Saving for a nice car - how did you do it?
Discussion
So I'm sat alone in my flat on my own, my other half has gone out clubbing after berating and cajoling me into joining her for most of the evening.
If I had half the cash I'd spent on that kind of thing in my pocket right now now I'd be happily on my way to buy a brand spanking R8.
I tend to spank most of my cash down the pub and out clubbing but after buying my second MX5 and hankering after something extremely silly I really need to sort it out.
Had most of the cash for a Lotus Esprit last year but then bought a flat and found most of that cash going on sorting the place out.
Having saved for a mortgage I know it's a case of saying no, allot. That said looking to PH to provide inspiration on how people have motivated themselves to save for their dream cars and any tactics they have used with GF's to be stingy b
ds!
How long did you guys save for and how did you manage explaining your nutty obsession to your other halves who don't get it?
If I had half the cash I'd spent on that kind of thing in my pocket right now now I'd be happily on my way to buy a brand spanking R8.
I tend to spank most of my cash down the pub and out clubbing but after buying my second MX5 and hankering after something extremely silly I really need to sort it out.
Had most of the cash for a Lotus Esprit last year but then bought a flat and found most of that cash going on sorting the place out.
Having saved for a mortgage I know it's a case of saying no, allot. That said looking to PH to provide inspiration on how people have motivated themselves to save for their dream cars and any tactics they have used with GF's to be stingy b
ds!How long did you guys save for and how did you manage explaining your nutty obsession to your other halves who don't get it?
I stopped buying booze from the supermarket. I cut going out on the piss 4-8 times a month down to 1-2 times a month. I stopped buying good quality food and resorted to cereal, pasta and ready meals. I stopped buying heaps of games for my Xbox. I started charging friends money for lifts to town and just 6 months after living like a hobo, eating crap, barely leaving my house I had the money sitting in my bank account for my RX-7.
It really was a miserable 6 months, constantly hungry where I was barely eating to save money on food, bored to death where I was sitting at home at the weekends with nothing to do and the only difference between me and a tramp was that I had shelter from the rain. It was worth it though.
It really was a miserable 6 months, constantly hungry where I was barely eating to save money on food, bored to death where I was sitting at home at the weekends with nothing to do and the only difference between me and a tramp was that I had shelter from the rain. It was worth it though.
I started 6 years ago by getting a £15k loan out and buying a car that didn't really depreciate. (A vx220 turbo)
After 3.5 years I sold it and had £14k to put back in the back with some savings I already had there left over from buying a house. Then worked out the country in 2011 for 6 months and when I got back I bought the Noble in cash for £27250.
Then sold that house and bought another. With the spare cash from that I bought a vx220 to go with the noble in 2012.
Buying none depreciating cars is the big one, and drinking sensibly, (I.e getting drunk before going out etc)
After 3.5 years I sold it and had £14k to put back in the back with some savings I already had there left over from buying a house. Then worked out the country in 2011 for 6 months and when I got back I bought the Noble in cash for £27250.
Then sold that house and bought another. With the spare cash from that I bought a vx220 to go with the noble in 2012.
Buying none depreciating cars is the big one, and drinking sensibly, (I.e getting drunk before going out etc)
CountZero23 said:
Having saved for a mortgage I know it's a case of saying no, allot. That said looking to PH to provide inspiration on how people have motivated themselves to save for their dream cars and any tactics they have used with GF's to be stingy bds!
1: Standing order from bank to separate account (that you don't see when you log on to your regular internet banking platform) to shift £xxx / mth out as soon as it's pay day.ds!2: Bank pay rises straight into the car fund.
3: If you get bonuses bank them in the car fund.
4: Get a GF with similar priorities.
From 13 I had part time jobs. Cleaning a taxi firms cars Saturday mornings, paper round and then to an accident repair centre cleaning cars before they went back. My dad drove me hard saying you will need every penny for a house.
I saved hard and when working full time was charged silly low rent to stay at home so it helped me save further. At 19 I bought my first "nice" car. An 88 XR3i cabriolet. At the time it was a good motor for a 19 yr old!
I spent my hard cash on boats, jet skis and auto grass racing with mixed feelings from my dad about the use of cash.
At 25 I sold the lot and made money on all my toys and put down 26k on my first house. Now at 38 it's sold and I'm on my second, bigger house with wife and children.
All I can say is work and save!
I saved hard and when working full time was charged silly low rent to stay at home so it helped me save further. At 19 I bought my first "nice" car. An 88 XR3i cabriolet. At the time it was a good motor for a 19 yr old!
I spent my hard cash on boats, jet skis and auto grass racing with mixed feelings from my dad about the use of cash.
At 25 I sold the lot and made money on all my toys and put down 26k on my first house. Now at 38 it's sold and I'm on my second, bigger house with wife and children.
All I can say is work and save!
Don't feel bad. Buying a property was a WAY better idea. I bought a flat at the first opportunity and now have so much equity on it I can run a 997 easily on the rental income.
You WILL thank yourself one day.
You might want to read 'Rich Dad, Poor Dad' to get some perspective. The author is a massive Petrolhead as well.
You WILL thank yourself one day.
You might want to read 'Rich Dad, Poor Dad' to get some perspective. The author is a massive Petrolhead as well.
Rawhide said:
Don't feel bad. Buying a property was a WAY better idea. I bought a flat at the first opportunity and now have so much equity on it I can run a 997 easily on the rental income.
You WILL thank yourself one day.
You might want to read 'Rich Dad, Poor Dad' to get some perspective. The author is a massive Petrolhead as well.
That's quite a statement. Not everyone wants the millstone of a mortgage, let alone a 2nd one, and there's certainly no guarantee that buying property always leads to the land of milk and honey.You WILL thank yourself one day.
You might want to read 'Rich Dad, Poor Dad' to get some perspective. The author is a massive Petrolhead as well.
I suspect that the OP is fairly young, and things like fast cars and a whole world to see might be considerably more attractive than 35 years of debt slavery.
Zoobeef said:
I started 6 years ago by getting a £15k loan out and buying a car that didn't really depreciate. (A vx220 turbo)
After 3.5 years I sold it and had £14k to put back in the back with some savings I already had there left over from buying a house. Then worked out the country in 2011 for 6 months and when I got back I bought the Noble in cash for £27250.
Then sold that house and bought another. With the spare cash from that I bought a vx220 to go with the noble in 2012.
Buying none depreciating cars is the big one, and drinking sensibly, (I.e getting drunk before going out etc)
I opened this thread expecting the usual arrogant ph bAfter 3.5 years I sold it and had £14k to put back in the back with some savings I already had there left over from buying a house. Then worked out the country in 2011 for 6 months and when I got back I bought the Noble in cash for £27250.
Then sold that house and bought another. With the spare cash from that I bought a vx220 to go with the noble in 2012.
Buying none depreciating cars is the big one, and drinking sensibly, (I.e getting drunk before going out etc)
ks, but that was a very good post, thought provoking to someone who cant save a penny anyway.I'd say there are 3 things you could consider:
1: Cut costs. The obvious one! Stop frittering money on silly stuff or buy cheaper versions of the same thing. Key is to put the money you save away.
2: Increase income. Can you change job? Take a part-time second job? I did this when I first graduated, 3 nights pet week working in a hotel bar gave me pocket money.
3: Asset disposal. Sell stuff.
I pay money into a savings account each month. I just bought an RS6, traded in a Subaru Outback that we owned outright and paid the balance in cash (about 11k). I robbed my savings account, sold some impreza parts, a couple of spare sets of wheels/tyres that were sitting around. I also sold a watch I never wear. I put all my loose change into empty whisky tubes (you'd be surprised how much that can accumulate!)
I'm a contractor and like to keep monthly outgoings to a minimum in case I'm ever out of work. I know plenty of people in similar roles who have awesome new cars on pcp/HP etc but I'd rather have the flexibility of owning a much cheaper car outright.
1: Cut costs. The obvious one! Stop frittering money on silly stuff or buy cheaper versions of the same thing. Key is to put the money you save away.
2: Increase income. Can you change job? Take a part-time second job? I did this when I first graduated, 3 nights pet week working in a hotel bar gave me pocket money.
3: Asset disposal. Sell stuff.
I pay money into a savings account each month. I just bought an RS6, traded in a Subaru Outback that we owned outright and paid the balance in cash (about 11k). I robbed my savings account, sold some impreza parts, a couple of spare sets of wheels/tyres that were sitting around. I also sold a watch I never wear. I put all my loose change into empty whisky tubes (you'd be surprised how much that can accumulate!)
I'm a contractor and like to keep monthly outgoings to a minimum in case I'm ever out of work. I know plenty of people in similar roles who have awesome new cars on pcp/HP etc but I'd rather have the flexibility of owning a much cheaper car outright.
Edited by Lefty on Saturday 13th September 16:14
Zoobeef said:
I started 6 years ago by getting a £15k loan out and buying a car that didn't really depreciate. (A vx220 turbo)
After 3.5 years I sold it and had £14k to put back in the back with some savings I already had there left over from buying a house. Then worked out the country in 2011 for 6 months and when I got back I bought the Noble in cash for £27250.
Then sold that house and bought another. With the spare cash from that I bought a vx220 to go with the noble in 2012.
Buying none depreciating cars is the big one, and drinking sensibly, (I.e getting drunk before going out etc)
Your "non-depreciating" car might have only lost £1k, but you'll have paid at least £3k in interest on that bank loan. So the "big one" that you speak of actually cost you around £4k. (Not including the costs of actually running such a car).After 3.5 years I sold it and had £14k to put back in the back with some savings I already had there left over from buying a house. Then worked out the country in 2011 for 6 months and when I got back I bought the Noble in cash for £27250.
Then sold that house and bought another. With the spare cash from that I bought a vx220 to go with the noble in 2012.
Buying none depreciating cars is the big one, and drinking sensibly, (I.e getting drunk before going out etc)
Your funds have come from existing savings, working hard, and by cutting your spending.
budfox said:
Rawhide said:
Don't feel bad. Buying a property was a WAY better idea. I bought a flat at the first opportunity and now have so much equity on it I can run a 997 easily on the rental income.
You WILL thank yourself one day.
You might want to read 'Rich Dad, Poor Dad' to get some perspective. The author is a massive Petrolhead as well.
That's quite a statement. Not everyone wants the millstone of a mortgage, let alone a 2nd one, and there's certainly no guarantee that buying property always leads to the land of milk and honey.You WILL thank yourself one day.
You might want to read 'Rich Dad, Poor Dad' to get some perspective. The author is a massive Petrolhead as well.
I suspect that the OP is fairly young, and things like fast cars and a whole world to see might be considerably more attractive than 35 years of debt slavery.
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