Spending a bit too much on cars...

[Vladimir]

Any of you wonder if maybe you spend a little too much on cars/vehicles?
We have a reasonable but certainly not large income (thanks partly to the efficiencies of running a Ltd company) and have saved a pretty good chunk over the last eight years or so. But once we've paid for the M135i, we'll have spent the best part of half those saving on a camper and a small hatchback.
It's after years of earning naff all interest and not wanting to buy a house (let's just bypass that point - it works for us) so buying cars just seems more interesting. £75k in two years. Nothing compared to the wealthy folk on here but just writing that number down does make me wince a little…

Anyone else push the car thing a wee bit too far?!

No this isn't a willy waving contest - I just wonder if we spend rather a lot on our hunks of metal?! At least the camper hardly depreciates so thats' safeish money buy the BMW will probably fall off a cliff… we are hastily putting (or trying to put) the amount back in the bank as fast as we can get the work in!

Edited by Vladimir on Wednesday 18th December 14:44

[Shaoxter]

If you're spending that much rather than saving up a deposit for a house then yes, you're spending too much on cars.

[Vladimir]

Shaoxter said:

If you're spending that much rather than saving up a deposit for a house then yes, you're spending too much on cars.

I did say let's leave the house thing alone… It works for us.

[McWigglebum4th]

Vladimir said:

£75k in two years. Nothing compared to the wealthy folk on here but just writing that number down does make me wince a little…

Anyone else push the car thing a wee bit too far?!

No this isn't a willy waving contest - I just wonder if we spend rather a lot on our hunks of metal?! At least the camper hardly depreciates so thats' safeish money buy the BMW will probably fall off a cliff… we are hastily putting (or trying to put) the amount back in the bank as fast as we can get the work in!

Must suck to be that poor

[Vladimir]

McWigglebum4th said:

Must suck to be that poor

It does.

[Mashedpotatoes]

we'll have spent the best part of half those saving on a camper and a small hatchback.


Can you expand on that sentence its not making sense.
Thanks

[kiethton]

Mashedpotatoes said:

we'll have spent the best part of half those saving on a camper and a small hatchback.


Can you expand on that sentence its not making sense.
Thanks

Its not that taxing if you add an s to the end of 'saving'......

The anser to the OP is yes though, but I saw the light when 70% of my takehome was going on running my car at 21.....

I'm now in an older BMW which cost about over 15% of what that one did and its by no means 85% less car. I can actually save for my house deposit (and do things) now!

Edited by kiethton on Wednesday 18th December 15:05

[pilchardthecat]

You cant take it with you, and if you like cars....... as long as you aren't taking on loads of debt i dont see the problem. The wife will just piss it away on shoes and handbags otherwise

[braddo]

Vladimir said:

Shaoxter said:

If you're spending that much rather than saving up a deposit for a house then yes, you're spending too much on cars.

I did say let's leave the house thing alone… It works for us.

Perhaps a way to rephrase it is, "If you're spending that much rather than saving sufficiently for a comfortable retirement then yes, you're spending too much on cars."

[pilchardthecat]

braddo said:

Perhaps a way to rephrase it is, "If you're spending that much rather than saving sufficiently for a comfortable retirement then yes, you're spending too much on cars."

I suspect there will be a few people in their 30s/40s/50s with big pension pots that get robbed by new treasury rules in the next 20 years, then find they are no longer entitled to the future means-tested state pension, and think - i wish i had just pissed it away on fast cars

[shiftydave]

braddo said:

Vladimir said:

Shaoxter said:

If you're spending that much rather than saving up a deposit for a house then yes, you're spending too much on cars.

I did say let's leave the house thing alone… It works for us.

Perhaps a way to rephrase it is, "If you're spending that much rather than saving sufficiently for a comfortable retirement then yes, you're spending too much on cars."

Yeah I'd agree with this, though if life's working ok for you then I wouldn't say you're spending too much. Only got one shot to live on this earth.

[standardman]

"I suspect there will be a few people in their 30s/40s/50s with big pension pots that get robbed by new treasury rules in the next 20 years, then find they are no longer entitled to the future means-tested state pension, and think - i wish i had just pissed it away on fast cars"

I suspect there will be a lot of people who pissed all their money away on Flash cars wish they had paid there mortgage of and invested in a decent pensions.

[Vladimir]

doogz said:

Maybe I'm reading it wrong, but he says he's spent nearly half his savings, £75k, on the cars.

He probably has a deposit saved then, should he decide he needs one?

Yes indeed we do.

[GroundEffect]

This is why I've only bought cars that are steady on value.

In all the cars I've bought since I was 17 I've lost about £2k total (and all of that from a damn 172 Cup that fell apart). I couldn't buy new when you'd lose that much in one DAY in depreciation.

[Vladimir]

doogz said:

Also, worst "I've got a new M135i" thread ever.

1) I haven't got one yet
2) It's a 1 series, not a 911 Turbo/Ferrari/Range Rover/AMG Merc
3) So ner ner.

[5lab]

Vladimir said:

At least the camper hardly depreciates so thats' safeish money

you sure about that? this one appears to have lost 10k so far..

http://www.autotrader.co.uk/classified/advert/2013...

[SturdyHSV]

Vladimir said:

No this isn't a willy waving contest

I only employ the above meme as surely the appropriateness of your car spend is dictated by its proportion to your income. As such, you had little need to mention your new M135i and the £37,500 a year you have spent (that is only half your savings of course), and could have instead simply gone along the lines of:

About 20% of our income is going on cars, is that a bit much? At which point someone would have probably linked you to one of the many 'what percentage of your income goes on cars' threads and admittedly the thread would have descended into people asking how much you made anyway.

I'm clearly getting jaded, ignore me

[CountZero23]

Depends on how much you enjoy the cars, your post did make it sound a like you were just looking for an interesting way to blow a big chunk if you're savings as interest rates aren't that good...

Are both the car / van new?

Depreciation is $ down the drain, getting a nice classic would allow you to austensibly make an interesting investment.

Saving for Lotus Esprit and don't earn mega bucks so in no position to accuse you of pissing money away on cars

[matlee]

Yes.

[jontysafe]

From looking at AUC cars the M135i seems to fare pretty well on the depreciation front?