J da Silva
Member
Registered: 10th Apr 03
Location: The FACTory
User status: Offline
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quote:
Originally posted by Colin
quote:
Originally posted by J da Silva
I personally wouldn't get into debt over any car, I'd walk or bike it first, but you are your own boss, if you think you can manage the monthly payments then go for it. 
Neither would any of us if we were mortgage free by 23 (or whatever!!) sadly it doesnt work like that for us non-entrepreneurial members.
I dont mind a bit of car finance, if you can borrow cheap enough and dont go ronnie moffet. It allows me to get the car I want while putting down cash enough for the one I dont really want. I'll probably always do it this way......at least until im mortgage free & have the disposable income (5-7yrs hopefully!) to do otherwise. 
Bit older than 23, but I'd sooner take that tbh.
Colin he asked for an opinion and I gave it, I'm not saying car finance is wrong, please quote if that isn't the case.
My opinion isn't based on my individual situation Colin, it's actually based on just what I believe to be the best way.
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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quote:
Originally posted by IvIarkgraham
if i was mortgage free i'd still get a loan but over a shorter term
I'd get a 997 GT3 on HP & behave like a dog with its lip stick out dry humping anything in sight!!
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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quote:
Originally posted by J da Silva
quote:
Originally posted by Colin
quote:
Originally posted by J da Silva
I personally wouldn't get into debt over any car, I'd walk or bike it first, but you are your own boss, if you think you can manage the monthly payments then go for it.
Neither would any of us if we were mortgage free by 23 (or whatever!!) sadly it doesnt work like that for us non-entrepreneurial members.
I dont mind a bit of car finance, if you can borrow cheap enough and dont go ronnie moffet. It allows me to get the car I want while putting down cash enough for the one I dont really want. I'll probably always do it this way......at least until im mortgage free & have the disposable income (5-7yrs hopefully!) to do otherwise.
Bit older than 23, but I'd sooner take that tbh.
Colin he asked for an opinion and I gave it, I'm not saying car finance is wrong, please quote if that isn't the case.
My opinion isn't based on my individual situation Colin, it's actually based on just what I believe to be the best way.
That never meant to come out sarcy or bitchy by the way bretherin, Im stating that you've done well & are obviously well endowed not to need credit.
Im saying I see no bad in taking on 'some' to have a nice car while im young-ish until wedged enough to not need the tick...or something along those lines 
Huuuuuuuuuuuuuuum
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whitter45
Member
Registered: 15th Nov 02
Location: Norton
User status: Offline
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the engines are crap - I think thats expensive tbh
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DaveyLC
Member
Registered: 8th Oct 08
Location: Berkshire
User status: Offline
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Avoid debt/credit as much as you can.. Most of us need to get a mortgage but it can be considered an investment purchase.. A car is not.
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John
Member
Registered: 30th Jun 03
User status: Offline
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Why does it have to be an investment.
What if you want a nice new car but don't have the cash sitting about.
No point making the money to drive about in an old corsa.
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MarkM
Member
Registered: 11th Apr 01
Location: Liverpool
User status: Offline
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I agree with John.
If you can afford the repayments why not.
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DaveyLC
Member
Registered: 8th Oct 08
Location: Berkshire
User status: Offline
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The repayments are half the story though. You might be able to afford the repayments but can you afford to also fix it when it goes wrong? what about if you lose your job, or your circumstances change..
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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A mortgage isnt an investment purchase really unless its not your sole residence or you plan to downsize, it may go up/down according to the market/economy but you'r always going to need a roof off your head. Meanwhile your paying (as an example) £1.75 for every £1 borrowed over a 25-30yr period!! So 170,000 paid back if you borrow 100,000!
Thats more frightening than having to pay back £1k on a 3yr loan so I can enjoy a nice car.
Put it this way, I'll sleep better at night knowing I make large over payments to pay off my mortgage every month than if I had my car paid off!!
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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If you lose your job you get another one.
Its like all these insurance policies, protection things.....pay out if you die or become critically ill etc etc
If that happens then i'll not need a car!!
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IvIarkgraham
Premium Member
Registered: 27th Mar 04
Location: Ellesmere Port, Cheshire
User status: Online
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its not likely that i'll lose my job any time soon
plenty of monkeys below me to go first and it takes 5 years to get someone as trained as i am
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MarkM
Member
Registered: 11th Apr 01
Location: Liverpool
User status: Offline
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quote:
Originally posted by DaveyLC
The repayments are half the story though. You might be able to afford the repayments but can you afford to also fix it when it goes wrong? what about if you lose your job, or your circumstances change..
If you lose your job get another one.
If you're worried about maintenance costs, a new car comes with a warranty. Otherwise that cost would be included in your calculations when deciding if you could afford it. I personally put £50 a month away as a car contingency fund for when it needs new tyres or taxing etc...
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DaveyLC
Member
Registered: 8th Oct 08
Location: Berkshire
User status: Offline
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Just offering my opinion, if you want to live a life of debt be my guest just dont fuck up my free banking please
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MarkM
Member
Registered: 11th Apr 01
Location: Liverpool
User status: Offline
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quote:
Originally posted by DaveyLC
Just offering my opinion, if you want to live a life of debt be my guest just dont fuck up my free banking please
I will thanks. I will wave as I pass by your 12 year old Corsa.
You're either very stupid or very naive to want to live a life without luxury items all because you don't want to be "in debt".
Unless you come into a lot of money obtaining credit is unavoidable unless you want to drive a shit heap and live with your parents for the rest of your life.
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John
Member
Registered: 30th Jun 03
User status: Offline
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Paying an amount of finance you can easily afford to get a nice car is totally different from buying a 2k clio at 300% APR and getting up to your eyeballs in debt.
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DaveyLC
Member
Registered: 8th Oct 08
Location: Berkshire
User status: Offline
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quote:
Originally posted by MarkM
I will thanks. I will wave as I pass by your 12 year old Corsa.
You're either very stupid or very naive to want to live a life without luxury items all because you don't want to be "in debt".
Unless you come into a lot of money obtaining credit is unavoidable unless you want to drive a shit heap and live with your parents for the rest of your life.
Yes Mark because I only drive a 12 year old corsa 
I live in my own home (£1,100 / month), I have nice things (3 cars and a motorbike).. I don't need finance.
Without the finance you have more disposable income so just save for the things you want! All of my vehicles are bought out-right with cash.
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MarkM
Member
Registered: 11th Apr 01
Location: Liverpool
User status: Offline
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quote:
Originally posted by John
Paying an amount of finance you can easily afford to get a nice car is totally different from buying a 2k clio at 300% APR and getting up to your eyeballs in debt.
Exactly. I would be willing to pay 7.9% (interest on loan) over what the car costs if it means I can have it substantially sooner.
I can afford it so why not.
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DaveyLC
Member
Registered: 8th Oct 08
Location: Berkshire
User status: Offline
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Patience is a virtue and you clearly cant afford it or you would have it
[Edited on 01-09-2009 by DaveyLC]
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MarkM
Member
Registered: 11th Apr 01
Location: Liverpool
User status: Offline
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quote:
Originally posted by DaveyLC
quote:
Originally posted by MarkM
I will thanks. I will wave as I pass by your 12 year old Corsa.
You're either very stupid or very naive to want to live a life without luxury items all because you don't want to be "in debt".
Unless you come into a lot of money obtaining credit is unavoidable unless you want to drive a shit heap and live with your parents for the rest of your life.
I have nice things (3 cars and a motorbike).. I don't need finance.
All of my vehicles are bought out-right with cash.
Davey Boy - Tell me the value of each of your vehicles?
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MarkM
Member
Registered: 11th Apr 01
Location: Liverpool
User status: Offline
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quote:
Originally posted by DaveyLC
Patience is a virtue and you clearly cant afford it or you would have it
[Edited on 01-09-2009 by DaveyLC]
I can afford the repayments you muppet.
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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quote:
Originally posted by DaveyLC
Just offering my opinion, if you want to live a life of debt be my guest just dont fuck up my free banking please
You only enjoy free banking because banks can draft in revenue from people taking loans etc, if they didnt then you'd have to pay a fee just to have a current account.
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DaveyLC
Member
Registered: 8th Oct 08
Location: Berkshire
User status: Offline
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£5.5-6k 02 Impreza WRX, £2k 02 Omega, £2.5-3k 03 DRZ400E, £8k 53 CL600 (seller though)..
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MarkM
Member
Registered: 11th Apr 01
Location: Liverpool
User status: Offline
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Mostly low value cars as I suspected.
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DaveyLC
Member
Registered: 8th Oct 08
Location: Berkshire
User status: Offline
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quote:
Originally posted by MarkM
Mostly low value cars as I suspected.
Yes but they are mine and I dont owe a penny.. I could go and get £60k worth of car on finance but it wouldnt be mine would it.. It might LOOK like I've got more money but whats the point? Its like these people who have a two bedroom semi and a brand new range rover parked outside.. Priorities anyone?
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John
Member
Registered: 30th Jun 03
User status: Offline
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The impreza wasn't 6k either was it, it was cheap because it had been crashed.
They are all 6+ years old as well, what if you want to drive about in something new.
Not having 10k+ cash sitting in the bank in no way means you can't afford it.
Can people buying 65k porsches with a bit of finance not afford it?
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