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Would this worry anyone else -DP blowing 40k on a new car

(157 Posts)
SleepFreeZone Mon 23-Oct-17 08:33:41

He had a 60k windfall from work and wants to buy a 40k car with part of it I hadn't given it a huge amount of thought until last night I saw he was looking at loans. I enquirer why he was investigating loans and he said he was thinking about part financing the car so we had enough money to continue the house improvements we're doing.

We have zero debt aside from the mortgage and he hates direct debits so this really surprised me. He is obsessed with cars so I understand him wanting to blow a large amount on one but isn't it going to depreciate wildly? He bought a Volvo a few years back and put 70,000 miles on it within a few years and now it's only work about 9k. Isn't exactly the same thing going to happen with a more expensive car? For some reason it's really worried me this morning.

JennyOnAPlate Mon 23-Oct-17 08:36:32

Yes it would worry me and I would consider it an enormous waste of money. Can you comfortably afford loan repayments?

Margomyhero Mon 23-Oct-17 08:36:41

Maybe he is confident that you can afford the payments.

A 60K windfall is brilliant. A car costing 40K is not that unusual.

You need to discuss this with him as we don't know the ins and outs of your family finances.

Smeaton Mon 23-Oct-17 08:37:53

Yes it will depreciate.. Very quickly.
Of you own it for around 5 years it'll likely drop around 60% of its value. It depends in make and model tho.
Have a google and you should find more accurate info.

SleepFreeZone Mon 23-Oct-17 08:40:26

It's the depreciation thing that hit me today. I need to talk to him tonight I think. To me it is a HUGE waste of money but it's his passion.

SleepFreeZone Mon 23-Oct-17 08:41:14

Should of added he is on a very good wage so can afford any loan repayments. It's more that who really needs such an expensive car!

BikeRunSki Mon 23-Oct-17 08:46:55

Could you afford the home improvements before he got the bonus? If he loves cars and can afford a £40K car out right then that’s fine, if nothing else essential will suffer. But taking out finance on the car doesn’t make sense, you essentially financing the home repairs.

Is the £60K before or after tax?

SleepFreeZone Mon 23-Oct-17 08:52:35

I think he got about 64k the other month. I know the tax situation is being sorted in some slightly complicated business away (I assume to pay the least tax possible 🙄) but he has in his hands around 64k right now.

The kitchen has been bought we're just waiting for the builder to fit it. Other than that the downstairs needs decorating but I suppose that won't cost a huge amount. It's more that if I had received that windfall inrould have maybe spent half of that on a decent car and maybe the rest I might have paid off a chunk of mortgage. I don't know, it just seems so hugely wasteful.

abitoflight Mon 23-Oct-17 08:52:45

It would worry me
Maybe I’m a bit mean and just picked up 20k car low mileage that was 45k just under 2years ago
I was saying to DH not to buy a car that was latest model, an Audi or too desirable due to car crime in our area. Im on the ‘Nextdoor’ site for my area and almost daily tails of care theft
Break ins at night to get car keys
Woman at Waitrose mid afternoon had liquid thrown in her face and car keys stolen
Man pushed to ground and keys nicked - again mid afternoon
DH assures me that these people will know the car is not brand new and not target it
I’m happy with my parking dinges tbh - no one would steal mine to order!

SleepFreeZone Mon 23-Oct-17 08:54:43

Just to add he services and fixes his cars as he's a trained mechanic so we make a massive saving that way and that's one of the reasons he likes to buy his cars outright.

2014newme Mon 23-Oct-17 08:55:01

Hibu
I'd pay it off the mortgage. Mortgage is a massive debt! Or pay half if mortgage and spend the rest

SleepFreeZone Mon 23-Oct-17 08:57:12

abitoflight I've been saying exactly the same thing!!! These keyless entry cars are being targeted according to the press. Plus this house was broken into before we moved it to have a brand new Audi stolen off the driveway.

MagentaRocks Mon 23-Oct-17 08:58:15

If you can afford it why not. Life is too short to deny yourself pleasure. I got a new car this year. We could only afford for me to get a new one. When my dh retires he will spend some of his lump sum on a car he really wants.

BikeRunSki Mon 23-Oct-17 08:59:42

To me it is a HUGE waste of money but it's his passoon

It’s more that, who really needs such an expensive car

Your DH obviously thinks it’s worth it. Different people priorities different things. For me - Bikes (the ones you pedal); for DSis - designer shoes; for DM - pedigree labradors. Cars is a whole different scale of expenditure, but it’s still his passion, and he now has the opportunity to indulge it.

Could you negotiate with him to buy a car that is a couple of years old, to overcome the worst of the depreciation. But don’t forget it’s a bonus. A bonus several times many people’s annual salaries!

Hannalau Mon 23-Oct-17 09:02:14

I'd be delighted if my partner drove and if I had the money would not hesitate for one second to spend tens of thousands on a car. He's worked hard for it, why not? It will be a dream to drive and new cars require less upkeep and work. Let him follow his passion. He has worked hard for it!

Hannalau Mon 23-Oct-17 09:03:03

Then again I bloody love cars

SleepFreeZone Mon 23-Oct-17 09:03:27

It wasn't a bonus it was him selling his shares when the start-up business he worked for got sold. There maybe some more money coming his way in the future but he doesn't know how much or when.

SleepFreeZone Mon 23-Oct-17 09:05:10

I just need to have another chat with him I think. I've been very preoccupied recently as we're TTC again after a second trimester loss and my head is all over the place. I haven't really been paying attention andcthe loan thing just pulled me up short.

teaortequila23 Mon 23-Oct-17 09:05:35

Can he get it second hand but approved by the actual dealership they are way cheaper then getting a new car and have a nice discount. But I do think it’s silly and you guys should just save it and maybe go on a really nice holiday as a family you never know when shit can hit the fan.

ems137 Mon 23-Oct-17 09:07:42

I could never justify buying a brand new car due to the depreciation. We just bought a 6 month old car with 8k miles on it for around 45% of the original price!!!

SleepFreeZone Mon 23-Oct-17 09:10:47

ems I think it will be a one year old car but again I need to double check that as I think the car has only just been launched and it sounds like is chomping at the bit to buy the bloody thing 😬

RosyPony Mon 23-Oct-17 09:14:01

It depends on the car, DH and I love cars so if we’d paid the mortgage off it would be high on our list. £40k would get a nice second hand car and we’d enjoy it. I don’t think it’s an obscene amount to spend on a car by any stretch.

AnnabelleLecter Mon 23-Oct-17 09:17:50

Personally I would never spend that much money on a car while still having a mortgage. Taking out finance when you could buy a decent and still expensive one with cash seems ridiculous imo.

KoolKoala07 Mon 23-Oct-17 09:18:10

No way would I spend 40k on a car. But if we were all the same the world would be boring.

0ccamsRazor Mon 23-Oct-17 09:19:30

Op does he see it as his money rather than family money?

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