The Student Room Group

Would this be a financially possible thing to do

Would it be financially possible, though not entirely wise, to start paying monthly for a supercar (totalling around the 150k-300k price range) whilst starting work as a junior doctor in the NHS (from FY1 and on)?

Just hypothetically


And also, before anyone asks;
No, I'm not just going into Medicine for the money.

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Reply 1
I mean it's not only going to be used drive to hospital, some people just like the prospect of owning a supercar in the first place (also to show off).

What about a less expensive car like a Tesla Model S? Would that be a (more) reasonable expectation?
Original post by Silxnt1
Would it be financially possible, though not entirely wise, to start paying monthly for a supercar (totalling around the 150k-300k price range) whilst starting work as a junior doctor in the NHS (from FY1 and on)?

Just hypothetically


And also, before anyone asks;
No, I'm not just going into Medicine for the money.

Why not work it out how much it costs to borrow that amount and then compare it to your Fy1 salary?
There are lots of car finance calculators.
Reply 3
I didn't mention *who*, in particular, to show it off to. It could be your own family, in which case you *would* have time to show it off to them, especially if you're driving back home every day. It could be your friends who live near you, or who you hang out with in your free time. It doesn't take very long at all to show something off :lol:

Besides, if you really want it and it's your main goal, what's not to say that you couldn't eventually achieve it if you put your mind to it?
And, like you said, it's your money so you should spend it as you wish.
Reply 4
Original post by 999tigger
Why not work it out how much it costs to borrow that amount and then compare it to your Fy1 salary?
There are lots of car finance calculators.

I've seen various sources showing different salaries for FY1s.
If you're a doctor, are you able to inform me round about what you earn/earned as an FY1?
Original post by Silxnt1
Would it be financially possible, though not entirely wise, to start paying monthly for a supercar (totalling around the 150k-300k price range) whilst starting work as a junior doctor in the NHS (from FY1 and on)?

You will probably need a large deposit, and very expensive insurance - I doubt that you can afford it. Supercars depreciate a lot, and need maintenance. Personally, I'd sort a house first. Do a few track days to get your fix.

I own two supercars, both bought secondhand, without debt. Whilst buying new gives you a warranty, you lose an absolute fortune in depreciation. In the UK, a supercar is wasted, IMO - you are being watched.
Original post by Silxnt1
I've seen various sources showing different salaries for FY1s.
If you're a doctor, are you able to inform me round about what you earn/earned as an FY1?

At what stage in your education are you?
With the amount of money you are intending to borrow, then the answer becomes elf evident of how much you would be able to support.
I believe ecolier could give you more accurate ways to own a supercar similar to his if you have your account details to hand.
Reply 7
I asked whether it would be financially possible to achieve it *from the start* (i.e. as soon as you begin working as an FY1). In the previous reply I was talking about achieving it *eventually* (i.e. after more experience/time in the career). They're two different things.
Reply 8
Original post by 999tigger
At what stage in your education are you?
With the amount of money you are intending to borrow, then the answer becomes elf evident of how much you would be able to support.
I believe ecolier could give you more accurate ways to own a supercar similar to his if you have your account details to hand.

Just finished A Levels
Reply 9
Original post by RogerOxon
You will probably need a large deposit, and very expensive insurance - I doubt that you can afford it.

By "I doubt you can afford it", are you referring to junior doctors with regards to their starting salary?
Reply 10
I'll have a look at that link.
How old are you, if you don't mind me asking?
Reply 11
Original post by RogerOxon
You will probably need a large deposit, and very expensive insurance - I doubt that you can afford it. Supercars depreciate a lot, and need maintenance. Personally, I'd sort a house first. Do a few track days to get your fix.

I own two supercars, both bought secondhand, without debt. Whilst buying new gives you a warranty, you lose an absolute fortune in depreciation. In the UK, a supercar is wasted, IMO - you are being watched.

What supercars do you own?
And what did you mean by 'you are being watched'?
Original post by Silxnt1
By "I doubt you can afford it", are you referring to junior doctors with regards to their starting salary?

Yes.
Reply 13
Based on that alone, I'd assume you're in your early 30s?
Original post by Silxnt1
I asked whether it would be financially possible to achieve it *from the start* (i.e. as soon as you begin working as an FY1). In the previous reply I was talking about achieving it *eventually* (i.e. after more experience/time in the career). They're two different things.


I'd worry more about parking in a hospital car park - a flashy car will attract 'damage'
Original post by Silxnt1
By "I doubt you can afford it", are you referring to junior doctors with regards to their starting salary?

If you use some common sense you can use a calculator to work out how much borrowing such an amount would cost to service.
I have already looked, but you should check yourself.
It is year 7 maths.
Original post by Silxnt1
What supercars do you own?
And what did you mean by 'you are being watched'?

A McLaren 12C and a Porsche 928GTS.

Speed cameras, including average speed ones, and artificially low speed limits on many roads. I've no issue with strict enforcement in residential areas, but there are lots of "safe" roads that have had their limits lowered. as cars have got a lot more capable.
Reply 17
Original post by 999tigger
If you use some common sense you can use a calculator to work out how much borrowing such an amount would cost to service.
I have already looked, but you should check yourself.
It is year 7 maths.

Except it's not just as simple as loading up Google and searching 'dOcToR sAlArY uK' then doing 'yEaR 7' Maths to work out out how much a supercar would cost.

If YOU used some common sense, you would have realised that I was trying to get more of an insight, rather than a simple 'yes' or 'no' answer based on calculations alone, from people with experience in the field. It is year 7 logic.
Original post by Silxnt1
Except it's not just as simple as loading up Google and searching 'dOcToR sAlArY uK' then doing 'yEaR 7' Maths to work out out how much a supercar would cost.

If YOU used some common sense, you would have realised that I was trying to get more of an insight, rather than a simple 'yes' or 'no' answer based on calculations alone, from people with experience in the field. It is year 7 logic.

It is when you do the calculation.
Reply 19
Original post by 999tigger
It is when you do the calculation.

If it was as simple as doing a calculation, I'd have done it

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