Index (RPI) in the previous March, or 1% above the highest base rate of a nominated group of banks (Bank Base Rate), whichever is lower, and is set on 1 September each year, although changes can still happen during the year too.

Thanks. That makes sense. It is still a lot more interest than 0% which there are no student loans at 0%

[silentbrown]

AJXX1 said:

How on earth a 21 year old can get insurance on an M5 for under 2k is beyond me.

Hugely dependent on where you live. OP is somewhere in thee Scottish highlands with more sheep than people.

[DS197]

zarjaz1991 said:

Dunno why people like to mock us youngsters for what we do.

If a 21 year old wants to waste money on seemingly (to some) stupid or boring cars, then great! If they like the cars, then what's the harm?

Speaking as a 24 year old with two Mondeos.....

We will have years of being older and more boring in which to rue our frivolous purchases, if needs be.

The issue wasn't with the car being boring or stupid. And you can't compare Mondeos with an M5. OP could have bought 10 of those if he wanted. And speaking as a 21 year old, the OP should have invested in a buy to let property imo.

[anonymous-user]

zarjaz1991 said:

Dunno why people like to mock us youngsters for what we do.

If a 21 year old wants to waste money on seemingly (to some) stupid or boring cars, then great! If they like the cars, then what's the harm?

Speaking as a 24 year old with two Mondeos.....

We will have years of being older and more boring in which to rue our frivolous purchases, if needs be.

I think it is the 'attention seeking' aspect that annoys many people, especially when they don't follow through with the plans that they so adamantly defended just a couple of weeks/months ago - Posting up so much information about your life in order to justify/show off a potential purchase to a bunch of complete strangers just smacks as a very 'Generation Facebook' sort of thing to do. Especially when you don't follow through.

I admit I used to do the very same thing but quickly grew out of it after everyone told me if I got a Twin Turbo Soarer at 18. I ignored them, bought one anyway and had precisely zero accidents. I quickly realized aged based advice wasn't really relevant, and that if I wanted something I regardless of what people told me, I was going to do it anyway, so it was all rather pointless.

No one commented on me getting a S600 at 23/24 because I have never mentioned it because it isn't really relevant; It was a car that I wanted that I could afford, I asked for opinions, experiences and alternatives in a generalized thread and I got loads of relevant, interesting and helpful information. I'm sure if I posted a thread titled 'I'm 23 and want to beat on A45 AMGs for as cheap as possible" containing loads of personal information (which probably makes running a V12TT Barge a horrible idea to some people), my thread may have turned out a bit like this one.

The truth is that there are guys far younger than us in far nicer and more expensive cars. If you can afford it, why not? Age does not matter.

Edited by 279 on Sunday 29th May 17:00

[Geekman]

silentbrown said:

Hugely dependent on where you live. OP is somewhere in thee Scottish highlands with more sheep than people.

I'm 21, my old postcode was a dodgy part of SE London and I could still insure an M5 for sub £2k. My 400BHP Jag was only £850.

[Baryonyx]

zarjaz1991 said:

Dunno why people like to mock us youngsters for what we do.

If a 21 year old wants to waste money on seemingly (to some) stupid or boring cars, then great! If they like the cars, then what's the harm?

Speaking as a 24 year old with two Mondeos.....

We will have years of being older and more boring in which to rue our frivolous purchases, if needs be.

I'd say getting ahead early is a better choice. I bought a house at 23 and have enjoyed not treading water with rent since then. I've got friends in their 30's hoping their grandparents die soon so they can scrape together a little inheritance and get off the rental conveyor belt. I'd have had considerably more cash if I hadn't bought a house but I'd take that over parking a more expensive car on my mam and dad's drive.

[Patrick Bateman]

Geekman said:

I'm 21, my old postcode was a dodgy part of SE London and I could still insure an M5 for sub £2k. My 400BHP Jag was only £850.

Before turning 25 and being able to get massively reduced premiums I compared insurance quotes for an XJR and an M5 and found much the same with the Jaguar quote.

[13aines]

Not much of Sunday left. Hurry up OP!

[Slow]

13aines said:

Not much of Sunday left. Hurry up OP!

Meant next Sunday not the Sunday just past. Got to drive down south for it so probably won't update till Monday anyway.

[silentbrown]

Slow said:

Meant next Sunday not the Sunday just past. Got to drive down south for it so probably won't update till Monday anyway.

The suspense is killing me. Please tell me it's not an unexpectedly rusty S500 Merc...