Climbing the car ladder for poor/tight people like me

[tux850]

I love cars, whether that be driving them, fixing them, even just understanding the engineering behind how they work. Would quite happily spend an evening reading a Haynes manual, even for a car I don't actually own!

However, not having much spare cash - and being thrifty with it - has meant you'd never know I had this interest from the outside. Over the last 20 years we've had a string of Fiestas and Hyundai Coupes, kept them for many years, and have really maxxed out when it comes to getting value-for-money. It feels time to move on/up though. Would love to have a BMW 3-series estate - I like the look, would accommodate the family well and by all accounts quite a driver's car too.

However, dreams have been dampened somewhat by the realisation that I'd be looking at the best part of £20k for the age/mileage that I'd be desiring. I can't help but feel that it's the habitual have-never-spent-more-than-£10k-on-a-car-before coming into play and so simply have never got used to splurging so much money on car before. But then everyone else seemingly has - we've got the worst/oldest cars in the street by a long way and yet income-wise I'm sure we're on a par if not above-average. Are most people driving round in cars with monthly finance deals behind them?

Was just wondering if this chimes with anyone else, and any tips/suggestions for helping to commit such a 'large' amount of money on a car having not ever previously done so?

Edited by tux850 on Thursday 11th July 12:04

[Donbot]

Simple answer is if you don't want to spend that sort of money on a car, then don't.

I doubt anyone else cares what car you drive as long as it isn't a rotting stbox making the place look untidy.

[Hoofy]

If you like tinkering, then channel your inner Mat Armstrong and buy a knackered nice car.

[brillomaster]

certainly i'd say any car you see thats less than 5 years old will likely be financed.

i am in the minority on my street as well, i have two cars, both of which are owned outright.

what draws you to that particular age/mileage car? i have a 2008 e90 BMW 330d, still runs and drives just fine, and is worth only £3k on a good day.

i have looked at newer 330ds, but... for me, they do exactly the same job, but cost at least 5 times more... which makes it really hard to justify swapping what i already have!

i'd never spend £20k on a car that will depreciate... £9k is the most i've ever spent on a car, and that should be near the bottom of its depreciation curve seeing as its 19 years old now.

[Muddle238]

Shedding is very liberating.

Spunking £400 a month on a small diesel entry-level Mercedes with whatever the latest registration age identifier is, for many, is a way of life they've become acustomed to. For others, such as me, dailing an older, higher mileage car becomes a far more rewarding badge of honour.

Anybody can PCP their way into something flashy or "premium" nowadays, it means nothing. However to actually go the other way, own something older, maintain it and look after it to the degree that it's not only as reliable, but possibly even more reliable than a brand new car, is a far more admirable position.

I am about to commute 50 miles to work in my 21-year-old diesel Rover estate, with its pensioner-spec walnut trim, beige velour seats and dark green bodywork, sitting on 15" alloys that look like they're from the 1980s. I absolutely love it, would genuinely far rather own and drive this car than anything modern with a "premium" badge.

[tux850]

Donbot said:

Simple answer is if you don't want to spend that sort of money on a car, then don't.

I doubt anyone else cares what car you drive as long as it isn't a rotting stbox making the place look untidy.

I don't think is about keeping up with the Jones's, when I'm comparing myself with others I think I am more thinking about what we're missing out on by spending so relatively little on our cars if that makes sense?

Hoofy said:

If you like tinkering, then channel your inner Mat Armstrong and buy a knackered nice car.

Yeah, there's a real temptation there. However, whilst I feel like I've built a lot of technical knowledge and skills maintaining and fixing cars it's not really covered much (anything in fact) in terms of crash damage, bodywork etc. Given this I'd be steered more towards poor/non-runners which isn't quite what I'm seeking.

[tux850]

brillomaster said:

what draws you to that particular age/mileage car? i have a 2008 e90 BMW 330d, still runs and drives just fine, and is worth only £3k on a good day.

To be honest, it's probably just a classic case of 'wanting the next one up'. I can't remember the specifics, but chances are I started my search with something like a £10k upper limit and then discovered that with another thousand I could get something slightly newer, more modern body shape, nicer wheels, better features or whatever and, rinse and repeat, before I know it I'm now at £20k and turning my nose up at the older models.

brillomaster said:

i have looked at newer 330ds, but... for me, they do exactly the same job, but cost at least 5 times more... which makes it really hard to justify swapping what i already have!

That's an interesting way of looking at things actually. I've never owned an estate and for all I know I might hate it, so perhaps I should look to 'sample' this new life without making such a big leap from what I've paid in the past.

brillomaster said:

i'd never spend £20k on a car that will depreciate... £9k is the most i've ever spent on a car, and that should be near the bottom of its depreciation curve seeing as its 19 years old now.

Yeah, depreciation isn't something I've really ever suffered from. Likewise with insurance costs - I've not actually explored what the delta is going to be between fully comp cover on a 10yr old Fiesta vs a 5yr old BMW!

Edited by tux850 on Thursday 11th July 12:01

[bobski1]

There are a few different ways to do it, one way I've seen it done is to buy a car and after a year or so you sell that, add a few K and upgrade to something slightly more expensive (not always better). After sometime you can build up towards something in the 20-30k market.

Another option is to take the jump in one go and either finance/PCP/car loan.

Whichever option you do it will cost you money, if you aren't comfortable with that then you have to accept you'll be staying at the lower end of the market and access to the cars will come in time once they are at the bottom of the depreciation curve but also after 'X' number of owners.

Personally I am happy to keep 2 cars that I own and make sure that they are maintained to a good standard. There is nothing too complex about them and I don't have to worry except the occasional bill for parts. I'd rather not have something too flash to attract attention and the hassle which comes with newer stuff.

[vikingaero]

Years ago you either had to pay cash, bank loan, or HP to get into a car. Much as many people on here sneer their noses at it, the current range of leasing, PCH, PCP etc allows you to get a brand new car for an affordable monthly outlay. So £x99 a month will get you something for your budget.

You don't have to have a PH/sports/supercar to enjoy driving or be a interested in cars on our level

[tux850]

Muddle238 said:

Shedding is very liberating.

I know what you mean, and actually you do have me wondering now if I'll really miss that side of things. At 10 and 15 years old now, I think I could justifiably put both our cars into the shed category now, at least relatively speaking, however reliability-wise they cause me absolutely no trouble at all. Regular maintenance, a few age-related parts replacements like wishbones, timing belts etc, and I'm in the sweet spot of keeping the cars working reliably with relatively little outlay whether that be money or effort. And all of that safe in the knowledge that if they were diagnosed with a terminal problem then financially speaking there's very little loss if they had to be euthanised.

You've all got me thinking now, and not in the way I was expecting. I thought there'd be a chorus of commentary that cars, like houses, are just one of those purchases in life that are unavoidably expensive.

Edited by tux850 on Thursday 11th July 14:38

[Ussrcossack]

Hoofy said:

If you like tinkering, then channel your inner Mat Armstrong and buy a knackered nice car.

They are more than knackered cars

[dave123456]

I think it’s a question of priorities.

I’ve always had older cars up until fairly recently, and my idea of a newer car is 3 years old.

The problem I had was I was in a senior role, with a big car allowance, I’d used my position to remove the rules around car allowance and then having renovated a house, I realised I was taking the piss on the car I was driving.

So I bought a newer one. Then got a dog which meant an estate… now I’m committed to sticking with the one I’ve got.

Cars are a money pit if you allow them to be.

[anonymous-user]

Don't buy a BMW, unless you just want to sit and admire it, there are plenty of other estates to choose from.



https://www.cargurus.co.uk/Cars/articles/best-esta...

[Tiglon]

lancslad58 said:

Don't buy a BMW, unless you just want to sit and admire it, there are plenty of other estates to choose from.



https://www.cargurus.co.uk/Cars/articles/best-esta...

I usually drive my BMW, rather than just look at it. Am I doing it wrong?

[tux850]

lancslad58 said:

Don't buy a BMW, unless you just want to sit and admire it, there are plenty of other estates to choose from.

https://www.cargurus.co.uk/Cars/articles/best-esta...

Thanks - will have a read.

[ScoobyChris]

Muddle238] said:

Anybody can PCP their way into something flashy or "premium" nowadays, it means nothing. However to actually go the other way, own something older, maintain it and look after it to the degree that it's not only as reliable, but possibly even more reliable than a brand new car, is a far more admirable position.

I think this is a minority viewpoint. The majority of people like driving around in a new car with minimal maintenance, latest toys, reliability, a warranty, no MOTs, etc required and being able to finance them means they are more accessible than ever. They pays their money and takes their choice.

Chris

[AmyRichardson]

Tiglon said:

I usually drive my BMW, rather than just look at it. Am I doing it wrong?

Clearly I'm no BMW guru either; 70k in the last 5 years and, touch wood, my wagon is just fine. But then some folk own a dozen Range Rovers and never see the inside of a garage; anecdotes aren't worth much...


On the flipside I could have bought a supremely reliable, misery-spec, fwd/Aisin, 4-pot something-something, but...

[Shnozz]

Why not buy an older 3 series estate in budget and then put aside whatever the loan/pcp would be for the newer model into an interest earning account and then upgrade the older model to the newer one when the savings+owned car match the cost of the new.

Let compound interest work for you, rather than a loan/finance whereby compound interest works against you.

[Ryyy]

I get it, im on a motoring forum, love modified cars, bit of a german car fan boy and what do i drive? A £1350 insignia.

It replaced a modified caddy that got wrote off but that was my biggest purchase at 3.5k and id really like a 2.0 but spending circa 8k scares the sht outta me i just cant spend loads on cars, rather shoes,holidays and savings

[otolith]

lancslad58 said:

Don't buy a BMW, unless you just want to sit and admire it, there are plenty of other estates to choose from.

https://www.cargurus.co.uk/Cars/articles/best-esta...

God, most of those are depressing.