Downgrading.

[realnumber 1]

Further more we don't actually know his salary but having owned a 197, done 10 track days in it, late twenties and financed it I'd say it's reasonable and prehaps more than low 20's.

If your living with the rents for free you wouldn't struggle to afford all that on 20k a year tbh.

 

[MarkCup]

It's not downgrading, it's called getting real, and with every day you delay you'll regret it more and more as what you'll get for your money property wise will be less, and less, and less...

 

[kevin.s]

if you sold it to get another car that is just as good but worth less then it would be worth the swich to free up the funds. i live in my own place and its not cheap so i can tell you that every little helps but be carfull not to buy a dog as the money you are saving will end up being spent keeping the car running.

 

[Mr Burns]

Just to clarify I'm on a sub-20k salary, I pay my parents £250 a month and the rest is mine for fuel and phone bills etc etc.

I tend to spend nearly all my money on driving and trackdays tbh. I don't drink, smoke or do much else. I hardly ever ride Bmx anymore either. I've decided to calm down on the trackdays as they cost a small fortune, especially on tyres. I feel like I just need to grow up a little which is hard for me as I'm still a big kid, so I need something that will still put a grin on my face when I go for a blast.

Today... My friend picked me up in an EG Civic with a B18 conversion, and I had a go in it. As much fun as it was it was just that little bit too lary and hardcore, no good as a daily driver it would do my head in. So, I'd need something slightly more civilised than that lol.

 

[Gaz_]

It's not downgrading, it's called getting real, and with every day you delay you'll regret it more and more as what you'll get for your money property wise will be less, and less, and less...

This. Wish i started saving years ago! I could have then bought a property a year or so ago when the market was on its arse. Still, you live and learn

Something like a standard/slightly fettled 172 would be ok. Yes i do wish i had a better car, but ask yourself, are you trying to impress with it?

 

[Jimbo-Clio]

Can have my ph1 172 on 80k for 1500 or my 1.2 for 2800 both down grades
1.2 is minty fresh

172 is mechanically sound with alot new parts yet in need of abit of tlc

 

[Jimbo-Clio]

back to the subject down grade all the way mate ive always had cheap cars to fund my education iam debt free with a degree starting another one shortly bite the bullet now and you can be a nob with a porsche when ur 40

 

[Marv-C]

Just to clarify I'm on a sub-20k salary, I pay my parents £250 a month and the rest is mine for fuel and phone bills etc etc.

I tend to spend nearly all my money on driving and trackdays tbh. I don't drink, smoke or do much else. I hardly ever ride Bmx anymore either. I've decided to calm down on the trackdays as they cost a small fortune, especially on tyres. I feel like I just need to grow up a little which is hard for me as I'm still a big kid, so I need something that will still put a grin on my face when I go for a blast.

Today... My friend picked me up in an EG Civic with a B18 conversion, and I had a go in it. As much fun as it was it was just that little bit too lary and hardcore, no good as a daily driver it would do my head in. So, I'd need something slightly more civilised than that lol.

Ste take no offence here but how do you propose to move out on your current salary? What sort of job do you do? Is there a promotion soon or are you on an apprenticeship etc (I started my career again at 29!!!!)?

If there is:

1. little chance of your salary increasing or
2. you aren't going to buy with a rich girlfriend or
3. you don't live in a part of the country where the flats cost sub £80k

then I think that the chances of you affording to move out with/without a car are slim. If you do the sums and you can't move out, keep your car.

 

[Gaz_]

I wanted to buy myself, but after looking into it i have to buy with the gf

 

[_williams_]

I'd sell, buy a ph1 172, bank the change and keep paying what you pay on the car into the savings every month, should soon add up and you shouldn't miss the money

 

[TimR26]

I wouldn't say a 172 is a downgrade, older yes but still just a capable on track. Selling the 197 in order to get on the property ladder makes a lot of sense to me.

 

[Josie172cup]

i downgraded and bought a bike and never looked back

at the end of the day if you dont like the car you've downgraded to you can always swap it or buy a bike then everything is a downgrade

 

[tollan172]

i think in life every1 needs to downgrade eventually to get the other things in life unless uve got a great job etc but in the real world where people live and work in normal jobs ie shops etc then u cant have ure cake and eat it im a butcher making a better than average wage and currently drive an astra vxr but there so greedy but im going to downgrade soon to a decent 182 full fat cup packs etc to cut down sum monthly payments as me and the mrs are going to get a flat so just bite the bullet and downgrade and be like the other normal people in life grind it out

 

[Josie172cup]

do what i did get a 05 1.5dci 100 and do your bike liscene then 5k gets you 10s 1/4miles

 

[_williams_]

then 5k gets you 10s 1/4miles

and there's no need to save for a house as you'll be dead pretty soon!

 

[phil-172]

Ste, im the same as you mate, ive sold my st and downgraded from my Orange focus st to the 172 which is sooo much cheaper to run on fuel etc but its still a nice daily driver, and ive got that 106 gti for track which is cheaper to put on the track than your clio! So i have the best of both worlds and im saving to move out soon!! But if the clio is paid off in the new year you can keep it and then save to move out! Tough call as it gutted me to sell my ST!

Not seen you since FCS, hope your well mate!

 

[Josie172cup]

and there's no need to save for a house as you'll be dead pretty soon!

2 birds with one stone

 

[Edd]

I've downgraded twice this year, I sold my TT when I realised that buying house was going to cost more than I thought. I've rented a flat for 2 years and the running costs of the TT were making it hard to save anything on top of paying rent. I bought a ph1, had more fun driving it and running costs were cut in half. Obviously I was able to put some money to one side aswell.

I've now had an offer accepted and found that having a 15% deposit is so much better than 10% (save over 3k in interest in just 2 years). So I sold the 172 to raise the extra I needed. I've now got a Hgt Punto, which isn't ideal but it will do for 6 months.

I think I'd only downgrade if I needed to, like if you were serious about moving out. But it sounds like you are pretty happy where you are. Although it would make sence tracking something like a vts, cheap tyres/parts.

 

[Josie172cup]

I've downgraded twice this year, I sold my TT when I realised that buying house was going to cost more than I thought. I've rented a flat for 2 years and the running costs of the TT were making it hard to save anything on top of paying rent. I bought a ph1, had more fun driving it and running costs were cut in half. Obviously I was able to put some money to one side aswell.

I've now had an offer accepted and found that having a 15% deposit is so much better than 10% (save over 3k in interest in just 2 years). So I sold the 172 to raise the extra I needed. I've now got a Hgt Punto, which isn't ideal but it will do for 6 months.

I think I'd only downgrade if I needed to, like if you were serious about moving out. But it sounds like you are pretty happy where you are. Although it would make sence tracking something like a vts, cheap tyres/parts.

i had a hgt punto but i traded it in (minus 2 gears) for a 172 cup not too sure how i done it but i manage to destroy 3rd and 4th

so it was 1st 2nd 5th all the way

but before i shagged the gearbox i quite liked it well... as much as you can like a fiat

 

[_williams_]

But it sounds like you are pretty happy where you are.

even if this is the case mate i'd still sell, it's never too early to start saving, you'll be glad when you do decide to get a place and you've got a few grand earning you interest in the bank already. definatly beats scraping around trying to sell everything you have last minute

 

[Martin]

I bought my place at 27 and sold my ITB'd clio to do so... moving to a 1.5 lsi civic, best thing I've ever done tbh. I've had numerous cheap but entertaining cars since but I have a foot on the property ladder with a decent amount of equity in my property even after the downturn in prices in 2008/2009.

Sell the car and get on the property ladder you can easily rent the place out if you are happy at the rents for a while longer.

 

[trailerparktrev]

I've no idea where you live? But you're going to need a £20k deposit to get a £60k mortgage, as you say you earn under £20,000 a year. So what would £80,000 (your £20k deposit, £60k mortgage) get you?
Where I live it wouldn't even get me a one bedroom flat in a council estate.

Keep your car, cut down your track days, save a couple of hundred quid a month and who knows? In a couple of years you could be all settled down with some bird and be able to get a joint mortgage or just rent.

 

[Edd]

I've no idea where you live? But you're going to need a £20k deposit to get a £60k mortgage, as you say you earn under £20,000 a year. So what would £80,000 (your £20k deposit, £60k mortgage) get you?
Where I live it wouldn't even get me a one bedroom flat in a council estate.

Keep your car, cut down your track days, save a couple of hundred quid a month and who knows? In a couple of years you could be all settled down with some bird and be able to get a joint mortgage or just rent.

Halifax will give you roughly 5x your wage including deposit. So for example if you earn 20k you would get a mortgage for 100k with a 10k deposit, owing 90k.

Santander offer 4x your wage plus deposit, so with the same deposit and earnings you could buy somewhere for 90k putting down 10k deposit.

Well that is what I have found in the last couple of months.

 

[Marv-C]

Halifax will give you roughly 5x your wage including deposit. So for example if you earn 20k you would get a mortgage for 100k with a 10k deposit, owing 90k.

Santander offer 4x your wage plus deposit, so with the same deposit and earnings you could buy somewhere for 90k putting down 10k deposit.

Well that is what I have found in the last couple of months.

I would not like to be saddled with an £80-90k mortgage on wages of under £20k :dead:. All you home owners out there will know that the running of a property (all utilities, food etc) is as expensive as the mortgage.

Great you will have you own home, but what sort of life will you have if you can barely afford to live in it, can't afford to go out and forget running a car as well.

I'm all for getting on the housing ladder as soon as possible but in this case the OP needs to get a job where the salary will go up first.

 

[theduck]

I've no idea where you live? But you're going to need a £20k deposit to get a £60k mortgage, as you say you earn under £20,000 a year. So what would £80,000 (your £20k deposit, £60k mortgage) get you?
Where I live it wouldn't even get me a one bedroom flat in a council estate.

Keep your car, cut down your track days, save a couple of hundred quid a month and who knows? In a couple of years you could be all settled down with some bird and be able to get a joint mortgage or just rent.

You dont NEED 25% deposits. you can get sub 5% intertest rates at 10% deposit.

 

[Mr Burns]

There is room within the company for a higher salary, and job opportunities elsewhere. I'm not looking at moving out any time soon but would like to give my savings a substancial boost by selling the 197, I would replace it with an old Civic or 172. I also wouldn't move out alone, when I do get my own place it will be with my girlfriend and the expenses would be shared between us.

The way I look at it is... I've had the car a while now and I've had loads of fun in it, and I should sell it while it's still worth a few quid and pocket some cash. Alot of my mates drive around in sub-£3000 cars and they have just as much fun as I do, so maybe I should get something cheaper and make the most of it.

 

[Marv-C]

There is room within the company for a higher salary, and job opportunities elsewhere. I'm not looking at moving out any time soon but would like to give my savings a substancial boost by selling the 197, I would replace it with an old Civic or 172. I also wouldn't move out alone, when I do get my own place it will be with my girlfriend and the expenses would be shared between us.

The way I look at it is... I've had the car a while now and I've had loads of fun in it, and I should sell it while it's still worth a few quid and pocket some cash. Alot of my mates drive around in sub-£3000 cars and they have just as much fun as I do, so maybe I should get something cheaper and make the most of it.

In that case, I would sell the car and get on the ladder now if you can. Flats are the hardest things to sell at the moment as getting a mortgage for first time buyers is so difficult. If you can get a mortgage, you can haggle a good bargin so why wait?

BTW, you car is lush

 

[Edd]

You dont NEED 25% deposits. you can get sub 5% intertest rates at 10% deposit.

Who with? I had to go to 15% to get sub 5%.

 

[theduck]

Tipton and Cosely discounted tracker for 2 years 4.99%

 

[SteveS Cup]

I would not like to be saddled with an £80-90k mortgage on wages of under £20k :dead:. All you home owners out there will know that the running of a property (all utilities, food etc) is as expensive as the mortgage.

Great you will have you own home, but what sort of life will you have if you can barely afford to live in it, can't afford to go out and forget running a car as well.

I'm all for getting on the housing ladder as soon as possible but in this case the OP needs to get a job where the salary will go up first.

That's where you can be clever. Buy a 90k flat and rent it out. Rent pays the mortgage and hopefully it goes up in value. Chill at your parents for another few years. Sell the flat and you will hopefully have enough equity to put down a substantial deposit on something better.

 

[hilldawg172]

a 197 to a 172 cup in my eyes is a upgrade!!!!

 

[devfuse]

That's where you can be clever. Buy a 90k flat and rent it out. Rent pays the mortgage and hopefully it goes up in value. Chill at your parents for another few years. Sell the flat and you will hopefully have enough equity to put down a substantial deposit on something better.

you know what thats very good idea

 

[Porkie]

That's where you can be clever. Buy a 90k flat and rent it out. Rent pays the mortgage and hopefully it goes up in value. Chill at your parents for another few years. Sell the flat and you will hopefully have enough equity to put down a substantial deposit on something better.

agree

 

[Marv-C]

That's where you can be clever. Buy a 90k flat and rent it out. Rent pays the mortgage and hopefully it goes up in value. Chill at your parents for another few years. Sell the flat and you will hopefully have enough equity to put down a substantial deposit on something better.

Agreed . Nothing wronng with using the grey matter to get ahead.

 

[trailerparktrev]

That's where you can be clever. Buy a 90k flat and rent it out. Rent pays the mortgage and hopefully it goes up in value. Chill at your parents for another few years. Sell the flat and you will hopefully have enough equity to put down a substantial deposit on something better.

There's a bit more to it than that. Costs for general maintenance, what if the boiler packs up etc.... Plus there will be ground rent, maintenance charges etc.... The maintenance charge that the landlord of my old rented flat was paying around 1k per annum.

 

[Marv-C]

There's a bit more to it than that. Costs for general maintenance, what if the boiler packs up etc.... Plus there will be ground rent, maintenance charges etc.... The maintenance charge that the landlord of my old rented flat was paying around 1k per annum.

He's assuming that the rent will cover these charges with a slight top up if necessary. It's the capital growth were talking about. Only problem is that prices aren't rising at the moment.

There is a house that has gone on the market round the corner from me at the same price it was at the top of the market!!!! Why? Because there is nothing else on the market at the moment. Madness. Even if it sells, getting the bottom of the chain complete is the real problem these days.