Decision conundrum - thoughts welcome.

[The Boosh!]

Hello!

Ive ran my thoughts on what I'm about to type past various friends and I'm still none the wiser as to what I want to do so maybe some straight talking from the masses will help me.

I start a new job in October where I get a company car (Twingo). I'll continue to not have 'exciting' cars until I turn 25 which is when you can access the better stuff. My 182 is currently on 101,000 miles and is worth around 2.5k if I tidy it up a bit. Full specialist service history etc and engine is good from what I've been told. Anyway I'm starting to get itchy feet with the 182 - namely because I want a ph2 V6. This car is on my bucket list of cars so I want to own one 1000%.

So anyway my options as I see them are:
1) Keep the 182, spend money on making it a bit more focused. New job will allow me to attend trackways FOC/cheaply so it would get used a lot on track. Company car would mean I won't get pissed off with it as a daily.
2) Sell the 182, get an 11k loan and buy a V6 as my new 'fun' car. My disposable income monthly will be as such I can still afford to live comfortably and pay off the loan repayments.
3) Sell the 182, use company car for 2 years while saving up hard cash. Wait until 25 to get something through work that's 'fun' (probably the new RS), buy V6 with cash.

Not sure how long I'll keep the vee but I've got lots of other motors on my bucket list. Ariel Atom being one of them but that's a way off.

Reading the above back to myself, option 3 seems the obvious option :S

Help

 

[Revels]

1) Gay. Move on. You get to rag around brand new RenaultSports. No point using yours

2) If you can afford it. Do it. 'YOLO' as the trendy kids say.

3) Boring but sensible option.

I'd like to be awkward and go with option No4. Wait and see how the job is. I know you know the basics of it but see how it all pans out. Depending on your living situation etc. Sell the 182. Give it 6/8/10/12 months. Hard saving. Then get a loan when you're settled. And you won't have to borrow such a big amount.

 

[theduck]

Option 4 sounds good to me.

 

[Munson]

My advice is: if you can afford it, do what you want and do it now. Each day is a blessing, and you never know when your last one will come. You don't (I presume) have dependants, so do what's within your means if it makes you happy. You can always sell the V6 if things don't work out.

 

[The Boosh!]

1) Gay. Move on. You get to rag around brand new RenaultSports. No point using yours

2) If you can afford it. Do it. 'YOLO' as the trendy kids say.

3) Boring but sensible option.

I'd like to be awkward and go with option No4. Wait and see how the job is. I know you know the basics of it but see how it all pans out. Depending on your living situation etc. Sell the 182. Give it 6/8/10/12 months. Hard saving. Then get a loan when you're settled. And you won't have to borrow such a big amount.

Im normally a massive fan of 'if you can't afford it don't buy it' and an 11k loan isn't an amount to be sniffed at. It's looking more and more likely I'll get rid of the 182 within the next year and I will miss it properly. BUt I want a vee and as Roy, says I might get ran over on Christmas or something.

Your option four sounds like a good idea tough I'd not thought of it like that before. I wasn't gong to run to the bank in October and get the loan I was obviously gong to wait until I was settled in there properly

 

[AK]

Stop being a homo and buy the V.

 

[Russ_16v]

Whats the new job mate?

Id keep the 182 a little longer.

Bear in mind how much fun they are standard, you don't need £1000 coilovers or cyptonite injection, and id be a little nervous throwing an 11k car around a track day.

Id hold onto the 182 for a while longer, have some more fun on track with it, then once you're settled in, you can review your options then, as you may fancy something else by then

 

[The Boosh!]

Whats the new job mate?

Id keep the 182 a little longer.

Bear in mind how much fun they are standard, you don't need £1000 coilovers or cyptonite injection, and id be a little nervous throwing an 11k car around a track.

RUK mate.

I know what you're saying but its becoming harder and harder for me to accept that as an option. I've got no worries throwing a 13-14k car around a track btw.

 

[Brian]

There's no way you're patient enough for option 3.

Option 4, 100%

 

[Alex5]

11k loan is a lot of money.. What If you get a problem with the vee and have to spend more money..
option 4!

 

[-J-]

With the trade in its current climate I wouldn't be looking to take on a large loan for something like a car, especially after the announcements a few months back:

http://www.fleetworldgroup.co.uk/ne...bid-to-34rationalise-operations34/0434004810/

I would stick with the 182 give it a bit of a tidy and track it whilst using the company hack as a daily.

Either that or bin off the 182 and save like mad for time being whilst taking advantage of the company car, I saved a fortune when I was at RUK working and running a Dci company car.

 

[Chip-mk1]

Save up half the money for the V6 first, then get a loan for the rest, at least that way despite it being a depreciating asset you'll never be in a situation where its worth less than you owe against it even if you have to spend a bit out on a nasty mechanical fix etc.
If you get 2.5K for the 182, you only have about 4K to save to be halfway there, and if you are earning good money you should be able to do that easily before next summer?

 

[Rob]

Buy the v6.

I've never been one to just go and buy big things, lots of research etc normally, but I just went out and bought the zed. Can't say I regret it one bit.

Took a grad loan from the bank (good rates) and put some cash towards it.

If I lost my job tomorrow I could sell the car, pay off the loan and be fine. It's not as if you're buying a 14k holiday. You've got an asset.

The way I see it, you're working, no one REALLY likes working, so why not at least turn that work into something you'll enjoy (i.e the v6). I find I'm a lot happier when I've got something coming as the result of earning money, or have just bought something that I'm happy with. i.e booked a big holiday or bought a car.

In short, you're only young once, no kids, no problems, go for it.

 

[The Boosh!]

Save up half the money for the V6 first, then get a loan for the rest, at least that way despite it being a depreciating asset you'll never be in a situation where its worth less than you owe against it even if you have to spend a bit out on a nasty mechanical fix etc.
If you get 2.5K for the 182, you only have about 4K to save to be halfway there, and if you are earning good money you should be able to do that easily before next summer?

I like the sound of this

Jay I won't be effected by that link I've made sure of that. Redundancies are finished as of 11th June as well. I've bared it inind though

 

[-J-]

I like the sound of this

Jay I won't be effected by that link I've made sure of that. Redundancies are finished as of 11th June as well. I've bared it inind though

Good news for time being, although no one in the trade is safe be it a mechanic or an MD, just think long and hard before committing to loans

 

[EllD90]

Go for the V6, but when you have a bit more security and cash behind you.

 

[Bluebeard]

Save up half the money for the V6 first, then get a loan for the rest, at least that way despite it being a depreciating asset you'll never be in a situation where its worth less than you owe against it even if you have to spend a bit out on a nasty mechanical fix etc.
If you get 2.5K for the 182, you only have about 4K to save to be halfway there, and if you are earning good money you should be able to do that easily before next summer?

This is exactly what i'd do.

 

[Austin-182]

V6, these cars are only going to increase in value, your not going to lose money if you buy a V6.

Personally i wouldnt get an 11k loan for a car. How old are you?

 

[The Boosh!]

V6, these cars are only going to increase in value, your not going to lose money if you buy a V6.

Personally i wouldnt get an 11k loan for a car. How old are you?

22 at the minute but age/ insurance won't be an issue as I've checked that in retrospect.

 

[Jay.S]

11k loan repayments plus insurance and V6 running costs at 22 is not something I would want to do.

Personally I think chips idea is a good one so +1 to that.

 

[Austin-182]

22 at the minute but age/ insurance won't be an issue as I've checked that in retrospect.

Lol are you only 22!? Still young enough to do it. I got a 8k loan when i was 21 for my 182, i paid it back in 2 year. Dont regret it but id never get another loan for a car now. V6 is next on my list but that wont be happening now, just bought my first house so car upgrades are out the window. Im 25 though.
i take it your still living at home? If so, go for it, wont take long to pay it bak but id agree with others about at least saving half up and getting a smaller loan.

 

[Owen]

Option 4 or option Chip for me Luke. Get involved.

 

[The Boosh!]

For info money wont be a problem as the job is very well paid

 

[Bluebeard]

Think about it though.

11k loan over 5 years is what, £250 p/m? Insurance will be £100 minimum, plus fuel and servicing. Thats £500 a month on a car! lol.

Save up half lukey boy, you know it makes sense.

 

[The Boosh!]

Yeh I'm gonna save up half mate

 

[Russ_16v]

<8 your car mind

 

[alanc1000]

Given that you havent even started the new job yet and have no idea if you'll actually like it (even if you think that you will), an £11k loan on the basis of bagging this new job is madness. Anything could happen over the next year or 2 that puts you in a completely different position. You may not even be able to get an £11k bank loan at your age anyway, despite a good salary as the bank will want to know how long you've been in your new job with the salary and the answer will be 0 months.

I'd follow chips advice and save up a bit more first.

 

[timmyd]

I know it sounds boring, and everyone has a list of cars to get etc, but I would wait till I start the new job, buy a newish nice car, and then look at saving any money for a flat, get on the property ladder while you can.

 

[The Boosh!]

Cheers for the wise words gents.

 

[Chip-mk1]

11k loan repayments plus insurance and V6 running costs at 22 is not something I would want to do.

Probably a safer better than property right now, lol

 

[Chip-mk1]

I know it sounds boring, and everyone has a list of cars to get etc, but I would wait till I start the new job, buy a newish nice car, and then look at saving any money for a flat, get on the property ladder while you can.

I'd normally have said the same historically, but personally I dont think there has ever been a time in recent history that property was any less urgent to buy.
Mortgage rates are the highest above base rate I can ever remember and its not like prices are galloping up, so if you want a sound financial prospect housing wise then house share or live with your parents and save all the money you'd be throwing on interest on a mortgage towards a deposit on a better place later on is probably a better investment than rushing to get on the ladder just for the sake of it.

Totally different to what anyone would have said when I was younger, but youngsters these days are in a very different financial climate.

 

[The Boosh!]

For me personally, cars are my major weak point. They may not make sense financially but I just get roped in. My 182 for example has been a massive financial fail. I bought it at 19, worked through the nose to pay for it, insure it and maintain it to the highest standard. Was it worth it? To many people no, but to me its the best money ive ever spent.

The point is, If I see something or set my mind to wanting a particular model I'm like a bull with rage and the V6 is my next goal. Where this thread has helped is made me think in a much more linear way to achieving what I want.

Tbh without asking you lot I'd have just got the loan and thought f**k it but saving half or more is a much better idea. I'd be able to save 7k by next July easily and that's been generous with my forecasts. Obviously my situation may change but up to now its looking good so thanks a lot

 

[DB.]

Forget the 11k loan, I'd go for no more than £5k myself If I had too.

If the Clio is running fine and no problems, i'd keep it a while longer and go for #3. Cars just depreciate loads and changing is always a waste of cash.

 

[DB.]

*Not reading page 2 before posting and realising you had made a decision fail*

Good choice.

 

[Bluebeard]

What colour are you wanting Lukey boy?

For me, its either silver or Blue. Obviously i'd love Dash's bronze one but thats not realistic. Black is a pain in the ass to maintain, red is a bit meh and the yellow's are for the ladies.

 

[The Boosh!]

What colour are you wanting Lukey boy?

For me, its either silver or Blue. Obviously i'd love Dash's bronze one but thats not realistic. Black is a pain in the ass to maintain, red is a bit meh and the yellow's are for the ladies.

Silver is my first choice, mars red is second, Iliad 3rd. If I can convince Sean to sell his Lunar then that would also be my number 1 but realistically silver is definitely ftfw. Looks great.

 

[Willliams]

Meh... You can't even spell my name righty Lukey boy.. :rasp:

Seems you've used your head and going to save up a big chunk first.. Wise move with things as they are at the minute. What ever colour choice you make, keep us posted with what cars you're looking at eh.

Shaun

 

[Russ_16v]

For me personally, cars are my major weak point. They may not make sense financially but I just get roped in. My 182 for example has been a massive financial fail. I bought it at 19, worked through the nose to pay for it, insure it and maintain it to the highest standard. Was it worth it? To many people no, but to me its the best money ive ever spent.

The point is, If I see something or set my mind to wanting a particular model I'm like a bull with rage and the V6 is my next goal. Where this thread has helped is made me think in a much more linear way to achieving what I want.

Tbh without asking you lot I'd have just got the loan and thought f**k it but saving half or more is a much better idea. I'd be able to save 7k by next July easily and that's been generous with my forecasts. Obviously my situation may change but up to now its looking good so thanks a lot

I know the feeling mate, ignoring the cars gone through the business, iv owned 52 different cars - all because iv seen a car and gone 'wow I really want one of them!' and gone out and bought it lol