Peer pressure over houses and cars Watch

Anonymous #1
#1
Report Thread starter 9 months ago
#1
I'm 24 and quite a lot of people who I went to school with have already bought their own places, have their own cars and in some cases have one or multiple children. I've not even passed my driving test yet, let alone bought myself a car and I'm only in the first year of university. I feel behind compared to these people. Should I save up my maintenance loan and buy a flat of my own in a year or so time?
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hello_shawn
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#2
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Live where you don't need a car so that your money can be better spent.
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Anonymous #1
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I already do but I feel like I should pass my driving test and get a car at some point; I mean it's a bit pathetic for a 24 year old not to be able to drive when most people pass at 18
(Original post by hello_shawn)
Live where you don't need a car so that your money can be better spent.
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silencespeaks
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Don’t buy into peer pressure. Focus on yourself and your own journey.

What you sacrifice to get, you sacrifice to maintain/keep. Give your course all you’ve got, go for the job of your dreams and save towards the things you want for the future.
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Blue_Cow
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(Original post by Anonymous)
I'm 24 and quite a lot of people who I went to school with have already bought their own places, have their own cars and in some cases have one or multiple children. I've not even passed my driving test yet, let alone bought myself a car and I'm only in the first year of university. I feel behind compared to these people. Should I save up my maintenance loan and buy a flat of my own in a year or so time?
If you need to drive and you can afford it, then yeah, why not.

I wouldn't take driving lessons or buy a car in order to feel "less" behind.... only if you need one. Also, bear in mind how incredibly expensive it is to learn how to drive. £25 per hour where I lived, and that's cheap. Some instructors charge in excess of £30 an hour - it's nuts.

Also, owning a car is not cheap. Unless you have some other income to supplement your loan, you'll probably struggle.

You'll need to service your car at least once a year to keep it in good condition, an MOT each year, consumables like oil, screenwash, coolant, bulbs, tyres, and then the cost of insurance and also unexpected repairs.

Plenty of people have full drivers licences but don't own a car, and use public transport instead as well.

Focus on university instead.



Also re: flats. Having a deposit that's X times larger than your income means the broker/mortgage provider will probably ask for evidence of where this income has come from. They don't like seeing a deposit consisting of debt.

Having a large deposit but low income (I'm assuming your actual income will be quite low as a student) won't necessarily get you a mortgage either.
Last edited by Blue_Cow; 9 months ago
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Anonymous #1
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I have an income of about a grand a month and cheap rent which might make the car manageable but certainly not the flat unless I worked full time on top.
(Original post by Blue_Cow)
If you need to drive and you can afford it, then yeah, why not.

I wouldn't take driving lessons or buy a car in order to feel "less" behind.... only if you need one. Also, bear in mind how incredibly expensive it is to learn how to drive. £25 per hour where I lived, and that's cheap. Some instructors charge in excess of £30 an hour - it's nuts.

Also, owning a car is not cheap. Unless you have some other income to supplement your loan, you'll probably struggle.

You'll need to service your car at least once a year to keep it in good condition, an MOT each year, consumables like oil, screenwash, coolant, bulbs, tyres, and then the cost of insurance and also unexpected repairs.

Plenty of people have full drivers licences but don't own a car, and use public transport instead as well.

Focus on university instead.



Also re: flats. Having a deposit that's X times larger than your income means the broker/mortgage provider will probably ask for evidence of where this income has come from. They don't like seeing a deposit consisting of debt.

Having a large deposit but low income (I'm assuming your actual income will be quite low as a student) won't necessarily get you a mortgage either.
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username2950448
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Among my Oxbridge grad peers of that age there's literally less than a handful of people that have bought a house/flat, so I'm not sure what you're on about tbh.
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Anonymous #1
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Everybody has their own experiences with their peers I guess...
(Original post by Palmyra)
Among my Oxbridge grad peers of that age there's literally less than a handful of people that have bought a house/flat, so I'm not sure what you're on about tbh.
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username2950448
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(Original post by Anonymous)
Everybody has their own experiences with their peers I guess...
What school did you go to?
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Anonymous #1
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I'm not going to say the actual school name but it was one in East Lancashire
(Original post by Palmyra)
What school did you go to?
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username2950448
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(Original post by Anonymous)
I'm not going to say the actual school name but it was one in East Lancashire
What type of school was more the focus of my question.
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Anonymous #1
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Just a *****y comprehensive, nothing special at all
(Original post by Palmyra)
What type of school was more the focus of my question.
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Drewski
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#13
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You're old enough to know better than to succumb to peer pressure.
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DarthRoar
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#14
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Up north houses are peanuts, and the poorest can get new cars on finance. It's not as great as you'd think. Also, good luck buying a flat in with your maintenance loan lol.
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Anonymous #1
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This is my point exactly lol; I should be able to do this; some flats up here are as cheap as 30K
(Original post by DarthRoar)
Up north houses are peanuts, and the poorest can get new cars on finance. It's not as great as you'd think. Also, good luck buying a flat in with your maintenance loan lol.
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TimmonaPortella
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(Original post by Anonymous)
I have an income of about a grand a month
I wouldn't even think of trying to learn to drive and buy and run a car on a grand a month, OP. Not unless you happen to have a chunk of capital sat around doing nothing.

You'd be able to drive some places you wanted to but you wouldn't be able to afford to do anything once you got there.

Just finish uni and see where you are. Work over summer and see if you can save something.

You're miles away from thinking seriously about buying property tbh. Finish uni and get a job.
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kkboyk
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(Original post by Anonymous)
I'm 24 and quite a lot of people who I went to school with have already bought their own places, have their own cars and in some cases have one or multiple children. I've not even passed my driving test yet, let alone bought myself a car and I'm only in the first year of university. I feel behind compared to these people. Should I save up my maintenance loan and buy a flat of my own in a year or so time?
A lot of these people had help from parents and some tend to spend majority of their salary on fancy cars for appearances. It's simply not worth it financially. You're better trying to improve your job prospects until you can afford it. Life isn't a race.
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xoxAngel_Kxox
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It doesn't matter how long it takes you to do things, to get things, or even if it happens at all. Do what makes you happy, and what you need to do. I was 24 when I passed my driving test, and I'm glad I did, but I did it when I felt I was ready. I lived with my mum until I was 27, saving up for my own place, and would probably still be there now if I hadn't met my partner, who already owns a house. You can't do things too fast, take your time and do things when they feel right.
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Anonymous #2
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Hey mate, everyone on a different path, honestly don't look at them, some people start slower and gain big time after.

Stick to your path, concentrate on getting through uni, get the best grade you can, and try getting a decent bit of work experience relevant to your field before you graduate and that will set you up.

Trust me mate, you're young, you've got huge amounts of time on your side. Remember some people will never be in a position to buy, so you are already way ahead in terms of progression.

Keep at it.
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Anonymous #3
#20
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I know people like this. I'm 22 but there are people my age who are married, have kids, a car and their own place. However, none of these people went to uni and so were able to work full-time. So what I'm saying is you're not behind, you're just on a different journey. Get your degree then worry about getting a flat.
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