AIBU to spend £15k on a car while renting?

[turni]

To spend £15k on a car with DP when we don’t own our own home and are renting. We do have a 10% deposit saved and aren’t looking to buy a house any time soon.

Well if you already have a deposit and you're not planning to buy soon what's the issue?

If I were saving for something, I wouldnt be spending 15k on anything aside from lifesaving surgery for my child.

You're either saving for the house deposit or your not.

Which is more important to you? The house or the car, thats your answer.

If you are not looking to buy a house at thw moment and you need a car. Why not.

Are you buying the car outright?

Do you need a car?

Why do you need the car?

Is it 15k each or between you?

Could you get a cheaper car?

Depends how much you need a good reliable car. You don’t need to spend that much though, I’d probably spend half that and save the rest for house deposit. Cars depreciate so badly - a 15k car could be worth only £8k in a couple of years anyway.

Your own surgery? Your child might need you to live too.

@turni , that depends on how you use a car, how it impacts your house deposit etc.

£15k doesn’t get much car these days. Prices shot up during Covid.

I don’t think it was the best move. Having better LTV on the house gives you more security, lower repayments and it buffers you from the fluctuations of the local market, it also means your house will be paid off quicker. 10% house deposit isn’t a goal it’s just the minimum most decent lenders will accept. You can buy a secondhand car for quite a bit less.