% of salary on car

yea.. sound.

thewing

Look, if my post appeared condescending I apologise, the tone gets lost sometimes when type.

I know people who've made the same mistake your about to make - big loan for a car they don't need.

In 2-3 years time when you're beamer isn't looking so new and shiny anymore(and if it's 15k I assume it'll either be a 2nd or third hand car) and you want to sell it, you could well be in trouble trying to recoup the money you have left to pay on your loan.

15k at 22 is the same as 15k at 30 - but if you take out the loan at 22 and I pay 15k cash at 30, then the difference is interest.

You've already stated that your(our) generation can't own their own homes - how can we when they're blowing money they don't have on bmw's?

Different times - yes, but I think if the last few months have though us anything, the different time of that past ten years i.e. getting into debt for everything from cars, tvs, fridge's etc. is stupid...

I urge you to save your money, buy the car you can afford now, and put some few quid away when, in a couple of years, you might want to get a foot on the property ladder and take advantage of property prices that are going south, or if houses aren't your thing, at least have more money to enjoy yourself with rather than ploughing it into a 2nd hand beamer.

But I think you've made you're mind up, so safe driving and happy motoring.

Zube

GigaByte wrote: »

Looks like you must have remortgaged if you're only on year 3 now?

Pardon me? I'm not on year 3, I just said I'm on year 17!

GerryA

As I am 45, I can just about remember what it was to be 22, but remember a car is never an asset, it's always a liability in the fiscal stakes.

Unless you have a very secure financial future I would advise on spending as little as possible on a car ( at age 22), within the bounds of fit-for-purpose, safety etc.

There is super value now on second hand cars that still have years and years of low cost motoring.
Re re-sale value: any car irrespective of spec is worth sod-all after 5 years.
We all say "I will keep it for years" but we never do. If you have even a passing interest in cars you will find some excuse to change.

For what it's worth my advice to anyone is to try to save a bit at the start of your career and not to asign too much $$ on a car.

peasant

Let's keep this somewhat motoring related and each other's noses out of each other's bank accounts

Zube

Deleted User wrote: »

15k for a car at 22 is the same as a 15k car at 30.

Only if you are making the same money at 22 as you will at 30. And this being a Motoring forum, can I say that everyone will think a 22 year old in a 520d is driving his Dad's car, if not his Granda's?

Kenny_D

I think you're mad to be considering that kind of money on a car especially the way the economy is at the moment. I'm 21 and on similar wage and drive a 2001 320d. The bmw cost €6800 and is a beauty. There's no reason to spend that kind of money right now on a car. Save up and you'll get something better or in the meantime buy a cheaper bmw if you're dead set on getting one. Also are you going on your own insurance? I got quoted over 4k from Axa on the bmw so am currently insured as named driver for €800. Just something else to factor in. Here's mine (has new alloys now) and it didn't put me in debt:

Zube

GerryA wrote: »

We all say "I will keep it for years" but we never do.

Bought a Multipla new in 00, traded it last January, 7 years and some months. Bought an Alfa 155 new in 96, traded it late in 01, 5 years and some months.

thewing

thewing wrote: »

Look, if my post appeared condescending I apologise, the tone gets lost sometimes when type.



I know people who've made the same mistake your about to make - big loan for a car they don't need.



In 2-3 years time when you're beamer isn't looking so new and shiny anymore(and if it's 15k I assume it'll either be a 2nd or third hand car) and you want to sell it, you could well be in trouble trying to recoup the money you have left to pay on your loan.



15k at 22 is the same as 15k at 30 - but if you take out the loan at 22 and I pay 15k cash at 30, then the difference is interest.



You've already stated that your(our) generation can't own their own homes - how can we when they're blowing money they don't have on bmw's?



Different times - yes, but I think if the last few months have though us anything, the different time of that past ten years i.e. getting into debt for everything from cars, tvs, fridge's etc. is stupid...



I urge you to save your money, buy the car you can afford now, and put some few quid away when, in a couple of years, you might want to get a foot on the property ladder and take advantage of property prices that are going south, or if houses aren't your thing, at least have more money to enjoy yourself with rather than ploughing it into a 2nd hand beamer.



But I think you've made you're mind up, so safe driving and happy motoring.

really good post.. and definately something to think about.

GigaByte

Zube wrote: »

Pardon me? I'm not on year 3, I just said I'm on year 17!

Sorry Zube, I miss read your post. There's a big difference between year 3 and year 17.