Quote:
Originally Posted by gIzzE
It is crazy how much many of us spend on cars.
As I get closer to 50 than 40 I have started to think about it a bit more, I'm 46 now.
I had to pull out of my pension scheme in 2010, financially couldn't afford it.
I have just got a quote to start again, retiring at 67, I now need to pay in £2600 a month with work contributing £4000 a year to have £34k a year pension.
I think back to all the years where I have had 2 cars on finance, costing £700+ a month and all I can think is "You twat!".
That is just £700 on payments, then you add in the £400 in fuel, £100 insurance, £100 upkeep for both and you are looking at the best part of £15000 a year on motoring, that is the first £25k of wage gone on cars.
I crunched some numbers and realised my excessive car spending over the years has cost me dearly, if I had been far more sensible in my 20s and 30s I could have retired at 55 maybe even 53.
If I then add in what I have wasted on HiFi and Home Cinema, cameras, the latest phones and macbooks etc. etc. I could have probably retired at 45.
Oh, well, in it till I'm 67 now, may as well grab an M340i Touring I guess. Haha
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Pensions. Another area of confused government policy....
If we didnt spend on life we could have a really good period before death. Or you can do shit when you are younger and have less when you are older...
Like you my pension wont be enough when I retire - well not to have a new car every two years, two holidays, blah blah. But I'll probably be too old to make the best of it... so I'll have the car I want now instead.....