Getting an M5 at 21 while a student?

Getting an M5 at 21 while a student?

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Slow

Original Poster:

6,973 posts

136 months

Tuesday 22nd March 2016
quotequote all
Yes me again with the well recieved thread where I almost bought an e39 M5 at 19 but ended up with a flat instead.

Here for those who are interested for some reason: http://www.pistonheads.com/gassing/topic.asp?t=135...

I got accepted into uni for a 4 year degree course starting in September, being in Scotland its free smile I will also receive a student loan of around £600 a month for every month im in Uni, so not during the holidays/summer.

During this time I will be living at home as there is no student accomodation built yet (Inverness college/uni has just started the degree course this year) and I dont want to flat share again. This essentially gives me £600 of disposable income each month, on top of my job which I will be able to do evenings/weekends around my degree.

Due to be selling off most of my cars before I start as I just dont see myself having enough time to work on 4 cars while working and in Uni. Expected value after selling them all is about £10-£11k I think.

This leaves me about 4-5k short of a older/higher mileage e60 M5 such as this one

http://www.autotrader.co.uk/classified/advert/2016...

I would look into financing the final 4-5k over 2 years (roughly £200ish a month at a quick guess)

Is this just stupid and my man maths is just ridiculous?

DuraAce

4,240 posts

159 months

Tuesday 22nd March 2016
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How will you fix it when (not if!) something expensive breaks?

Slow

Original Poster:

6,973 posts

136 months

Tuesday 22nd March 2016
quotequote all
DuraAce said:
How will you fix it when (not if!) something expensive breaks?
Same way I paid to get my td6 Range Rover gearbox refurbed, fitted myself with help of a friend.

Im not shy to work on it myself, only problem is if the parts cost thousands to buy.

M1C

1,832 posts

110 months

Tuesday 22nd March 2016
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My mate bought a car with his student loan , about £7k at the time.

He bought a new Clio.

J4CKO

41,281 posts

199 months

Tuesday 22nd March 2016
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How come the Scottish get free University anyway ?


Yadizzle1

684 posts

124 months

Tuesday 22nd March 2016
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Probably not a great idea, fuel costs are going to be crazy, might not be allowed to have a car if you live in halls/on campus. Things will break and it'll be a right PITA when they do, plus you're going to want some money for going on nights out and for living costs too.

Sparkzz

450 posts

135 months

Tuesday 22nd March 2016
quotequote all
Like you, I lust after an e60 M5.
Also like you, I'm not afraid to hunt down for things and get work done myself.

My disposable income is more than £600 p/m though.

I didn't dare, bought a diesel S-class instead. (I do a fair few miles)

If you have nuts for such a purchase, go for it. Worst case is you can't fix it and have to break it or sell it cheap.

What about an e39?

numtumfutunch

4,704 posts

137 months

Tuesday 22nd March 2016
quotequote all
J4CKO said:
How come the Scottish get free University anyway ?
They just do
And if you're an EU citizen (besides UK) then you do too

Anyway OP - I like your style, but have you got any insurance quotes?

Slow

Original Poster:

6,973 posts

136 months

Tuesday 22nd March 2016
quotequote all
Yadizzle1 said:
Probably not a great idea, fuel costs are going to be crazy, might not be allowed to have a car if you live in halls/on campus. Things will break and it'll be a right PITA when they do, plus you're going to want some money for going on nights out and for living costs too.
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.

bomma220

14,452 posts

124 months

Tuesday 22nd March 2016
quotequote all
Slow: forgive me if I've missed something here mate, but you say you have a student loan of £600 per month, but you regard this as 'disposable income'? confused










Jimmy Recard

17,540 posts

178 months

Tuesday 22nd March 2016
quotequote all
I'm in work and I'd be wary of it now. It'll all be fine (if a bit thirsty) but the reality of keeping up the finance payments especially when something goes wrong (or something expected, like new tyres all round) will be difficult and depressing as a student

Drums

266 posts

141 months

Tuesday 22nd March 2016
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A good friend had an E60 M5 and they are wallet cripplingly expensive when they go wrong (which they do, a lot). To put things in perspective the friend in question earned close to 6 figures and still struggled with the running costs. I understand you wont have rent/bills as outgoings but you're still leaving yourself open to financial ruin with an E60 M5!

Slow

Original Poster:

6,973 posts

136 months

Tuesday 22nd March 2016
quotequote all
bomma220 said:
Slow: forgive me if I've missed something here mate, but you say you have a student loan of £600 per month, but you regard this as 'disposable income'? confused
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.

alec.e

2,149 posts

123 months

Tuesday 22nd March 2016
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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.

Jimmy Recard

17,540 posts

178 months

Tuesday 22nd March 2016
quotequote all
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.

alec.e

2,149 posts

123 months

Tuesday 22nd March 2016
quotequote all
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.
Ok, that makes sense.

Meridius

1,608 posts

151 months

Tuesday 22nd March 2016
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I think you are trying to put too many fingers into too many pies.

One at a time eh wobble

UK345

441 posts

157 months

Tuesday 22nd March 2016
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Get back down to the union and have a few more pints. Talk to some ladies and forget this thread exists. A recipe for a disaster

Innowaybored

896 posts

106 months

Tuesday 22nd March 2016
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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.


EDITED TO SAY= When I read stuff like this I do wonder if polyversity attendance is a complete waste of time as some people seem to have the common sense of a drunk badger. With TB. Attending a "shoot a badger" event.





Edited by Innowaybored on Tuesday 22 March 19:14

Slow

Original Poster:

6,973 posts

136 months

Tuesday 22nd March 2016
quotequote all
numtumfutunch said:
Anyway OP - I like your style, but have you got any insurance quotes?
Good point! Forgot about that.

Just did a few quotes coming in at £1500-£2k area which isnt that bad considering im paying close to £1k just now for a diesel Range Rover with a 0-60 over 10 seconds...