I go on another car forum yes i do shame on me and the amount of younger drivers with newer & new cars supprises me 06-09 & new, these are mainly young lads age between 18-26.
When i was that age old bangers is what i had 8-10 years old now at 38 it just seems strange to see young lads in newer cars when i was that age you borrowed dads car but now it's there's!
Suppose better wages now than then, have you noticed this?
Im guessing most of this lot is finance but im still shocked or just getting old as my dear mum keeps telling me!
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I've done the banger thing and I have just had enough of all the days of wasted productivity.
I've owned several cars
2007- N reg MK3 Fiesta (bought as a learner car)
2008 - N reg Fiesta MK4 (bought when I passed)
2009 - V reg Corsa B
2010 - R reg Fiesta MK4 Ghia (my dad but I ran it in my own name for a couple of months)
2010 - Brand new Fiat Panda.
Despite the credit crunch finance is still very easy to get, I had no way of proving my income but still got a £100 deposit and 9.7% APR finance deal. With labour rates so high in garages now many young people are realising that often a brand new car is no more expensive than a banger, depending on exact circumstances.
The big problem now is insurance, I am still paying around £800 a year and my car is group 1, although it is brand new so that bumps up the premium a lot.
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Could be that cars are now cheaper relative to average income. The mind boggles when I think back to the price of new cars 10-15 years ago. Easier to get credit/loans?
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New cars are actually a lot more expensive, back in 1996 £6k bought you a brand new Punto SX with electric windows and central locking. You didn't get airbags as standard though that said the Panda is probably very similar and still costs £6k but income would have gone up a lot since then. But then you could buy a Cinqucento for £5000 or a brand new Lada for £3995.
I think a conbination of cheaper loans and expensive garage rates makes buying new more attractive. I've always said I would never buy a brand new car, I have always been against the idea and always been pro banger. I think with my experience with bangers I just lost the plot! I didn't even meet the sales person it was all done by phone, they just ask what university I went to, wheat building was I in, how long have I been doing my business and that was it I got a loan for £6500.
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I suspect it may be a perverse effect of high property prices: young people feel they are so far from being able to afford to set up home on their own that they just stay on with mum and dad, so their perceived disposable income stays very high. An £8,000 car is pretty affordable if you have a £20,000 salary and minimal accommodation costs.
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That is a very good point, I still live at home because I live in a cracking area and with 1 bed flats costing £100k, 3 bed houses costing £250k and rents round £600 a month for a small 2 bed appartment its a lot cheaper to live at home.
I do rent a lockup garage though which will be my hiding space as I get older, until they knock them down and build flats on it :(
15 years ago I would have probably have easily been able to buy a small flat, which would have meant no money for a car.
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It's because their insurance is in the thousands whether it's a £600 banger or an £8000 new'un. If they are well off enough to pay for the lessons, the test, and the insurance then the finance cost of a brand new motor is only a modest proportion of the total motoring outlay. And as Rattle has found, the monthly cost of buying a new car could well be lower than the cost of constantly having an old one fixed or recovered.
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In relative terms (ie wages) new cars are dirt cheap.
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Different mind set too as well as 5 to 10 year old cars that are not easily fault diagnosed.
When i were a lad (cue the Yorkshiremen) we just didn't have the money for new cars, only the children of the wealthy had them.
Our cars were bought for peanuts, we certainly didn't have them serviced or repaired at even the cheapest of garages, our accessory parlour was the scrapyard and thats where we got our parts from...that meant we had to get our hands dirty.
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At 26+ id rather spend the 8k+ towards a small home as deposit i know deposits for the home are now more than 8k but you can't live with mummy and daddy at going on to 30 and still be driving a new car!
Drive a banger and get your independence.!
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Very sensible, Bigtee. I was in my 20's when I bought my first house, and in my 30's when I bought my first new car.
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>> At 26+ id rather spend the 8k+ towards a small home as deposit i know
>> deposits for the home are now more than 8k but you can't live with mummy
>> and daddy at going on to 30 and still be driving a new car!
Problem 1 is, that to get work you need to be mobile, public transport dont cut it, so you need a car, My son does 40 miles a day.
Problem 2 is, to keep work, your transport needs to be reliable.
8k will not get you much of a hook into a deposit down here. The cheapest studio flat is 150k round my way. With banks lending as they are at the moment you will need 30k down minimum, and earning 40k a year to get the rest. I dont know any 21 year olds earning that much unless they are city crooks, (sorry I mean traders) Buy a flat? he has NO hope.
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The young proffesionals here want those studio flats they won't be seen dead in a 2 bed back to back but still afford the new motor,
Would your lad move out of the area for work and a home?
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>> Would your lad move out of the area for work and a home?
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Ah you see, there we have it. Chicken and egg. There is more work to be had down here. He is 20 and earning 20k a year. Thats not bad, and most of his peers who didnt go to uni have found work. My lad was usless at school and came out with nothing, except the ability to communicate and be articulate, which he learned at home.
so there you have the dilema, he has work, quite well paid work down here, but with wildly skewed housing costs.
His peers that went to uni are the ones I worry for. They will be coming out over the next 12 to 24 months with thier squeeky clean degrees for media studies or pet care, fresh in thier hands expecting to land big fat jobs.
Sorry boys and girls. they have all gone, disapeared while you were at uni. Supermarket? no sorry full up with semi retired or older workers, or those that left school to get whatever they could.
Last edited by: Zero on Tue 18 May 10 at 10:32
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>> be had down here. He is 20 and earning 20k a year. Thats not bad,
>> and most of his peers who didnt go to uni have found work. My lad
>> was usless at school and came out with nothing, except the ability to communicate and
>> be articulate, which he learned at home.
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That is a very decent wage for a 20 year old.
Junior Doctors starting work in a hospital at age 24 or 25 will get about £24k basic for a 40 hour week and if they do sufficient overtime depending on the intensity of that work they will get a maximum supplement of £12k on top. Out of this pay they will be paying back thier student loans which after 6 years of university will amount to about £50k.
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>>
>> >> be had down here. He is 20 and earning 20k a year.
>> That is a very decent wage for a 20 year old.
Ill say so!
Im in my late 40's and earning less than that!
thats working in the motortrade for a prestige make!
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That will be like my sister then, left Manchester University at 21 with a 1st, got a £30k job with GMP after just a couple of months. She had no work experience whats so ever.
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>> That will be like my sister then, left Manchester University at 21 with a 1st,
>> got a £30k job with GMP after just a couple of months. She had no
>> work experience whats so ever.
>>
How does £30k for a GMP employee age 21 compare in any way with £24k for a newly qualified Doctor after 6 years of studies at age 25?
Last edited by: John H on Tue 18 May 10 at 12:32
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Supply and demand. Not many people are qualified to do what my sister does. She actuallty started at GMP in an admin job but then an internal post came up, nobody was qualified to do it so they asked my sister if she wanted to apply. Without saying her exact post a lot of maths is involved.
She dosn't want to do it for ever and is thinking about going back to university to do a PhD.
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Perhaps they're company cars. You get lots of young sales reps nowadays.
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Yes some maybe company cars but the forum i was on is more of a sports and performance type these lads drive the vauxhall sri/vxr sporthatch etc, so i doubt these are the company car.
Yes i know a bright lad at uni because thats were you have to go to get a job his mum said to him he's studing to be a solicitor comes out this year, thing is many also went to be solicitors and there's only so many jobs and why not take on these european guys and gals who can help out the company by speaking several languages no need to get a interpriter in.
Good luck to your lad that man keep banging his wages away and maybe dad will help out when the time comes for the first property!!
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Which is true but then again my freind with the clio is now well on her way to become a psychologist but then she did have very good work experience while she was university.
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to become a psychologist but then she did have very good work experience
>> while she was university.
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I reckon she gained her best experience closer to home!
:)
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Young drivers and newer cars. - RattleandSmoke
