The drawbacks of being 'sensible'

[Benji]

Alright chappo's! Been a while since I posted on here!

Anyway...I was saving for a car (originally a mk1 Tdi FR, now I would like a 2.0 Tdi Fr K1) but me and my girlfriend got to a point when we wanted our own house, so took the plunge and bought our first house together so bang went all my savings.
I went from comfortably stashing away £150 a week/£600 a month to now having to put £165 a week into the house account (covers mortgage and bills) This basically leaves me with less than £100 a week, so the idea of having a change of vehicle is just not possible.

I bought my first car which is also my current one, back in 2008 and it will be 13 years old in feb next year. It's a 1.6 mk1 Leon with 92k on the clock, has a few problems; the main ones are the fact that the central locking and cd changer don't work.
The worrying thing for me is that I won't be able to afford any repair work if it comes at a bad time and the fact that I might have to drop out of the 'good car' market if I have to change it.
I can't afford finance or to even get any sort of loan at 0% I think I am just trying to be realistic although clearly having a frustrating time of it at the moment, having little money to myself.

 

[CraigFrTsi]

At least your now on the property ladder, I recommend after watching skint is both quit your jobs and get about 8 kids and you'll be like Uncle Scrooge and his moneybank (swimming in money) lol

 

[J400uk]

Wait until you can afford finance would be my suggestion. Might be worth then skipping the MK2 and jumping straight to a MK3. If you part-exchanged your MK1 as a deposit you could comfortably get into a brand new Leon on PCP for around £200 a month. Advantage of buying new means you can fix your outgoings as any faults will be covered under warranty and SEAT normally offer free servicing on new cars for the first 3 years. Your only expense is then fuel which will be a lot cheaper on any new Leon (petrol or diesel).

 

[Benji]

At least your now on the property ladder, I recommend after watching skint is both quit your jobs and get about 8 kids and you'll be like Uncle Scrooge and his moneybank (swimming in money) lol

Yeah, there is the whole 'on the property ladder' thing but I'm not really appreciating it at the moment! I must sound like a right spoilt brat, but I have always been careful with money as apposed to having pots of it.

It is a joke that I would be better off if I had as you say 8 kids! Yet I work 45 hours a week, pay all my bills but can't afford to get something I do essentially need!

Wait until you can afford finance would be my suggestion. Might be worth then skipping the MK2 and jumping straight to a MK3. If you part-exchanged your MK1 as a deposit you could comfortably get into a brand new Leon on PCP for around £200 a month. Advantage of buying new means you can fix your outgoings as any faults will be covered under warranty and SEAT normally offer free servicing on new cars for the first 3 years. Your only expense is then fuel which will be a lot cheaper on any new Leon (petrol or diesel).

Thank you for that, I was going to ask about the whole brand new trade in costs, definite food for thought.

 

[Bdringhill]

At least your now on the property ladder, I recommend after watching skint is both quit your jobs and get about 8 kids and you'll be like Uncle Scrooge and his moneybank (swimming in money) lol

They knocked the wall down about a week after that aired lol.


Sent from Scunthorpe using someone else's phone

 

[Benji]

I did some calculations last night and its pretty grim reading!
After all my bills are paid and personal expenses I am left with £42 a week or £168 a month!
Unless SEAT can offer me finance where I pay £40 a month I can't afford a new car, also...I'd be paying for the car for another 38 years at that rate! The only thing i can do is find a better paid job.

 

[LeonCR]

How about a mii 79 a month and includes insurance for the first year, might allow you to save for a while

 

[Benji]

A Mii is a sensible option but I really don't like these 'city' cars. There 'cute' and I just don't do cute!
As well as looking for different jobs, I am in the process of writing a letter to HR explaining how I should be better paid, if I get a rise of even a pound an hour it will make a difference of around £30 a week or £120 a month. So if I build up about £500 put that in an emergency reserve and then give myself a £300-£500 cushion in my current account I could just about afford the new Leon on PCP.

 

[J400uk]

How about a mii 79 a month and includes insurance for the first year, might allow you to save for a while

Yeah that could be a good shout and they are very fuel efficient. Just makes it easier to budget with a new car IMO as you know for a fact any repairs are covered by warranty and things like tyres, brakes and the clutch will be new and not imminently requiring replacement.

Having a mortgage is a better achievement than any car IMO. I'm not planning on swapping out of mine until I'm on the property ladder.

 

[Ben750]

A Mii is a sensible option but I really don't like these 'city' cars. There 'cute' and I just don't do cute!
As well as looking for different jobs, I am in the process of writing a letter to HR explaining how I should be better paid, if I get a rise of even a pound an hour it will make a difference of around £30 a week or £120 a month. So if I build up about £500 put that in an emergency reserve and then give myself a £300-£500 cushion in my current account I could just about afford the new Leon on PCP.

In my experience the best way to get a pay rise is to get another job. If your old place wants to keep you, they'll give you more money.

 

[MasserS]

Hold on until it breaks and then remortgage.

 

[traumapat]

Great oppertunity to start looking after the car yourself and stick with what you have.
Or p/t bar job or similar, bit of extra income?

At the end of the day its a car, just gets you from A2B... not worth getting into debt over it IMO.

 

[Benji]

I posted on here because I knew I'd get a lot of varied opinions and sensible ones too, you haven't disappointed guys, so thank you.

At be end of the day, yes it is just a car but also the second most important purchase most people make in life. I would like an AFFORDABLE, reliable, quick, economical car so I believe I am on the right track, I must admit I am a bit of a badge snob (hence the reason i want to stay in "this" market) but also like the fact that the SEAT is often seen as the underdog of the VA Group.

A lot of thinking is needed on my behalf, but I am already thinking ahead anyway as my current car is (touch wood) still ok.

 

[steroidchris]

I don't actually get this thread? It seems like you're trying to make out that you are hard done by. You've got a house and a car which you are able to pay for cause you have a job and earn. You are living by your means and unfortunately, this is life.
I'd like to earn more money and have a newer car but I can't.

Sent from my GT-I9305 using Tapatalk 2

 

[Benji]

As stated previously I said I must sound like a spoilt brat. I'm not saying "poor me" by any means, just trying to move forward in life and make progress.
I've done very well in my opinion to have a house at 25 but I guess I am quite ambitious, what's the point in standing still and not wanting better for yourself? I'm just going over the possibilities.

 

[robdf2]

Thing is with life this is what happens , all down hill from now on mate

the best thing that can ever happen is having kids , that puts owning a nice car into perspective , children come first.

youve made your desicions mate , best get on looking after your mk1 for a few more years

owning a house is like owning a car , everything seems to go fine then something costly goes wrong , if i were you mate i would be putting the extra a month into an account for **** happens situations for your house.

 

[steroidchris]

A better paid job or a lottery win is all you can hope for then.

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[Rosskie]

Wont help in long run, but google matched betting + read the guide on money saving expert. You should be able to build up a couple hundered quid in your spare time in a couple months, put it towards your emergency fund.

Also for anyone reading this - mecca bingo website are practically giving away free money just now.

£50 cash match with a single turn requirement. Put in £50, play £50 thru an online slot(only 50 £1 spins, don't play till you've lost it all), wait 1 hour, they'll give you another £50, play that thru too then withdraw. You'll need to email them a digital copy of a passport / driving licence and a utility bill/bank/credit card statement to verify ID before you can withdraw, and it'll take 3 days.

Given the profile of the slots, and that they pay around 92%, on average you'll get £92 back, and be £42 up. Your chances of losing are very very slim, its basically free money, but not everyone will make as much as 42, and some will make a lot more.

Pick a slot that has say 20 winlines and lets you bet 5p a line - they are the preferred profile. Read the terms and conditions properly too. The promotion is still as I've said but might change.

This isn't spam either - I do this and similar stuff for a living, have done for nearly 13 years.

Good luck, hope it helps

 

[CHR15B]

You've done the right thing getting a house first, we had secured a DIP for good mortgage in 2008 and it all fell through. Along came our first kid and plans of our own house went out the window.

Rented for 5 years, changed cars each year and decided not to bother. Leon is cheap to buy/run so I'll hang onto that and save for a year then mortgage time.

Speak to Human Resources in work and question how they've benchmarked your job, it's a valid question to ask and they'll think you've sought professional advice - it may force them to reconsider your package if you are of value to the business or have a specific skillset as it'll raise your risk of leaving. (I work in Human Resources, have done for a few years now)

 

[coggie]

Nobody has the ideal solution but here's what I would do in your situation.

1. Keep your current car until it is uneconomic to repair, you could change it but unless you buy something new or nearly new you can never know a car's history - how it's been driven, treated etc etc.

2. Book two weeks off at work, there must be things you want to do around your house - and if you want to press the point at work then what better way of doing it than leaving them without your valuable services...

3. Keep an eye out for 'odd jobs'. When I was out of work I delivered yellow pages. I guess I probably did two days worth of work over the course of a week and I got £100 for it (no tax). You could do an hour or two in the evenings.

4. Have a clear out, do a car boot sale, log on to music magpie etc etc. Then have a think about investing the money you make. Take some proper advice but there are loads of options. ISAs, Premium Bonds