Spec me a Car

[phil4]

I can't face the idea of losing 25K on transport.

My car cost 3.5K, servicing has I think averaged ~1.5K/yr, so over 3 years I am down ~8K. That's painful enough

And we each have different disposable incomes, and different priorities on spending it Just wanted to give a view on why we

are financed up to their eyeballs.

.

[Smudger]

I had a look at what you could get on Autotrader for £1k yesterday, I was quite surprised. Lots of old Merc E Class diesels, I'm sure they used to just last and last...

[DanceswithUnix]

And we each have different disposable incomes, and different priorities on spending it Just wanted to give a view on why we .

Oh absolutely, I just can't imagine how much disposable income I would require to spend that much. Different priorities.
Edit to add: Perhaps if the mortgage was fully paid off, I *might* be tempted.

I have a kit car for fun, that is a hobby and it costs me some money. As a rare vehicle it doesn't depreciate, new cars go for about the same as 20 year old models.

My friends that spend money on cars seem to go for things like Porshe or Lotus, but for everyday use they drive 10yr old+ saloons.

[kalniel]

/off

I disagree. At the end of the day, taking out a loan only benefits the banks and makes their scam stronger and stronger. It's nice that their system is not sustainable though, so sooner or later all this crap will collapse and people will learn (or not) what things are important and what directions are truly beneficial for the society.

So how do the non-rich afford university or a house if not via a loan?

[Butcher]

Most people don't really seem to be complaining about loans so much as expensive cars (lose X driving off forecourt etc.)
Expensive cars cost you a lot regardless, the cost of the loan is usually pretty trivial compared to the depreciation cost so it doesn't make much odds whether you save up or get a loan (unless you have a significant circumstances change).

However, I've had my current car 4 years, it's lost about 5k. That's not much more expensive than buying a banger for £500-1000 every 12-18 months, and in the meantime I've had a car that hasn't broken down or needed much work and I haven't had to go through the faff of getting a new car cos my old one was uneconomical to repair.

[finlay666]

So how do the non-rich afford university or a house if not via a loan?

You don't borrow from a tradional bank, it's more like a mortgage, a long term investment

[kalniel]

You don't borrow from a tradional bank, it's more like a mortgage, a long term investment

A mortgage is still a loan from a traditional bank in most cases isn't it? And you'd have to say that a loan for a car is also an investment if that's your means to getting income via a job.

[bledd]

Spend ~£2000 on a Yaris or Fiesta, petrol.

Cheap to run, cheap to insure.

[finlay666]

A mortgage is still a loan from a traditional bank in most cases isn't it? And you'd have to say that a loan for a car is also an investment if that's your means to getting income via a job.

Again it's a special loan, it's secured against the house and is again an investment.

A loan to buy a car isn't an investment, it's essentially an advance on money for buying something. It's only an investment if it means it would be more valuable over time