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Seriously don't, I've just bought my first house at 28, and know for a fact if I hadn't pissed about with money like you're probably about to i'd be on my second.
Spending 10x a cars value on mods is insane.
I've had a mobile phone for probably 10years now, so say at £10 a month that's £1200 pounds, I've never lost/broke a phone so I'm £1200 up, so if I do ever break one, I'll still be quids in.