brachunky
Scotland
Posts: 1,329
Club RR Member Number: 72
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May 14, 2023 11:09:24 GMT
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Motoring can be as basic as getting to work but I suspect 99% of RR members are into it due to the passion of owning something special to you. That could be as basic as a rat styled pickup truck to an Harrods equivalent VIP land yacht! Now I also reckon RR's membership include those who have no problem handing over the cash to the youngster hitting every shift at Maccy Dee's they can get in order to reach his/her dream, the result is still that dream vehicle. I suppose the question here is how far would you/ have you gone to secure your baby
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Last Edit: May 14, 2023 11:25:12 GMT by brachunky
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May 14, 2023 11:17:25 GMT
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I have done all of those, except for the last four!
I would consider prostitution, but can't imagine anyone paying me for it!
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May 14, 2023 11:23:59 GMT
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When I found my old mg maestro my only option was to get a bank loan. I wasn't actually looking for one so was totally unprepared when I found it. It taught lots about getting loans and I don't ever plan to do it again. I'd vote sell a body organ unless you've already cained them.
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May 14, 2023 13:18:22 GMT
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Save up and buy something for me.
I love cars and have owned some really lovely stuff over the years but ultimately, it's just a car. I refuse to get into debt for anything other than a mortgage, it's just not worth it.
They're just things. Nice things granted but I don't 'need' a special car, I just want one.
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stealthstylz
Club Retro Rides Member
Posts: 14,935
Club RR Member Number: 174
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May 14, 2023 13:54:24 GMT
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I've been semi-seriously putting a fair chunk of money away to buy something "nice" for a few months. The problem in my head is that I'm perpetually dirty and drive cars like I've stolen them, which doesn't fit into the plan of buying things, scratching the itch whilst improving them then selling them at the small profit. I've got a real hankering for a early Lotus Elise but I foresee me making one worse rather than better. My cars always look rough because of how I drive down the roads I like to drive them on.
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stealthstylz
Club Retro Rides Member
Posts: 14,935
Club RR Member Number: 174
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May 14, 2023 13:58:19 GMT
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The experience I had with my Vitara, which was the only car I was quite happy just crusing around in, and kept clean/washed etc, only for it to get crashed into twice, has sort of put me off lol
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MOGGY
Part of things
Posts: 272
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May 14, 2023 16:03:53 GMT
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You need another option on the pole:
Buy a cheap project version of what you want and build the car of your dreams diy cheap Style.
That’s my technique.
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Total classic car pervert
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May 14, 2023 16:53:24 GMT
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Motoring can be as basic as getting to work but I suspect 99% of RR members are into it due to the passion of owning something special to you. That could be as basic as a rat styled pickup truck to an Harrods equivalent VIP land yacht! Now I also reckon RR's membership include those who have no problem handing over the cash to the youngster hitting every shift at Maccy Dee's they can get in order to reach his/her dream, the result is still that dream vehicle. I suppose the question here is how far would you/ have you gone to secure your baby Ek sien jy is vanaand Lekker fokken diep nê…….. To me there are a variety of ways to look at all of this. Myself, no cars, bikes, toys on finance, I only buy them cash, or just drool. House mortgage comes first, always. I personally really like polishing turds, taking bottom feeders, losers, “should be parted out” nobody likes them, that sort of thing, and somehow getting them recognised as valuable. My Blazer was “Not a Project” and from the £2800.00 I paid for it, spending £1700 just in new parts to get it right, selling it for £6000 and subsequently, it being advertised for more than double that, having had a few interesting jobs, including BBC TV etc, I am not sure what the current owner paid, but he absolutely loves it. Prozac the Berlingo is another example, cost £250 sold for £400 including a full tank of fuel, and was vastly improved by the maintenance I had done to it. This brings me to the the answer to your post question…… I wanted an S10, exactly the way it is, except maybe a Manual gearbox, for 10 years…… seriously, that colour, configuration, engine etc….. and had a load of other itch scratchers in between. But when I saw it advertised, Paul Y and I went to look at it during the height of Covid when one could still travel, and I bought it. The cash was laying quietly waiting, £700 from the Galaxy and a load of backup cash for redundancy (call it savings) So I bought it, spent a load more money on it, including the £900 for wheels and tyres to get it back to standard. If the right person wanted to buy it today, tomorrow, next week….. it would be gone. Having scratched an itch. However, it would top the list of “Cars you should never sell” in my world. I have a ton of cars I like, so the list just gets ticked off, one at a time. Good idea for a thread.
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May 14, 2023 18:29:08 GMT
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i just cashed in a very small pension to buy something .. was it the right thing to do .. who knows but i can’t save money …never have never will so that was the only option
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awoo
Posted a lot
Posts: 1,506
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May 14, 2023 18:36:46 GMT
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Use savings, would never ever ever ever ever get a loan for anything other than a house.
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Paul
Posted a lot
Posts: 1,951
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May 14, 2023 19:47:16 GMT
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I've done most of those - in my younger less solvent days I took out a small loan to buy a Mk2 Golf, and I did so again a few times...always well within my means to pay it back and it made me happy at the time. Honestly I'd do it again if really, really wanted something - as long as the incomings are equal to or greater than the outgoings I'm alright with it.
I bought the 911 on finance and I've nearly, nearly paid it off. Worked for me at the time.
Most recently I had to sell my CROWN Vic to buy the Buick (I couldn't have afforded to keep both no matter what) because - as the title suggests - I was lusting for 'something special'. I thought I'd miss the CV but it turns out the new 'special' motor has more than replaced it.
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jmsheahan
Club Retro Rides Member
Posts: 688
Club RR Member Number: 121
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May 14, 2023 21:48:52 GMT
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Also done a few of those but save up and hope is the optimum assuming it's not your primary vehicle. Like a lot of us I'm a sucker for a project, which inevitably means cheaper purchase but you likely spend more in the long run than if you'd bought a 'nice' one. It does mean you can control when/how you buy the parts plus you only have to be accountable to yourself in how it's put together. Downsides are it's hard to let cars go if you've invested that much time/money in them (well for me anyway!). It's good to have a little of what makes ya tick in moderation, but debt sure ain't fun or worth the squeeze. Also, doubt my liver is worth sh1t
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Last Edit: May 14, 2023 21:53:21 GMT by jmsheahan
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spacekadett
Part of things
F*cking take that Hans Brrix!!
Posts: 832
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May 15, 2023 21:57:03 GMT
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Another one that’s a sucker for a project here. In fact I doubt I’ve bought more than a couple of vehicles that have required no work in my life 😂. One option not covered here is that many moons ago when I built my Kadett coupe savings covered the initial purchase ( £350!) but, as I had a job at the garage I was keeping it at I used my student grant to pay for the respray and some of the body repairs 😂
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Mechanic's rule #1... If the car works, anything left on the floor after you finished wasn't needed in the first place
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This is quite a tough one.
My adult head says save. Smartest solution. That inner voice that tends to say "An excellent choice, Sire" is whispering "Just do it!"
Savings should only be used if it is THE one.
Can you part with one of your fleet? If so, this would be my choice for instant gratification.
Don't get finance. Risky.
Rich parents? Can afford the loan comfortably? Beg. I would.
Loan Shark?! See finance. Also, possibility of body part being involved (loss of possible income!).
Remortgage?! No way, No how, Nuh-huh. Biggest responsibilty in life, one of the longest and you want more?
Body parts? Your choice...I'm kinda attached to mine.
Prostitution? Well really...Having pondered this for a while, I've decided it easier with other methods. I mean, how do I approach Mrs.LPlates with this proposition? And assuming for one moment that she actually agrees, how do I get the cash from her after the *ahem* Job is finished? I suspect no dinner for quite some time and a black eye or more at the very least will be the net result from this idea. Let us know how you get on with this if you try please. We may or may not want photos...
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I've used loans to purchase cars, but I'm not one of those people that chops and changes cars every other month, or year. Generally speaking I'll have the car for the life time of a loan, my 72 VW Van was a loan, my Datsun Sunny was a loan, my Porsche 996 was a loan. It is actually one of the ways you can do the whole ladder things with cars. Get loan for £x,000 buy car for £x,000, keep car for length of loan (one, two, five whatever years). Sell car for at least £x,000 but now add in a new £x,000 loan, so now your next car is £x,000*2. Sell, repeat with an added £x,000 etc. etc. The thing here is that with older cars you are generally looking at a stable or appreciating asset, with normal* modern cars this very much doesn't work at all because they are a depreciating asset. Cars aren't an investment, but they can be a useful tool for buying other cars. A manageable amount of finance is often that handy stepping stone to the car of your dreams. Taking on manageable amounts of debt to achieve a goal is perfectly fine as far as I'm concerned. Obviously it would be great to do it the other way around where you save the money you'd spend on a loan each month and in a year/two year/five year's time you buy the thing with that**. However I'd like to point you towards the word appreciating in the previous paragraph. For some cars by the time you've saved you've missed out. Sadly the car of my dreams is a De Tomaso Pantera, so I'll need to sell my house before I can afford that. *does work with some super/hyper cars though oddly. ** which is essentially what ukpersonal.finance/flowchart/ advocates.
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May 16, 2023 10:01:44 GMT
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Other than a mortgage, which most of us inevitably have to have, I had what would have been HP for a brand new Micra in 1986. It was a car pretty much at cost as my in laws both worked for the same Nissan dealership. Even so I had (I think) about a £3k loan. Once the ‘newness’ had worn off, probably by the the second monthly payment, it already felt like a millstone around my neck, I hated it. I saved, did extra overtime etc etc then about 12 months into a 3 yr loan, got a settlement figure & payed it off. I have NEVER borrowed a single penny from a financial institution since. Even now my missus has a brand new car every 3 yrs or so & we just cannot do the lease thing. It just goes against ever fibre of my being, so we buy it outright then save up for the next one. I appreciate not everyone can afford new stuff, but the principle still applies whatever rung of the ladder you are on.
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May 16, 2023 10:22:37 GMT
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I did a LOT of option 2 to buy my Continental, and to fix up my S124 & 190E - this would be my recommended path, but very much relies on you having stuff to sell that is worth more than what you want to buy. I also took out a small loan to buy my E31, but as HoTWire said, you've got to be pretty confident whatever you're buying won't depreciate into negative equity before you even own it!
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May 16, 2023 15:33:55 GMT
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My most expensive car was a 10k imprezza paid for with savings. 2nd highest was 7k. I'm after a new daily and the price of decent 2nd hand cars seems very high to me. Just spent money on the house so will probably need a bank loan for the new car as I wouldn't touch our savings for a car.
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brachunky
Scotland
Posts: 1,329
Club RR Member Number: 72
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May 16, 2023 15:35:15 GMT
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This is quite a tough one. My adult head says save. Smartest solution. That inner voice that tends to say "An excellent choice, Sire" is whispering "Just do it!" Savings should only be used if it is THE one. Can you part with one of your fleet? If so, this would be my choice for instant gratification. Don't get finance. Risky. Rich parents? Can afford the loan comfortably? Beg. I would. Loan Shark?! See finance. Also, possibility of body part being involved (loss of possible income!). Remortgage?! No way, No how, Nuh-huh. Biggest responsibilty in life, one of the longest and you want more? Body parts? Your choice...I'm kinda attached to mine. Prostitution? Well really...Having pondered this for a while, I've decided it easier with other methods. I mean, how do I approach Mrs.LPlates with this proposition? And assuming for one moment that she actually agrees, how do I get the cash from her after the *ahem* Job is finished? I suspect no dinner for quite some time and a black eye or more at the very least will be the net result from this idea. Let us know how you get on with this if you try please. We may or may not want photos... I laughed at this! Whilst I don't condone prostitution, it's currently at 3rd position in the poll
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May 16, 2023 16:18:38 GMT
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Save up and buy something for me. I love cars and have owned some really lovely stuff over the years but ultimately, it's just a car. I refuse to get into debt for anything other than a mortgage, it's just not worth it. They're just things. Nice things granted but I don't 'need' a special car, I just want one. The sane answer. Wish I had your self control
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