How much do you earn in comparison to funding the GTI.

[TimW]

Hey all, this is my first topic, I've been scouting the forum a bit and my love for the mk5 gti is huge

However, I'm currently saving up for one around 10-11k I was just wondering what was your options i.e loan/finance/cash/creditcard.

I'm 19 and getting a loan in this current economic climate is a bit pants!! , I currently earn about 20-22k a year and was just wondering how much you have to budget(if at all) to fund for the GTI? I seem to piss all my wages up the wall atm.

Basically, whats the average per month you spend on your car as a breakdown;

loan
mileage/petty
mods etc?


Thanks!"

[ifti]

I borrowed some money from a family member, and then paid her back within a month as my money was tied up for that month.
The way I see it, I would never take a loan etc out for a car. My mortgage is more then enough!

I spend about £200 a month on fuel.
No mods just yet, as I dont want to do anything that affects my warranty etc.

I do have a credit card to clear from when I had some home improvements done, but I only used a card since it is 0% until June 2010. I'll clear this card by Nov this year though I reckon.
Once thats all clear and Im debt free (other then mortgage) I'll buy some OEM upgrades, like the RNS510 etc

At 19, your insurance may be quite high - so check that before you buy a car.
Also you need to keep money to one side, in case any repairs etc are needed for the car (you never know!)
Servicing etc is also costly.
If the car is out of warranty etc, you'll need to spend even more on any possible repairs, and MOT etc.

[winrya]

mine costs £160 loan, £60 a month insurance (which i pay yearly in one go) £100 petrol although can be half or double that depending what I've been up to.  Budget £210 a year for tax and £300 ish for servicing and MOT.  

In my experience it costs no more to run than any other car I've owned, few quid a week extra in petrol and a couple of hundred a year in insurance but servicing is actually cheaper than my previous lesser cars.

You earn a good wage at a young age and if you're wasting it all you really need to calm down a bit

[neo66]

I lost my job at xmas eve so any money I get goes into the car with serious thought! I got mine on finance with GAP last year, better deal than a personal loan. Tho I spend about £500 a month all inclusive. Try go for one as new as possible as the warranty can be very usefull.

[TimW]

You earn a good wage at a young age and if you're wasting it all you really need to calm down a bit

Yer, it goes up the wall every weekend :/. Which I'm trying to cut down on. atm my monthly bills come to about £350 incl rent/insurance.. So the rest is going on petrol, and booze.

Insurance is o.k I currently run a bmw 325 which is about 750 fully comp. The gti is another £300. 

[joesgti]

too much, i have an addiction 

[winrya]

You earn a good wage at a young age and if you're wasting it all you really need to calm down a bit

Yer, it goes up the wall every weekend :/. Which I'm trying to cut down on. atm my monthly bills come to about £350 incl rent/insurance.. So the rest is going on petrol, and booze.

Insurance is o.k I currently run a bmw 325 which is about 750 fully comp. The gti is another £300. 

If you really want one you will afford it with ease

[ifti]

I lost my job at xmas eve so any money I get goes into the car with serious thought! I got mine on finance with GAP last year, better deal than a personal loan. Tho I spend about £500 a month all inclusive. Try go for one as new as possible as the warranty can be very usefull.

Good point - exactly why I went for one that was only 7 months old.

[Jkctr]

I have bought an R32 on your wage and i pay £920 in rent 

I wouldnt have bought it though if my wage wasnt going to double in 2 years 

[dan_apps]

i earn 80K a year and now drive a mk2 cos i rock!