How much are you bringing in a year? Can it be trusted to be stable?

I wouldn't go any higher than £10k, less if possible - you can get a ford focus that's decent and will do the job for £3.5. Plenty of millionaires out there with rustbuckets, that's why they're millionaires.

Reply 7

ODES_PDES

AwesomeGenius is that you?

Reply 8

Bill_Gates

Original post by JoeTSR

cheers for the advice. Yeah my parents drive modest cars in that group.

But i've worked really hard past few years thought i'd treat myself.

Reply 9

DrSocSciences

Original post by Bill_Gates

jelly much

Funny. HNWI, with multiple income streams and property portfolio, xx

Reply 10

NX172

Similar situation. I'm 24, net worth around 277k. Which personally, living in London, don't think is all that much at all. Certainly not enough to spend on a fancy car that depreciates quickly. Rather save it to buy a decent flat in Z3/Z2 instead.

It depends on your monthly income and regarding the affordability of a car... Sure, you can pay all of it upfront, but I'd rather just hire it in some form for better leverage. Anyhow, last year I spent £19,200 on a Merc. Looking to upgrade to another Merc that's around £29,000 which works out to be around £600/m on repayment. I'm earning over £7.5k a month, so could easily afford a £1k/mo car on hire, which is the equivalent of a new £60k+ car but it's upto you how much you want to dip into your monthly earnings (Personally I'm very tempted by Merc CL63). For me, other things such as property take precedence. Yes, I've treated myself from all this hardwork. But nowhere near as much as you'd think.

(edited 7 years ago)

Reply 11

JoeTSR

Original post by Bill_Gates

cheers for the advice. Yeah my parents drive modest cars in that group.

But i've worked really hard past few years thought i'd treat myself.

The key thing is how much you're earning though, and whether that fluctuates at all.

Objects might get you a little extra happiness, but it's economies of scale, that £7k (or more) extra won't give you anywhere near the same amount of happiness per £ as the first few.

If you want to treat yourself, I'd spend it on something experiental - that'll last forever. For £7k you could go to a bunch of far away countries, get a private pilots license, become a trained skydiver, learn a new language... etc.

Reply 12

Bill_Gates

Original post by JoeTSR

yeah i've done that already. Been on holiday 3-4 times every year. Been to most major destinations now. I'm definitely more about the experiences.

Original post by NX172

For sure won't go far in London but i'm not based there. Although we do have property in another major city but it's not mine (yet) :tongue:

Reply 13

Bill_Gates

Original post by DrSocSciences

Funny. HNWI, with multiple income streams and property portfolio, xx

Oh it's your parents money. Let's not go into that. This is my PERSONAL worth.

Reply 14

Reue

As little as possible to get you around as required.

Reply 15

Bill_Gates

Original post by Reue

As little as possible to get you around as required.

did i post in the frugal section?

horse and cart? :tongue:

Reply 16

NX172

Original post by Bill_Gates

yeah i've done that already. Been on holiday 3-4 times every year. Been to most major destinations now. I'm definitely more about the experiences.

For sure won't go far in London but i'm not based there. Although we do have property in another major city but it's not mine (yet) :tongue:

Then you can probably afford a better car given the lower living costs. I agree with JoeTSR to some extent. However, things like skydiving, traveling, etc isn't exactly every-day. I use my car everyday and look forward to driving it every day. My passengers have a good time in it, I have a good time in it. Smiles all around.