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Original poster

How do lots of people afford the brand new luxury cars ?

361 replies

Stroganoffo · 02/02/2023 15:24

Keep seeing 22 plate Mercedes, Audi , BMW and tesla, when I was little these were quite rare as only the wealthy had them. Now it seems everyone has one considering the average wage isn't that high and the cost of one is 50k. I have a good wage and still don't want to fork out lots. How are people affording them. Is it all on credit ? Aren't people worried with everything else going up and the cost of living crisis ?.

OP posts:
LadyJ2023 · 03/02/2023 04:13

We work hard, save then buy outright as we won't do credit debt etc..So we started to save for 3 years buy new keep 3 years then sell then selling money plus savings buy new again..we do it with both our cars

ChiefWiggumsBoy · 03/02/2023 03:40

It’s mostly paying on finance or whatever.

There’s a lot of keeping up with the Jones’ type thing where I l live.

SchoolTripDrama · 03/02/2023 03:35

@WowIlikereallyhateyou You're really playing fast & 'loose' with the word idiot when you're unable to spell lose. 2 different words, 2 different spellings

SchoolTripDrama · 03/02/2023 03:33

There are also 65,000 Motability vehicles on the road right now. They are all brand new (up to 3 years old)

ppure · 03/02/2023 02:33

rothbury · 02/02/2023 15:53

Sorry, should have elaborated. I don't think people with DC with SEN cannot have nice things, but one of these children will never be able to live independently. I would have put money aside for my DC care rather than spend it on a luxury brand car, as would most parents I believe.

How ridiculous.

we lease cars of a significantly higher value than that. could buy them outright but I’ve always been taught to lease a depreciating asset.

my SEN son will have whatever he needs in the future paid by us.

maybe your “friend” has money set aside or is planning to use government care.

Motheranddaughter · 03/02/2023 02:19

I lease mine
Having a nice reliable car is a priority for me

ConsuelaHammock · 03/02/2023 02:17

ADHDat43 · 03/02/2023 02:14

We bought a fairly pricy car outright. My DH was in a job with very decent bonuses, so we had some cash in the bank. He's naturally very cautious and wasn't keen on leasing a car, so we just paid for it and drove it away. We don't lead a flashy life; you certainly wouldn't look at us and think we're super wealthy (we're not!) but two professional salaries and some decent bonuses mean we're comfortable enough to spend 50K on a car.

Enjoy your new car!

ADHDat43 · 03/02/2023 02:14

We bought a fairly pricy car outright. My DH was in a job with very decent bonuses, so we had some cash in the bank. He's naturally very cautious and wasn't keen on leasing a car, so we just paid for it and drove it away. We don't lead a flashy life; you certainly wouldn't look at us and think we're super wealthy (we're not!) but two professional salaries and some decent bonuses mean we're comfortable enough to spend 50K on a car.

ConsuelaHammock · 03/02/2023 02:10

And your house didn’t belong to you until
the mortgage was paid off . Congratulations again!

ConsuelaHammock · 03/02/2023 02:07

Blossomtoes · 03/02/2023 02:00

That’s a shame. My deeds are in a drawer in my house with my name on them. It was added when we bought the house because it was my house from that date, not the bank’s. My apparent lack of understanding of finance has led me to paying off my mortgage. I expect you’ll see your deeds when you pay yours off. ☺️

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It’s ok ! We built our own house so I’ve never actually had to have a mortgage . I’m very happy you’re mortgage free now too. It’s a wonderfully feeling isn’t it . If you save up you might even be able to buy your next car outright?
Why are you so angry ?

ebonylion · 03/02/2023 02:07

Baconand · 02/02/2023 15:40

We lease. We get some absolute bargains.
Only a financial idiot would buy a depreciating asset like a new car outright.

With you

Blossomtoes · 03/02/2023 02:00

ConsuelaHammock · 03/02/2023 01:55

I have no idea ?! Why don’t you Google it !
You sound upset ! Has no one explained finance to you before . The bank owns your house until you pay off the mortgage? Your name may be on the deeds ?? I’ve no idea - I’ve never seen deeds before ??

Show quote history

That’s a shame. My deeds are in a drawer in my house with my name on them. It was added when we bought the house because it was my house from that date, not the bank’s. My apparent lack of understanding of finance has led me to paying off my mortgage. I expect you’ll see your deeds when you pay yours off. ☺️

ConsuelaHammock · 03/02/2023 01:55

Blossomtoes · 03/02/2023 01:52

Then why isn’t the bank’s name on the deeds?

I have no idea ?! Why don’t you Google it !
You sound upset ! Has no one explained finance to you before . The bank owns your house until you pay off the mortgage? Your name may be on the deeds ?? I’ve no idea - I’ve never seen deeds before ??

Blossomtoes · 03/02/2023 01:52

Then why isn’t the bank’s name on the deeds?

ConsuelaHammock · 03/02/2023 01:49

Your name might be on the deeds but the bank owns it!

Blossomtoes · 03/02/2023 01:48

ConsuelaHammock · 03/02/2023 01:45

I think you don’t own your house if you have a mortgage !

That’s odd because it’s your name on the deeds. Appreciation or depreciation is an entirely separate issue. I’m sorry you’re so confused.

ConsuelaHammock · 03/02/2023 01:47

Blossomtoes · 03/02/2023 01:43

Precisely. So it’s exactly the same as paying for a car on finance. Obviously people who pay for their possessions in this way, whether car or house, can afford them. Presumably you think you can’t afford your house if you have a mortgage?

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The difference being a house appreciates in value over time. You can borrow against your house . Not your car!
I’m sorry if you don’t understand the difference!

ConsuelaHammock · 03/02/2023 01:45

I think you don’t own your house if you have a mortgage !

Blossomtoes · 03/02/2023 01:43

ConsuelaHammock · 03/02/2023 01:38

A mortgage is a debt too!?

Precisely. So it’s exactly the same as paying for a car on finance. Obviously people who pay for their possessions in this way, whether car or house, can afford them. Presumably you think you can’t afford your house if you have a mortgage?

ConsuelaHammock · 03/02/2023 01:38

A mortgage is a debt too!?

ConsuelaHammock · 03/02/2023 01:36

Blossomtoes · 02/02/2023 23:37

That’s like saying if you don’t have the cash to pay for a house outright you can’t afford it. Which is clearly bollocks.

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They’re not comparable but if you want to compare them then go ahead. Most people driving new cars can’t afford to buy them outright. If you’re driving a £50k car and don’t have £50k in the bank then you can’t afford it.
A bank has the right to call in a mortgage at any time so I imagine lots of people can’t truly afford their houses either.

Carlycat · 03/02/2023 01:35

Debt, finance or leasing

FieldsOfRoses · 03/02/2023 01:13

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MrsGhandi · 03/02/2023 00:16

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Everyone has different ideas and what works for them. Personally I wouldn't let "what ifs" rule my life or my car or whether I wear my diamond earrings everyday. I do buy adequate insurance though that has never let me down.

FieldsOfRoses · 02/02/2023 23:49

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