Thought i'd lay this to bed now...
I applied for a loan at 9%, and they came back offering me 14%
Screw that. I'll keep the car, and continue with the original payments. I'll find a way of making it work.
I've been trying to work out how people of a similar age to me can buy their cars outright, while leading normal lives.
My story is:
1.Went to Uni, 19-23. I had 3 cars during that time, all lightly modded (so lots of money wasted on wheels).
2. Left Uni and got the Job im in now. After 2 months, i bought a £10k bmw - £5k cash/£5k loan.
3. Very soon after that, left home and started renting with the missus. Paying £600pcm in rent.
4. Having had the bmw for 11 months, i traded it in for the zed, losing £4k in the process (i.e. most of my capital. Therefore had to get a loan to pay for the rest of the car.
5. 2.5 years on, i've paid off over half of the loan now.
During that time, i have not saved a penny. Looking back i've had a pretty stupid lifestyle... too many meals out, had a separate drift car last year etc etc. I've probably been wasting £300 a month since i've been in work. I guess i could have saved that money during that time, but you only live once and my life would have been boring as sh!t.
So what am i doing wrong?