Cost of New Car Vs Used Car. Am i missing anything?
Discussion
Froomee said:
Sensible answer: Keep your current car.
Save £200 a month for as long as your car holds up, only repair what is necessary in 12-18 months time use the value of your car plus the money saved to put a significant deposit on something nice that will be cheaper to insure then.
What i have done: I have had 6 new cars in 7/8 years and have probably thrown thousands down the drain in the process. I had a Zetec S fiesta at 18 and was going to buy a Focus ST at 19 but insurance was over £3k a year so i brought a Fiesta ST and purchased a bike aswell
got the Focus ST at 24 in the end with my house.
As long as your saving money every month spend a % of your income on a car isn't too bad if it makes you happy and is far better than drinking,etc although i did that too. I ended up saving around £300-£500 a month minimum from when i was 19 as i earned decent money and used that money to joint purchase a house two years ago.
I now own three bikes (all paid off) and am carless as i sold my Focus ST and am waiting to save up for something better with minimal finance so i can save again to buy house number two or pay down my side of the mortgage.
What i would say is the car suggested isn't that great and i would personally go for something better i.e something more PH rather than an ibiza. Realistically if you get a few pay rises soon and you save enough at 21 you could have something like an E46 M3 or any of the current crop of hot hatches with minimal finance and just the runing cost to bare..............something to think about
very very good advice, always thought about saving up for a couple of years and getting a focus st as it happens, just wanted something cheaper to run now but i guess with the finance it isnt that cheap. Save £200 a month for as long as your car holds up, only repair what is necessary in 12-18 months time use the value of your car plus the money saved to put a significant deposit on something nice that will be cheaper to insure then.
What i have done: I have had 6 new cars in 7/8 years and have probably thrown thousands down the drain in the process. I had a Zetec S fiesta at 18 and was going to buy a Focus ST at 19 but insurance was over £3k a year so i brought a Fiesta ST and purchased a bike aswell
got the Focus ST at 24 in the end with my house.As long as your saving money every month spend a % of your income on a car isn't too bad if it makes you happy and is far better than drinking,etc although i did that too. I ended up saving around £300-£500 a month minimum from when i was 19 as i earned decent money and used that money to joint purchase a house two years ago.
I now own three bikes (all paid off) and am carless as i sold my Focus ST and am waiting to save up for something better with minimal finance so i can save again to buy house number two or pay down my side of the mortgage.
What i would say is the car suggested isn't that great and i would personally go for something better i.e something more PH rather than an ibiza. Realistically if you get a few pay rises soon and you save enough at 21 you could have something like an E46 M3 or any of the current crop of hot hatches with minimal finance and just the runing cost to bare..............something to think about
update: Been put off uni,and been accepted into my companies management training scheme.
RenesisEvo said:
Slightly confused by why you did that - all the advice I've ever seen is NOT to pay off your student loan (other than the min. contribution taken via PAYE)
Totally agree with you. ^ All my contributions were minimum payments. It does feel nice to have know it's gone though, feels like a payrise.I think somewhere down the line you would regret leasing a new hatchback - perhaps straight away, during or after it's gone. I wouldn't do it personally.
There are plenty of 'nearly new' cars out there for very little money. I don't know if you've said how much you've actually got or not (admit i skim read it, sorry) but something that is common and can be found very cheaply is the way forward.
Something like an 05 Mondeo? Yes it's a big car but there's lots of them and they're very cheap so you can be picky about finding an absolute minter, plus it's good to drive and parts & servicing are relatively cheap. Because it's not your average young persons car insurance should be favourable - but obviously you'll have to check, if you're interested!
There are plenty of 'nearly new' cars out there for very little money. I don't know if you've said how much you've actually got or not (admit i skim read it, sorry) but something that is common and can be found very cheaply is the way forward.
Something like an 05 Mondeo? Yes it's a big car but there's lots of them and they're very cheap so you can be picky about finding an absolute minter, plus it's good to drive and parts & servicing are relatively cheap. Because it's not your average young persons car insurance should be favourable - but obviously you'll have to check, if you're interested!
Gassing Station | General Gassing | Top of Page | What's New | My Stuff