Discussion
Ive got a huge craving to use 3,000 out of my savings and use my cars sale value to buy a better car.
The problem i have is im on the firstbuy scheme and im interest free on the loan for another 4 years, what im trying to do is save up some money to pay off as much of the loan as i can in 5 years time, so buying a better car would mean ill have less when the time comes.
Another thing is - is that i know the history of my car, its a simple 1.2 petrol easy to fix, the cars im looking at are diesel warm hatches and if they go wrong theres more money wiped out my savings as they will cost more to fix.
Help me reduce the craving for a new car so i can get on with my life haha, im trying to do the sensible thing but i feel i should just get a car i want while im younger.
The problem i have is im on the firstbuy scheme and im interest free on the loan for another 4 years, what im trying to do is save up some money to pay off as much of the loan as i can in 5 years time, so buying a better car would mean ill have less when the time comes.
Another thing is - is that i know the history of my car, its a simple 1.2 petrol easy to fix, the cars im looking at are diesel warm hatches and if they go wrong theres more money wiped out my savings as they will cost more to fix.
Help me reduce the craving for a new car so i can get on with my life haha, im trying to do the sensible thing but i feel i should just get a car i want while im younger.
jamie128 said:
Ive got a huge craving to use 3,000 out of my savings and use my cars sale value to buy a better car.
The problem i have is im on the firstbuy scheme and im interest free on the loan for another 4 years, what im trying to do is save up some money to pay off as much of the loan as i can in 5 years time, so buying a better car would mean ill have less when the time comes.
Another thing is - is that i know the history of my car, its a simple 1.2 petrol easy to fix, the cars im looking at are diesel warm hatches and if they go wrong theres more money wiped out my savings as they will cost more to fix.
Help me reduce the craving for a new car so i can get on with my life haha, im trying to do the sensible thing but i feel i should just get a car i want while im younger.
At least you are debating this before splashing out.The problem i have is im on the firstbuy scheme and im interest free on the loan for another 4 years, what im trying to do is save up some money to pay off as much of the loan as i can in 5 years time, so buying a better car would mean ill have less when the time comes.
Another thing is - is that i know the history of my car, its a simple 1.2 petrol easy to fix, the cars im looking at are diesel warm hatches and if they go wrong theres more money wiped out my savings as they will cost more to fix.
Help me reduce the craving for a new car so i can get on with my life haha, im trying to do the sensible thing but i feel i should just get a car i want while im younger.
However, this is one of the reasons why I have no confidence in the latest government home buying schemes.
Is that how these schemes work? 5 years interest free? Where's he logic to that? If you can't afford the Interest in the first five years how are you supposed to afford it in the following, what, twenty?
They're even more desperate to keep the bubble inflated than I thought if this is their answer.
They're even more desperate to keep the bubble inflated than I thought if this is their answer.
Ari said:
Is that how these schemes work? 5 years interest free? Where's he logic to that? If you can't afford the Interest in the first five years how are you supposed to afford it in the following, what, twenty?
They're even more desperate to keep the bubble inflated than I thought if this is their answer.
There are other schemes now.They're even more desperate to keep the bubble inflated than I thought if this is their answer.
Basically, the one referenced above is like you say. If I recall correctly, the builder and the government provide a loan for your deposit. This is interest free for a period of time. However, you still pay off a mortgage.
Once the period is over though, you start paying interest on the loan as well as paying everything else for the mortgage. So, if you do not save up over the time period and pay off the loan part, you will be stuck paying off a loan with interest, plus the mortgage.
If you can't manage money, it's not a good thing really. In four years time, I wonder how many people will struggle with their payments.
Funny thing is, this injection of schemes to artificially float the bubble and get the market going for a few more years has had a knock-on effect on me. I'm in the process of buying a property that overlooks fields. The ability to buy this has come from me saving like crazy and my fiancee selling her own home and adding the funds to mine. By doing this, we've raised a good deposit.
However, we recently found out that 'due to the lack of new homes' in the area a developer is building an estate on the field behind our new home. Most of these will be cheap, affordable and low-budget dwellings. So, in an area of established, 1930's properties, we'll have an estate.
We have accepted this and am still buying the house (because it's lovely). Also, we aren't snobs and what will be will be. However, it seems like the powers that be are really, really desperate to let people buy a property without having to save. The main problem is house prices (as they are far too high), but until someone admits that we'll be lambasted with these debt inducing schemes.
'Neither a borrower nor lender me'. 'Live within your means'.
Two other general facts:
It costs more to borrow money than to save it.
Houses (generally) go up. Cars always go down. The more expensive the car, the more you will lose.
Therefore you will be poorer, and IIRC you already felt poor. You have many years and decades ahead of you to buy nice cars
Two other general facts:
It costs more to borrow money than to save it.
Houses (generally) go up. Cars always go down. The more expensive the car, the more you will lose.
Therefore you will be poorer, and IIRC you already felt poor. You have many years and decades ahead of you to buy nice cars
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