Losing Faith in VW

[Poverty]

I can never understand how people can afford to buy new cars if they earn less than £50k pa . To lost £20k in 3 years equals losing about £130 a week .

I just look at it as another monthly outgoing. I could spend a fortune on a monthly train pass, or spend £300 a month on a loan, or finance. Swings and roundabouts.

Indeed .... I try to keep my monthly outgoings as low as possible ..... But everyones different  

You sound just like my brother, he earns a fair amount over 100k per annum, but won't pay out when it comes to cars (yet he loves them); I know it's sensible, plow all your money into bricks and mortar (he's 35)... but there has to be a point where you enjoy the fruits of your labor, who wants to be driving around in an Astra with a household income over 150k :(

Absolutely. You cant take it with you when you are dead. My wife and i never plan on kids, so we are just going to enjoy our money and hope to have a retirement nest egg. Sell up once we retire and tour the world. If we are phystically capable.

Indeed you cannot take it with you ..... But in 6 months time i will retire from work at 50 , no mortgage , no debt , £130 k in the bank and £25k pa pension index linked for life ..... Happy Days ...

That's good going - I hate to think what my generation will be like at a similar time in life, esp. with this buy it now pay for it later mentality I think it stems from the housing problems, most people rent, buy ipads and dont save (much).

Anyway, surely if your retiring in 6 months, any old scrapper will do until you get your retirement present (hmm, XKR?)

Edit: Or a nice 135i ^^^

Our generation will be paying for the older generation who have already padded their own coffers. Expensive housing, sh*t pensions and ever increasing taxes. Welcome to Britian lol.

[Poverty]

Are pcp interest rates the same for used cars as they are in the news. I ask as my sister is looking for a new car and wants minimal outlay. She's another one of those in the good wage but happily drive a sh*tter camp. Just so happens her last wreck got written off so me and my old man are trying to push her into a safe newish car.

A BMW 1 series for under 200 p/m sounds right up her street tbh.

No, this is hire purchase and is a staff rate as i work for a large bank. To be honest, they give us mortgage rates at 0.5%, so its about time they offered us a discount on car finance too. The car is also a couple of years old, but has only done 29k miles.

PCP rates vary from manufacturers and even based on the car you buy.

Generally no, APR on used is upwards of 8%.

Luke, for something to commute in and smash 20k p/a on, £200 a month for a 123d sounds ideal. Stick the extra money aside towards something fun to use on days off.

Sounds good doesnt it. Its only done 29k miles too. Its in Grey. Need to see what options are, its only just been added to stock so im hoping our remarketing team take pictures of it by tomorrow.

That's not bad at all, I think her bank does something similiar, she showed me a new Mercedes slk with 800 deposit and 259 a month on pcp. Gobsmacked by that!

[andrewparker]

I can never understand how people can afford to buy new cars if they earn less than £50k pa . To lost £20k in 3 years equals losing about £130 a week .

I just look at it as another monthly outgoing. I could spend a fortune on a monthly train pass, or spend £300 a month on a loan, or finance. Swings and roundabouts.

Indeed .... I try to keep my monthly outgoings as low as possible ..... But everyones different  

You sound just like my brother, he earns a fair amount over 100k per annum, but won't pay out when it comes to cars (yet he loves them); I know it's sensible, plow all your money into bricks and mortar (he's 35)... but there has to be a point where you enjoy the fruits of your labor, who wants to be driving around in an Astra with a household income over 150k :(

Absolutely. You cant take it with you when you are dead. My wife and i never plan on kids, so we are just going to enjoy our money and hope to have a retirement nest egg. Sell up once we retire and tour the world. If we are phystically capable.

Indeed you cannot take it with you ..... But in 6 months time i will retire from work at 50 , no mortgage , no debt , £130 k in the bank and £25k pa pension index linked for life ..... Happy Days ...

Retire at 50? You must be mad!

[tony_danza]

30 years service , nice lump sum and a final salary pension, great times. If you've been savvy with your money, as it seems he has, why the hell would you continue to work?

[sub39h]

I can never understand how people can afford to buy new cars if they earn less than £50k pa . To lost £20k in 3 years equals losing about £130 a week .

I just look at it as another monthly outgoing. I could spend a fortune on a monthly train pass, or spend £300 a month on a loan, or finance. Swings and roundabouts.

Indeed .... I try to keep my monthly outgoings as low as possible ..... But everyones different 

You sound just like my brother, he earns a fair amount over 100k per annum, but won't pay out when it comes to cars (yet he loves them); I know it's sensible, plow all your money into bricks and mortar (he's 35)... but there has to be a point where you enjoy the fruits of your labor, who wants to be driving around in an Astra with a household income over 150k :(

Absolutely. You cant take it with you when you are dead. My wife and i never plan on kids, so we are just going to enjoy our money and hope to have a retirement nest egg. Sell up once we retire and tour the world. If we are phystically capable.

Indeed you cannot take it with you ..... But in 6 months time i will retire from work at 50 , no mortgage , no debt , £130 k in the bank and £25k pa pension index linked for life ..... Happy Days ...

Retire at 50? You must be mad!

lol it's alright for the older generation - i bet my generation won't be able to retire until 70 minimum (both due to policy and lack of the finances to be able to do so)

[Deako]

Yep, everyone in my company basically lost their final salary pensions. Lucky for those that are of age that were able to buy cheap houses, and have such luxuries as a final sal pension.

[andrewparker]

30 years service , nice lump sum and a final salary pension, great times. If you've been savvy with your money, as it seems he has, why the hell would you continue to work?

I like my job. I can't see myself not doing it, or if not this job it will be another one. My Dad is in his 60s and works as a Barrister. He has no plans to retire!

I get bored having a few days off so retiring sounds like hell to me!

[tony_danza]

Oh, I agree I'd be bored as hell. I'd still retire though and do something else to keep me busy.

[garrardrj]

I will still work , but won't need to . Voluntary stuff perhaps for charity , I really enjoy my job but need a change as the Government are ruining it , like it did with Teaching , NHS etc .
Now i had an idea of becoming a Professional Golfer at 50 (Seniors) , can't see that happening but you never know . I'm quite good at Teaching it too . If i lived in a more affluent area i would definitely . Most Good Teachers charge £50+ an hour too  

[Poverty]

If you retire on a good wage you are laughing. Just go travelling, and do trackdays and other hobbies lol.

Retiring at 50 is a dream of mine!

[tony_danza]

Yup, I only managed 14 years of my final salary before I switched jobs. Still, 17% them and 6% me isn't too bad in my new one. I can't see me still having an appetite for IT and its constant learning process when I'm 55, so I'll be ready to go.

[Tamiyoman]

My Dad retired at 50 from the Bank (Area Director) earned his money throughout his life in various roles before moving into senior management and put the majority of it into property and company share saves, he sold all his shares before it went boobies up and the properties they bought over the years are worth between 3-7 times what they paid for them (Even now with the "property slump"), he is now 62 and works part time with me and my mother Altho I don't think he wants to really  (mother is a strong willed woman!)

Cannot ever see that I will get anywhere near their worth and I think that goes for the majority of our generation  

My brother works as an underwriter for a large finance/lease company and tells me about all the deals that come and go for cars, he also told me about the Merc C Class at £299pm and is encouraging me to lease a car once the ED30 has gone rather than buy a 2 year old BMW (which was my plan), will make some decisions once it's sold as I dont need a car until April tbh.

[Deako]

Yup, I only managed 14 years of my final salary before I switched jobs. Still, 17% them and 6% me isn't too bad in my new one. I can't see me still having an appetite for IT and its constant learning process when I'm 55, so I'll be ready to go.

You need to get into Business Analyst type roles really. I cant seem myself doing IT much past the next 5 years either. Its so tiresome, especially in support. Move to infrastructure based roles? Maybe. But ill be approaching 40 and i earn a good coin.

The wife wants to move into SQL DBA / Business Intelligence roles, so i can just rely on her to rake it in instead. 

[Tortaruga]

Cannot ever see that I will get anywhere near their worth and I think that goes for the majority of our generation  

I can't really understand why people are bothered about accumulating wealth, apart from having enough to enjoy a decent standard of living.

However I admit that I've never known poverty.

[tony_danza]

I mainly do firewall network design at the moment, so I have to be right on the forefront of everything new, as I get older I'd rather be in IT security. Big rubber stamps YES and NO  

My other half already earns way more than me, that's my unofficial retirement plan.