What % of savings would you spend on a car?
Discussion
Everyone will have a different answer depending on circumstance. If you have dependents or live at home with parents...what other life goals you have etc.
There are millions in this country with no savings and cars on finance.....
There are thousands who are rich enough not to care ...
and every other circumstance you can imagine in between
You are the only person that needs to feel comfortable about it, no-one else. If you dont feel comfortable without xxx value in savings then dont spend those savings on a car. Simple as that really.
There are millions in this country with no savings and cars on finance.....
There are thousands who are rich enough not to care ...
and every other circumstance you can imagine in between
You are the only person that needs to feel comfortable about it, no-one else. If you dont feel comfortable without xxx value in savings then dont spend those savings on a car. Simple as that really.
bogie said:
Everyone will have a different answer depending on circumstance. If you have dependents or live at home with parents...what other life goals you have etc.
This.GT03ROB said:
really is an impossible question to answer. far to many variables.
And this.I never buy cars on finance, just because I'm weird like that. I generally only change cars for myself or my wife with money that we consider 'surplus' or not particularly going to make a dent in our savings.
I certainly don't have anything against Finance, PCP, leasing etc. But at the moment, it just isn't for me.
fellows4 said:
Sadly I'm not that wealthy. If I were I would be buying a 911 GT3 and not a used GT-86 
I'm looking to figure out how people buy their cars. My parents have always financed cars and handed them back after 3 years. However, PCP is not suitable for what I want to do with my cars: track days, Nurburgring, minor mods and upgrades, etc.
How about getting an E46 M3 then?I'm looking to figure out how people buy their cars. My parents have always financed cars and handed them back after 3 years. However, PCP is not suitable for what I want to do with my cars: track days, Nurburgring, minor mods and upgrades, etc.
Perfect for track day and endless upgrades.
M240i is a good choice, I guess my only concern is that it's a modern BMW which means it will depreciate like a stone.
BMW is literally obsessed with volume including their fancy ///M models.
Yes, all cars depreciate but just take a look on AT at M4's and the previous M5 (turbo) to see how low the prices have fallen.
At least with the E46 M3 the depreciation will be minimal.
Bluesgirl said:
Stop analysing it and just buy the damn car. You have plenty of money to cover unexpected expenses, whether car-related or otherwise, so just do it. I'm with JV tho' - see if you can find a peachy E46 M3 and go with it.
Yep, you’ve earned it, saved it, so now enjoy it. Worst comes to the worst you can always sell it. fellows4 said:
How quickly can you replace the savings?
£3000 a month
How much debt/mortgage do you have?
£0 (if you exclude student loan which comes out of PAYE)
An observation if I may - if you can save at that rate, I'd be (buying a nice car and) getting shot of that student loan if I were you. Unless of course the interest rate is much lower than it was a few years ago when I had one.£3000 a month
How much debt/mortgage do you have?
£0 (if you exclude student loan which comes out of PAYE)
Spidersleg said:
There is no right or wrong answer. Do what you want not what others think.
This..... If you want it, then do it. If you're not sure, then dont. Life is for living, not for worrying about all the different things with might or might not happen. You'll never do anything with that attitude - which is kinda borne out by the fact you're single and have a lot of cash in the bank rather than being young and impulsive with a drive full of toys.
fellows4 said:
GT03ROB said:
How quickly can you replace the savings?
How much debt/mortgage do you have?
What potential other expenditures do you have coming up?
How quickly can you replace the savings?How much debt/mortgage do you have?
What potential other expenditures do you have coming up?
£3000 a month
How much debt/mortgage do you have?
£0 (if you exclude student loan which comes out of PAYE)
What potential other expenditures do you have coming up?
Brexit
Zero debt, zero other upcoming commitments .... & adding 3k a month to your savings anyhow. You is loaded.
What else are you saving for? Do you have plans for this money?
If you're single, own a house, pay all your bills etc. what is the money for? You have to answer this and then you'll know.
I agree with the 6 month emergency fund, I do this too. Take this away from your savings and whats left is what you have to work with.
IMHO, there's no point in having savings for savings sake. Invest that money in something! Savings rates aren't going to beat inflation at present, so that money is only going to lose value.
Make a plan for your savings, if that involves buying a car, then buy it. Quality of life can be more important than just growing wealth. Or if your aim is just to grow wealth, then look into somewhere you can invest your savings.
You're in a comfortable position, enjoy it.
If you're single, own a house, pay all your bills etc. what is the money for? You have to answer this and then you'll know.
I agree with the 6 month emergency fund, I do this too. Take this away from your savings and whats left is what you have to work with.
IMHO, there's no point in having savings for savings sake. Invest that money in something! Savings rates aren't going to beat inflation at present, so that money is only going to lose value.
Make a plan for your savings, if that involves buying a car, then buy it. Quality of life can be more important than just growing wealth. Or if your aim is just to grow wealth, then look into somewhere you can invest your savings.
You're in a comfortable position, enjoy it.
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