GarnetFox

In a bit of a dilemma at the moment and looking for views.

I currently live with my parents but am ready to move out. I have a stable £10k a year job in the civil service, with tax credits it ups to about £12k a year.

Chatting to my parentsa they reckon that I will not be able to run a car and move out at the same time, so say I should choose between my car and a flat.

The car is a 1.1 AX, insurance paid until November, have to do the MOT and tax in the next month. I bought it because it's a great little car and a bargin at £100. I am having lessons which are £18 a week and my aim is to pass by the summer, so there will be added expenses of theory and practical tests and pass plus after. Then when I (hopefully) pass there will be running costs, petrol etc.

My job, even if I get the promotion that I am after, doesn't need a car (and if it ever does they will pay for lessons and then I can use a pool car) and the majority of bus services in my town are regular and reliable.

One bedroom flats in my area average £300-£400pcm before council tax and bills. At home I have one small room to myself but am rapidly filling that with belongings and I think it's time to leave the nest!

I'm a boring sod, don't drink (for medical reasons) and don't smoke, so those are two expenses I don't have to worry about. Going out at the weekend here is pretty cheap because of it!

So, did you manage to run a car and move out on a fairly low salary? If so, do you have any tips?

Cheers!

Andy H STi

I very much doubt it, I remember when I was on 10k and I had a new Saxo, lived at home with parents and struggled, day in day out.

It equates to about £700 a month doesn't it matey if that?

You'd be better staying at home mate, thats what I have done, i'm now 22, on 20k, got my Scooby STi TypeR Coupe, which I definatley wouldnt have if I was living on my own!

Thats my opinion, Hope that helps

Andy

+Doc+

Not a prayer m8, the only way is to either flat share or get a rich girfriend
Good Luck

GarnetFox

well rich bloke would probably be needed as I'm female. No-one available for flatsharing at the moment, all paired off. Bugger. A 23 year old needs more than a 10 by 10 room to themselves!

scoob_babe

I wouldn't bother renting at that price really, I would stay put and try to save more first so that I could buy. Being boring, at least a flat will appreciate in value whereas a car is nothing but a drain on finance. If you get on with your parents, at least you're in a decent position and nothing is worse than having to crawl back / lose independence / do what you want when you want if you overstretch yourself. Good luck

BOB.T

I've just taken a 60K mortgage and I'm paying back summat like 400 quid a month by the time you've added life cover and house insurance n gubbins....renting is a waste of time and money, IMO

Having said that, I have a spare room I can rent you!!!

Also, if you can do without, don't bother with the car till you can afford it, moving out is soooooo much better

+Doc+

You have just had the quickest cheapest sex change ever courtesy of moi
A rich B/F definatly the way to go

P1Fanatic

As you have the car I would concentrate on passing your test then ditch the car and move out. You will be hard pushed to move out on £10k unless you share a house though. Its not just rent - council tax, gas, eleccy, phone bill, tv licence, contents ins etc etc.

Simon.

JamieMacdonald

I think your parent's are right.

I've just bought a flat at age 24, NO WAY would I rent - that's just a complete and utter waste of money.

Stay at home until you can afford to buy. I know it's a pain but you know it makes sense, as long as you get on ok with your parents that is .

I was a bit worried I was gonna have to sell the scoob and downgrade, but it looks like I'll be able to keep it. At the end of the day it costs loads to run a car even if it's an old banger, so I thought I'd put up with paying a bit more to keep a nice car.

Luckily I (somehow) earn enough to support myself and still go out etc but if I was earning, say under 20k, I would not be able to keep the car or go out much. Couldn't you be made a named driver on your parent's car? If you don't really need a car then this would be a cheaper option and at least you would still have the use of a car occasionally.

I say stay at home, wait till you get a payrise, then buy somewhere. You never now - you might meet your rich boyfriend in the meantime!

Jamie

jameswrx

iTrader: (4)

The girlfriend thing is soooo much better in my mind

Seriously though, I'd stay at home as long as possible. I didn't have much say in whether I left home or not.

Nate

iTrader: (2)

Another slant on this would be ....... Get your parents interested in investing in a flat with you as a shareholder i.e. 50/50 share , have an agreement that says in 2-3 years time you agree to sell said property, in which time you can redecorate and make the place look very nice (hopefully if property market still increases a bit!!) , you will have made a move from 'The Nest' and in 2-3 years time be in a position to put a deposit on your 'own' place.

This info is how a few of my cousins and an older brother of mine have got their foot on the property ladder.

Nate.

GarnetFox

Thanks for all the replies!

Bob, if I ever feel like being a Nprthern Monkey then I will take you up on that room. It's a step up from my old basket under the bed anyway!

A 60k mortgage wouldnt even buy me a 1 bed flat here and on 10k a year the biggest mortgage I could get is 40k. If I get the promotion my wages will go up to 17k which would be more promising, but you can guarantee I won't get that now I want the money!

Rich girlfriend/boyfriend, whichever. I haven't had a snog in 3 months so am not feeling that fussy. :P