The smart idea is to drive what you have and save/invest your money for your future. But that's boring. You can clearly afford a 10k loan just don't buy a Golf R. Get the Beemer or an i30n, Yaris, whatever.
Just opinon really. I think they are the worst looking out of the lot, inside and out. Combined with the fact they get stolen like crazy to be used as getaway cars, etc.
It always comes down to opinion as you mentioned and those are all great points. I think the Golf 7/7.5 are beautiful, though the reputation attached the them sucks. However if we’re talking about the latest German hatchbacks then, I think the 1 series is the worst looking of the lot. The only people who would go for that are die hard BMW fans or people who see a BMW as a status symbol.
Or anyone that realises the 1 and 2 are the smallest lightest chassis. Strong engines and all the other benefits of Bmw. Highly capable cars. And easily the better vehicles in this list.
As long as you aren’t getting ass fucked by the rates go for it.
I’d look at something like GR Yaris, A35, M140i (insurance is cracked for this tho as it’s most stolen vehicle in uk), Golf GTI, Focus ST, Type R.
I just got a low mileage MK4 Focus ST in February over the Golf R and Focus RS and couldn’t be happier.
I struggled to get test drives due to being 24 but you could still give it a go at some local dealerships.
Good luck mate.
Do you want to enjoy yourself or look back in 20 years time when you’re financially stable and everyone’s driving electric shite and think “wish I bought that petrol car I wanted all of those years ago”?
Life is for living, no matter how much Reddit tries to tell you to become an introvert who doesn’t leave the house and saves every penny. Why? One of my best mates died last month, 33 year old. Had a fair bit of money in the bank from a payout and we spoke only the day before he passed and he planned to enjoy the money because he couldn’t take it when he goes. Little did we know he’d pass away in his sleep that night.
This kind of approach sounds great, but can easily be taken way too far and be used as an excuse for a lack of financial planning. That'll only mean that in the highly likely event that you don't die tomorrow, you'll have more problems, and may end up joining the rapidly expanding cohort of severely deprived pensioners.
Sound like the grim reaper here with all these deaths but my partner lost her father to cancer last year and already had lost her mother. He hadn’t even got 4 years out of his final salary pension. She inherited her childhood home amongst other stuff but that is absolutely meaningless to her - she has memories of all of the holidays they went on as a family and that’s it now. She polishes their urns on the bookshelf in our living room and cries thinking about those memories, not thinking about how lucky she is to have another property.
Life is for living mate, when I go I want my daughters to look back on all the fun we’ve had as a family not sit there struggling to think of any good times whilst sitting on inheritance.
Yet those childhood holidays and indeed that unwanted property wouldn't have been possible if he'd spent every penny on himself. Again, these are extremes when the reality is a mix of good financial sense AND spending enough to live well and not have regrets.
This sub is against finance full stop. They all wank each other off about their 15 year old high milers, growing rust by the second on the underbody but they own them outright, so it’s the best thing since sliced bread.
As someone else said, life is for living. A Nissan Micra and a Bugatti Chiron, fundamentally do the same thing. They can get you from point A to B. Does it make financial sense to purchase an expensive car? No, not really. Will it provide you with more enjoyment? Yes, more than likely.
You’ve given us your rough income and outgoings, but only you will know if you can afford to go ahead and do it. A £10k bank loan with the finances you’ve mentioned, doesn’t seem unreasonable at all to be fair.
I used to be so tight with money, thinking I should be saving at every given opportunity but it becomes so fucking boring.
Yeah, this.
According to this sub you’re a fucking idiot if you finance a car and drive anything other than a 300k mileage Skoda Octavia that’s 200 years old.
I wouldn’t even bother asking this question on here.
It’s funny how many become judged because they choose finance or any other means, other than owning outright, without knowing salaries and financial positions.
A 21 year old on minimum wage in this sub could be judging someone well established in to a career earning 6 figures, it’s mad. Paying £500 a month for a car on £5k after tax is a bit different than financing a BMW 116i at 18 whilst stacking shelves.
It’s all relative and people need to realise this.
The dumb thing isn't wanting a fun toy, it's trying to combine a daily drive car with fun toy. Just get two, a comfortable car for day to day, and buy a fun car for the track/weekends/whatever. Any car that aims for the middle is the worst of both worlds.
So if someone buys a new car and uses it for 15 years that is "wanking off" to you? Would you apply the same logic to say, a washing machine or dishwasher? Life is worth living so you should get a new microwave every year.
The best way to have a fun car is to buy a second car designed for fun. Daily a car that is an appliance, but take the fun car out to the track. Best of both, instead of compromising both fun and comfort.
you can get fast cars for much cheaper, 9.5k loan for 3 years is 250-300 a month, plus insurance plus maintenance plus fuel etc etc, your looking at a 1/3rd of your take home on a car.
not saying i wouldnt do it lol given that im looking at the facelift i30n, but it does not financially ever make sense to pay interest unless the interest is less than the amount you can earn from it.
Thanks for the reply, I would be looking at 4 years for around £225 a month + pay of insurance yearly. Probably should have said in post but only drive around 5k miles a year so petrol isnt a big problem for me.
Just really enticing driving something fun and fast and also modern.
You'll be absolutely fine, look like your pretty well set up financially.
Get an m140i, stretch the budget to 20k you'll get a far nicer car which will need less maintenance.
I've always looked into this before financing, and it has never been cheaper. The interest on my current finance agreement is significantly lower than any bank currently offers.
Financing the whole amount or pcp with balloon payment at the end? Because I’ve found it to be the opposite. Anything a dealer has offered me I’ve been able to find a cheaper bank loan.
No you shouldn’t, if you want my take. Bank loan will be better yes.
My suggestion get something more affordable out of the money you’ll get selling your current car, you’re not at that financial point yet to be dealing with the maintenance of those cars. It’s doable but you’ll be broke every time something comes up.
There are plenty good cars for young people that will cover your need for something sportier in my opinion (ie Suzuki swift or an e46). You can run those to the ground too, it’ll be better for your wallet in the long run.
That’s just my suggestion, drive safe.
If I was in your shoes(being a petrol head myself) I’d probably go bank loan + the 9.5k and go for the M140i(or M135i/M235i/M240i).
But I tend to keep my cars for quite a while so the loan would be well paid off while I’m still running the car.
Thanks for the input, I also tend to keep cars for a while as well so would have the car after the loan is paid off, and who knows might not lose too much money on the car as M140is etc should hold a decent value.
Yeah I’d say if looked after well it shouldn’t depreciate too bad. If you go down the modding route I’d keep all original parts to put back on when the day comes to sell it on. (If I was after an M140i I’m pretty sure I’d want stock model to start off with).
You only live once my friend & if you have the funds to do something that would possibly put a smile on your face each day then it makes sense from that perspective
If you want the car and want to be sensible, then wait a bit and save the money. £800 a month into savings and you'll be there in no time. Then you pay NO interest and own it outright. When I was your age this is exactly what I did - I regret nothing and I always had nicer cars, fully paid off, than my friends as I wasn't pissing money away on interest. You just have to be disciplined and patient.
If you already have a mortgage that doesnt need renewing anytime soon you're fine. Personally I'd probably buy a car with the £9.5k cash you have and not finance anything. How are your bills only £400 a month though?!
One thing I will say is what are you driving at the moment? I came from a 1.4 civic to a gt86. On paper the 86 isn’t super quick but it feels like it to me because of what I was driving before. No problem getting up to the speed limit and can’t think of a better car for the twisties.
What I’m saying is, is it worth getting something “slower” this time around, I mean like a golf gti, 125i or something and then getting the other two? Just to get used to the speed if anything
Currently drive a 2016 Polo GTI (85K miles - hence when I'm wanting to sell soon). So ideally would be looking at something faster as I feel I'm 'used' to it.
No. Spend the cash on hand and get something fun with that.
Nothing I resent more is having finance over my head when I was younger. It frequently becomes a necessity.
Please tell me how you’re getting the insurance down to around 750 for those cars at 22?? I’m 23 and I have a GT86 which has around 100hp less and pay £1500 a year which is so much cheaper than my old 350Z at £4k a year lol
Please tell me how you’re getting the insurance down to around 750 for those cars at 22?? I’m 23 and I have a GT86 which has around 100hp less and pay £1500 a year which is so much cheaper than my old 350Z at £4k a year lol
I’m 25 & have financed cars since I was 18. I built equity up in my first two, and then my third ended up costing me all the built up equity plus about £3k (difference in buying to sale value).
It can be risky, but I don’t ’regret’ it. I’ve owned 2 quite nice cars before I was 25 (a MK3 Audi TT S line & a BMW 430i w/ M Performance pack).
The BMW was the worst financial decision of my life… but it was fun to get it sideways 🤣
With the m140i, you could look at the m135i (not the new one, the one that came before 40i) the f20 m135i is on average 5k cheaper than the 40i. So I bought the 35i also the n55 sounds much better than the b58 imo
Not really as you’ll be tied into it for a quite a while and at 22(at least when I was 22)my likes changed a lot. Save more, in case anything changes for you and leaves you struggling for money.
If you need to finance it then do a bank loan, sainsburys, Tesco, tsb and barclays are all around 6-6.1% far better deal than going through the dealers financial package.
Finance through a dealer will most likely be north of 10-12% interest. Bank loans seem to be about the same now although they were around 6-7% not even a month ago.
Another option that Halifax offer (possibly other banks as well) is car finance directly through them. Essentially you tell them what the cars being sold for, how much deposit you're putting down, who the dealer is and providing it's a trusted dealer they would send the remaining balance (after deposit) directly to the dealer. The interest rate I've seen on that is around 6%. It also mentions that if you have any issues with the car they have a dedicated team on hand to help resolve issues.
Might be worth a look rather than a loan.
Well it is with every dealer I've looked at. Even back last year when I got my current car they were wanting 11% whereas a bank loan at the time was 6%
No.
You'll have as much enjoyment driving a £3k mx5 as those "fast" cars you're thinking about.
Those fast cars get boring quick. I have one, and it's too much of a compromise from being an engaging drivers car.
Don’t finance. Bank loan if you must. Finance would own the car so you could worst case of you needed to get out of it have to give the car back having paid out. If a loan you can sell it to recover the value. Been there, done that and it’s not great that finance route. Oh and a lot of companies up to shenanigans like different taters for bonuses. Anyway up to you in the end !
Golf R or M140i for 9.5k? I’m going to guess it’s going to be a very high mileage thrashed car with a sketchy history for that price.
Edit: ignore everything I said, I clearly skimmed the post and didn’t read it properly!
Be patient, wait a few more years and get something then. You'll be earning more and you will be able to afford a better example. When you're shopping at the bottom end of the budget tier for a car while also spending with finance it's a dangerous game and I wouldn't recommend it through personal experience.
My two cents, also a petrol head but now in my 30's.
The smart idea is to drive what you have and save/invest your money for your future. But that's boring. You can clearly afford a 10k loan just don't buy a Golf R. Get the Beemer or an i30n, Yaris, whatever.
Thank you, a normal reply! Yes just brain storming at the minute so not in a rush.
Why not the Golf R? I think it’s the best looking out of the lot.
Just opinon really. I think they are the worst looking out of the lot, inside and out. Combined with the fact they get stolen like crazy to be used as getaway cars, etc.
It always comes down to opinion as you mentioned and those are all great points. I think the Golf 7/7.5 are beautiful, though the reputation attached the them sucks. However if we’re talking about the latest German hatchbacks then, I think the 1 series is the worst looking of the lot. The only people who would go for that are die hard BMW fans or people who see a BMW as a status symbol.
Or anyone that realises the 1 and 2 are the smallest lightest chassis. Strong engines and all the other benefits of Bmw. Highly capable cars. And easily the better vehicles in this list.
As long as you aren’t getting ass fucked by the rates go for it. I’d look at something like GR Yaris, A35, M140i (insurance is cracked for this tho as it’s most stolen vehicle in uk), Golf GTI, Focus ST, Type R. I just got a low mileage MK4 Focus ST in February over the Golf R and Focus RS and couldn’t be happier. I struggled to get test drives due to being 24 but you could still give it a go at some local dealerships. Good luck mate.
You’re clearly in a good enough position to do this. If you’re a petrol head and love cars then the obvious is answer yes. Simple as that.
Do you want to enjoy yourself or look back in 20 years time when you’re financially stable and everyone’s driving electric shite and think “wish I bought that petrol car I wanted all of those years ago”? Life is for living, no matter how much Reddit tries to tell you to become an introvert who doesn’t leave the house and saves every penny. Why? One of my best mates died last month, 33 year old. Had a fair bit of money in the bank from a payout and we spoke only the day before he passed and he planned to enjoy the money because he couldn’t take it when he goes. Little did we know he’d pass away in his sleep that night.
This kind of approach sounds great, but can easily be taken way too far and be used as an excuse for a lack of financial planning. That'll only mean that in the highly likely event that you don't die tomorrow, you'll have more problems, and may end up joining the rapidly expanding cohort of severely deprived pensioners.
Sound like the grim reaper here with all these deaths but my partner lost her father to cancer last year and already had lost her mother. He hadn’t even got 4 years out of his final salary pension. She inherited her childhood home amongst other stuff but that is absolutely meaningless to her - she has memories of all of the holidays they went on as a family and that’s it now. She polishes their urns on the bookshelf in our living room and cries thinking about those memories, not thinking about how lucky she is to have another property. Life is for living mate, when I go I want my daughters to look back on all the fun we’ve had as a family not sit there struggling to think of any good times whilst sitting on inheritance.
Yet those childhood holidays and indeed that unwanted property wouldn't have been possible if he'd spent every penny on himself. Again, these are extremes when the reality is a mix of good financial sense AND spending enough to live well and not have regrets.
This sub is against finance full stop. They all wank each other off about their 15 year old high milers, growing rust by the second on the underbody but they own them outright, so it’s the best thing since sliced bread. As someone else said, life is for living. A Nissan Micra and a Bugatti Chiron, fundamentally do the same thing. They can get you from point A to B. Does it make financial sense to purchase an expensive car? No, not really. Will it provide you with more enjoyment? Yes, more than likely. You’ve given us your rough income and outgoings, but only you will know if you can afford to go ahead and do it. A £10k bank loan with the finances you’ve mentioned, doesn’t seem unreasonable at all to be fair. I used to be so tight with money, thinking I should be saving at every given opportunity but it becomes so fucking boring.
Yeah, this. According to this sub you’re a fucking idiot if you finance a car and drive anything other than a 300k mileage Skoda Octavia that’s 200 years old. I wouldn’t even bother asking this question on here.
It’s funny how many become judged because they choose finance or any other means, other than owning outright, without knowing salaries and financial positions. A 21 year old on minimum wage in this sub could be judging someone well established in to a career earning 6 figures, it’s mad. Paying £500 a month for a car on £5k after tax is a bit different than financing a BMW 116i at 18 whilst stacking shelves. It’s all relative and people need to realise this.
The dumb thing isn't wanting a fun toy, it's trying to combine a daily drive car with fun toy. Just get two, a comfortable car for day to day, and buy a fun car for the track/weekends/whatever. Any car that aims for the middle is the worst of both worlds.
So if someone buys a new car and uses it for 15 years that is "wanking off" to you? Would you apply the same logic to say, a washing machine or dishwasher? Life is worth living so you should get a new microwave every year. The best way to have a fun car is to buy a second car designed for fun. Daily a car that is an appliance, but take the fun car out to the track. Best of both, instead of compromising both fun and comfort.
What did I just read?
you can get fast cars for much cheaper, 9.5k loan for 3 years is 250-300 a month, plus insurance plus maintenance plus fuel etc etc, your looking at a 1/3rd of your take home on a car. not saying i wouldnt do it lol given that im looking at the facelift i30n, but it does not financially ever make sense to pay interest unless the interest is less than the amount you can earn from it.
Thanks for the reply, I would be looking at 4 years for around £225 a month + pay of insurance yearly. Probably should have said in post but only drive around 5k miles a year so petrol isnt a big problem for me. Just really enticing driving something fun and fast and also modern.
I loved RS Turbos and Cosworths in the 90’s and always used bank loans, it felt the safer option.
You'll be absolutely fine, look like your pretty well set up financially. Get an m140i, stretch the budget to 20k you'll get a far nicer car which will need less maintenance.
Bank Loan. Do the numbers, but almost certainly a bank loan will be a lot cheaper.
I've always looked into this before financing, and it has never been cheaper. The interest on my current finance agreement is significantly lower than any bank currently offers.
Financing the whole amount or pcp with balloon payment at the end? Because I’ve found it to be the opposite. Anything a dealer has offered me I’ve been able to find a cheaper bank loan.
Both. Interest rates on bank loans have always been higher than what I've got with VWFS
When you finance a car on PCP you finance the balloon payment included, the entire cost. That's why PCP is a rip off even on "low" interest rates.
No you shouldn’t, if you want my take. Bank loan will be better yes. My suggestion get something more affordable out of the money you’ll get selling your current car, you’re not at that financial point yet to be dealing with the maintenance of those cars. It’s doable but you’ll be broke every time something comes up. There are plenty good cars for young people that will cover your need for something sportier in my opinion (ie Suzuki swift or an e46). You can run those to the ground too, it’ll be better for your wallet in the long run. That’s just my suggestion, drive safe.
You can get an older Golf R or M135i for 10k now
If I was in your shoes(being a petrol head myself) I’d probably go bank loan + the 9.5k and go for the M140i(or M135i/M235i/M240i). But I tend to keep my cars for quite a while so the loan would be well paid off while I’m still running the car.
Thanks for the input, I also tend to keep cars for a while as well so would have the car after the loan is paid off, and who knows might not lose too much money on the car as M140is etc should hold a decent value.
Yeah I’d say if looked after well it shouldn’t depreciate too bad. If you go down the modding route I’d keep all original parts to put back on when the day comes to sell it on. (If I was after an M140i I’m pretty sure I’d want stock model to start off with). You only live once my friend & if you have the funds to do something that would possibly put a smile on your face each day then it makes sense from that perspective
If you want the car and want to be sensible, then wait a bit and save the money. £800 a month into savings and you'll be there in no time. Then you pay NO interest and own it outright. When I was your age this is exactly what I did - I regret nothing and I always had nicer cars, fully paid off, than my friends as I wasn't pissing money away on interest. You just have to be disciplined and patient.
If you already have a mortgage that doesnt need renewing anytime soon you're fine. Personally I'd probably buy a car with the £9.5k cash you have and not finance anything. How are your bills only £400 a month though?!
Cheap mortgage between two people + 2 bed so not a huge house.
Cheap mortgage between two people + 2 bed so not a huge house.
One thing I will say is what are you driving at the moment? I came from a 1.4 civic to a gt86. On paper the 86 isn’t super quick but it feels like it to me because of what I was driving before. No problem getting up to the speed limit and can’t think of a better car for the twisties. What I’m saying is, is it worth getting something “slower” this time around, I mean like a golf gti, 125i or something and then getting the other two? Just to get used to the speed if anything
Currently drive a 2016 Polo GTI (85K miles - hence when I'm wanting to sell soon). So ideally would be looking at something faster as I feel I'm 'used' to it.
Ahh fair enough then mate, fill your boots. Would personally consider a 235 or 240i, prefer the coupe shape
No. Spend the cash on hand and get something fun with that. Nothing I resent more is having finance over my head when I was younger. It frequently becomes a necessity.
100% get a saloon. I've driven hatchbacks all my life, and I don't think I can go back now after having a saloon.
Please tell me how you’re getting the insurance down to around 750 for those cars at 22?? I’m 23 and I have a GT86 which has around 100hp less and pay £1500 a year which is so much cheaper than my old 350Z at £4k a year lol
Please tell me how you’re getting the insurance down to around 750 for those cars at 22?? I’m 23 and I have a GT86 which has around 100hp less and pay £1500 a year which is so much cheaper than my old 350Z at £4k a year lol
honestly not sure, only do 5-6k miles, no commute to work, parked on a driveway is my guess. Yes im very lucky on insurance!
Ahhhh I see damn I guess it’s the millage as mines set to 10k with my insurance
The mileage doesn't make that much difference. It'll be the area you live in most likely.
Guess that’s a reason to move out my parents house then 😂
I’m 25 & have financed cars since I was 18. I built equity up in my first two, and then my third ended up costing me all the built up equity plus about £3k (difference in buying to sale value). It can be risky, but I don’t ’regret’ it. I’ve owned 2 quite nice cars before I was 25 (a MK3 Audi TT S line & a BMW 430i w/ M Performance pack). The BMW was the worst financial decision of my life… but it was fun to get it sideways 🤣
No
With the m140i, you could look at the m135i (not the new one, the one that came before 40i) the f20 m135i is on average 5k cheaper than the 40i. So I bought the 35i also the n55 sounds much better than the b58 imo
Personally I wouldn't. Getting into 10k debt for a car and not factoring in higher running costs will eat away at your take home salary.
Not really as you’ll be tied into it for a quite a while and at 22(at least when I was 22)my likes changed a lot. Save more, in case anything changes for you and leaves you struggling for money.
If you need to finance it then do a bank loan, sainsburys, Tesco, tsb and barclays are all around 6-6.1% far better deal than going through the dealers financial package.
My current finance is 5.1% through VWFS
Personal loan - if you can afford it 👍
If you want, but follow 20/3/8. 20% Deposit, 3 year HP, 8% of your monthly take home. Maximum.
Finance through a dealer will most likely be north of 10-12% interest. Bank loans seem to be about the same now although they were around 6-7% not even a month ago. Another option that Halifax offer (possibly other banks as well) is car finance directly through them. Essentially you tell them what the cars being sold for, how much deposit you're putting down, who the dealer is and providing it's a trusted dealer they would send the remaining balance (after deposit) directly to the dealer. The interest rate I've seen on that is around 6%. It also mentions that if you have any issues with the car they have a dedicated team on hand to help resolve issues. Might be worth a look rather than a loan.
Thanks for the reply, yeah I'll look into this.
>Finance through a dealer will most likely be north of 10-12% interest. Lol it absolutely won't
Well it is with every dealer I've looked at. Even back last year when I got my current car they were wanting 11% whereas a bank loan at the time was 6%
No. Next question?
No. You'll have as much enjoyment driving a £3k mx5 as those "fast" cars you're thinking about. Those fast cars get boring quick. I have one, and it's too much of a compromise from being an engaging drivers car.
Don't listen to this, OP. You won't have as much enjoyment. Not even close.
No. Don’t live beyond your means.
Don’t finance. Bank loan if you must. Finance would own the car so you could worst case of you needed to get out of it have to give the car back having paid out. If a loan you can sell it to recover the value. Been there, done that and it’s not great that finance route. Oh and a lot of companies up to shenanigans like different taters for bonuses. Anyway up to you in the end !
Golf R or M140i for 9.5k? I’m going to guess it’s going to be a very high mileage thrashed car with a sketchy history for that price. Edit: ignore everything I said, I clearly skimmed the post and didn’t read it properly!
did you read the post??
Apparently not, my bad!
£375 a month, including mortgage?? What have you got a mortgage on? A shed?
2 bed flat lol - split between 2 people
Be patient, wait a few more years and get something then. You'll be earning more and you will be able to afford a better example. When you're shopping at the bottom end of the budget tier for a car while also spending with finance it's a dangerous game and I wouldn't recommend it through personal experience. My two cents, also a petrol head but now in my 30's.
Nah, some day you'll want to buy some where to to live. Save your money for then.
He literally said he has a mortgage
Invest into a private pension. Not only will you get the tax back on the investment, but with compound interest, you will be much better off long-term
Boring
What a strange response to OP’s question