Car payments ruining family's life

Beebo

Firm and Fruity
Location
Hexleybeef
This is madness. 2 daughters and 2 crazy car loans. The parents must be to blame to some extent, by not showing their daughters that they can get by without breaking the bank.
I had a metro once I left uni, it cosy £600.
No one needs a £20k Audi. And anyone who commits themselves to a massive loan on a depreciating asset is fool.
She should have bought a £2k golf and this would be a non story.
 

slowmotion

Quite dreadful
Location
lost somewhere
Somebody who thinks they need a car that costs upwards of £17,000 (new) to drive to lectures gets a valuable dose of reality that will stand them in good stead for the rest of their lives.
 

screenman

Legendary Member
Buyers remorse, it is seen often among buyers of all ages. I have also come across many parents who encourage kids to take on loans to buy cars.
 
There's a lot of difference. I remember my father couldn't even go for a beer after taking out a mortgage on our first house. A house can only increase in value whereas a car will be almost worthless in five years. Young peoples expectations are higher and they think it's their right to drive around in a 20k motor.
I was in Sheffield last year and a taxi drive told me most of his customers were students from uni. Too proud to take the bus or cycle.
Yes ! You are correct in that statement about mortgages. We were a bit like that when we first got married. Living on one person's wages whilst the other's paid the mortgage .
These days people seem to expect to buy a house as well as run a car , watch sky with all itsi add ons, and have the latest phone with all the apps .
 

screenman

Legendary Member
There might be a bit of wisdom in that - learning how to manage a financial commitment but £20k when you're a student is just ridiculous.
I know that and you know that, but I have certainly seen parents encouraging kids to take out that amount at younger than 23.
 

screenman

Legendary Member
My dad told me when I left school that apart from a house you if you can't pay for it in cash then you can't afford it. I've passed this on to my kids along with my want or need mantra.
The only thing my 3 boys have ever bought on tick is a house, two of the boys are now mortgage free and the third only has a small mortgage.
 

Levo-Lon

Guru
Erm... 21 year old university student puts down £300 deposit on Audi A1 (to get her to and from lectures) and commits to £329 pm for 5 years repayments thus causing family stress.

Although... it's not her fault according to her mum who is clearly a disciple of blame culture imo.

What do fellow CC-ers think?

https://www.bbc.co.uk/news/business-your-money-48776454

Nail on head, blame cuture, she'll want compo for miss selling.

When i had a low paid job £40 a week i had a 45quid puch maxi.
I wanted a RD 350 lc but they were over a grand and that's what's wrong with society today.

Fook em
 

clid61

Veteran
Location
The North
Erm... 21 year old university student puts down £300 deposit on Audi A1 (to get her to and from lectures) and commits to £329 pm for 5 years repayments thus causing family stress.

Although... it's not her fault according to her mum who is clearly a disciple of blame culture imo.

What do fellow CC-ers think?

https://www.bbc.co.uk/news/business-your-money-48776454
Totally agree with you. I read that yesterday too and couldn't believe they did what they did ! Reporting on it too is bad form , its not news !
 
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