Anyone into cars but not credit?
Discussion
RSK21 said:
Imagine you're King for a day - what would you do about the situation as you see it ?
As I say, I don't judge anybody by their choice of car or the way they pay for it but I do understand the basic fact that many people who have a large amount of credit have not done so with a full understanding of the situation they are in. All people are not informed equally.
funkyrobot said:
And new car sales are even better now.
Devil2575 said:
Driver101 said:
What was the news a few weeks back? 17m people have less than £100 savings. There's a lot of those people sitting with expensive cars outside the house
How do you know these are the same people?There are plenty living hand to mouth but please tell me how you know these are the same people that have expensive leased cars.
It's 17m people. We've a population of 65m and roughly 25% are too young for credit.
Have a look around you on the road. There's more new and premium cars than ever. Stats show that new car sales are higher than ever.
Edited by Driver101 on Sunday 23 October 23:03
Rick1.8t said:
Education would be a start? - Teach basic finances at school maybe?
As I say, I don't judge anybody by their choice of car or the way they pay for it but I do understand the basic fact that many people who have a large amount of credit have not done so with a full understanding of the situation they are in. All people are not informed equally.
As I say, I don't judge anybody by their choice of car or the way they pay for it but I do understand the basic fact that many people who have a large amount of credit have not done so with a full understanding of the situation they are in. All people are not informed equally.
I agree ref education, a more relevant version of home economics is definitely required.
That doesn't deal with the existing problem which a number of people have said is going to come home to roost for all of us c.f. Numerous " and it's us who'll be paying for it" or similar comments throughout the thread.
What's you plan for the here and now ?
Driver101 said:
Devil2575 said:
Driver101 said:
What was the news a few weeks back? 17m people have less than £100 savings. There's a lot of those people sitting with expensive cars outside the house
How do you know these are the same people?There are plenty living hand to mouth but please tell me how you know these are the same people that have expensive leased cars.
It's 17m people. We've a population of 65m and 25% are too young for credit.
Have a look around you on the road. There's more new and premium cars than ever. Stats show that new car sales are higher than ever.
200,000 people earn more than £250k and around 1 million £100k +
Make of that what you will.
Well you don't even need to go that far - avg salary is 30k or so, 17m haven't got a pot to piss in, yet some of the most popular cars on the roads are fairly expensive German models. But of course there is NO crossover LOL!
People are of course free to do what they want but the state of the publics finances (if that article is correct)really does show just how stupid our population is. If we needed any more proof that is.
People are of course free to do what they want but the state of the publics finances (if that article is correct)really does show just how stupid our population is. If we needed any more proof that is.
cj2013 said:
e21Mark said:
Yes. Mind you, am wanting an e36 saloon 318is in white if I can find one?
I have a pair of e30's though.
E30s are lovely. Problem with the E36, especially the 318is, is that they suddenly went out of fashion a few years back, and most of the non-M coupes ended up worth less than £500. Saw so many for sale on eBay for scrap value, but assumed that they were never going to be worth anything - alas, that's how classics are born!
I have a pair of e30's though.
Let's be honest, as a generalisation most people only lease car as they don't have the cash to buy a car outright - yes there are exceptions but generally what I states is the case.
We live in a world where people want instant gratification - and buying a car on finance that would take forever to save up for is a price worth paying for some. There has been a mentality shift from previous times of living within your means/savings.
Should we judge the people? Not really as it's up to them, just don't whine to myself that houses are expensive when you're spending £800 pcm on a M4 or C63 !!!
We live in a world where people want instant gratification - and buying a car on finance that would take forever to save up for is a price worth paying for some. There has been a mentality shift from previous times of living within your means/savings.
Should we judge the people? Not really as it's up to them, just don't whine to myself that houses are expensive when you're spending £800 pcm on a M4 or C63 !!!
M5Fan said:
Putting the "this is a car forum" argument to one side, what some are arguing is that it's not necessary to change your car every 3 years.
Genuine question, what would the figures be if in your example the person buying the 17k BMW kept it for 10 years, with the other person being on their 4th lease?
But those figures where based on people wanting to be in a newish car worry free. Genuine question, what would the figures be if in your example the person buying the 17k BMW kept it for 10 years, with the other person being on their 4th lease?
gizlaroc said:
Just looked at the above figures I mentioned.....
Just looked, cheapest new shape 318i sport on autotrader is £17k.
In another 3 years and another 30k miles I bet that is worth around £9k at best. So will lose £8k over that period.
So £220 a month in depreciation.
£120 a month in fuel.
£50 a month in insurance.
£30 a month in servicing and tyres?
So £420 a month all in?
You can lease a brand new one for £269 a month including deposit over 3 years.
The only real saving would probably be servicing, so maybe £20 a month?
£120 a month in fuel.
£50 a month in insurance.
So £459 a month.
So an extra £9 a week to be in a brand new one, which could be wiped out with one fault.
A Citreon C4 comes in at around £10-20 cheaper than the BMW, so I can see why people chose the BMW.
If you were to buy a 7 year old 318i you are looking at around £8-9k.
Let's say £8k, and you sell in 3 years for £4500 (which is the sort of price for a 10 year old one).
You have got £100 a month in depreciation.
£140 a month in fuel (older model is roughly 5mpg/15% less efficient)
£50 insurance.
£45 a month in servicing and upkeep on a 7-10 year old car (I think £1600 over 3 years is more than fair)
So around £335 a month to run it.
So a saving of £28 a week. Weighing it all up, many would consider the saving of £28 a week well worth the peace of mind. They know they have a new car with no warranty worries, breakdown cover, loan car is needed etc. sat their on the drive.
Just looked, cheapest new shape 318i sport on autotrader is £17k.
In another 3 years and another 30k miles I bet that is worth around £9k at best. So will lose £8k over that period.
So £220 a month in depreciation.
£120 a month in fuel.
£50 a month in insurance.
£30 a month in servicing and tyres?
So £420 a month all in?
You can lease a brand new one for £269 a month including deposit over 3 years.
The only real saving would probably be servicing, so maybe £20 a month?
£120 a month in fuel.
£50 a month in insurance.
So £459 a month.
So an extra £9 a week to be in a brand new one, which could be wiped out with one fault.
A Citreon C4 comes in at around £10-20 cheaper than the BMW, so I can see why people chose the BMW.
If you were to buy a 7 year old 318i you are looking at around £8-9k.
Let's say £8k, and you sell in 3 years for £4500 (which is the sort of price for a 10 year old one).
You have got £100 a month in depreciation.
£140 a month in fuel (older model is roughly 5mpg/15% less efficient)
£50 insurance.
£45 a month in servicing and upkeep on a 7-10 year old car (I think £1600 over 3 years is more than fair)
So around £335 a month to run it.
So a saving of £28 a week. Weighing it all up, many would consider the saving of £28 a week well worth the peace of mind. They know they have a new car with no warranty worries, breakdown cover, loan car is needed etc. sat their on the drive.
I don't get your point?
That £17k car will lose around £125 a month in depreciation over 10 years I reckon.
How much is a 2003 318i with 130k miles on it going for? Around £2-3k.
How is that better than buying a 3 year old car for £17k and losing about the same?
And in the same respect, for many, paying £25 a week more for a new one on lease is worth it for the warranty and peace of mind.
I am not saying it is right or wrong, but I can see why some would think it is worth it.
Granfondo said:
gizlaroc said:
Granfondo said:
gizlaroc said:
People like Granfondo are just snobs. They can't help themselves.
please explain?sn?b/Submit
noun
a person who believes that their tastes in a particular area are superior to those of other people.
okgo said:
Well you don't even need to go that far - avg salary is 30k or so, 17m haven't got a pot to piss in, yet some of the most popular cars on the roads are...
Fords, Vauxhalls, Kias, Hyundis, Toyotas etcHas anyone showed yet any evidence that these people with no savings are driving premium German motors?
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