I must be nuts to even consider this but.....
Discussion
I know people that have. It's one of the cheapest forms of finance you'll ever get. BUT. You have to be super disciplined about putting aside the the repayments so you actually pay it off. Otherwise you'll still be paying for the car in 20yrs time! Of course, this doesn't matter if you're going to keep it for 20 years :-)
AMDBSNick said:
Has anyone ever considered bunging a few quid on the mortgage to buy a car 
Cheapest way to borrow money. Let's think - Countach or early mortgage repayment 
If the repayments are affordable and you are confident you won't lose too much money if you had to sell then go for it.
Nick when I was really a bit mental a group of Docs said to me that when I was presented with an equivalent dilemma that I was to think of the worst possible scenario. then logically think that was not going to happen! In your case I am not so sure!
An aged Lamborghini would bring with it so much joy but a st load of grief. Your DBS is sublime, make a rough guess of your projected reconditioning costs of running a Countach coupled with the fact that it will break down and cause you loads of embarrassment then you will realise a trip to Gaydon to spec your new Vanquish will be on the cards! I will come with you if you like!
And this is my whole dilemma. Mortgage repayments not an issue frankly. Over the years Moose and I have collected some serious fine art. Whilst we love to see it hanging on the wall I would be lying if I said I wasn't bothered about future value, I am. As at today we could sell it for what we paid so not all bad. Perhaps I'm being naive but I reckon the Countach for my kids would be a rock solid investment. f
k, I wish I had never seen it.
P.S. Rob I know what it costs to run, I owned it for 6 years
k, I wish I had never seen it. P.S. Rob I know what it costs to run, I owned it for 6 years
never done it, but do know people that did it when they felt rich in the housing boom
I guess its ok when you are young and if you keep cars for many years and actually pay it off the mortage e.g. set up a standing order for extra payment over a few years and use the credit facility properly..an extra £3K a month should cover the depreciation in first couple of years on a new £150K Aston
otherwise you could end up with a mortgage that never ends.....like many who spent money they miraculously "made" when their property kept going up for no reason
whats around the corner in 5 years? who knows, but i certainly dont want an extra £50K or £100K on my mortgage to fund a depreciating asset like a car when mortgage rates go back up
Right, thats the sensible head opinion out of the way
...but none of us are really sensible right...otherwise we wouldnt be wasting so much money on cars anyway...well apart from the genuinely wealthy who dont really need to work or worry about funding a £100K car
So stick the money on your mortage, buy the car, pay interest on it for the rest of your life..it matters not, live now, pay later, never did the world any harm apart from the odd glitch here and there
I guess its ok when you are young and if you keep cars for many years and actually pay it off the mortage e.g. set up a standing order for extra payment over a few years and use the credit facility properly..an extra £3K a month should cover the depreciation in first couple of years on a new £150K Aston
otherwise you could end up with a mortgage that never ends.....like many who spent money they miraculously "made" when their property kept going up for no reason
whats around the corner in 5 years? who knows, but i certainly dont want an extra £50K or £100K on my mortgage to fund a depreciating asset like a car when mortgage rates go back up
Right, thats the sensible head opinion out of the way
...but none of us are really sensible right...otherwise we wouldnt be wasting so much money on cars anyway...well apart from the genuinely wealthy who dont really need to work or worry about funding a £100K car
So stick the money on your mortage, buy the car, pay interest on it for the rest of your life..it matters not, live now, pay later, never did the world any harm apart from the odd glitch here and there
Judging by the price increases on similar cars I'd say you would be mad not to! Only live once, I spent all the money I had saved up for a house on a car, and an seriously considering doing it again for a TVR next year
Also, if you do get it, can I have a ride in one of my childhood heroes?
Also, if you do get it, can I have a ride in one of my childhood heroes?
Nick, you are just looking to release equity however you look at it. House or Art. If you have a £500k house with a £25k mortgage then what's the harm?? I would not hesitate.
It would certainly make sense if you are buying a beautiful new Vanquish !!
If you are seriously considering re-purchasing that clapped-out, bone-shaking, outdated Lambo then I think you are off your rocker
It would certainly make sense if you are buying a beautiful new Vanquish !!
If you are seriously considering re-purchasing that clapped-out, bone-shaking, outdated Lambo then I think you are off your rocker
What is cooler than an 80s supercar? Nothing, that's what Jockman said:
Nick, you are just looking to release equity however you look at it. House or Art. If you have a £500k house with a £25k mortgage then what's the harm?? I would not hesitate.
It would certainly make sense if you are buying a beautiful new Vanquish !!
If you are seriously considering re-purchasing that clapped-out, bone-shaking, outdated Lambo then I think you are off your rocker
One will go down in value, one will go up It would certainly make sense if you are buying a beautiful new Vanquish !!
If you are seriously considering re-purchasing that clapped-out, bone-shaking, outdated Lambo then I think you are off your rocker
Gassing Station | Aston Martin | Top of Page | What's New | My Stuff