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  • Property-a-holics

    New car or another BTL!!!



    So, I've done what I said I wouldn't, I started looking at a new car about 1 month ago, started off with a budget of £10k, now I've gone and offered £32K for one.....budget creep on steroids!!! they've rejected it but only a few pounds away so could make it happen.

    I've got a milestone birthday coming up, so part of me says, you only live once, then the other says you've built up a nice cash buffer why spend a third on a new car when my old one is fine (just old!). I've got 3 BTL's and have a target of 5, my thinking at the moment seems to be I'll do nothing and sit on the cash and wait for a decent deal to come up...either car or BTL, anyone face this dilemma? I'm getting better offers from the dealers now I've said I'm not interested, very easy to get tempted.

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    Hit your aim of 5 BTLs, then use your assets to pay for your new car. The thrill of a new car lasts what, 6 months? The income lasts forever......

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    I know that makes sense,  wish I never started looking!!!!

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    You've got 3 BTL's... I'd say you've waited long enough. You deserve it, enjoy!

    With the current climate you could be waiting a long time.

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    It's not a decision anyone can make for you really. Given your posting on Property Tribes and not https://pistonheads.com .... I think you want us to tell you to do the BTL!

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    _________________________________________________________________________


    My posts are not financial advice, just a rambling guy passing time on a coffee break.
    The team at Bespoke Finance offers advice, including Limited Company Buy-to-Let , HMO Conversion and Cheap Life Insurance.

    _________________________________________________________________________


     Why not treat yourself to a decent car if you can afford it?  As you say, you only live once.

    The only thing I would do differently is buy it on finance, not for cash and make a monthly payment.

    Don't use your cash for this , it does not make sense imho.

    Buy another BTL property with that cash and use the excess net cashflow to pay the car loan. Smile

    There are some very competitive finance deals around at the moment and you could put down a few £K deposit + P/X your current car and make a monthly payment and then keep the cash for investment purposes.  I look at it as only paying for the car for each month that I am using it.

    I have done this with all my cars and, after about three years, I just repeat the process and get a new* car. Smile

    *low mileage second hand car, not brand new, just new to me.

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    "*low mileage second hand car, not brand new, just new to me." - Important disclaimer there.

    I know a lot of people that do these PCP deals on brand new cars and feel like they are getting a good deal, however when you tally up the deposit plus monthly payments over the 3 years, you would have paid a fortune. 

    I tend to always buy 3 year old cars, just after their first MOT. This is when I believe you get the best value. Then sell 3 years later and recoup a large chunk of your initial payment, and repeat.


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    Not trying to interupt but do you know if we can offset car payments as deductable expenses? People keep telling me you can but this isn't included on HMRC website (that I could find) 
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    Always looking for advice and idea's to better myself


    Loans up to £15k are quite competitive, 3%, over that that not so much. The plan was to get a loan up to £15k and use my cash, more or less even split. The PCP with the dealer contribution makes it more competitive, but still loan cheapest way to finance.   


     

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