mwg
Member
Registered: 19th Feb 04
Location: South Lakes
User status: Offline
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I've just spent more on a car than I earn. But the finane payments are about 30% of my monthly wage so not too bad when I dont have any other commitments like a mortgage.
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Mike
Organiser: North West and North Wales
Premium Member
Registered: 20th May 06
Location: nr. Skipton, North Yorkshire
User status: Offline
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I hate the thought of being in debt, I've never really had any debt, the only money I've ever borrowed is like £20 quid on a Saturday and I'd give it back on the Monday once I'd got it. I've only ever thought about the idea of a loan once, and that was a business idea where I'd need 5k upfront.
I'd much prefer to have money in place before I spend it.
I remember someone saying to me once that 'you're not really in debt if you know you can afford to pay it back'. Even if I knew I could afford to pay it back I'd still hate the thought of owing money.
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AndyKent
Member
Registered: 3rd Sep 05
User status: Offline
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quote:
Originally posted by Mike B
I remember someone saying to me once that 'you're not really in debt if you know you can afford to pay it back'. Even if I knew I could afford to pay it back I'd still hate the thought of owing money.
A mate said exactly the same to me before I bought mine.
I said rubbish, more so with 0% finance. Not like its costing you anything and if you job is safe and you have a bit of spare money in the bank to cover repayments for a while IF you lost your job (unlikely for most people), theres no reason to think it bad to be in debt.
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Mike
Organiser: North West and North Wales
Premium Member
Registered: 20th May 06
Location: nr. Skipton, North Yorkshire
User status: Offline
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May just be the way I am then, but I just hate the thought of using someone elses money because I haven't got it yet. I hate the thought of credit cards, the only time I've ever used them is when I've borrowed my mum's to pay for something off the internet then gave her the money straight away.
I just like knowing that stuff I own is all paid for and I've not got to keep giving someone so much money every month.
For example, when I passed my driving test, I had to wait a year till I could afford the car I wanted and pay the insurance. It was hell waiting all that time, but even tho I had a secure income, I wouldn't get a loan. I had to save up about 4.5k so I could buy the car, pay for insurance and have a descent amount left over as a safety net.
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AndyKent
Member
Registered: 3rd Sep 05
User status: Offline
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quote:
Originally posted by Mike B
For example, when I passed my driving test, I had to wait a year till I could afford the car I wanted and pay the insurance. It was hell waiting all that time, but even tho I had a secure income, I wouldn't get a loan. I had to save up about 4.5k so I could buy the car, pay for insurance and have a descent amount left over as a safety net.
Fair enough, fair play if you can wait all that time - if you are happy thats all that matters.
Just that IMO, I don't need the money in the bank to spend it, so long as I am 100% confident I can pay it off, why use my own money when someone else will give me theirs for a bit interest free 
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JM_16v
Member
Registered: 17th Oct 05
Location: Essex Drives: GLC63S
User status: Offline
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quote:
Originally posted by ed
If I earnt £15k then I would be looking for another job before worrying about a car.
thats not bad cash for a under 20 tbh
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Tommy L
Member
Registered: 21st Aug 06
Location: Northampton Drives: Audi wagon
User status: Offline
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spend what you know you can afford, taking all aspects into consideration ie running costs, servicing, insurance etc..
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