Would this be a financially possible thing to do

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Silxnt1
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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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ecolier
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(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.
Depends on how much you'll be paying towards it. If the car is depreciating in price (as most cars do) then you'll be metaphorically throwing your hard-earned money down the drain.

Note that the salary of an FY1, if you're not doing on-calls (and you don't get to choose) is around £1,400 - £1,500 after tax, pensions and student loans. If you are doing on-calls it'll be £1,800 - £2,000 depending on the intensity of the on-calls.

P.S. Most doctors (including senior doctors, let alone junior) drive relatively old beat-up cars. Me included. What's the point, when most hospital car parks are literally a gravel pit or a muddy field.
Last edited by ecolier; 1 month ago
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Silxnt1
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(Original post by ecolier)
Depends on how much you'll be paying towards it. If the car is depreciating in price (as most cars do) then you'll be metaphorically throwing your hard-earned money down the drain.

Note that the salary of an FY1, if you're not doing on-calls (and you don't get to choose) is around £1,400 - £1,500 after tax, pensions and student loans. If you are doing on-calls it'll be £1,800 - £2,000 depending on the intensity of the on-calls.

P.S. Most doctors (including senior doctors, let alone junior) drive relatively old beat-up cars. Me included. What's the point, when most hospital car parks are literally a gravel pit or a muddy field.
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?
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ecolier
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(Original post by Silxnt1)
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).
:lol: What's the point when as a junior, junior doctor you'd have minimal time to show it off, or use it for track days etc.?

You'd be stuck at the hospital, working long hours and using the remaining time to rest and recuperate.

What about a less expensive car like a Tesla Model S? Would that be a (more) reasonable expectation?
Maybe, but I have only yet seen one doctor who drives a very expensive car (BMW i8) - to me anyway, it may not be expensive to you!

Most of my registrar colleagues (in fact all of my registrar colleagues) drive modest saloons / hatchbacks that's at least >5 years old.

And we have more time to show off :rofl:

P.S. It's your money - feel free to do what you like! You don't have to ask...
Last edited by ecolier; 1 month ago
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999tigger
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(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.
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Silxnt1
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(Original post by ecolier)
:lol: What's the point when as a junior, junior doctor you'd have minimal time to show it off, or use it for track days etc.?

You'd be stuck at the hospital, working long hours and using the remaining time to rest and recuperate.
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.
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Silxnt1
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(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?
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ecolier
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(Original post by Silxnt1)
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.
Exactly, so why ask in the first place? Are you not going to be buying a house when you're slightly older?

Do not overestimate what you earn as a junior doctor - yes it's money but you'll need to pay the GMC, for post-grad exams, for specialty portfolios, for the MPS / MDU etc.

As I said, you can live frugally and have a supercar. It's up to you!
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RogerOxon
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(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.
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Silxnt1
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(Original post by ecolier)
Exactly, so why ask in the first place?
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.
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999tigger
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(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.
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Silxnt1
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(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
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ecolier
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(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?
I am a doctor. I don't think 999tigger is a doctor.

The salary is published online, and I have reproduced it here: https://www.thestudentroom.co.uk/sho....php?t=6026828 (all before tax)

(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.
Depends on your specialty, and whether you choose to stay in the NHS or work privately (if there is such an opportunity).

In my specialty for example, consultant working privately can earn up to £200 per hour (social hours during M-F 9-5) so that's a yes.
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Silxnt1
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(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?
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Silxnt1
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(Original post by ecolier)
I am a doctor. I don't think 999tigger is a doctor.

The salary is published online, and I have reproduced it here: https://www.thestudentroom.co.uk/sho....php?t=6026828 (all before tax)



Depends on your specialty, and whether you choose to stay in the NHS or work privately (if there is such an opportunity).

In my specialty for example, consultant working privately can earn up to £200 per hour (social hours during M-F 9-5) so that's a yes.
I'll have a look at that link.
How old are you, if you don't mind me asking?
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ecolier
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(Original post by Silxnt1)
I'll have a look at that link.
How old are you, if you don't mind me asking?
You can estimate this by looking at when I joined TSR!
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Silxnt1
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(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'?
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RogerOxon
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(Original post by Silxnt1)
By "I doubt you can afford it", are you referring to junior doctors with regards to their starting salary?
Yes.
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Silxnt1
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(Original post by ecolier)
You can estimate this by looking at when I joined TSR!
Based on that alone, I'd assume you're in your early 30s?
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Muttley79
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(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'
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