The Retirement Thread

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Dave7

Dave7

Legendary Member
Location
Cheshire
PaulSB said:
OK parents. Opinions would be welcomed. This is the scenario. My son and his partner need a "new" car. Father will be lending them the cash to be repaid plus the interest I would earn over the loan period, a pitiful amount but there is a principal here - money is not free. They will save £800-1000 in finance costs.

They want a Fiesta with a budget of £5000-6500 and low mileage. I've been viewing vehicles today. Do I:

Guide them towards the lower cost vehicles?

OR

Towards the two I would buy myself which are at the top of their budget?

Real dilemma. There is no mid-ground it seems. Low cost are tatty, top of budget are smart, clean, good spec and low mileage. Price difference is £1000-1200
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My advice......do NOT charge interest.
Many years ago the conpany I worked for went bump overnight and I was skint. My dad loaned me some money and charged me the interest he would have got in the bank.
I have never forgotten or forgiven that. Your own flesh and blood has a problem and are charged interest.........not worth it IMHO.
 
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Dave7

Dave7

Legendary Member
Location
Cheshire
We are just about to sell Mrs Ds car. Corsa 5 door petrol auto with 16,500 miles and a full service history. A new battery as of today.
Was going to advertise it for £6,500. The dealer we bought it from will give us £6k. I will accept that.
Let me know if interested.
Only selling as we no longer need 2 cars.
 
D

Deleted member 1258

Guest
Dave7 said:
I didnt realise you went to the main Warrington hospital :rolleyes:
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I thought most hospitals were the same? This is Walesgrave Hospital in Coventry, it has a bit of a reputation for its parking. I got in the hospital about quarter past two, got in the carpark about twenty five past, let my good lady walk to her appointment about half past and finally found a spot about twenty to three.
 
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welsh dragon

welsh dragon

Thanks but no thanks. I think I'll pass.
PaulSB said:
@Drago I've always avoided Vauxhalls but the Corsa might be a good shout? It's not a vehicle I'm familiar with.

I know bugger all about cars - 40 years of company cars means you drive what you're given.

We looked at, and they discounted, a lot of cars last Sunday. :cry: I was exhausted.
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I agree with Drago and a Corsa will be more ecconomic to run. Corsa it is from me.


Dave7 said:
My advice......do NOT charge interest.
Many years ago the conpany I worked for went bump overnight and I was skint. My dad loaned me some money and charged me the interest he would have got in the bank.
I have never forgotten or forgiven that. Your own flesh and blood has a problem and are charged interest.........not worth it IMHO.
Click to expand...


Sorry, but i disagree. Kids have to learn that you don't get something for nothing, and if they are told there is interest to pay and are happy to agree with it and pay it, then i certainly don't see anything wrong with that. Lets face it, Paul is only charging what he would get if his money was in the bank as as the interest rate is so low, they won't have to pay much interest to you. Why should you be out of pocket for doing them a favour especially when yohu and your wife have worked all your lives to earn what you have. Good luck witnh your decission.
 
GM

GM

Legendary Member
Location
North of the river
My nephew had a corsa and was forever teased about having a hairdressers car.

I would go for the best you could afford. Perhaps if you reduced the interest a bit it might make it easier for them.
 
Drago

Drago

Legendary Member
Location
Suburban Poshshire
PaulSB said:
@Drago I've always avoided Vauxhalls but the Corsa might be a good shout? It's not a vehicle I'm familiar with.

I know bugger all about cars - 40 years of company cars means you drive what you're given.

We looked at, and they discounted, a lot of cars last Sunday. :cry: I was exhausted.
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I dont know about the very latest generation that came out a year or so ago, bit the one before it was well regarded as a robust beastie that took abuse well as a CID/general running about for civvy staff taxi. Ragged stupid from cold 4 times a day, never cleaned, levels never checked, serviced late, and they never broke. Dull to drive but hell, its transport not a romantic night with Dr Alice.

They also had Fiestas and the new space age style micra, and they broken with alarming regularity in that environment.
 
Paulus

Paulus

Started young, and still going.
Location
Barnet,
welsh dragon said:
I agree with Drago and a Corsa will be more ecconomic to run. Corsa it is from me.





Sorry, but i disagree. Kids have to learn that you don't get something for nothing, and if they are told there is interest to pay and are happy to agree with it and pay it, then i certainly don't see anything wrong with that. Lets face it, Paul is only charging what he would get if his money was in the bank as as the interest rate is so low, they won't have to pay much interest to you. Why should you be out of pocket for doing them a favour especially when yohu and your wife have worked all your lives to earn what you have. Good luck witnh your decission.
Click to expand...

I would not ask for interest on the loan to the kids. I have lent money to them on several occasions. Yes, agree a time frame for the repayments, but to make money out of them is a bit low and Scrooge like.
 
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