How the hell do people afford cars these days?
Discussion
pb8g09 said:
I'm guessing it's because the older folk on here that buy cars for cash have saved for a while to be able to do that (I'm doing it myself right now), so there's potentially some resentment when they see their yuppy neighbour in a £50/60k car on finance whilst they've just dropped 2 years of savings on a 5 year old Octavia estate. I think we can all understand that feeling, but it's then when the "just wait until the interest rates bang up and the debt collectors come in!". Not really, they'll just sell the expensive motor (potentially at a profit at the moment) and pcp a £30k car instead knowing they got to rattle around in a £60k car for a couple of years.
Reminds me of when your team loses in a cup competition and instead of congratulating the opponent after, you sit there saying how X team will pump them in the next round out of some kind of bitterness.
The added ignorance is that you also don't necessarily know their working situation. They may have bought their house at 25 on £40k and have since worked hard and had promotions up to £80k 5 years later and are sat with loads of surplus disposable income on them. Maybe they don't then want to move because they thought they had some nice older neighbours who gave them tips on DIY when really that sad old git was just stood there mentally judging the credit junky for having a nicer car than him.
Exactly.Reminds me of when your team loses in a cup competition and instead of congratulating the opponent after, you sit there saying how X team will pump them in the next round out of some kind of bitterness.
The added ignorance is that you also don't necessarily know their working situation. They may have bought their house at 25 on £40k and have since worked hard and had promotions up to £80k 5 years later and are sat with loads of surplus disposable income on them. Maybe they don't then want to move because they thought they had some nice older neighbours who gave them tips on DIY when really that sad old git was just stood there mentally judging the credit junky for having a nicer car than him.
I'm 53, and dont have a car on finance. One of our cars is 16 years old, the other is 2019 bought new but we plan on keeping it for 10+ years.
If a neighbour rocked up in a new M4 or whatever i'd think "wow nice car", not "well they cant possibly afford that on their salary".
I've no wish to see others "get their comeuppance" because they've a newer car than me. Likewise i tend to buy my cars with cash or cash and a cheap loan and clear it as soon as possible. I've used PCP finance before in the past, i might use it again in the future if the deal is right, i'm open to that. If leasing or PCPing works best for others then great
Deep Thought said:
Exactly.
I'm 53, and dont have a car on finance. One of our cars is 16 years old, the other is 2019 bought new but we plan on keeping it for 10+ years.
If a neighbour rocked up in a new M4 or whatever i'd think "wow nice car", not "well they cant possibly afford that on their salary".
I've no wish to see others "get their comeuppance" because they've a newer car than me. Likewise i tend to buy my cars with cash or cash and a cheap loan and clear it as soon as possible. I've used PCP finance before in the past, i might use it again in the future if the deal is right, i'm open to that. If leasing or PCPing works best for others then great
Snap with myself and I'm 30.I'm 53, and dont have a car on finance. One of our cars is 16 years old, the other is 2019 bought new but we plan on keeping it for 10+ years.
If a neighbour rocked up in a new M4 or whatever i'd think "wow nice car", not "well they cant possibly afford that on their salary".
I've no wish to see others "get their comeuppance" because they've a newer car than me. Likewise i tend to buy my cars with cash or cash and a cheap loan and clear it as soon as possible. I've used PCP finance before in the past, i might use it again in the future if the deal is right, i'm open to that. If leasing or PCPing works best for others then great
I get more jealousy when I see these people not because of the car, but jealous that they enjoy their job enough to commit to the outgoing - I deliberately don't hold any credit purely so that I can press the meltdown button at work and walk away because I hate it so much!
I have a suspicion that the weapons grade materialism may continue for a while yet.
What kept me fairly financially pessimistic was the worry of things going to s
t in the economy and the uncontrollable fallout if I lost my job because it was no longer viable ie. I would keep debt at a level that would remain manageable if I lost my job and ended up on a lower income.
Furlough will have made a lot of people feel far more secure ie. If the economy tanks, the government will protect my income. Keep spending and ticking on.
What kept me fairly financially pessimistic was the worry of things going to s
t in the economy and the uncontrollable fallout if I lost my job because it was no longer viable ie. I would keep debt at a level that would remain manageable if I lost my job and ended up on a lower income.Furlough will have made a lot of people feel far more secure ie. If the economy tanks, the government will protect my income. Keep spending and ticking on.
paralla said:
Lexington59 said:
Yeah but don’t you old guys struggle getting in and out of those low Porsches as you age…? 
Speaking as another oldster with a low Porsche…
I'm only getting the 918 buckets in my next two GT3's tops. 18 way adjustable after that, acknowledging my advancing years.Speaking as another oldster with a low Porsche…
I find the Spyder buckets way more comfortable than the comtorts because you tend to sit 'in' them rather than 'on' them.
All part of the driving experience and definitely worth the slight extra faff trying to get out of the car.
:Deep Thought said:
Exactly.
I'm 53, and dont have a car on finance. One of our cars is 16 years old, the other is 2019 bought new but we plan on keeping it for 10+ years.
If a neighbour rocked up in a new M4 or whatever i'd think "wow nice car", not "well they cant possibly afford that on their salary".
I've no wish to see others "get their comeuppance" because they've a newer car than me. Likewise i tend to buy my cars with cash or cash and a cheap loan and clear it as soon as possible. I've used PCP finance before in the past, i might use it again in the future if the deal is right, i'm open to that. If leasing or PCPing works best for others then great
Neighbour treated herself to a brand new CLA recently. I don't like them but single mother hitting fifty and wanting to treat herself, sure why not. Only an aI'm 53, and dont have a car on finance. One of our cars is 16 years old, the other is 2019 bought new but we plan on keeping it for 10+ years.
If a neighbour rocked up in a new M4 or whatever i'd think "wow nice car", not "well they cant possibly afford that on their salary".
I've no wish to see others "get their comeuppance" because they've a newer car than me. Likewise i tend to buy my cars with cash or cash and a cheap loan and clear it as soon as possible. I've used PCP finance before in the past, i might use it again in the future if the deal is right, i'm open to that. If leasing or PCPing works best for others then great
hole would begrudge her. Explaining to my wife that I'm more interested in the car than the owner, it sometimes works. Such is life.
I can't remember if I made this point on this or another thread, so apologies for indulging in a bit of the Bill Murray's, but as a general point regarding delaying gratification, some of the senior folk on threads like these are evidence of survivorship bias. The poor sods who scrimped, saved and denied themselves life's pleasures when young but subsequently kicked the bucket a few months before retirement leaving the fruits of their hardship to their feckless offspring, are obviously not here to tell us about how much they regret not blowing the lot on hookers, blow and PCP.
Healthy life expectancy (i.e. the length of time people will live whilst being in decent health) at birth is on average 63 for blokes in the U.K. (or 55 if you happen to be born in Blackpool). Rightly or wrongly, some people take the view that they will spend it whilst they can. Some of them will live to regret it and some folk will regard that as reckless, but who can judge?
Healthy life expectancy (i.e. the length of time people will live whilst being in decent health) at birth is on average 63 for blokes in the U.K. (or 55 if you happen to be born in Blackpool). Rightly or wrongly, some people take the view that they will spend it whilst they can. Some of them will live to regret it and some folk will regard that as reckless, but who can judge?
Edited by Jonny Wishbone on Monday 16th May 13:03
Jonny Wishbone said:
I can't remember if I made this point on this or another thread, so apologies for indulging in a bit of the Bill Murray's, but as a general point regarding delaying gratification, some of the senior folk on threads like these are evidence of survivorship bias. The poor sods who scrimped, saved and denied themselves life's pleasures when young but subsequently kicked the bucket a few months before retirement leaving the fruits of their hardship to their feckless offspring, are obviously not here to tell us about how much they regret not blowing the lot on hookers, blow and PCP.
Healthy life expectancy (i.e. the length of time people will live whilst being in decent health) at birth is on average 63 for blokes in the U.K. (or 55 if you happen to be born in Blackpool). Rightly or wrongly, some people take the view that they will spend it whilst they can. Some of them will live to regret it and some folk will regard that as reckless, but who can judge?
We are currently sorting out some benefit forms for the inlaws - they are both over 80. They buy food from iceland, everything they own is old/broken. They get clothes from a charity shop and won't even replace old clothing until it falls to pieces.Healthy life expectancy (i.e. the length of time people will live whilst being in decent health) at birth is on average 63 for blokes in the U.K. (or 55 if you happen to be born in Blackpool). Rightly or wrongly, some people take the view that they will spend it whilst they can. Some of them will live to regret it and some folk will regard that as reckless, but who can judge?
Edited by Jonny Wishbone on Monday 16th May 13:03
One of the questions asked about savings - MIL pipes up and says "well i have that £26000 in a savings account...." - OK?! .. still in shock from that first statement she then tells us she has a further £15k in an irish bank account.
this is 'for her funeral' apparently.
made me quite emotional to think they are barely surviving, not turning heating on, eating iceland food, getting rain water in their shoes because they're coming apart but they don't even think to spend some of their savings.
a funeral isn't going to cost £40k, unless you are a family of the irish caravan club!
Deep Thought said:
981Boxess said:
Deep Thought said:
I take it you've not read Throttlebodys posts elsewhere?
He is the very definition of making stuff up to feel superior.
Not really, but what he has posted comes across as sensible.He is the very definition of making stuff up to feel superior.
Whereas what you are posting comes across as the confused ramblings of someone who cannot even remember what he has posted previously
But probably your best way out at this point, now that you are getting increasingly more confused about what you think or have posted
Jonny Wishbone said:
I can't remember if I made this point on this or another thread, so apologies for indulging in a bit of the Bill Murray's, but as a general point regarding delaying gratification, some of the senior folk on threads like these are evidence of survivorship bias. The poor sods who scrimped, saved and denied themselves life's pleasures when young but subsequently kicked the bucket a few months before retirement leaving the fruits of their hardship to their feckless offspring, are obviously not here to tell us about how much they regret not blowing the lot on hookers, blow and PCP.
Healthy life expectancy (i.e. the length of time people will live whilst being in decent health) at birth is on average 63 for blokes in the U.K. (or 55 if you happen to be born in Blackpool). Rightly or wrongly, some people take the view that they will spend it whilst they can. Some of them will live to regret it and some folk will regard that as reckless, but who can judge?
Agreed. Healthy life expectancy (i.e. the length of time people will live whilst being in decent health) at birth is on average 63 for blokes in the U.K. (or 55 if you happen to be born in Blackpool). Rightly or wrongly, some people take the view that they will spend it whilst they can. Some of them will live to regret it and some folk will regard that as reckless, but who can judge?
Edited by Jonny Wishbone on Monday 16th May 13:03
Some may come to regret over spending when they get themselves in to unmanageable debt. Some may come to regret underspending as they've found life passed them by.
Theres a middle ground for all of this, which is where most people probably are / strive to be.
981Boxess said:
iven that you post 4 times as much as he does I would have thought that would have made you the troll?
No, it makes me a car enthusiast. That being the purpose of the group.Why are you obsessed with me and dragging out an argument on the internet?
Move on.
Edited by Deep Thought on Monday 16th May 14:04
Deep Thought said:
Theres a middle ground for all of this, which is where most people probably are / strive to be.
THIS! This is what I really struggle with in terms of finding the right balance, its a very difficult one to get right in the moment. I try and ensure I'm sensible now and have things lined up to ensure my retirement is comfortable - but then more than ever I could easily sink 60k into the house getting it sorted and then enjoying the benefits that brings (we haven't had a main bathroom since we moved in 5 years ago for example).My main issue is I worry about the long term cost, i.e cutting out an investment to give me cash now could end up costing me 2-3+ times the amount.
Its a very hard one to balance! Especially when we don't really know what the state pension will look like in 20-25 years time.
mrdanbartlett said:
THIS! This is what I really struggle with in terms of finding the right balance, its a very difficult one to get right in the moment. I try and ensure I'm sensible now and have things lined up to ensure my retirement is comfortable - but then more than ever I could easily sink 60k into the house getting it sorted and then enjoying the benefits that brings (we haven't had a main bathroom since we moved in 5 years ago for example).
My main issue is I worry about the long term cost, i.e cutting out an investment to give me cash now could end up costing me 2-3+ times the amount.
Its a very hard one to balance! Especially when we don't really know what the state pension will look like in 20-25 years time.
Veering off topic somewhat and it goes without saying that what a random idiot (i.e. me) on the internet says about the state of public finances in 20 years should be roundly ignored, but the party that proposed doing anything that even remotely resembles a cut to the state pension would be kicked into oblivion for generations, given the (ever increasing) voting power of pensioners and the soon-to-be-pensionable middle classes. Quite the opposite is, if anything, more likely. Bribery is the reason we ended up with the triple lock, for example. Even if it did happen I'd expect it to be slated for so far into the future that anybody in their 30's or 40's now wouldn't be affected.My main issue is I worry about the long term cost, i.e cutting out an investment to give me cash now could end up costing me 2-3+ times the amount.
Its a very hard one to balance! Especially when we don't really know what the state pension will look like in 20-25 years time.
That being said, if you have the means it seems like a sensible thing to plan for SP to be a bonus rather than the mainstay of a retirement pot.
Deep Thought said:
Exactly.
I'm 53, and dont have a car on finance. One of our cars is 16 years old, the other is 2019 bought new but we plan on keeping it for 10+ years.
If a neighbour rocked up in a new M4 or whatever i'd think "wow nice car", not "well they cant possibly afford that on their salary".
I've no wish to see others "get their comeuppance" because they've a newer car than me. Likewise i tend to buy my cars with cash or cash and a cheap loan and clear it as soon as possible. I've used PCP finance before in the past, i might use it again in the future if the deal is right, i'm open to that. If leasing or PCPing works best for others then great
Good to see you are actually in the elite club then. You, me and 981Boxess, cash buyers. I'm 53, and dont have a car on finance. One of our cars is 16 years old, the other is 2019 bought new but we plan on keeping it for 10+ years.
If a neighbour rocked up in a new M4 or whatever i'd think "wow nice car", not "well they cant possibly afford that on their salary".
I've no wish to see others "get their comeuppance" because they've a newer car than me. Likewise i tend to buy my cars with cash or cash and a cheap loan and clear it as soon as possible. I've used PCP finance before in the past, i might use it again in the future if the deal is right, i'm open to that. If leasing or PCPing works best for others then great
I’ve just turned 50 and am starting to think that the alternative to spending a lot on a car may be to retire a couple of years earlier.
Always been a cash buyer and can’t really see that changing. Having said that the most I’ve ever spent on a car is about 10k so it would take some creativity to keep within that next time. It is still possible to get a good car for that kind of money, like the one I already own for example!
Always been a cash buyer and can’t really see that changing. Having said that the most I’ve ever spent on a car is about 10k so it would take some creativity to keep within that next time. It is still possible to get a good car for that kind of money, like the one I already own for example!
Jonny Wishbone said:
Veering off topic somewhat and it goes without saying that what a random idiot (i.e. me) on the internet says about the state of public finances in 20 years should be roundly ignored, but the party that proposed doing anything that even remotely resembles a cut to the state pension would be kicked into oblivion for generations, given the (ever increasing) voting power of pensioners and the soon-to-be-pensionable middle classes. Quite the opposite is, if anything, more likely. Bribery is the reason we ended up with the triple lock, for example. Even if it did happen I'd expect it to be slated for so far into the future that anybody in their 30's or 40's now wouldn't be affected.
That being said, if you have the means it seems like a sensible thing to plan for SP to be a bonus rather than the mainstay of a retirement pot.
Interest and well said, thank you. I'm planning for it to be non existent pretty much as that has always been my worry, but that leaves a fairly big hole to fill so its a balance to get right. That being said, if you have the means it seems like a sensible thing to plan for SP to be a bonus rather than the mainstay of a retirement pot.
As another has said I'd also aim to retire by around 60 if possible to trying to work towards that (at 40 now) but also enjoy my family in the prime years.
ChrisH72 said:
I’ve just turned 50 and am starting to think that the alternative to spending a lot on a car may be to retire a couple of years earlier.
Always been a cash buyer and can’t really see that changing. Having said that the most I’ve ever spent on a car is about 10k so it would take some creativity to keep within that next time. It is still possible to get a good car for that kind of money, like the one I already own for example!
Why would you change either of the cars that you own, other than if you really really wanted to, replace them with similar but younger?Always been a cash buyer and can’t really see that changing. Having said that the most I’ve ever spent on a car is about 10k so it would take some creativity to keep within that next time. It is still possible to get a good car for that kind of money, like the one I already own for example!
Hard to be a 6 cylinder NA petrol BMW IMHO, and the ST is pretty much class leading on the hot hatch front.
My local BMW dealer would love to relieve me of our 2019 M140i and probably another £20,000 to put us in to a new M135i but it would be a generic four pot rather than the straight six. Similar with my Z4 Coupe. Probably an easy £50K for the equivalent new one, but it would be less distinctive and likely have less personality.
ChrisH72 said:
Certainly not replacing anything this year.
The BMW is gone in favour of the Fiesta which I'm still enjoying very much. When I do change it will hopefully be something different like a 2 seat roadster or a sporty coupe.
I'd strongly recommend a Z4 3.0Si Coupe. Pic of mine for posterity. The BMW is gone in favour of the Fiesta which I'm still enjoying very much. When I do change it will hopefully be something different like a 2 seat roadster or a sporty coupe.
I gave £7,500 for that and then £1,200 ish for the alloys. Probably worth around £11K ish now sitting like that. Your £10K budget would definitely get you one and they're starting to move upwards in value.
We had a 370Z GT previously which would also be a good shout. Similar ish pricing.
Terminator X said:
So funny, no one is trying to "keep up with the neighbours"; people just buy what they (a) like (b) can afford be it cash or finance.
TX.
Likely true for PH'ers, but not for the average school run mum. I'm sure it also explains why they spend 10mins doing the round to find a space where they can be seen, rather than parking 1min away and walking. TX.
Ice_blue_tvr said:
Terminator X said:
So funny, no one is trying to "keep up with the neighbours"; people just buy what they (a) like (b) can afford be it cash or finance.
TX.
Likely true for PH'ers, but not for the average school run mum. I'm sure it also explains why they spend 10mins doing the round to find a space where they can be seen, rather than parking 1min away and walking. TX.
Its frankly laziness that has them "needing" to park as close to the door as possible. That goes right through from new Range Rovers and X5s to s
tbox old C-Maxs. Theres a woman comes daily in a black C-Max that has had more hits than The Beatles. Insists on parking it to the immediate left of the front gate of the school up on a high footpath - the space that noone else parks in as it means any lorries that come along cant get through. But no, she brazens it out. Every day.
Edited by Deep Thought on Monday 16th May 16:27
Edited by Deep Thought on Monday 16th May 16:28
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