chris g said:
Good luck Chris and keep us posted, it looks a lovely car
Ever decreasing Z4M prices
- Thread starter toplad
- Start date
Good luck Chris and keep us posted, it looks a lovely car
be interesting to know what the going rates for a ZMR and ZMC are in the UK at the moment.. There really aren't many of them here officially (fewer than hundreds I've been told, dunno how true), so they fetch good money still. equivalent of around 40k in pounds will get you a lowish miler of either, it's mad..
tomscott said:
Kids wasn't what I meant. I just meant establishing yourself (as a generic yourself, not Tom Scott in particular) as independent in a flat or house, rented or purchased. Free to come and go as you please, no nagging from the parents, party all you want, bring friends or girls back at any hour, no sneaking around etc. I bought my first place at 22, now I worry about how my kids will get a foothold at being independent with costs as they are. My eldest is renting with friends and rides a pushbike rather than blowing his money on a car. I'm a safety net if needed, but he's standing on his own two feet and has only asked for money to help with the rent deposit.
I guess it's differing priorities, but I couldn't wait to break free. The fact my first house had a pub over the road was a bonus! Living with my parents would have caused an explosion eventually
Its not like all of us have never been away from home either, EVERYONE goes to uni lol so 3 years away. But I know what you mean. Sign of the times at the moment, even people who would be good candidates struggle to get on the ladder. Until the economy reboots anyway...
Prices up here are quite high vs the average wage. A lot of southerners come up here to retire and it has pushed the prices really high so is hard to get on the ladder.
Also the problem is getting a mortgage, I was looking at buying a 3 bed semi before christmas last year, I have quite a good deposit and a 2-3 bed is between 200-300k round here. I went for a 70% mortgage and was refused I have a good credit rating and at the time had no loans. I have a stable job and earn a good wage for my age but the bank refused. As a single person in this economy I was a risk... So that was the idea over for me! I decided it was better to buy when I was more stable or when I was fairly certain of my future. I don't want to rent as £600 down the drain a month when I can put that away and still have the Z4Mc and build a bigger deposit. There isnt a great deal to do around here except go to the pub but epic driving roads and always wanted an M car so was he easy decision for me.
Took my Z out on a 2 yr finance scheme and with the lock in minimum trade in I will loose 1/3 the value I payed, this amount is insignificant in comparison to the money needed to get on the property ladder and im sure I will get a better price privately or I could just keep it...
Its really hard for young people to get on the property ladder because A. house prices are high B. most banks are asking 20% deposits. C. Because of all this lending palaver everyone under 30 is a risk. Catch 22
AKA record numbers of under 25s live at home.
Quite lucky our family house is quite big so dont see much of the parents and coming and going has never been an issue neither girls or I would have gone by now
Prices up here are quite high vs the average wage. A lot of southerners come up here to retire and it has pushed the prices really high so is hard to get on the ladder.
Also the problem is getting a mortgage, I was looking at buying a 3 bed semi before christmas last year, I have quite a good deposit and a 2-3 bed is between 200-300k round here. I went for a 70% mortgage and was refused I have a good credit rating and at the time had no loans. I have a stable job and earn a good wage for my age but the bank refused. As a single person in this economy I was a risk... So that was the idea over for me! I decided it was better to buy when I was more stable or when I was fairly certain of my future. I don't want to rent as £600 down the drain a month when I can put that away and still have the Z4Mc and build a bigger deposit. There isnt a great deal to do around here except go to the pub but epic driving roads and always wanted an M car so was he easy decision for me.
Took my Z out on a 2 yr finance scheme and with the lock in minimum trade in I will loose 1/3 the value I payed, this amount is insignificant in comparison to the money needed to get on the property ladder and im sure I will get a better price privately or I could just keep it...
Its really hard for young people to get on the property ladder because A. house prices are high B. most banks are asking 20% deposits. C. Because of all this lending palaver everyone under 30 is a risk. Catch 22
AKA record numbers of under 25s live at home.
Quite lucky our family house is quite big so dont see much of the parents and coming and going has never been an issue neither girls or I would have gone by now
News flash: All BMWs (and most other mass production luxury autos) regardless of year or model decreciate at the speed of light. I've owned six BMWs and can tell you from painful personal experience that they all lost about 75% of their purchase price within the first five to six years... regardless of miles or condition. Case in point... I'm currently trying to sell my '06 530i... 31k miles, pristine condition, cold weather and sport packages, purchase price $55k. Dealers will only offer about $14k on trade and if I sell it outright I might get $19k if I'm lucky. The depreciation we're seeing on our zeds is typical of BMW depreciation in general.
tomscott said:Its not like all of us have never been away from home either, EVERYONE goes to uni lol so 3 years away. But I know what you mean. Sign of the times at the moment, even people who would be good candidates struggle to get on the ladder. Until the economy reboots anyway...
Prices up here are quite high vs the average wage. A lot of southerners come up here to retire and it has pushed the prices really high so is hard to get on the ladder.
Also the problem is getting a mortgage, I was looking at buying a 3 bed semi before christmas last year, I have quite a good deposit and a 2-3 bed is between 200-300k round here. I went for a 70% mortgage and was refused I have a good credit rating and at the time had no loans. I have a stable job and earn a good wage for my age but the bank refused. As a single person in this economy I was a risk... So that was the idea over for me! I decided it was better to buy when I was more stable or when I was fairly certain of my future. I don't want to rent as £600 down the drain a month when I can put that away and still have the Z4Mc and build a bigger deposit. There isnt a great deal to do around here except go to the pub but epic driving roads and always wanted an M car so was he easy decision for me.
Took my Z out on a 2 yr finance scheme and with the lock in minimum trade in I will loose 1/3 the value I payed, this amount is insignificant in comparison to the money needed to get on the property ladder and im sure I will get a better price privately or I could just keep it...
Its really hard for young people to get on the property ladder because A. house prices are high B. most banks are asking 20% deposits. C. Because of all this lending palaver everyone under 30 is a risk. Catch 22
AKA record numbers of under 25s live at home.
Quite lucky our family house is quite big so dont see much of the parents and coming and going has never been an issue neither girls or I would have gone by now
I agree it's so hard for young and even not so young people to " get on the property ladder" these days. We bought our first house in 1974 for £10k with only £1k deposit ( an achievable goal in those days ) . Nowadays you need £20k+ to get started ( a virtually impossible goal for the everyday couple unless you can get help from Bank of Dad/Grandad ) This country's obsession over the last decades to get on the property ladder ( with a stigma attached to renting ) has got to change. Whether you rent or buy it's still your home and not just bricks and mortar.
As regards cars I couldn't bring myself to part with enormous wads of cash for a new car to see thousands of pounds evaporate in depreciation. My own preference is buy something that was expensive when new but a few years old - I will say however that it always pays to get a good one that has been looked after with as low miles as you can get - when you come to sell it you will get the best price and sell it quicker .
post going deep deep deep off topic but can,t fail to agree with the above .
best comparison i can come up with is by 19 me & mrs w could afford to
1) buy (with 5%deposit) our first house
2) run a decent car each
&3)have a foreign holiday .
now the average 19/20 yr old is lucky if they can have 1 of the 3 . this tells me that average wages are not enough to cover housing & motoring needs :wink:
BTW the first house was a cottage needing renovation / £7000 ! ! so 5% deposit crazy days .
best comparison i can come up with is by 19 me & mrs w could afford to
1) buy (with 5%deposit) our first house
2) run a decent car each
&3)have a foreign holiday .
now the average 19/20 yr old is lucky if they can have 1 of the 3 . this tells me that average wages are not enough to cover housing & motoring needs :wink:
BTW the first house was a cottage needing renovation / £7000 ! ! so 5% deposit
crazy days .Really interesting post and i like how the topic has shifted. here is my 2p
As a twenty something young professional my priorities are as follows:
(1) Career which currently means i move placements every 4 months and potentially cities every year/2 years.
(2) Health/enjoying life/car, conversely don't want to burn out or wake up 50 without much of an idea of how i got there with regrets
(3) Planning for the future, House (settling down and wife/ kids)
My point is actually for my situation now is a good time to buy a car i really enjoy before i have kids and need to start worrying about (3)
(1) is currently such an over powering priority i am unable to worry about (3), so (2) complements (1).
Does this make any sense or am I rabbling after my stupid day at work....
As a twenty something young professional my priorities are as follows:
(1) Career which currently means i move placements every 4 months and potentially cities every year/2 years.
(2) Health/enjoying life/car, conversely don't want to burn out or wake up 50 without much of an idea of how i got there with regrets
(3) Planning for the future, House (settling down and wife/ kids)
My point is actually for my situation now is a good time to buy a car i really enjoy before i have kids and need to start worrying about (3)
(1) is currently such an over powering priority i am unable to worry about (3), so (2) complements (1).
Does this make any sense or am I rabbling after my stupid day at work....
mr wilks said:haha . nope . that was the price . 1986 . sold it 3 years later after renovating for £45,000 & bought another wrecker for £19000
oh happy times .
still have all the estate agents particulars for future nostalgia :wink:
:'( :'(
That was the deposit on my little house :'(
The thing is houses are affordable,but not neccessarily in the place you want,or the size you want..
Im not sure how old Tom is,but buying a 3 bed semi assuming around £250k as your first house is ridiculous.
It doesnt suprise me that the lenders turned you down..
Set your sites lower for 3-5 years and buy a smaller property or in a not so prosperous area.Then move up the ladder when funds and finance allow,thats how it has been done for years...
Its only in the last 15 years that people have hocked themselves to death to have the latest gadgets and mock tudor new build..
Im not sure how old Tom is,but buying a 3 bed semi assuming around £250k as your first house is ridiculous.
It doesnt suprise me that the lenders turned you down..
Set your sites lower for 3-5 years and buy a smaller property or in a not so prosperous area.Then move up the ladder when funds and finance allow,thats how it has been done for years...
Its only in the last 15 years that people have hocked themselves to death to have the latest gadgets and mock tudor new build..
Property is bound to increase in price over the medium term much quicker than earnings because land is scarce, household numbers are rising rapidly (people living longer, huge increase in single person households etc) and the rental market has seen a gradual shift from public sector (council and housing association) to private landlord. The latter has an economic return as their primary motivation, the former has what you might say are more altruistic motives.
So, if you think property is expensive now, wait until your children's children want to buy!!
So, if you think property is expensive now, wait until your children's children want to buy!!
We've got a rental property and will have another within the next year, the reason for this is so that my children can have a head start in the future, to either move in and have a mortgage for the outstanding amount or sell up pay the mortgage off and give them the difference, assuming there will be some, so they can use that as a deposit for themselves, I can't see another way for them to get on the ladder otherwise 
We are relatively lucky aswell as I am from Nottinghamshire & now live in Lincolnshire & compared to the last two counties I've lived in Cheshire/Berkshire you get loads of property for your money where we are now, as others have said I got on the market at 21 & it was a lot easier then to get a mortgage.original guvnor said:
That's a lovely gesture for your children Darren, will you adopt me pleaseDarren Slone said:We've got a rental property and will have another within the next year, the reason for this is so that my children can have a head start in the future, to either move in and have a mortgage for the outstanding amount or sell up pay the mortgage off and give them the difference, assuming there will be some, so they can use that as a deposit for themselves, I can't see another way for them to get on the ladder otherwise
LeeZ4MR said:That's a lovely gesture for your children Darren, will you adopt me pleaseDarren Slone said:We've got a rental property and will have another within the next year, the reason for this is so that my children can have a head start in the future, to either move in and have a mortgage for the outstanding amount or sell up pay the mortgage off and give them the difference, assuming there will be some, so they can use that as a deposit for themselves, I can't see another way for them to get on the ladder otherwise
No but I will be your landlord!
Joking aside, if I was starting out now, even with my wage and my wife's, she teaches special needs at College, we'd be struggling to afford to have a mortgage for my house, and as said earlier we get more house for our money in Nottinghamshire than almost anywhere else