super slider

Hi
I earn £1000 net a month(being one of the poorer people on here!) including production bonus(sometimes bonus not good and take home £875). No morgage. Would you buy a car costing (mini cooper) £350 per month? How many people pay a third or more on repayments of car? Is this normal?
Michael

Old_Fart

No, that's retarded.
Cman

King RA

What I'd do is save £350 a month until I can afford a car.

davegtt

£350 a month on a mini? your avin a laugh right? then the insurance and running costs thats alot of out goings for such a small boring car

Reality

Depends on your priorities.

There was a time when I pretty much spent all my spare cash on cars / keeping them on the road.

When you say no mortgage - if that means you live in your own house and have no mortgage then spend all you like on your car. If you are living with your parents I'd suggest you start saving for a deposit on a house !

HTH

OllyK

Agreed!

SupaMiniCupa

Agree with King RA and Reality!

What do you drive at the moment Super Slider...?

JoeyDeacon

So £350 a month finance on a car, £100 a month for petrol and £50 a month for insurance. You take home £1000 a month so you will be spending half your take home salary on a car.

Madness if you ask me.

Petem95

Im assuming 3years of 350/month would buy the Mini, so that doesnt sound too drastic as Mini's hold their money, so you wouldnt be too out-of-pocket at the end of it.

Putting that 350/month into an ISA or high interest account would be more sensible however, but I suppose you've got to enjoy your money sometimes!

super slider

i drive a £1500 peugeot diesel (45mpg). In my better days before redundancy i had a 01 bugeye impreza Ah, those were the days, but engineering is now dead Loan is over 5 years!

+Doc+

If I knew then what I know now I would have spent bugger all on unreliable hot hatches and put my money into property as soon as I got a job
(my Dad always said it, parents know best)

Freak

crazy

Scoobychick

iTrader: (1)

Hi Slider, do you already own property outright? If so then I'd say that spending a third of your income on a car wasn't so daft, plus the residuals are very good on Minis. However if not then it does seem like a very big commitment for a long period of time.

Sal

T4molie

Not something that I personally would take on.

dpb

erm ....a mug...!..

dsmith

If you dont have a house it would be daft, you should be saving for your deposit.

super slider

Hi Sal, yes i own my property outright. Never done this before, i saved money for 7 years and it just happened to finish when i wanted an impreza. 7 years saving, voluntary, though, seems a lot of difference to commiting to 5 years at £350 plus running costs. Its a bit scary.
Michael

Scoobychick

iTrader: (1)

Well I for one wouldn't be able to cope with the thought of running round in an oldish diesel Pug for the next 5 or more years so I'd definitely get something financed if I was in your position Maybe something a little less pricey though with a smaller monthly outgoing?

Old_Fart

If you own a property outright then consider using that to raise the money, should be able to get far better interest rate and with some discipline you'll either pay it off earlier or save money over the 5 years, either way is good.
You are talking about repaying £21k in total over 5 years....thats muchos dosh for a Mini.
Cman

Reality

Had you just woken up for your first post .

Sounds like good advice

Nevetas

I worked my way, some cash, some finance. Then just keep jumping from one car to another. The CSL was fully paid for, but I've had to borrow slightly to get into the 911TT, but payments are still less than £150 a month.

On my first ever scooby it was £550 a month including insurance, and I only earned £800 a month.

carl

Some car finance deals are cheaper than a mortgage at the moment. 3.75% flat rate is available.

Scooby.Newbie

Is there a Mrs Super Slider that may have a vested interest in your choice? Im guess ing not, as im sure you would have the answer already.

Is a big commitment for that length of time and to be honest and as a home owner the repayments over that amount of time do look a little harsh.

Why not check out the second hand market for something a little more sporty but also a little bit kinder on the pocket.

Richard_P

No way.

Apart form anything else I wouldn't drive a mini!

Thats far too much on a loan repayment. Madness.

From what you earn £150 maximum I'd say.

SiDHEaD

I'm paying under half my wages on HP for car which would be fine, but with all my other bladdy debts i'm finding it a right struggle now

Leslie

You did alright at saving up before, why not try that again and find something cheap in the meantime.

Les

super slider

thanks for all the advice, Scooby newbie, youre right, there is no Mrs Slider. I wish there was.

super slider

thanks for all the advice, Scooby newbie, youre right, there is no Mrs Slider. I wish there was. Not on as good a wage now and no deposit (apart from diesel) so would take ages to build up again. i feel ive gone back 10 to 15 years in financial ability to buy anything

GCollier

Spending over a third of your income on a mini is just madness IMO. You'll still be paying it back years after the novelty of the car has worn off.

I would not borrow money for a depreciating asset such as a car unless I didn't own one and it was essential for work etc. Far better to drive something like a 5 year old fiesta that you actually own than a more 'prestigious' car on HP. Having the cash in your own pocket rather than giving it to the bank in the form of interest gives you more freedom than any car ever will.

Gary.

LG John

I've always had a personal loan out to fund my cars which was for the saxo and scooby years £230 a month and now £330 for the S2000. I have little to show for it (depreciation) but lots of smiles and memories. In fairness though £330 leaves me with £1300 a month to pay the mortgage, bills, eat, etc so as a percentage I'm nowhere near as deep as you. I'd say its a little too much. Get a 172 cup for £6-7k funded by a personal loan IMHO