12-11-2014, 09:41 AM
Hi,
You go out to work to earn money for you to enjoy. Spend it wisely or indulge in riotous living, your choice, just enjoy it.
You borrow money, so have to pay interest. You don't enjoy the fruits of your labour, your bank manager does.
Whether you consider that a good swap, only you can decide.
But ask yourself what would happen if you lost your licence, lost your job, were disabled so unable to drive, petrol was rationed, etc? Presumably you are married, so how would SWMBO manage if you died? How would you manage with another mouth to feed?
It's still your decision.
So, have you checked out the cost of insurance? Or the increased cost of insurance if somebody hits you? Add 15% for five years, even if you keep your NCB.
Have you checked the cost of routine servicing, which you would not do yourself on a new car? This year, my wife paid 20p per mile for servicing, but that was because she did only 6000 miles (car is now two years old, she has done just a smidgen over 10,000 miles altogether).
It's still your decision.
The cheapest way I have found to borrow money is with an OFF-SET mortgage linked to savings OFF-SET savings, all with the same bank. Everything you borrow is at mortgage rates, and every penny in your cheque or savings account is off-set against the mortgage interest, cutting down the interest. Credit cards are settled in full (would that save you anything) and settled in full every month thereafter. But you have to be disciplined ... buying a new BMW is just too easy. Ask your bank, if they say no, ask First Direct.
Due to a family cricis, we needed to move house ... before selling our old one. SWMBO had squirreled away a silly amount, which could be used as a deposit. So take out a mortgage, pay it off when we sell the old house. WRONG! As soon as I mentioned my age, 75, they refused to discuss lending us anything. No ifs, no buts, NO![/i] Prudent Lending[i], they called it. I battled on for two years, eventually found somebody to give me a mortgage ... INTEREST ONLY @ 4%..
602
If you intend to buy a house, do it ASAP before prices rise ... its maybe too late. See what sort of deal a major house builder can get you, before prices go up in new year. You should get 20% at interest free for five years, which should give you time to pay for your new car. Builders and lenders rub each other's backs. But a garage may be difficult.
Good luck, whatever you decide
You go out to work to earn money for you to enjoy. Spend it wisely or indulge in riotous living, your choice, just enjoy it.
You borrow money, so have to pay interest. You don't enjoy the fruits of your labour, your bank manager does.
Whether you consider that a good swap, only you can decide.
But ask yourself what would happen if you lost your licence, lost your job, were disabled so unable to drive, petrol was rationed, etc? Presumably you are married, so how would SWMBO manage if you died? How would you manage with another mouth to feed?
It's still your decision.
So, have you checked out the cost of insurance? Or the increased cost of insurance if somebody hits you? Add 15% for five years, even if you keep your NCB.
Have you checked the cost of routine servicing, which you would not do yourself on a new car? This year, my wife paid 20p per mile for servicing, but that was because she did only 6000 miles (car is now two years old, she has done just a smidgen over 10,000 miles altogether).
It's still your decision.
The cheapest way I have found to borrow money is with an OFF-SET mortgage linked to savings OFF-SET savings, all with the same bank. Everything you borrow is at mortgage rates, and every penny in your cheque or savings account is off-set against the mortgage interest, cutting down the interest. Credit cards are settled in full (would that save you anything) and settled in full every month thereafter. But you have to be disciplined ... buying a new BMW is just too easy. Ask your bank, if they say no, ask First Direct.
Due to a family cricis, we needed to move house ... before selling our old one. SWMBO had squirreled away a silly amount, which could be used as a deposit. So take out a mortgage, pay it off when we sell the old house. WRONG! As soon as I mentioned my age, 75, they refused to discuss lending us anything. No ifs, no buts, NO![/i] Prudent Lending[i], they called it. I battled on for two years, eventually found somebody to give me a mortgage ... INTEREST ONLY @ 4%..
602
If you intend to buy a house, do it ASAP before prices rise ... its maybe too late. See what sort of deal a major house builder can get you, before prices go up in new year. You should get 20% at interest free for five years, which should give you time to pay for your new car. Builders and lenders rub each other's backs. But a garage may be difficult.
Good luck, whatever you decide