Oil And Gas Nightmare

[Bunfight]

From another forum I occasionally frequent.

Http://www.z4-forum.com/forum/viewtopic.php?f=23&t=86215

The sense of entitlement and debt is astounding.

[Mancghirl]

From another forum I occasionally frequent.

Http://www.z4-forum.com/forum/viewtopic.php?f=23&t=86215

The sense of entitlement and debt is astounding.

What an absolute pillock that guy is. My old Dad was a senior Engineer, supplying the O & G industry, for years. He drummed into me never to buy a car, unless I could pay for it outright in cash. Used to point to all the blingmobiles on our street and estimate that 99% of them were on PCP/leases/loans. The 'old money' families on the road always used to have crumbling old wrecks of Landies and Volvos.

So many of my colleagues are driving around in Beemers and Audis on PCP deals, with mileage limitations/penalities. Ask me how much my car payment is per month. Look shocked when I tell them I buy my car new, every 3 years, paid for in cash.

[The Eagle]

Quoted from the article:

But with me like changing cars as much the balances will give give some people heart attacks .. Here we go settlement on Z4 £49,000 and on the X4 £42,000, I know I will never get that for them so I will have the short fall to pay off unless I win the lottery....

He sounds like a serious debt addict...

[StainlessSteelCat]

The debt is horrific, but ultimately he can simply go bankrupt if he needs to. I'd say denial rather than entitlement personally. He was obviously earning very good money, loves his cars, has a live for today attitude to life and clearly misunderstood (or ignored) the cyclical nature of the oil and gas industry. It will come back, but with this kind of debt and seemingly no cash buffer, there are some seriously hard times ahead. He won't be alone either - and it is these high risk taker types who have likely driven a lot of historical progress, wealth creation etc in this country. The economy would be even more screwed if it relied on my spending, for example.

Bit unfair to blame the wife for not curbing his excessive spending. But again that's denial.

I know exactly where he's coming from. Missus had a bad health scare a decade or so ago. Practically impossible to get her to treat money (and especially saving) seriously now. Thankfully she is not anything like as bad as this because she does know what having even relatively small amounts of debt do to her mental well being.

Mancghirl has it right - and I suspect her father is much more closely aligned to certainly mine (and likely also the average HPCer's way of thinking). I remember walking about the local streets of the poor area where we lived in the mid 2000s with the missus and her wondering how we were so poor because we did not have a massive 4x4, beemer etc. I too explained they were likely all leased or loans.

The guy's a bit of idiot for letting it get out of control like this, but hopefully will bounce back and learn from the mistake.

[Bunfight]

I remember walking about the local streets of the poor area where we lived in the mid 2000s with the missus and her wondering how we were so poor because we did not have a massive 4x4, beemer etc. I too explained they were likely all leased or loans.

Funny old world, I had exactly the same conversation with my wife. You're a kinder soul than I, I see people like this as the reason the UK is in the state its in and to post his idiocy on a forum shows there's no shame any more in being feckless or hopelessly indebted.

80k of car debt and looking at defaulting inside of 3 months. I hope there are no kids involved.

[Butthead]

10 cars since 2012, so a new car every 4 months roughly. That's not "liking cars" it's deeper than that.

My guess is he likes choosing cars, deciding on his options list, the attention and validation of the sales people, the anticipation of the new car, posting on the forum, collection day, pictures, having his moment in the sun, "nice car m8 - enjoy!!!", and then a few weeks later the experience is over but it is still sat on the drive. And the only way to get his high back, is start all over again.

I frequent some car forums and you see the same thing to a greater or lesser degree quite a lot.

[nnails]

i have 11year old car with about 500 that i owned for 6years. Its now got to the stage where if something goes wrong i will go buy another 3,4,5 year when it packs up. Lots of the office i visit the staff all have less 3 year cars on finance. Some of the customers ask when im going to replace my car its old. I have told them it as not broken down yet, its cheap to insurance ,i don't have to worry about minor damage and i can park it anywhere and not worry about it.

No job secure now and why would you risk having to pay £200+ a month on car when you guy buy perfectly serviceable old car until you can afford the car you want.

Having said all this. there is noting better than having a nice car when your 25 to attract nice girlie.

[Sandwiches33]

80k on car debt, this is why you cannot afford a house because so long as folk will drop 80k on cars they wont blink at dropping a shitload more on a house cause they always go up innit.

In my work lots of folk got a bonus, within a month the car park was full of luxury cars all on eye watering deals.

[janch]

i have 11year old car with about 500 that i owned for 6years. Its now got to the stage where if something goes wrong i will go buy another 3,4,5 year when it packs up. Lots of the office i visit the staff all have less 3 year cars on finance. Some of the customers ask when im going to replace my car its old. I have told them it as not broken down yet, its cheap to insurance ,i don't have to worry about minor damage and i can park it anywhere and not worry about it.

No job secure now and why would you risk having to pay £200+ a month on car when you guy buy perfectly serviceable old car until you can afford the car you want.

Having said all this. there is noting better than having a nice car when your 25 to attract nice girlie.

I can beat that

I have a 1994 Vauxhall Corsa (a design classic I say). It's getting a little rusty but is a great little car which I bought new and have driven ever since. I will keep it until something major goes wrong then probably get rid of it. I don't mind the odd bump and cos it's not pristine it's great for taking stuff to the dump (ie recycling centre).

It gives me quite a kick to think my neighbours look down on me for having it but it was paid for long ago so it's really cheap to run now

If everyone thought like me British industry would be dead I know but also the environmental impact would be so much less than constantly upgrading and wasting precious resources in this way.

[ChewingGrass]

Come to the conclusion that I would rather drive round in my 10 year old car that has 125K on the clock and has only ever had a battery and 1 set of discs and pads in its one owner life that pay circa £300 month capital expenditure to replace over the next 3-4 years.

I can bung that extra £300 plus tax relief into my pension and retire much earlier than any numpty who likes driving around in a rented pcp/pch car.

I think the true sign of success/wealth/economic sense will be revealed by the age at which you cease to be a wage slave.

As an observation; If it wasn't for exotic finance the german car industry would be on it's knees.

[nnails]

I can beat that

I have a 1994 Vauxhall Corsa (a design classic I say). It's getting a little rusty but is a great little car which I bought new and have driven ever since. I will keep it until something major goes wrong then probably get rid of it. I don't mind the odd bump and cos it's not pristine it's great for taking stuff to the dump (ie recycling centre).

It gives me quite a kick to think my neighbours look down on me for having it but it was paid for long ago so it's really cheap to run now

If everyone thought like me British industry would be dead I know but also the environmental impact would be so much less than constantly upgrading and wasting precious resources in this way.

I came close to replacing the car couple of year ago. The car had gone in to safe mode. Turned out it was 2 broken brake lights!!!!

I do have to admit if the air con stopped working i would trade the car and get another.

[spunko2010]

10 cars since 2012, so a new car every 4 months roughly. That's not "liking cars" it's deeper than that.

My guess is he likes choosing cars, deciding on his options list, the attention and validation of the sales people, the anticipation of the new car, posting on the forum, collection day, pictures, having his moment in the sun, "nice car m8 - enjoy!!!", and then a few weeks later the experience is over but it is still sat on the drive. And the only way to get his high back, is start all over again.

I frequent some car forums and you see the same thing to a greater or lesser degree quite a lot.

Exactly, you see it a lot more on American forums. I used to be a bit like that, although not quite as extreme, a new car every 2 years rather than every 4 months (!). It'll all come crashing down at some point, looks like it's only a few months off for him. Interesting that he has to blame everyone but himself - the wife, the O&G industry, the losses in his family. Time to man up and realise you made a mistake.

Edited April 11, 2016 by spunko2010

[Sandwiches33]

A lot of people confuse liking cars with status and ego. A real car nut finds pleasure in all sorts of cars and not necessarily expensive ones either. If you really love cars you usually have a "weekend car" maybe a caterham or an elise or "project car" they dont have to be expensive. Its also as much fun to tinker with them as it is to drive them. Taking them to a track day is also a laugh especially if its not that expensive a car where dents will add "character".

UK roads are full of speed cameras, pot holes and traffic jams its a complete waste to buy something nice unless you maybe live in the highlands.

Best thing to do if you are into cars and driving is have a "transportation device" by that I mean a cheap run around usually japanese that never breaks. Then on weekends go to track days, hire a supercar or similiar. There are even services that cost a lot less than what this guy was paying where you can borrow supercars and classics too. Non of the maintenance or other costs just do it and enjoy it.

The only difference between a flashy car and a runabout in the UK is that when you are both sat in traffic in the pissing rain outside slough they are doing the equivalent of throwing tenners out the window every five minutes.

[BTLH8ER]

I'm just in the process of renewing my company car.

Can either take the £5k per annum car allowance (minus tax and NI) or get the company to buy and run it as a company car (this will attract company car tax).

Not sure which way to go yet as only do about 10,000 miles PA and only about £2k of these for business. Need something big enough for the family so ideally an SUV type as my wife likes the high driving position.

Any ideas?

[spunko2010]

A lot of people confuse liking cars with status and ego. A real car nut finds pleasure in all sorts of cars and not necessarily expensive ones either. If you really love cars you usually have a "weekend car" maybe a caterham or an elise or "project car" they dont have to be expensive. Its also as much fun to tinker with them as it is to drive them. Taking them to a track day is also a laugh especially if its not that expensive a car where dents will add "character".

UK roads are full of speed cameras, pot holes and traffic jams its a complete waste to buy something nice unless you maybe live in the highlands.

Best thing to do if you are into cars and driving is have a "transportation device" by that I mean a cheap run around usually japanese that never breaks. Then on weekends go to track days, hire a supercar or similiar. There are even services that cost a lot less than what this guy was paying where you can borrow supercars and classics too. Non of the maintenance or other costs just do it and enjoy it.

The only difference between a flashy car and a runabout in the UK is that when you are both sat in traffic in the pissing rain outside slough they are doing the equivalent of throwing tenners out the window every five minutes.

Who says a 'petrolhead' (hate that word) has to tinker with cars? Some people just like driving, me included. After a shitty day at work, getting into my M4 and spanking it is actually quite pleasurable (listening to the engine note used to be fun in the previous model - not so much now...). Trackdays are also fun. BTW, I also have a Jimny for off-roading purposes but still don't particularly enjoy messing about with that.

Each to their own and all that, but messing about under the bonnet of an old heap isn't my idea of fun, does that mean I don't quality as a car fan?

Edited April 11, 2016 by spunko2010

[Sandwiches33]

Who says a 'petrolhead' (hate that word) has to tinker with cars? Some people just like driving, me included. After a shitty day at work, getting into my M4 and spanking it is actually quite pleasurable (listening to the engine note used to be fun in the previous model - not so much now...). Trackdays are also fun. BTW, I also have a Jimny for off-roading purposes but still don't particularly enjoy messing about with that.

Each to their own and all that, but messing about under the bonnet of an old heap isn't my idea of fun, does that mean I don't quality as a car fan?

You dont have to tinker, if you can afford an M4 then fair play. My point being that the original bloke spent over 80k on cars because he "enjoyed" driving. Many people buy these cars on PCP because they convince themselves they deserve them or they "enjoy" driving. If you enjoy driving you can get a lot of thrills for a lot less money and the enjoyment of driving is a thinly veiled excuse to pump up the debt for the sake of ego.

I expect if you are on here you can actually afford your M4 unlike everyone else who is so balls deep they are afraid to get a puncture.

[spunko2010]

Yeah. I've always said to myself I'd never buy a car that I'm too scared to drive for fear of damaging it, I'd imagine it takes all the fun out of it.

I drive a Caddy sometimes for work, doesn't cost be anything personally if it's damaged and it's easily the most enjoyable vehicle to drive ... for that reason!

[Automotive Engineer]

I'm just in the process of renewing my company car.

Can either take the £5k per annum car allowance (minus tax and NI) or get the company to buy and run it as a company car (this will attract company car tax).

Not sure which way to go yet as only do about 10,000 miles PA and only about £2k of these for business. Need something big enough for the family so ideally an SUV type as my wife likes the high driving position.

Any ideas?

Nissan juke. Japanese, reliable, and cheaper than a qashkai

[nnails]

A lot of people confuse liking cars with status and ego. A real car nut finds pleasure in all sorts of cars and not necessarily expensive ones either. If you really love cars you usually have a "weekend car" maybe a caterham or an elise or "project car" they dont have to be expensive. Its also as much fun to tinker with them as it is to drive them. Taking them to a track day is also a laugh especially if its not that expensive a car where dents will add "character".

UK roads are full of speed cameras, pot holes and traffic jams its a complete waste to buy something nice unless you maybe live in the highlands.

Best thing to do if you are into cars and driving is have a "transportation device" by that I mean a cheap run around usually japanese that never breaks. Then on weekends go to track days, hire a supercar or similiar. There are even services that cost a lot less than what this guy was paying where you can borrow supercars and classics too. Non of the maintenance or other costs just do it and enjoy it.

The only difference between a flashy car and a runabout in the UK is that when you are both sat in traffic in the pissing rain outside slough they are doing the equivalent of throwing tenners out the window every five minutes.

My friend as Nissan s350. Is week car is Renault Clio. He loves it , goes to meets etc. He looks after it well

[ARIMA]

qashkai

Really? Who does that.