best way to convert "well loved" spec C into cash
03 September 2013, 05:54 PM
#32
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Because you are spending 22.4k over a longer period than blowing it all at once.
It's far easier to pay low and manageable instalments than rush to save £20k for something you want right now. To get that amount in a hurry many of us would have to sacrifice expenditure elsewhere and may not choose to do so.
Not many of us have 20k lying around to blow on a car, I certainly don't at the moment. And to be honest even if I did, I'd probably do something else with it!
It's far easier to pay low and manageable instalments than rush to save £20k for something you want right now. To get that amount in a hurry many of us would have to sacrifice expenditure elsewhere and may not choose to do so.
Not many of us have 20k lying around to blow on a car, I certainly don't at the moment. And to be honest even if I did, I'd probably do something else with it!
03 September 2013, 06:02 PM
#33
Because you are spending 22.4k over a longer period than blowing it all at once.
It's far easier to pay low and manageable instalments than rush to save £20k for something you want right now. To get that amount in a hurry many of us would have to sacrifice expenditure elsewhere and may not choose to do so.
Not many of us have 20k lying around to blow on a car, I certainly don't at the moment. And to be honest even if I did, I'd probably do something else with it!
It's far easier to pay low and manageable instalments than rush to save £20k for something you want right now. To get that amount in a hurry many of us would have to sacrifice expenditure elsewhere and may not choose to do so.
Not many of us have 20k lying around to blow on a car, I certainly don't at the moment. And to be honest even if I did, I'd probably do something else with it!
......I don't have a free 20k , I started with a 1k car and kept putting money towards px'sBefore I knew it I,had a escort cossie then a bit more £'s and I had the first scooby in my area
Nowadays I don't look at changing cars til I have 3-5k 'spare' as that's what's needed to move up kind of thing
I couldn't keep a car a year so there's no way I could sign up for 4-5 yrs of repayments
03 September 2013, 06:09 PM
#34
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Because you are spending 22.4k over a longer period than blowing it all at once.
It's far easier to pay low and manageable instalments than rush to save £20k for something you want right now. To get that amount in a hurry many of us would have to sacrifice expenditure elsewhere and may not choose to do so.
Not many of us have 20k lying around to blow on a car, I certainly don't at the moment. And to be honest even if I did, I'd probably do something else with it!
It's far easier to pay low and manageable instalments than rush to save £20k for something you want right now. To get that amount in a hurry many of us would have to sacrifice expenditure elsewhere and may not choose to do so.
Not many of us have 20k lying around to blow on a car, I certainly don't at the moment. And to be honest even if I did, I'd probably do something else with it!
Other than a mortgage I have never had a loan for anything and never will. Oh and the mortgage is paid off now too
03 September 2013, 06:30 PM
#37
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03 September 2013, 08:26 PM
#38
Only worth buying if you are in the motor trade and can repair whatever problems it will throw up. Not worth trying to fix up for private buyer, there are far better and easier JdM sit's to buy if you wait.
For seller you would be better off breaking: engine with avcs heads, nitrided crank, twin scroll setup, jdm 6 speed box with jdm dccd diff, enkei wheels, aluminium bonnet boot etc will fetch more money than selling as a problem project.
For seller you would be better off breaking: engine with avcs heads, nitrided crank, twin scroll setup, jdm 6 speed box with jdm dccd diff, enkei wheels, aluminium bonnet boot etc will fetch more money than selling as a problem project.
03 September 2013, 08:39 PM
#39
Only worth buying if you are in the motor trade and can repair whatever problems it will throw up. Not worth trying to fix up for private buyer, there are far better and easier JdM sit's to buy if you wait.
For seller you would be better off breaking: engine with avcs heads, nitrided crank, twin scroll setup, jdm 6 speed box with jdm dccd diff, enkei wheels, aluminium bonnet boot etc will fetch more money than selling as a problem project.
For seller you would be better off breaking: engine with avcs heads, nitrided crank, twin scroll setup, jdm 6 speed box with jdm dccd diff, enkei wheels, aluminium bonnet boot etc will fetch more money than selling as a problem project.
03 September 2013, 09:03 PM
#40
Because you are spending 22.4k over a longer period than blowing it all at once.
It's far easier to pay low and manageable instalments than rush to save £20k for something you want right now. To get that amount in a hurry many of us would have to sacrifice expenditure elsewhere and may not choose to do so.
Not many of us have 20k lying around to blow on a car, I certainly don't at the moment. And to be honest even if I did, I'd probably do something else with it!
It's far easier to pay low and manageable instalments than rush to save £20k for something you want right now. To get that amount in a hurry many of us would have to sacrifice expenditure elsewhere and may not choose to do so.
Not many of us have 20k lying around to blow on a car, I certainly don't at the moment. And to be honest even if I did, I'd probably do something else with it!
It's better to buy a cheaper car and own it so you can do what you want with it rather than have a loan on a car that can be totalled/stolen etc.
If you loose your job what are you going to do?
It is not worth stressing over something like this.
Unless you have a great business idea and with the 20k it is going to bring you more money than what the loan would have cost you it makes no sense to buy anything other than a house with a loan.
Last edited by fpan; 03 September 2013 at 09:05 PM.
03 September 2013, 09:16 PM
#41
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The reason the world is "like it is" right now is because of people taking out mortgages!
People with an excellent credit history who earn comfortably more than their outgoings taking out relatively small values on finance over four years is good for the economy, not bad for it.
Last edited by thenewgalaxy; 03 September 2013 at 09:22 PM.
03 September 2013, 09:35 PM
#42
Thenewgalaxy, you may have a safe and well paid job with no risk of being made redundant in which case you can justify it but why not save and buy later instead of having to buy now?
Anything can happen, from an accident (touches wood) to anything, why would you have to stress yourself by having to pay a loan if you can't?
A house is different because you need a place to live and paying rent is a waste of money which you could have put towards a mortgage.
You don't have to own a car but if you do you can buy a cheaper car.
I knew someone who hit oil on the road and his car was totalled, he was then paying installments for the next 4 years for a car he didn't have anymore!
Anything can happen, from an accident (touches wood) to anything, why would you have to stress yourself by having to pay a loan if you can't?
A house is different because you need a place to live and paying rent is a waste of money which you could have put towards a mortgage.
You don't have to own a car but if you do you can buy a cheaper car.
I knew someone who hit oil on the road and his car was totalled, he was then paying installments for the next 4 years for a car he didn't have anymore!
Last edited by fpan; 03 September 2013 at 09:39 PM.
03 September 2013, 09:41 PM
#43
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As a rule of thumb a house appreciates a car depreciates so in some cases paying circa 3% PA on a mortgage and some house go up at 7% PA in value ,,,,self-financing……Simples
03 September 2013, 09:49 PM
#45
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Thenewgalaxy, you may have a safe and well paid job with no risk of being made redundant in which case you can justify it but why not save and buy later instead of having to buy now?
Anything can happen, from an accident (touches wood) to anything, why would you have to stress yourself by having to pay a loan if you can't?
A house is different because you need a place to live and paying rent is a waste of money which you could have put towards a mortgage.
You don't have to own a car but if you do you can buy a cheaper car.
I knew someone who hit oil on the road and his car was totalled, he was then paying installments for the next 4 years for a car he didn't have anymore!
Anything can happen, from an accident (touches wood) to anything, why would you have to stress yourself by having to pay a loan if you can't?
A house is different because you need a place to live and paying rent is a waste of money which you could have put towards a mortgage.
You don't have to own a car but if you do you can buy a cheaper car.
I knew someone who hit oil on the road and his car was totalled, he was then paying installments for the next 4 years for a car he didn't have anymore!
I personally have a lot of outgoings mainly because of my situation. It's a largely artificial one but I tend to invest the money I have lying around into things I have to pay outright for or put a large deposit against, e.g. my business, or tools for it and even education - courses, university degrees etc. I am also saving for a large deposit against a mortgage. The money I have lying around right now could pay my car off and probably get me a 22B with the change but it would serve me better going elsewhere. It's going to make me money that a car would only lose me.
I do have to move house at some point and I do have to expand my business. £30k-odd outright on a car is a significant amount so obviously some of that value was financed. Most of the deposit was actually equity from the Blobeye I traded in against it.
I guess another factor is that I bought one of the last three or four delivery mileage Cosworths and no one would match the price I was offered. What I am losing in interest over my four years is massively in my favour when you consider the price of the car I paid.
It was a no brainer for me, but finance or not I live comfortably within my means.
Last edited by thenewgalaxy; 03 September 2013 at 09:54 PM. Reason: EFA
03 September 2013, 09:52 PM
#46
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By the way unlucky for your mate but I am insured on multiple levels up to my eyeballs. If you do something make sure you do it properly and have a safety net!
03 September 2013, 10:00 PM
#47
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The reason the world is "like it is" right now is because of people taking out mortgages!
People with an excellent credit history who earn comfortably more than their outgoings taking out relatively small values on finance over four years is good for the economy, not bad for it.
People with an excellent credit history who earn comfortably more than their outgoings taking out relatively small values on finance over four years is good for the economy, not bad for it.
You think the country is in debt? Wait until you find out what the total personal debt levels is? And that's mortagages, car loans the lot. If the economy falters again and we go into a depression (not out of the question) then you will see the effects of being hawked up to the eyballs with personal debt. I shall enjioy watching from the sidelines with my roof safely over my head and my crappy 8 year old German banger in the garage!
03 September 2013, 10:17 PM
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04 September 2013, 01:22 AM
#51
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Unless of course you bought a property in the late 80's/early 90's.
Er... and again in the mid 2k's.
'Negative equity' springs to mind.
And of course unless you've bought a car that will hold its value, like a 22B.
Far be it for me to be Devil's Advocate..........
Er... and again in the mid 2k's.
'Negative equity' springs to mind.
And of course unless you've bought a car that will hold its value, like a 22B.
Far be it for me to be Devil's Advocate..........
04 September 2013, 02:13 AM
#52
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Unless of course you bought a property in the late 80's/early 90's.
Er... and again in the mid 2k's.
'Negative equity' springs to mind.
And of course unless you've bought a car that will hold its value, like a 22B.
Far be it for me to be Devil's Advocate..........
Er... and again in the mid 2k's.
'Negative equity' springs to mind.
And of course unless you've bought a car that will hold its value, like a 22B.
Far be it for me to be Devil's Advocate..........
As for the 22B ..... yes it holds its value but not if you are going to use it every day for the next 5 years come rain or shine and it is every day cars we are talkibng abaout here I think.
04 September 2013, 02:50 AM
#53
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Show me someone who bought a property on a 25 year mortgage where the property was worth less at the end of the 25 years than when they bought it and I'll show you a liar!
As for the 22B ..... yes it holds its value but not if you are going to use it every day for the next 5 years come rain or shine and it is every day cars we are talkibng abaout here I think.
As for the 22B ..... yes it holds its value but not if you are going to use it every day for the next 5 years come rain or shine and it is every day cars we are talkibng abaout here I think.
Now you're changing the goalposts, because you are using the property - which is a capital investment - to compare against 'every day cars' which are not.
You have to make like-for-like comparisons.
I used to buy cars along the lines of the AA's (then) advice, which was to measure how much you got out of them for how much you 'lost'.
I'd buy a car for £500 and if it lasted 2 years I was happy.
£250/yr plus running costs - we'd all love that wouldn't we?
Anyway, what's the repairs, Council Tax etc. on a property over 25 years compared to the running costs of a car?
AND take the interest into account.
Galaxy calculated 2.4 k on a £20k loan over 4 years.
How much on a house over 25?
And the biggest factor of all I'd suggest.
Take inflation into account.
My inflation-proofed pension, frozen in 1995, had risen by over 50% in 2007.
You might find houses that had done the same in that period.
My (eventual) pension has increased a further 4.6 % since then.
Have house values?
Houses are lifetime and hence capital investments, cars are day-to-day ones and hence part of the running costs of one's life.
Finally - have you sacrificed owning and running a car in order to pay your mortgae off quicker, and hence be in a position to acquire a better house?
In fact, for a lot of people owning and running a car is the only way that they can ensure a sufficient flow of income in order to meet the commitments of a mortgage.
Plenty of food for thought there.
I've now experienced my boing! moment of the day, so somewhat paradoxically - goodnight.
04 September 2013, 06:37 AM
#54
Like I said in another thread, "people have to balance their WANTS and NEEDS against their finances.
I need a car and I want something that's quick ish and puts a smile on my face, in an ideal world that for me would be a £60k Porsche 911 but in the real world where I balance my finances it's a £4k WRX Wagon.
If I really WANTed to I could have a couple or three £60k 911's with change to run them all, but I wouldn't have this house i'm sat in now with the sun rising over the mountain as I type this, which makes me much happier than any car ever could, and i'd be flat broke in a few years too.
I'm not a fan of credit as I too bought a car as a lad and had to pay it off over 3 yrs and what a bloody long 3yrs that was @ £76 a month makes me laugh to think of it now but it was a weeks wages at the time, (18 to 21) and punished me for a week every month for 2 and a half yrs first 6 months was great mind you I did get an awful lot of attention from the young ladies But used wisely it can be of great benefit, ( see previous paragraph, re; sun and mountain. 
)
I like maz's philosophy so I have 2 scoobs and two houses all paid for, do I still WANT a 911, hell yeah.
Each to their own.
I need a car and I want something that's quick ish and puts a smile on my face, in an ideal world that for me would be a £60k Porsche 911 but in the real world where I balance my finances it's a £4k WRX Wagon.
If I really WANTed to I could have a couple or three £60k 911's with change to run them all, but I wouldn't have this house i'm sat in now with the sun rising over the mountain as I type this, which makes me much happier than any car ever could, and i'd be flat broke in a few years too.
I'm not a fan of credit as I too bought a car as a lad and had to pay it off over 3 yrs and what a bloody long 3yrs that was @ £76 a month
makes me laugh to think of it now but it was a weeks wages at the time, (18 to 21) and punished me for a week every month for 2 and a half yrs first 6 months was great mind you I did get an awful lot of attention from the young ladies But used wisely it can be of great benefit, ( see previous paragraph, re; sun and mountain. )I like maz's philosophy so I have 2 scoobs and two houses all paid for, do I still WANT a 911, hell yeah.
Each to their own.
Last edited by ditchmyster; 04 September 2013 at 06:40 AM.
04 September 2013, 08:56 AM
#55
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Well the sun's about to show itself above our mountains on what looks and feels like a glorious very early Autumn morning.
Our house faces East, so is blessed with shimmering shafts of sunshine streaming over the hills and into the valley.
But we don't own it.
We are a 3-car family though (but only one has sufficient sense to own a Subaru)
Anyway, wry humour aside, you pays your money and you takes your choice, and the more money at your disposal the more choice you have.
But unless you own a football team you'll never have everything (and even then you can't buy trophies).
For most people a roof over their head is the most important thing, and after that they indulge themselves a little, and if fortunate enough they are able to indulge themselves a little more.
Some do it on credit, regarding loan repayments in the same way as Council Tax, Rent/Mortgage - a way of life.
I knew someone who used to have a bank loan every year in order to go on holiday (some time ago as you'll have guessed).
I know people who start saving for Christmas before the next one has come !
Finally, one man's meat is another's poison. For some credit is a way of life, they are experts at it and use it to its full potential, aware that a crash might cause problems.
Others are more cautious, taking it gently or perhaps not at all.
A bit like cars really, if you think about it.
And if we truly are what we drive then what on Earth do our bank managers think of us ?
Our house faces East, so is blessed with shimmering shafts of sunshine streaming over the hills and into the valley.
But we don't own it.
We are a 3-car family though (but only one has sufficient sense to own a Subaru
)Anyway, wry humour aside, you pays your money and you takes your choice, and the more money at your disposal the more choice you have.
But unless you own a football team you'll never have everything (and even then you can't buy trophies).
For most people a roof over their head is the most important thing, and after that they indulge themselves a little, and if fortunate enough they are able to indulge themselves a little more.
Some do it on credit, regarding loan repayments in the same way as Council Tax, Rent/Mortgage - a way of life.
I knew someone who used to have a bank loan every year in order to go on holiday (some time ago as you'll have guessed).
I know people who start saving for Christmas before the next one has come !
Finally, one man's meat is another's poison. For some credit is a way of life, they are experts at it and use it to its full potential, aware that a crash might cause problems.
Others are more cautious, taking it gently or perhaps not at all.
A bit like cars really, if you think about it.
And if we truly are what we drive then what on Earth do our bank managers think of us ?
04 September 2013, 09:14 AM
#57
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No I'm not, thenewgalaxy said what's the difference between buying a house on the never never and buying a car the same way.... I was just pointing out the difference. End of!
04 September 2013, 09:54 AM
#58
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jesus if i had to save up, i would never have had a spec c... so i get a loan, the money comes out my account automatically, i never notice it, no problems.
instead of being a scrooge, driving about in an old corsa, i get to blast around in an awesome car... having an amazing life experience. well worth the interest, it's only money... do i save up for years, waiting till i'm closer to being dead, or do i have fun now?
anyway 5.5k at webuyanycar. that's as a standard STI. wonder what would become of it
if i had to save up, i would never have had a spec c... so i get a loan, the money comes out my account automatically, i never notice it, no problems. instead of being a scrooge, driving about in an old corsa, i get to blast around in an awesome car... having an amazing life experience. well worth the interest, it's only money... do i save up for years, waiting till i'm closer to being dead, or do i have fun now?
anyway 5.5k at webuyanycar. that's as a standard STI. wonder what would become of it
Last edited by alanspec_c; 04 September 2013 at 09:56 AM.
04 September 2013, 10:11 AM
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jesus if i had to save up, i would never have had a spec c... so i get a loan, the money comes out my account automatically, i never notice it, no problems.
instead of being a scrooge, driving about in an old corsa, i get to blast around in an awesome car... having an amazing life experience. well worth the interest, it's only money... do i save up for years, waiting till i'm closer to being dead, or do i have fun now?
anyway 5.5k at webuyanycar. that's as a standard STI. wonder what would become of it
if i had to save up, i would never have had a spec c... so i get a loan, the money comes out my account automatically, i never notice it, no problems. instead of being a scrooge, driving about in an old corsa, i get to blast around in an awesome car... having an amazing life experience. well worth the interest, it's only money... do i save up for years, waiting till i'm closer to being dead, or do i have fun now?
anyway 5.5k at webuyanycar. that's as a standard STI. wonder what would become of it
Could you really do that to a car you've loved?