Saving for a new car - Help please.
Discussion
Im sure this has probably been
covered a million times before so sorry if its a repost, but im on my phone and the search is
even more
tempremental than usuall.
Basically now I have a job I can finally afford to run my car and have a few quid to myself and to put away.
Being an 18 year old petrol head obviously I want more power from a car than a french 1.4 8valve can produce. Think I have decided on the next step up on the lader. Nothing exciting but i'd be happy with it. A peugeot 206 XSI 1.6.. Seems like the most sensible choice, only 100 more for the year on the insurance. But I wont be selling my car so will be starting right from the bottom with a grand total of nothing. Ill be looking at needing around 1500.
Obviously saving that sort of moneys harder than just put a few pound away every now and again. I know if i just try and throw x amount every so often in an envelope somewhere ill end up just taking money out of it just as easy so ill never get anywhere with it.
So how do the ph massive do it? Are there anything the banks can offer? I know intrest is crap at the moment but every penny will help.
I leave it open to you. Any advice appreciated (=
covered a million times before so sorry if its a repost, but im on my phone and the search is
even more
tempremental than usuall.
Basically now I have a job I can finally afford to run my car and have a few quid to myself and to put away.
Being an 18 year old petrol head obviously I want more power from a car than a french 1.4 8valve can produce. Think I have decided on the next step up on the lader. Nothing exciting but i'd be happy with it. A peugeot 206 XSI 1.6.. Seems like the most sensible choice, only 100 more for the year on the insurance. But I wont be selling my car so will be starting right from the bottom with a grand total of nothing. Ill be looking at needing around 1500.
Obviously saving that sort of moneys harder than just put a few pound away every now and again. I know if i just try and throw x amount every so often in an envelope somewhere ill end up just taking money out of it just as easy so ill never get anywhere with it.
So how do the ph massive do it? Are there anything the banks can offer? I know intrest is crap at the moment but every penny will help.
I leave it open to you. Any advice appreciated (=
whats that about? Hahamcelliott said:
Boring advice but the best (and cheapest probably) is to be patient, save up the full amount and pay cash. That's what I believe in anyway.
I wanna pay cash, it's just if I have a huge wad of money floating around I know ill keep dipping into it every now and again and wont get anywhere fast.Any account - it doesn't really matter. It's the principle itself of not being able to have access to the money.
Personally, from my experience, exercising self-restraint is far more rewarding than relying on someone to hold the money for you. If you want something bad enough, you will do it. That said, if you're able to get a loan for the car you want at a decent rate and can pay it off quickly, I see no harm in that either. I took out a loan once to get a new car - £6000 over 12 months. I ended up paying back £6300 on the loan in total, which was worth it for me. That's another option if you feel you would do better being 'forced to save' in that way, but only if you can definitely continue the payments.
Personally, from my experience, exercising self-restraint is far more rewarding than relying on someone to hold the money for you. If you want something bad enough, you will do it. That said, if you're able to get a loan for the car you want at a decent rate and can pay it off quickly, I see no harm in that either. I took out a loan once to get a new car - £6000 over 12 months. I ended up paying back £6300 on the loan in total, which was worth it for me. That's another option if you feel you would do better being 'forced to save' in that way, but only if you can definitely continue the payments.
Pulse said:
Any account - it doesn't really matter. It's the principle itself of not being able to have access to the money.
Personally, from my experience, exercising self-restraint is far more rewarding than relying on someone to hold the money for you. If you want something bad enough, you will do it. That said, if you're able to get a loan for the car you want at a decent rate and can pay it off quickly, I see no harm in that either. I took out a loan once to get a new car - £6000 over 12 months. I ended up paying back £6300 on the loan in total, which was worth it for me. That's another option if you feel you would do better being 'forced to save' in that way, but only if you can definitely continue the payments.
No, im not getting into any loans at all. Cant be doing with that debt. Especially as I will be starting uni in september.Personally, from my experience, exercising self-restraint is far more rewarding than relying on someone to hold the money for you. If you want something bad enough, you will do it. That said, if you're able to get a loan for the car you want at a decent rate and can pay it off quickly, I see no harm in that either. I took out a loan once to get a new car - £6000 over 12 months. I ended up paying back £6300 on the loan in total, which was worth it for me. That's another option if you feel you would do better being 'forced to save' in that way, but only if you can definitely continue the payments.
anonymous said:
[redacted]
Because I'll be living at home, uni is 5 minuites down the road if that for me.Wont be getting any student loans either.
Ive allready got a 206 so I know exactly what there like. Even though it does have a strange driving position I have gotten used to it and dont find it any trouble at all. It's the right size for me I can get everything I need in it and people as well (at times) The only thing thats really missing from what ive got at the moment is the grunt from under the bonnet. If insurance wasnt an issue I'd be looking at buying a Saxo VTs or a 106 GTi. But as there about £2500 more on the insurance than what im paying now, id rather the 206 which is only £100 more. Also ive never been a ford fan so I wont be looking at Zetec's.
You may find getting a big barge is cheaper on the insurance. Something like a Saab 900, Audi A6 or a BMW 5 series. Plenty more grunt and lower insurance as they won't be in the typciacl 18yo profile.
Had a quick look and this could be interesting. Go on get a quote
http://www.pistonheads.co.uk/sales/2728134.htm
Had a quick look and this could be interesting. Go on get a quote
http://www.pistonheads.co.uk/sales/2728134.htm
This threads starting to go off topic big time. I wasnt asking for car suggestions. Ive decided what I want next. Reasons being im happy with the size, it can do everything I need it to. Insurance is only £100 more than what im paying for now even though it is 7 groups higher.
I know ford have produced some decent cars, but every ford ive ever been in didnt matter what time period its from has always made me travel sick even the one's ive driven. So id rather be able to drive everywhere without having to carry a sick bag.
So serious suggestions about saving money from now on please. No loans involved. I just want to know if there's any savings schemes that are worth looking at around at the moment.
Thanks
I know ford have produced some decent cars, but every ford ive ever been in didnt matter what time period its from has always made me travel sick even the one's ive driven. So id rather be able to drive everywhere without having to carry a sick bag.
So serious suggestions about saving money from now on please. No loans involved. I just want to know if there's any savings schemes that are worth looking at around at the moment.
Thanks
worsy said:
You may find getting a big barge is cheaper on the insurance. Something like a Saab 900, Audi A6 or a BMW 5 series. Plenty more grunt and lower insurance as they won't be in the typciacl 18yo profile.
Had a quick look and this could be interesting. Go on get a quote
http://www.pistonheads.co.uk/sales/2728134.htm
Cheapest quote = £3,368Had a quick look and this could be interesting. Go on get a quote
http://www.pistonheads.co.uk/sales/2728134.htm
No Thanks
anonymous said:
[redacted]
This. You're not saving enough to worry about where you put it. £100 in all honesty will barely make any impact. Can you save more? Can you cut something out, like smoking, or drinking? Perhaps you have a gym membership you never use?I save about £500 or so a month at the moment, and have roughly £30,000 in savings, and even I'm not doing anything more than just putting it into the best rated savings account I could find, and maximising the use of my ISA allowance.
Your best bet is putting it into your ISA - just don't take it out.
Pulse said:
This. You're not saving enough to worry about where you put it. £100 in all honesty will barely make any impact. Can you save more? Can you cut something out, like smoking, or drinking? Perhaps you have a gym membership you never use?
I dont drink or smoke, Never had a gym membership in my life. Only things I seem to spend on is fuel, £15 a month on my phone, Sometimes the odd part here and there for the car. Next month I'll need to renew my insurance but other than tax & food I dont spend on aything else.Pulse said:
I save about £500 or so a month at the moment, and have roughly £30,000 in savings, and even I'm not doing anything more than just putting it into the best rated savings account I could find, and maximising the use of my ISA allowance.
Your best bet is putting it into your ISA - just don't take it out.
Fancy explaining what the hell an ISA is to me? Ive heard of the term never looked at them though.Your best bet is putting it into your ISA - just don't take it out.
Pulse said:
This. You're not saving enough to worry about where you put it. .
^^What he said. £1500 is a big chunk when you're 18 but it's easily doable. You need to set yourself a time limit to do it, say 12-16 weeks tops. Every penny you get goes into the car fund. No boozing, no smoking, no takeaways, no mags, nights out etc. You'll probably find that you can do it faster than you think.
Or take out a 0% credit card (not sure how feasible this is for an 18 year old) and buy the car now and save up for the 3 month interest free period, but it's not PH approved!
An ISA is a tax-free savings account, where you can save c.£5300 per year. It means on the savings you earn, you don't pay an interest charge, like with other savings accounts. It's where you'll yield the best results for your money; especially as you'll never go anywhere near the threshold. What is worth noting though is that if you take the money out, and then put it back in again, it has an impact on your overall saving allowance.
For example, if you saved the entire £5300 in there, took it out to buy a car, then decided you actually only wanted to spend £2000 on a car for example, you wouldn't be able to put the remaining £3300 back in, as you've already used your allowance. As I say, you're saving £100 a month, so £1200 a year - it won't impact you unless you start to save more like I am (and then you have to explore other places to put the money).
For example, if you saved the entire £5300 in there, took it out to buy a car, then decided you actually only wanted to spend £2000 on a car for example, you wouldn't be able to put the remaining £3300 back in, as you've already used your allowance. As I say, you're saving £100 a month, so £1200 a year - it won't impact you unless you start to save more like I am (and then you have to explore other places to put the money).
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