r/Glasgow Tools

Title
Author	StuBobUK
Comment	How much is your car a month? I find that is a massive expense for most especially those financing them. People can of course spend their money how they like but I earn similar, in a similar situation area etc. and despite bills increasing its hasn't yet got to that point of struggle yet, albeit I will have to move south till next summer and will be paying for 2 houses as a result so will have no spare change from monthly salary. But sticking with car, I've only ever gone down route of straight out ownership for last 10 years and it has allowed me to save every month, not having that £200+ car payment every month is significant (that's potentially £2400+ per year) especially so when times like this strike. My TV, mobile, laptop each cost more than each of my last few cars. Indeed the current car market has gone very similar to that following 2008. Where less disposable income meant people held their second hand cars for longer, less on market driving used car prices up and newer cars down and eventually crazy incentive deals to shift them as the recovery happened. Following the used car market last few years this pattern has emerged again, where cars that would normally be scrap money or little more than £500 bangers are 3x that atm. For many that already tied to car payments it may not be most helpful advise but going forward or if it is an option, it's something to consider. For the record I've stuck with same brand of car for last 10 years and do most work myself, albeit there hasn't been that much that would really impact the savings made over monthly car payments.
Reddit Link	https://www.reddit.com/r/glasgow/comments/wrqzn9/how_many_of_us_live_paycheck_to_paycheck/ikx7d79/
Created	Fri 19th Aug 2022 12:48pm
Status	normal ()

How much is your car a month?

I find that is a massive expense for most especially those financing them. People can of course spend their money how they like but I earn similar, in a similar situation area etc. and despite bills increasing its hasn't yet got to that point of struggle yet, albeit I will have to move south till next summer and will be paying for 2 houses as a result so will have no spare change from monthly salary.

But sticking with car, I've only ever gone down route of straight out ownership for last 10 years and it has allowed me to save every month, not having that £200+ car payment every month is significant (that's potentially £2400+ per year) especially so when times like this strike. My TV, mobile, laptop each cost more than each of my last few cars.

Indeed the current car market has gone very similar to that following 2008. Where less disposable income meant people held their second hand cars for longer, less on market driving used car prices up and newer cars down and eventually crazy incentive deals to shift them as the recovery happened. Following the used car market last few years this pattern has emerged again, where cars that would normally be scrap money or little more than £500 bangers are 3x that atm.

For many that already tied to car payments it may not be most helpful advise but going forward or if it is an option, it's something to consider. For the record I've stuck with same brand of car for last 10 years and do most work myself, albeit there hasn't been that much that would really impact the savings made over monthly car payments.