saving for a car, how do you do it?
Discussion
Let the wife buy her new euro box on finance.
Egg her on to spend a bit more than she wants to ('cos she is worth it).
Get her to agree to let you put the same amount into a car fund.
Her car will be worth half what she paid after 3 years, you will have say 10k in the bank.
Then borow the same again from the bank and hey presto. £20k to go car shopping.
I am on year 2 of this plan. :-)
Egg her on to spend a bit more than she wants to ('cos she is worth it).
Get her to agree to let you put the same amount into a car fund.
Her car will be worth half what she paid after 3 years, you will have say 10k in the bank.
Then borow the same again from the bank and hey presto. £20k to go car shopping.
I am on year 2 of this plan. :-)
I think the perception is that when you see a car, you assume the owner can actually afford it,t he one guy I knew, actually knew his missus was in hock up to his goolies but simply had to have a GTR, they couldnt afford it, she was subsidising everything and driving a Corsa so the fat pillock could swan round being the big I am in his GTR.
I am 40 now and still cant afford the GTR (or less garish equivalent), all my 50/60k a year goes on the kids, the house is paid for and we have money put by, could buy a new 911 Turbo but its money put by for the kids, I cant spunk the lot on a fast car as they will need tuition fees and help for various things.
Even on a prety decent wage I dont have much left for cars, even with a £500 a month car allowance, we spent 20 grand on a people carrier as that is what we needed with 3 kids, reality is a b
h !
I sort of think maybe I will never buy that 911, I live in hope but there will always be something, my wife doesnt earn anything so I am the sole breadwinner.
So, my advice would be, get it out of your system, not maybe a GTR but somethign nice, do your homework and buy wisely as its easy to end up wasting ten grand, think of cars that dont depreciate badly, buy to sell again, improve it, perhaps buy one then another and work your way up.
I am 40 now and still cant afford the GTR (or less garish equivalent), all my 50/60k a year goes on the kids, the house is paid for and we have money put by, could buy a new 911 Turbo but its money put by for the kids, I cant spunk the lot on a fast car as they will need tuition fees and help for various things.
Even on a prety decent wage I dont have much left for cars, even with a £500 a month car allowance, we spent 20 grand on a people carrier as that is what we needed with 3 kids, reality is a b
h !I sort of think maybe I will never buy that 911, I live in hope but there will always be something, my wife doesnt earn anything so I am the sole breadwinner.
So, my advice would be, get it out of your system, not maybe a GTR but somethign nice, do your homework and buy wisely as its easy to end up wasting ten grand, think of cars that dont depreciate badly, buy to sell again, improve it, perhaps buy one then another and work your way up.
i bought myself a xsara vts for £900 to scratch the Ph itch. saved like mad for a few years concentrated totaly (probably too much) on my career for a few years then bought a house with a room i didnt need but knew i could afford. then rented out a room to someone who pays for the the fun car. nothing worse than saving like mad get the house then know you are 20k or so away again from buying a nice car you want. best of both worlds.
To the OP, you have an eight car lock up? Try renting out parking spaces to your mates/colleagues for cash - even a few takers will pay for the lock up and leave you an extra £100 a month or so for the car fund.
But seriously you can't afford an R34 on £22.5k/yr. Better to go and buy something fun that doesn't cost so much but ticks the all the PH boxes?
But seriously you can't afford an R34 on £22.5k/yr. Better to go and buy something fun that doesn't cost so much but ticks the all the PH boxes?
It's been said many times - house or flat first, dream car later.
I'm very lucky as "bank of parents" paid the deposit on my flat when I was at uni aged 19. But it was a 2-bed flat and renting the second bedroom out paid the majority of the mortgage repayments i.e my own flat was costing me £150/month instead of renting somewhere for £300-£400 per month. All through uni I worked so finished a 5 year degree with only a few thousand of debt (+ the £10k owed to parents for the flat).
Started work, the first year the aim was to pay off the uni debt which I did. Second year plan was to pay back parents deposit so moved back in with them (job necessitated this), and rented both bedrooms out. The rental income now exceeded mortgage payments, and I saved and sacrificed social life and just about managed to pay parents back.
Since then I've aimed to put as much money from the main job into reducing the size of the mortgage, and kept money earned from doing extra shifts for cars - by working an extra weekend per month for the last 2 years I've bought a rally car and rallied it (only a battered peugeot 205 but still..)
The dream car (Exige) will come but it's still a few years off. I'm happy with my finances currently - aged 26, no debt, £15k left on the mortgage on the flat, fun car for the spare time.
I'm very lucky as "bank of parents" paid the deposit on my flat when I was at uni aged 19. But it was a 2-bed flat and renting the second bedroom out paid the majority of the mortgage repayments i.e my own flat was costing me £150/month instead of renting somewhere for £300-£400 per month. All through uni I worked so finished a 5 year degree with only a few thousand of debt (+ the £10k owed to parents for the flat).
Started work, the first year the aim was to pay off the uni debt which I did. Second year plan was to pay back parents deposit so moved back in with them (job necessitated this), and rented both bedrooms out. The rental income now exceeded mortgage payments, and I saved and sacrificed social life and just about managed to pay parents back.
Since then I've aimed to put as much money from the main job into reducing the size of the mortgage, and kept money earned from doing extra shifts for cars - by working an extra weekend per month for the last 2 years I've bought a rally car and rallied it (only a battered peugeot 205 but still..)
The dream car (Exige) will come but it's still a few years off. I'm happy with my finances currently - aged 26, no debt, £15k left on the mortgage on the flat, fun car for the spare time.
J4CKO said:
I think the perception is that when you see a car, you assume the owner can actually afford it,t he one guy I knew, actually knew his missus was in hock up to his goolies but simply had to have a GTR, they couldnt afford it, she was subsidising everything and driving a Corsa so the fat pillock could swan round being the big I am in his GTR.
I am 40 now and still cant afford the GTR (or less garish equivalent), all my 50/60k a year goes on the kids, the house is paid for and we have money put by, could buy a new 911 Turbo but its money put by for the kids, I cant spunk the lot on a fast car as they will need tuition fees and help for various things.
Even on a prety decent wage I dont have much left for cars, even with a £500 a month car allowance, we spent 20 grand on a people carrier as that is what we needed with 3 kids, reality is a bh !
I sort of think maybe I will never buy that 911, I live in hope but there will always be something, my wife doesnt earn anything so I am the sole breadwinner.
So, my advice would be, get it out of your system, not maybe a GTR but somethign nice, do your homework and buy wisely as its easy to end up wasting ten grand, think of cars that dont depreciate badly, buy to sell again, improve it, perhaps buy one then another and work your way up.
Thats an incredibly unselfish way to live J4cko, reminds me of my dad I am 40 now and still cant afford the GTR (or less garish equivalent), all my 50/60k a year goes on the kids, the house is paid for and we have money put by, could buy a new 911 Turbo but its money put by for the kids, I cant spunk the lot on a fast car as they will need tuition fees and help for various things.
Even on a prety decent wage I dont have much left for cars, even with a £500 a month car allowance, we spent 20 grand on a people carrier as that is what we needed with 3 kids, reality is a b
h !I sort of think maybe I will never buy that 911, I live in hope but there will always be something, my wife doesnt earn anything so I am the sole breadwinner.
So, my advice would be, get it out of your system, not maybe a GTR but somethign nice, do your homework and buy wisely as its easy to end up wasting ten grand, think of cars that dont depreciate badly, buy to sell again, improve it, perhaps buy one then another and work your way up.
I`m trying to live in a manner somewhere in between GTR man and yourself and I think the OP should also. Im scared that I might hit 40/50years of age a have massive regrets so Ive been living it up a bit but at the same time trying to put a bit away for the future. Think Ive achieved a happy balance but only time will tell. Going to one extreme or another is scary!
Edited by R26Andy on Wednesday 12th January 11:05
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