Would you get yourself in debt?

[mk1super]

Was talking to mate at the weekend and we some how got to talking about getting into debt modifying vehicles,. It then reminded me of when i got a loan "For home improvements" from the bank and erm blew it all on building a near race spec engine for a motorbike (It blew up 6 months later i ended up out of pocket and back to running a standard engine, had to sell bike to repay loan )

 

So come on fess up would you get into debt building your perfect old skool ford?

Or can parts wait till you have saved up for them?

Or maybe you have already, and regret doing so?

 

Discuss*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* If you feel this is to personel a question and do not wish to discuss could you at leased vote As i know the missus maybe looking over your shoulder and wouldnt want anyone getting in bother!

[stickerboy]

Goes back to that old saying. You DO only live once!!!

 

Do it now - Don't regret it later!!

[stevepeanut]

I went to the cash machine and took out £250 for 8 days in a row till I had £2k to buy my escort. I aint rich, I work a normal job, so if I want nice toys, then a little debt is fine.

[flyingbanana]

ive never been in debt....never borrowed money and never been overdrawn...so i think that says it all

[D4N]

I wouldnt more to life than your car, people with familys shouldnt get into debt over there car imo.

 

Never buy what yo cant aford...

[Lukey]

If I cant afford it one month, then i save! tend to appreciate it more then, plus i COULD go & spend 10k on my credit card bulid the mk2 cortina of my dreams in a couple of months, but wheres the fun in that, its nice looking forward to buying little bits & pieces every few weeks.

[MaximusPrime]

im In debt from my anglia, but thats because ive blown my first years of Uni loan on it, so i would of been in debt anyway, but i just have a lush car to prove for it.

 

but still cant just go and blow a load on it, still buy things gradually,

 

im glad im getting in debt now though, i wouldnt feel very comfortable getting in loads of debt with a family. but, id still have a Shit hot car, jus wait longer for it.

 

 

And i live by the saying you only live once... i just think fook it and do it. even when it comes to car shows and stuff, if its over the other side of the county... ahh well ill jus have to get up early, instead of having a boring day

[bigdaz27]

i got in to a bit of debit with mine witch would have been ok but the credit crunch fooked up the trade where i work and profit halfed but things are looking up now its slowly getting better so no i wouldnt recomend doing it on perpuse

[Dr Feelgood]

i try not to get into debt, i wouldnt get into debt over a car no matter how much i loved it, if i cant afford it then thats it i cant have it, been that way with uni never took a student loan out, the idea of owing someone is not a nice one

[dyt397c]

i was only thinking about this earlier today. i`ve got enough money to finish my Anglia, but not enough for the engine(if that makes sense!) it would take me 12 months or more to save for the engine so would be approx 2 years from now til its finished but if i had a loan for £1500 i could get my engine and be out in the car next year and could pay off the loan with what i would`ve been saving every month. i wasnt sure what to do but i think i`ve just talked myself into having a loan!!!

[Savvi]

I personally won't go into dept for my cars, however i do a bit of buying and selling which helps fund my only hobby.

 

I think if i was single again with no kids then i would consider taking out a loan to buy what i wanted, as i get older i realize life's too short and think you should have some fun while you can.

 

As i am married with 2 little ones, i'm quite happy spending the evening watching out for parts i need to finish my projects and getting them slightly cheaper than if i went out and bought them all at once and seem to enjoy doing it that way.

[YOUNGY]

I suppose im pretty lucky both me and the missus work (and we have 2 kids) we only have a small mortgage but we still save for everything we want, you tend to appreciate it more if you have worked and saved for it, never had a loan or any debts other than the mortgage. We are trying to teach our kids the same.

[tazrocks88]

ive never been in debt....never borrowed money and never been overdrawn...so i think that says it all

 

ditto

[bomber1]

i got into debt doing a sierra saph 2.0i big wheels suspension stereo etc but when times/jobs changed i had to sell got fook all back on what i spent and still owed on it so now if i aint got the wonga it dont get brought till i do

[Deano1351]

Hate the thought of loans, we get taxed enough on our earnings without giving banks the rest in interest on loans

[pauln]

Nope, it's a luxury. Luckily it's also my cheapest car to run so things would have to be very desperate before it went.

[DanV]

I voted Yes but there are limits. I dont see a loan of say 1-2k a problem, but i wouldnt go mad. I still have a year left of my 8.5k loan and i wont do it again. Thing is i got nothing to show for it. All dates back to a high maintenance girlfriend..I wont do that again either

[marky4]

NO

[jimbo]

I'm in debt because I spent years blowing money I wasn't earning on all sorts of things other than cars......I had a company car most of the time.............

 

Now I'm working hard to pay it off, and keeping my costs down whilst I do so. That's why I'm back to driving an OSF.

 

All my friends own modern "reliable" cars, and are constantly telling me that I should do the same. That's before:

 

The rear suspension plays up (Pug 206) and a fix cost £1500

They park up while away on business for a month (Focus) and the brakes seized £800

The head gasket blows (Clio) £600

and so on.........

 

I can get the parts cheap, and fit them myself.....and I have a range of buddies I can ask if I'm not sure

 

Once my debts are paid off, will I get rid of my OSF? Nah! made that mistake once before. Instead, I'll just buy a spare (with my own money )

[Fishtailparka]

I have got 3 Mk1 Escorts and a Mk1 Capri, I earn £5/hour so I'm not rich by any means.

Never been in debt and don't intend to be. It can be done.

(mostly by buying absolute shitters and spending an awful lot of time fixing them myself)

[Ken B]

not OSF, but a slightly different slant on things. My boss runs about 14 lorries most are 7.5 tonners apart from three. They aint new(read old) they aint pretty(read wrecks) they do break occasionally(read one a night breaks down). But he does own them all and they really owe him nothing. He said to me he could go out tomorrow and get all new lease hire etc etc. If he had though he said, we'd all be out of a job now(referring to slump), but we're still going cos i dont owe anyone fook all. Not making a profit, but we still going.

[SmokeEm]

I'm in debt up to my eyeballs with thing's I did over 10 years ago & regret it more than you could imagine. The problem is, you just never know when you're circumstances will change like mine did. (No regrets there though )

 

I probably won't be able to get another OSF for a couple of years yet

[Vista]

I got myself into debt once with an old car and won't do it again. As my OSF is a second car and therefore desirable but not essential I have no justification for borrowing money to fund the habit. My classic cars are therefore funded as earnings allow.

[antz]

ive never been in debt....never borrowed money and never been overdrawn...so i think that says it all

 

same

[Noodles]

No, way I see it if it had credit or loan hanging over it its not fully mine. I blew about £2000 on it last winter but now Im saving for a house so the buget got a little smaller, but sometimes im fed up of spending money on the estate its only a car afterall.