Is spending all your savings on a car a bad idea?

[xRIEx]

As the title really - spend years building up some capital out of fear your pension won't be worth st, then get tempted by a beautiful, shiny, fast car on the edge of affordability and splurge all the cash and a loan to cover the rest.

Would you?

Either talk me into it or talk me out of it.

[EricE]

I think you are a troll and a not very good one at that.

[xRIEx]

EricE said:

I think you are a troll and a not very good one at that.

That's a bit presumptuous.

ETA: and cliched, for that matter.




And ironic.

[av185]

[Dave Hedgehog]

You can't take it with you and your family will only waste it

[xRIEx]

Dave Hedgehog said:

You can't take it with you and your family will only waste it

Good point, and I've got no dependants anyway

[xRIEx]

av185 said:

[HumbleJim]

If you are young enough then yes, you will have yrs to build up the pot again. You can always sell the car again (albeit a bit of a hit no doubt)

However I took a different route and kept a "fk off fund" (about six months salary) incase things didn't go well at work.

[deeen]

xRIEx said:

As the title really - spend years building up some capital out of fear your pension won't be worth st, then get tempted by a beautiful, shiny, fast car on the edge of affordability and splurge all the cash and a loan to cover the rest.

Would you?

Either talk me into it or talk me out of it.

Save a bit for the essential repairs, cos you are buying with your heart rather than your head (don't ask me how I know this). Otherwise, go for it!!!

[lamboman100]

Get a lease deal. Invest yer savings.

[HumbleJim]

Oh really we need to know how much/what the car is, how much finance, how old you are, income and outgoings before helping any further.

[xRIEx]

HumbleJim said:

Oh really we need to know how much/what the car is, how much finance, how old you are, income and outgoings before helping any further.

I'm getting worried you're trying to stalk me.

It's a 5.0 XKR at about £35K, finance portion might be about £7K-10K depending on part ex, I'm 33, income needs a month or two to settle down (recently changed jobs), I'm fortunate that outgoings are comparatively low, shoe size 9.


It turn out I'm not that worried.

[xRIEx]

lamboman100 said:

Get a lease deal. Invest yer savings.

I'm very much in the Martin Lewis camp of "clear debts first, then save" - there's no way I'll get a higher AER on my savings than the APR on a lease. (OK, a lease doesn't attract an APR as such, but you know what I mean.)

[Jonny_]

HumbleJim said:

However I took a different route and kept a "fk off fund" (about six months salary) incase things didn't go well at work.

Ha, I like that phrase

I do much the same - keep enough in hand to cover the mortgage etc for 5 or 6 months just in case it all goes tits up.

But it all depends on your own circumstances, ten years ago it would have been the shiny fast car and sod everything else!

[Jasandjules]

Bad idea? Well, I've been there and done that sooooo I'd go with a nope.....

[mdavids]

I'd much rather have the security a decent pot of cash gives you but whatever makes you happy. There's a lot more to life than having a nice car, and after a few months when the novelty's wore off it'll just be a car.

[HumbleJim]

xRIEx said:

HumbleJim said:

Oh really we need to know how much/what the car is, how much finance, how old you are, income and outgoings before helping any further.

I'm getting worried you're trying to stalk me.

It's a 5.0 XKR at about £35K, finance portion might be about £7K-10K depending on part ex, I'm 33, income needs a month or two to settle down (recently changed jobs), I'm fortunate that outgoings are comparatively low, shoe size 9.


It turn out I'm not that worried.

Just changed jobs eh, still in the honeymoon period. Don't do it. Shoe size unimportant testicle size more so.

[0a]

Why spend that much? Get a £15k merc AMG and have the power without the debt and keep some money in the bank.

Or spend £6k on an e39 M5 for a more fun car to drive and have loads spare to make it a perfect car!

[xRIEx]

0a said:

Or spend £6k on an e39 M5 for a more fun car to drive and have loads spare to make it a perfect car!

Having driven neither, is the M5 a better steer?

[SamPet]

0a said:

Why spend that much? Get a £15k merc AMG and have the power without the debt and keep some money in the bank.

Or spend £6k on an e39 M5 for a more fun car to drive and have loads spare to make it a perfect car!

This. In my experience, it's best to avoid the slavery of debt as much as possible. Plenty of joy to be had around £15K.

I speak from dire & protracted experience.