May I ask, how much do you have in savings and investments? And does this fall under the 20% remainder?

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smmky@reddit

Just over £160k in total, was a bit late to the party by starting a family younger but hoping to make good progress this next decade or so.

No, at present I’ve 30% remaining but investments come under my wants. Looking to move home in the next few months so that extra 11% will get used up.

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macw450@reddit (OP)

Fair, sounds like you have a pretty well paid job then. Do you plan to retire early too?

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smmky@reddit

Yes, I’m fairly fortunate with work. All going well, depends on the curveballs that get thrown along the way! Do you have a target retirement age?

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I have a huge spreadsheet with various formulas and assumptions on things like inflation rate, changes to my outgoings/amount I will save. And then from that it gives me an estimated retirement age. Currently estimating I can retire between age 46 and 50 maintaining the same sort of lifestyle as I have now.

There's so many variables that could change though. I'm sure I'll have a better idea of what the cost of kids will be when I have them. But it should get more accurate, the more I use it.

I input my stocks and shares balance every month and the amount I deposited and it gives a projection for when I can withdraw 4% annually amounting to the "salary" I wish to retire on.

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smmky@reddit

Seems like you’ve a pretty solid plan, goodluck! Kids do cost a bit but, that doesn’t mean you can’t achieve what you’re setting out.

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Reasonable_Blood6959@reddit

I pay for my car on finance, so I’m not digging into OP for their choice.

But when I got my first mortgage on a 2 bed £275k flat in the South East in 2020, my mortgage was £725 a month. So £675 seems insane for a car lol

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That's what I pay too. SalSac EV, 730 quid, but works out closer to 500 after tax savings.

It's a chunk, but I've got a top of the range EV, and the only extra I need to pay is to charge it. Octopus even paid to fit my charge point. Tyres? Service? Insurance? All paid for. Managed to misjudge where the curb was on a traffic calming island, clipped it, fucked the tyre. Car was taken home, then the next day taken to Kwik Fit, who fitted top of the range, eye wateringly expensive tyres. And I collected and drove it home. Cost to me? Nothing.

Hell, the service is even at the local main dealer, and I get the collection service and the car washed and hoovered for nothing.

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PattTimeDad@reddit

Cost to me? Nothing.

Except the £730 out of your bank every single month even when you do pay attention while you’re driving.

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banisheduser@reddit

And "tax savings" don't really count.

It's still £700 out of your account every month.

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Buddy-Matt@reddit

Explain your logic here? Unlike regular ICE cars which attract high BIK rates, the EV rate is currently 3%

That means a £50k EV only attracts tax on an equivalent of £125 a month. So I'm not paying tax on about £600 of my earnings. It also brings me, annually, under the threshold for having to pay back some of the child benefit...

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banisheduser@reddit

Ahh, so you're linking it to paying out of wages, benefit in kind and all that stuff?

Yeah, not everyone has access to those.

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Buddy-Matt@reddit

SalSac == Salary Sacrifice.

And I never claimed everyone did, just what my experience is

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Steppy20@reddit

And that's great for you, but I can still be astounded at how expensive it is. A bit like if I wanted to give myself a heart attack and look at rent prices in London.

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devilterr2@reddit

Your top comment is so accurate and it's hard to compare what you spend a month with someone else.

I got a loan out for my car, my old one broke (12k), it was a banger car. My new car should now last me for 7+ years and my monthly repayments are 220 a month for 4 years. I can afford it so it's worth it. I couldn't afford your 500 a month so that's fine.

People are just concerned all the time with others. Just budget for yourself and make yourself comfortable and that's what matters

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PattTimeDad@reddit

It’s a thread about how much you pay per month. The whole point is to compare. And compared to most people, there fucking crazy to spend that much every month on a car.

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TAOMCM@reddit

Its not crazy if you actually want/need a top of the range reliable car.

If youre doing big miles commuting and can charge at home it makes total sense over an old banger petrol/diesel. People are terrified of upfront cost but older cars arent all theyre cracked up to be when they go wrong out of warranty

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Ulver__@reddit

It’s all relative. If you earn enough money then it’s just another expense. Personally I’ve got two cars on salary sacrifice leases for about £1300 per month net (about £2600 gross) including insurance, maintenance and tyres.

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macw450@reddit (OP)

That's a lot! Do you mind sharing how much you have in savings/investments?

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theNixher@reddit

So if you pay the balloon payment, you'd have paid £59,600 to own a 25k car?

Even if you don't, you've paid £39,600 over 4 years, which is £9,900 a year, to rent a car.

I can only assume you're driving a Porsche Taycan, e-tron GT, BMW ix or something similar, otherwise sorry but that's a terrible deal.

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TAOMCM@reddit

You can only judge if its a good/bad deal if you know the full picture of the mileage etc. 10k a year to lease a car that deprecates 15k a year is a good deal (the lease companies make it work because of the tax and pension savings to the employer)

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j1mgg@reddit

That's just depreciation for you, if you want a new car, you are going to get stung heavily in the first few years and then it slows, a little bit.

umognog@reddit

Absolutely bugs the shit out of me that by being responsible and doing the right thing you get nothing, but had you just been reckless with money, youd be getting treated very differently

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ihatethis2022@reddit

Yeh they really made some choices when they included capital for benefits. Especially since they ignore your house and cars. Talk about pulling up the ladder

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PristineKoala3035@reddit

Your advice is to take on debt so you can spend your own money on fun? Some people die & don’t even leave their family enough for their funeral

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umognog@reddit

Try reading it again. The person I am responding to has saved the cash, but having difficulty spending that cash whilst alive. My advice is to spend some of it on living whilst alive. Not all of it, but to go buy that car, or to go have that holiday whilst you can. The sentence "plan for your retirement but dont plan on retirement" is basically saying you do need to save for your later years, but dont make it all you do as you might not get them.

Avoid unhealthy debt wherever possible. Apart from my mortgage, i have about £10k debt, all of it is interest free and i have the cash to pay it immediately if needed. This is my debt usage advice if you are asking what it it; never borrow what you cant already pay, make sure its 0%, mortgage not withstanding as rarely do people already have that kind of money.

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PristineKoala3035@reddit

No amount of reading it would have answered my question, that’s why I asked. I interpreted it as you saying they should get the car on finance & use the 20k cash on something they enjoy instead. Thanks for clarifying.

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okizubon@reddit

Sorry to hear about your loss and your father’s but this is something I needed to hear. So thank you.

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Bloody-smashing@reddit

This is what we have done.

We got a payout as our previous car was a write off, took a car out on PCP fully intending on paying it off within the 14 day cooldown window but then we crunched some numbers. Can afford the monthly payments so we've stuck the write off money into a S&S ISA for the next 4 years.

Bendy_McBendyThumb@reddit

If it’s not too late, you could try and haggle the price down by taking out finance. Just check the small print first to see if you can clear the balance in full before interest kicks off (usually the 14 day “cool down” window).

A good colleague of mine did this anyway. The sales rep gets commission for selling the finance and you (should hopefully) save a few extra quid.

If this doesn’t work anymore then sorry to have wasted your time! Enjoy the new car, life’s too short to not do so :)

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Postik123@reddit

Thanks, yeah I have read about this but it's too late now. The sales guy never mentioned anything and never tried to push me towards finance so maybe it wouldn't have worked.

My Volvo xc90 2006 shitebox was free 2 years from a house clearance and has cost me about £400 a year to keep on the roads but the road tax is £700 a year and I have to pay clean air when I go to big city. Parts are cheap, tyres are relatively cheap for this size of car and the engine just goes on and on - 200,000 miles and still rumbling. When this one eventually dies I’ll buy another. I’m a reformed car nut who used to have monthly HP payments for the family of £1,300! (I had a well paying job), now I don’t have the job and my monthly car payments are zero. Monthly car payments are such a waste of money - if you can avoid them, do so please.

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macw450@reddit (OP)

The annual costs is the biggest thing I try to avoid. I'd happy drive an old car but a lot of the time, the road tax is a lot. I'm lucky that my focus is only £35 per year in road tax, although I do get hit with a ULEZ charge if I drive into London. But for a 15 year old car, it's pretty cheap to run!

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CriticalCentimeter@reddit

52 here. I bought a little rav4 in 2018 for 3k. I sold it after 3 years for 3k.

I spent the 3k on a little VW convertible which I've now had for 4 years and I'll likely keep it for another year or two.

I could afford a decent car, but really don't see the point.

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macw450@reddit (OP)

Nice! Sounds like owning a car is free! Now you just have to sell the VW for 3k

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WinstonTheTurnip@reddit

I’m 37 and paid for my car outright. £1700 5 years ago.

Personally I don’t care enough about it to warrant eating hundreds into my pocket money or savings each month. It gets me to work and back, and I’d rather minimise having to pay what feels like extortionate amounts for the privilege of working.

27m. Finance. “Deposit” was my previous PCP car.

Currently PCP on £280 a month for 3 years, Refinanced to HP for another 3, £190.

Will own it in 2.5 years, where it will probably be worth around £12-15k

I drive ALOT for work. Having the reassurance of the reliability, the manufacture warranty, free servicing. Is worth paying the cost.

Financing doesn’t work for everyone. But it does for me.

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macw450@reddit (OP)

Thanks for answering. Do you mind sharing how much you have in savings and investments?

28M. I traded a very nice car back in 2022 because it had much needed equity vs the loan and got lower value car on a HP. Over 5 years cost of 160 per month. Car isn’t flashy, but does what I need and tbh, yeah I’d like a nicer car, but I plan to clear the finance in 6 months. Meaning I have maybe a 4k value car owned outright. I am probably going to sell it and find a 2k ‘nicer’ but older car, though I am close friends with 2 mechanics so I’m hopeful I won’t buy a shitter.

The most I had monthly payment wise was the car I sold in 2022 at 280 a month. I could never justify a car payment over nearly half my mortgage payment now.

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SingleReindeer497@reddit

My first car was finance for 3 years.

I then when it expired I started saving what I would spend on a monthly payment over the last 4 years into a savings account, whilst running and maintaining my car as best possible.

Then I used the cash I saved to buy my next car outright.

New car was 21.5k and previous finance car was 13k.

banisheduser@reddit

About £12k cash.

So long as it lasts longer than 3.3 years, then it will have been worth it as I'll have the car to sell.

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Chunk3yM0nkey@reddit

£350 pcm for a bank loan of £15k, put down £15k of my own money. I'll be clearing the remainder off in a lump sum in January.

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BrightEyeCameDown@reddit

How are so many people paying outright for cars that cost 20-30k?!

I earn 50k per year and there's no way I could save that amount in a reasonable amount of time.

I'm really shocked by this thread. My current car is the most expensive thing I've ever bought. It cost 7.5k and I had to trade in my old car (3k) and get a 5 year bank loan to pay for it.

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TAOMCM@reddit

Loads of people. Its not that hard

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BrightEyeCameDown@reddit

But I'd have had no car for the 5 years I was saving.

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Lower_Debt_6169@reddit

late 30s. I paid cash for my car back in 2017. Car was just under two years old when I got it at £23k. I've still got it now. I could go out and buy brand new if i wanted, but spending money on something that would lose 50% the moment it crosses the Stealership front doors fills me with dread and anxiety. And I am a petrol head.

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Michaelh12345@reddit

Why do so many people on reddit feel smug because they drive an old car they bought outright and think that they’re beating capitalism because the depreciation is better than a new car?

If you’re on a decent salary, have a mortgage and can afford it, there’s nothing wrong with financing a nice modern car…

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KFC_Fleshlight@reddit

28 Bought a 2008 Jag XF 3L petrol with 32k miles + full dealer service history for £2920

When I was younger I went from £500 shitbox to £500 shitbox when they died or failed the next MOT always cost money to keep on the road/working living payslip to payslip etc etc

Eventually bought a cheap 3 year old Yaris on a pcp without really understanding what it was but the monthly payment wasn’t very much <£100 I think, and meant we had a reliable car finally

Continued in the pcp world until now and had several brand new and several ex demo cars my last car was on an 0% apr deal

Currently paying £500/m for what I have, it’s money I don’t mind spending to have a ‘nice’ car that I don’t need to think about warranty issues, MOT etc., don’t drink or smoke so cars are my luxury.

I also love changing cars so pcp works well for this (typically change every 2-3 years)

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lewisl7034@reddit

I paid £280 per month over 5 years. Car was 12.5k, overall payments were about £15.5k as I paid it off early through overpayment (should have been nearly £17k).

I took a deal that had no balloon payment at the end as I wanted to own my car outright without panic of having to cover it in the end.

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Queasy-Energy7372@reddit

This is called hire purchase usually essential just a regular loan

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HipHopRandomer@reddit

I’m 26 and I’ve only ever bought outright. I bought my most recent car for £3000 in March. The most I’ve paid for a car is £3250.

I’m self employed in construction so I don’t like the idea of having a £300 monthly commitment to pay for a car, I like to keep my monthly outgoings as low as possible so I usually pay my insurance in one payment too.

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Wibblywobblywalk@reddit

I always manage to get a decent second hand car for £2k outright, spend about £500 a year on maintenance and drive it for 3-4 years before it fails the MOT

My tip is buying 15 yr old mpv mum-cars, they have scratches and wear on the interior but they've usually been driven slowly for the school run and the engines have years left in them.

I budget £200 a month for the car and so far have always saved up enough to buy another before I need to.

The only time this didn't work was during the pandemic when second hand cars got expensive.

It will be worse when they stop making petrol cars and we have to move to electric but hooefully the charging infrastructure will be better by then and fuel savings will help.

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Prior-Explanation389@reddit

Someone may correct me, but depending on what year A1 it is, it essentially is a Seat Ibiza.

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Chilled-Fridge@reddit

That I did not know, but a quick google search and it seems your right. I've been screwed

The best way, generally lower interest payments and the car is actually yours, so youre not bound by milage limits and you actually have some value to put towards your next car

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HerrFerret@reddit

Infuriatingly some garages do shittier deals if you bring in your own finance, and not the crappy PCP deal.

Looking at you Skoda garages. No Skoda for me then.

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Prior-Explanation389@reddit

Sometimes they won’t even sell you the car, they make a lot less if you bring your own finance or pay cash.

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HerrFerret@reddit

Indeed, if it is a 'sought after model' they will reserve that for forcing buyers into a PCP deal.

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OptionalQuality789@reddit

You can also pay off the loan whenever you want and save interest!

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ReallyIntriguing@reddit

No fiance. £2300, 2006 Volvo S60 2.0T 5 cylinder. Road tax is £52 PCM. Purchased March 2023. Total money spent on repairs and preventative maintenance so far is roughly £1700

Total cost per month thus far is £129 PCM.

This above figure will go down the longer I keep the car. I'd be happy to spend up to £220/230 PCM but in a finance car or lease car that buys me a Hyundai i10 or Kia picanto. No Ta

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viola_riv@reddit

Im 29, got my car last year on finance. 20 plate and I pay 253 a month for 4 years. I've got some money set aside that I'm going to use to pay it down in the new year. The payments should have been 270 a month for 5. But I started doing a loan application with the bank in front of the salesman to see if it would be better. The bank offered me 250 over 4 years, so he brought it down in line with that.

I drive for work, so I needed a car with decent mot and service history and only had about 6k to put towards it at the time. The car was shy of 16k.

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PatserGrey@reddit

We're (early 40's) in a relatively fortunate position that while we do need two cars, we don't actually need to do much in the way of mileage in either. So we have two old reliables bought for cash i.e. 07 Mazda 3 bought about 10 years ago for £4k and 2010 CRV bought about 3 years ago for about £4k. Both rock solid, strolling through MOTs and neither going anywhere soon.

Had I the need to put up big mileage, I'd have no problem weighing up the pros and cons of a finance deal to see what makes sense vs taking from saving.

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rosesmellikepoopoo@reddit

Bought mine outright 6 years ago for £7k. Spent probably £500 on maintenance. 45k miles and hoping to have it for another 10 years.

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GooseyDuckDuck@reddit

It’s a meaningless poll, everyone is different with different incomes.

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Previous-Ostrich844@reddit

I need to stop reading any thread linked to personal finance as I just end up jealous and depressed. I consider myself fortunate in terms of I have a decent income and a mortgage etc but the spare cash and savings so many seem to have blows my mind.

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Own-Jeweler3169@reddit

you gotta remember that a lot of it is inflated, people tend to do that for some reason. Not to say all are liars, but by pure stats, its unlikely everyone truly represents their situation - comparison is the thief of joy.

On that note, yes, it is depressing.

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sossigsandwich@reddit

I’m needing a new car soon but can’t decide the best way to buy it!

Bought my current car out right 8 years ago and it’s done well for me, but it’s getting a few niggles now and I just fancy a change next year.

Can’t work out the best way to purchase/finance a car! I like new(ish) ones.

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No, own both cars outright. Mine was around £8.5k and my wifes was around £10k (2015 fiesta and 2015 focus estate). We bought them when they were around 5 years old.

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imtheorangeycenter@reddit

Never financed, will never finance. Current cars cost 25k in 2009, 15k in '15, 22k in '22, free (won one) in '24 and about to spend 17k on a van.

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thefootster@reddit

My current car is a Mitsubishi PHEV that I bought second hand from a mitsubishi dealer for £15k which was comparable to other private sellers at the time. They offered 0% finance on it (also a warranty and service plan), so I took it, as there didn't seem to be any reason not to. It's all paid off now and the car has been great, and I'll keep driving it as long as I can.

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Bastet_x@reddit

My car was £9k, bought it on HP (paid £3k deposit), the repayments are £158 a month for 4 years.

I've got about 2 years left, in hindsight I would have been better off getting a personal loan with a better interest rate. It's my first car, next time I'd probably do it differently.

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podgehog@reddit

Got a small loan for my first "nice" car at 21 which was only £5k for a Vauxhall Astra Bertone SE1

Bought a few outright after that

Most recently took out a loan toward buying our 2018 T6 VW Caravelle and bought a 2016 Tesla Model S for work (it has free supercharging!)

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2 cars leased at around £550 for both (total). We have a high spec 3008 and a top spec C3.

We needed a bigger car for having 2 young kids and a small car for my commute but knew that we wouldn't be in the same situation when the leases came up.

The cars come up in about 6 months and now we are looking at a bit bigger than the C3 and something about the same size as the 3008 again, but hopefully electric. We are considering buying nearly new for both or at least the bigger car, so we could get something a bit bigger/nicer for less than a lease with a bank loan.

We'll probably salary sacrifice one of them as it's an EV

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No_Tour_5539@reddit

25, £450 - PCP Deal on a 5 year old car (BMW M2 Competition) - I’ve always bought outright before this, decided to invest the cash instead. I’m about 10% up on that, and the car has increased in value slightly since I took the finance out.

I’m happy with my decision to be honest, glad not to have the cash tied up and being used effectively elsewhere. Also not being a brand new car, a large amount of that depreciation already hit the previous owner.

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justabritishguy2025@reddit

I pay cash now, but have historically used PCP.

Buying on finance used to be ok when interest rates were 0% and dealers were scrabbling for business. Plus, a PCP gives you downside protection against falling secondhand values.

Suluco87@reddit

Last car was £8 second hand fully payed second hand Renault Cleo. Looking at another second hand but us definitely going to have to be finance.

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wormtickler@reddit

Got a vivaro a couple year back, was £8500 and put down £3500 deposit and the rest on finance. Got it over 5 years and paid it off after the first year of financing. I was paying £122 a month for that but would just save enough to pay for it outright.

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GetCapeFly@reddit

I bought a 2.5 year old automatic Vauxhall corsa in 2016 with 21k on the clock for £5k outright. I’m still driving it.

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outline01@reddit

Reddit skews against this, but in the real world it’s not a horrible deal. You spend more than you would buying an older car, but that may be worth it depending on your priorities.

When we decided to finance, we wanted to keep our cash and had just had our first kid - so we wanted something new, reliable and safe. Our monthly payments were (are) £300 and as a one car, two income household, £300 is insanely manageable. It’s a Volvo.

We’re now looking at the balloon payment and it works out that it’s meagre compared to what the car is actually worth. We could pay the balloon, sell the next day and make a hefty profit.

It’s been a good car and we know the history, so we’ll likely buy it and keep.

Never had a car on finance. My current car cost five grand about 2 years ago, never had an issue with it

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FoZzIbEaR@reddit

7

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D0wnInAlbion@reddit

Spent £7k to buy one. Hoping to get at least 10 years out of it.

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Broccoli--Enthusiast@reddit

Not the place to ask , because while obviously the majority of cars are on fiance, it's seems to be a crime to admit it on reddit

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greytidalwave@reddit

No finance, bought a Volvo outright for £11500. It's been a reliable, pleasant car to drive.

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Wild-Cauliflower9421@reddit

I purchased my 1.2l Ford fiesta for 6-7k from a ford garage in like 2013.

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budapest_budapest@reddit

We pay £160 a month for my 4 year old electric Corsa and £320 a month for a VW T-Cross, but that was bought new from the dealer.

Tao626@reddit

Yes, my car is on finances and, I believe, almost paid off (can't recall if it's this or next year I'm done).

Round up and call it £240pcm and 3 free services in 3 years (which it doesn't need, but I've obviously been using anyway). That's just straight £240 per month, no balloon payment at the end because my intent was always to own it outright, so I would rather pay more monthly than a huge payment at the end.

Was it worth it? Do I have any regrets?

On one hand, it's exactly the car I wanted and I've not seen THAT car on the market since, so I would have lost out there. I will be running this car into the ground. I would also either still be saving up if I wanted to buy outright, still paying for maintenance and repairs on my old shitter car I did own outright and bought for £500. To some degree, I would have ended up paying the difference on continued repairs for a car I didn't want.

The age of the car and low mileage also means it hasn't really had any problems. I've barely had to have anything replaced or fixed and it's all been consumable stuff I would have had to have had done on any car...Unlike my old car where the cost of unique repairs rivaled the price i paid for it.

On the other, I'm kind of sick of paying for the fucker now and with costs skyrocketing, that £240 per month would be helpful in my pocket. I'm obviously also paying interest when I really would rather not.

Nope. Bought my car outright for £7k.

Yup. I've pcp'd my last four cars and always been in positive equity so I've gone from an Aygo at around 12k to a 45k Cupra Born VZ... I doubt the VZ will be in positive equity in 3 years but tbh, I'll be happy to pay the final payment and keep it because it's bloody amazing...But I'll be 55 come swapping time so might need something with a higher seating position so I'm already thinking Porsche Macan EV if my wife will let me 🤣

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SelfSufficientHub@reddit

Just bought a new car on Saturday for 11k outright

Blew up 6 miles from the dealership just as they were closing for the weekend

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bourton-north@reddit

Late 40s I bought a car for cash £40k

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Chemical-ali1@reddit

Early 40s, car cost £2300 more than 10years ago, it’s probably worth about £400 now but it doesn’t give me any grief so I’ll run it till it dies. Currently contemplating spending £400 on a timing belt, seems worth it given the choice in cheap cars at the moment.

No, bought outright for cash, £6.5k in 2011. Used Kia 2015 Ceed.

53.

Bought cars on finance from 19-30ish then realised what a mugs game it is. Always bought outright since. For the last 11 plus years I have had two cars, one cost £1000 in 2014 and is still good but sorned, the other was £500 two years ago and needed for towing (Land Rover).

I can;t believe how much money I threw away on cars before coming to my senses.

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MaximusSydney@reddit

No, never have. 37 and 10k. Looking for a 2nd for when my wife returns to work, prob around 6k.

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smiley6125@reddit

Bought one outright. Bought the other for £30k on HP so at least it was mine at the end. Got it at 10 months old and it is 9 years old now.

I’m 36. Only debt is my mortgage but I am quite a high earner.

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redbullcat@reddit

My wife is eligible for Motability so we get a car through that. Roughly £290 a month but the cash is taken before it hits our bank account, much like PAYE taxes. And that covers insurance, tax, annual service, and any other no-fault repairs. Leases are three years long with an option to apply for two extra years.

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ughhhghghh@reddit

38,

Car - 27k. Loan of 14k - £273 p/m

Van - 18k - £320 p/m but I paid this off about 2 years or so ago.

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pr2thej@reddit

£12k car 7 years old with 40k miles.

FInanced 6k at 0% over 2 years on a main dealer offer, paid cash for the rest.

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lloyd096@reddit

Iv got an astra van which iv had for 7 years, cost 3k and iv put around 70k miles on it. Could probably still get 2k for it!

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Embarrassed_Run7562@reddit

No to finance, I’m 30 and drive a 2011 VW Polo (not the most exciting car), paid 4,500 when I bought it 5 years ago and it had next to no mileage on it and was a really good buy.

My next car however will be financed but because it will be a newer ‘family car’ that me and my fiancé will both be paying towards

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