Getting an M5 at 21 while a student?

[Slow]

Yes me again with the well recieved thread where I almost bought an e39 M5 at 19 but ended up with a flat instead.

Here for those who are interested for some reason: http://www.pistonheads.com/gassing/topic.asp?t=135...

I got accepted into uni for a 4 year degree course starting in September, being in Scotland its free I will also receive a student loan of around £600 a month for every month im in Uni, so not during the holidays/summer.

During this time I will be living at home as there is no student accomodation built yet (Inverness college/uni has just started the degree course this year) and I dont want to flat share again. This essentially gives me £600 of disposable income each month, on top of my job which I will be able to do evenings/weekends around my degree.

Due to be selling off most of my cars before I start as I just dont see myself having enough time to work on 4 cars while working and in Uni. Expected value after selling them all is about £10-£11k I think.

This leaves me about 4-5k short of a older/higher mileage e60 M5 such as this one

http://www.autotrader.co.uk/classified/advert/2016...

I would look into financing the final 4-5k over 2 years (roughly £200ish a month at a quick guess)

Is this just stupid and my man maths is just ridiculous?

[Slow]

DuraAce said:

How will you fix it when (not if!) something expensive breaks?

Same way I paid to get my td6 Range Rover gearbox refurbed, fitted myself with help of a friend.

Im not shy to work on it myself, only problem is if the parts cost thousands to buy.

[Slow]

Yadizzle1 said:

Probably not a great idea, fuel costs are going to be crazy, might not be allowed to have a car if you live in halls/on campus. Things will break and it'll be a right PITA when they do, plus you're going to want some money for going on nights out and for living costs too.

Read my post, I will be living at home, which is just 15 miles from the Uni.

Im used to the mpg of my Range Rover, which will be going very soon and I will be driving my e38 730i which is never going to be good on fuel either.

Its the parts cost/how often an e60 M5 will break which is all that worries me really.

[Slow]

bomma220 said:

Slow: forgive me if I've missed something here mate, but you say you have a student loan of £600 per month, but you regard this as 'disposable income'?

Didnt explain it well, in Scotland everyone except with parents earning over something like £60k a year can get the student loan of around £5k, which is paid in monthly amounts while your in the Uni.

You only start to pay it back when you earn something like £20k+ a year and its in very small amounts, like £40 a month or so at only £20k a year income.

[Slow]

numtumfutunch said:

Anyway OP - I like your style, but have you got any insurance quotes?

Good point! Forgot about that.

Just did a few quotes coming in at £1500-£2k area which isnt that bad considering im paying close to £1k just now for a diesel Range Rover with a 0-60 over 10 seconds...

[Slow]

Innowaybored said:

Slow said:

Is this just stupid and my man maths is just ridiculous?

Yes. At your age you should have fun but if you ever want to live in the real world anytime soon it is time to start being a bit prudent. I know this is unfashionable but I don't buy this "oh how tough this generation has it". If you don't want to go live on a beach in Thailand for the rest of your life and get a home etc then now it the time to start saving. Put your money into a help to buy ISA. You get free money from taxpayers. Put a bit aside to pay down any student debt. Get a fun little car that won't cost you a fortune when you crash it. Which you will because you have too many hormones.

I would like to point out that this is not my only money, this is my car fund of 10-11k after selling off my old cars with then a little finance on top. Student debt doesnt really happen in Scotland as someone else pointed out that you barely pay back the loan in any meaningfull amount and its 0% interest while having no tuition fees.

[Slow]

Innowaybored said:

Buy something fun and save the rest. Not sure how much property is in Inverness these days (haven't been since Scitti Polliti were in the charts) or wherever you want to go live once doing your course. Chances are that you will be able to put the money to much better use than spending it on a tatty old money pit like a M5. If you're living at home then your parents should increase your board money so you actually pay your way.

You dont know my at home situation so dont just assume I dont pay my way. My father lives in the states so he isnt involved in this except he had offered to pay rent on a flat for me which I turned down as I dont want to be a leach... My mother runs a holiday cottage and is the process of building an extention which I also help with, cut the lawn every week (takes 2 hours as theres a playpark + 3 gardens), do the strimming. Im also going to be respraying her 81 corvette project for her. I do pay my way around at home, just not in money.

[Slow]

Xaero said:

Seems quite an ambitious car to own while a student, check that insurance falls into affordability too, I imagine it'll be fairly high. Your life will revolve around it somewhat, but that's not necessarily a bad thing if you are single. What sort of mileage will you be doing in it? As that affects how feasible this is too. The car purchase price is not really a problem as you can recoup some back if you need to sell, maybe a high percentage considering what it is we're talking about and assuming you sell it working.

Do you know much about the running costs for one? Its my main worry, not that I cant afford the £200 a month for only 2 years to finance the last £4k.

Checked insurance which comes in at £1500-£2k which isnt bad really.

[Slow]

lemmingjames said:

Will Scottish unis still be offering free courses if holyrood has to set its own budget?

I would imagine so as the SNP seem quite reliant on the younger voters.

[Slow]

Motorrad said:

J4CKO said:

How come the Scottish get free University anyway ?

'Jock Privilege'

Good luck to them. I benefited from free University and a support grant (small though it was) and have repaid it many times over in tax.


Also good luck to the OP. That said I wouldn't be buying an M5 if I didn't have the ongoing budget to support it. Were I in your position I'd be looking at something older and more advantageous from an insurance POV. There are a lot of fast,fun older cars that can be relatively very cheap for younger drivers to insure.

Im not even a Scot.

Im English but been living here for 11 years now which after 5 years entitles me to the free Uni.

[Slow]

GTIAlex said:

V8RX7 said:

You're 21 - not 51 why keep buying old men's cars ?

Sports cars, hot hatches, coupes...

Exactly.


Lets face it, hes not going to buy an M5.

Boring pointless thread with no conclusion.
Discussion will dry up soon and it will die a death, leaving space for the next "oooo pistonheads shall I do this?" thread.

Sorry but have you seen my current cars? I drive a l322 Range Rover and an e38 730i, I enjoy my larger barges. My finances make buying an M5 a possibility. I came here to ask about the actual running costs of one and peoples opinions.

Post bills etc I have £600 a month spare as a bork fund etc is in my mind.

[Slow]

daemon said:

Slow said:

GTIAlex said:

V8RX7 said:

You're 21 - not 51 why keep buying old men's cars ?

Sports cars, hot hatches, coupes...

Exactly.


Lets face it, hes not going to buy an M5.

Boring pointless thread with no conclusion.
Discussion will dry up soon and it will die a death, leaving space for the next "oooo pistonheads shall I do this?" thread.

Sorry but have you seen my current cars? I drive a l322 Range Rover and an e38 730i, I enjoy my larger barges. My finances make buying an M5 a possibility. I came here to ask about the actual running costs of one and peoples opinions.

Post bills etc I have £600 a month spare as a bork fund etc is in my mind.

Surely thats your student grant money?

And that runs out in 3 months?

Might not have made sense in my first post.

Car is say £15k
I have 10-11k
Will finance 4-5k for like £200 a month
Get £600 a month for 9 months of the year for 3/4 years
Will also be working a evening and weekend job which covers all my bills (phone, insurance, broadband, sky, car tax etc)

This leaves me with the £600 purely to have as money for financing the M5, could make the payments over 4 years and only spend £100 a month, thus leaving me with £500 a month to run the car - assuming I dont do anything else of course.

Edit: Would point out said part time job is full time during the summer to make up for the lack of student loan money.

[Slow]

HustleRussell said:

I don't think Slow will do it. I hope Slow doesn't do it. There are far better ways for a student to piss money up the wall while accumulating significant long term debt.

Im getting the student loan either way, almost every single student in Scotland does. With uni being free a student loan will pay rent/bills so a student never needs to work while in uni. Got a few friends who have done/do this currently.

Im trying to find out what sort of running costs are to be expected.

I would only be borrowing £4-5k for the car, so even if it went bang I could recoup that by breaking it if the parts are so expensive?

[Slow]

Vaud said:

When do you get to have fun as a student outside of your car?

Uni is 50% study, 50% becoming an adult (fun and responsibilities - normally shared house, bills, experimental cooking, pub, etc).

I see the costs of multiple cars. I see the fun of an M5. Where is the rest of the fun?

Ive done the whole living like a student thing with 3 friends while in college, I really dont fancy a shared place again. There is no actual student accomodation built yet so im happy to stay at home for the meantime which is giving me the spare cash.

[Slow]

GTIAlex said:

Hilarious


Your 21, have 10-11k spare while at Uni, and you are considering buying an M5, financing 4k of it and you already run two large cars.

fking exactly. "Im sorry but" as you quite rightly said, you came here to ask peoples opinions, and "Im sorry but" that's exactly what your getting.


Let me get this right again....you have a "spare" 10-11k and you want to buy a depreciating asset for no real reason other than to most likely try and impress people.

Go for it I say.

Ive worked for my money, it didnt magicially appear in my hands and as for the running 2 large cars, they (as well as my others) are being sold to fund the M5, wouldnt be keeping them too. I will be 22 in October, my friends from school are about to graduate/have done already.

Buy an M5 to impress people? If i wanted to do that I would go lease a brand new 116d, most people have no clue what an M5 is.

[Slow]

Vaud said:

Slow said:

Ive done the whole living like a student thing with 3 friends while in college, I really dont fancy a shared place again. There is no actual student accomodation built yet so im happy to stay at home for the meantime which is giving me the spare cash.

It's not spare cash, it's a loan (although a good value one)

You might have missed my previous post:

Vaud said:

Keep one car. The 730, whatever...

... take the money and use it for fun life events - a big road trip (maybe even one of the wreck trips to Mongolia?), skiing, hiking, throw yourself from a plane (with a parachute), travel in the summer holidays, etc.

Don't tie yourself to an M5 now, it might be fun but you'll have more life time memories from the above.

I do appreciate that but I am in the very fortunate position that my Dad lives in the states and travels so much for business he lets me use his air miles for free flights, as well as my Mum being ex BA so I get to use her staff travel too.

Its odd though, your suggesting I spend the money yet people here are telling me I have to save/get a place of my own. If we were all the same it would be boring.

[Slow]

silentbrown said:

Slow said:

£500 a month to run the car - assuming I dont do anything else of course.

It will cripple you.

OK, rough figures...

Insurance : £150/month
Fuel : (assuming 10K miles @ 20mpg) £200/month
Tax: £25/month
Tyres : £60/month
Brakes : £40/month

-- Leaving 25 quid a month for all servicing, repairs, welding, pot noodles, etc.

Please, just don't.

Tax and insurance would of been paid for via my job's money but I get where your coming from. Are they really that heavy on the brakes and tyres though Even my Range Rover isnt that bad on them, assuming im not blasting round a race track in the M5 of course.

[Slow]

k-ink said:

If you have saved up ten grand and own multiple cars already, before even entering proper full time work, go for it. You clearly have nothing else to spend it on.

I enjoy working on my cars - as what I thought alot of PH enjoyed doing too.

Almost all my wages from my previous job went into my cars, I love them.

[Slow]

V8RX7 said:

My opinion is that a RR and 730 are dull cars for old men.

An M5 is not a barge.

But equally is still an old man's car.

What fun cars have you owned ?

Maybe im just old.

My e46 320ci might class as a fun car
Got an e30 323i im restoring slowly which I imagine will be fun
Had untill last month a Datsun Cherry turbo which my mum now drives (she loves cars, has a 81 vette shes restoring)
Had a defender 90 with 33" wheels and a 2" lift which was fun yet very uncomfortable

[Slow]

HustleRussell said:

Can't imagine anything worse than working on such a complicated car knowing that one false move could cost thousands in parts

Same thing on my Range Rover though - sort of. Its packed with electrical things which go wrong. Changing the gearbox with my friend was a pain in the ass with no lift.