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I turned 60 this year, bought another BTL and bought a newish car. I paid for the BTL mostly by remortgaging a property. I paid for the car by using a tax free lump sum from a pension.
My previous car was a MX-5 witha folding hardtop from 2007. I got it new as a company car and when the lease was up in 2011 bought it. It had been getting more problems, and I wanted an automatic due to a leg injury. I told the dealer when I had it MOTed that I would be looking for one in a few months. When the time came they showed me a 2017 model with just over 1900 miles on the clock. It was several thousand less than I had been planning to spend and a higher spec than I had been thinking off. I am very happy with it.
are you a hairdresser peter?
No, a landlord
``More people regret the things they don’t do than the things they do do.``
Yes they regret not having the self discipline to say No
Many people can afford a new car yes but usually (unless very rich) this is at the expense of something else
I see people rewarding themselves with a new car then a few months down they regret it.
You see it in their face about 6 mths in . The new car has now lost its newness and it now pains them
They see their neighbour with a newer model .
They are still 32K light in the wallet though or maybe locked into £300 pcm finance for 5 years
They are already thinking about justifying the next new model
Chasing temporary highs often distresses individuals who succumb to peer pressure in society
When they come down from the high they either learn from their error or just go for another temporary fix.
£32,000 will also give 5000 starving homeless people a meal just to add an emotive guilt trip into the debate
Jonathan Clarke. http://www.buytoletmk.com
I'd say there are two types that buy expensive cars...
1. Those that keep up appearances, impress the neighbours, never happy.
2. Those that genuinely enjoy driving and owning cars. It is their passion and they do it for themselves, no-one else.
I feel in your post you blur the boundaries between the two.
I also think doing a 3 year lease and then renewing every 3 years to have a brand new car is a MASSIVE waste of money.
You'd be much better of buying a second hand car, selling in 3 years and getting back some of your money.
But obviously pros and cons to both.
Thanks for all the wide range of opinions, I didn't think it would get such a response but clearly not me alone who has faced this dilemma, I suppose it opens up a wider questions of delayed vs instant satisfaction.
If I had really wanted it I wouldn't be asking this question so I think the car is just not right for me, I'll maybe look at an alternative later or at least take one for a 48 hr test drive, this segment of car (E class, 5 series) seems massive now, I need to be sure I can live with it.
I have a psychological cash buffer that I like to keep, because I'll be eating into that it's feeling slightly uncomfortable, coupled with the fact my current car is absolutely fine. I've decided I'll only use funds over my cash buffer for luxuries, hopefully won't be long before I get there, I know I could just take finance but not feeling confident about taking on more debt, unless it's to generate income.