Supra and personal debt - what's your story?!

On and off-topic and I'm sure it's been covered before.

I'm selling mine to clear a lot of debt in July and wondered how other owners have funded their machines and what level of financial craziness they have got them in.

Does NOT include Mortgage debt, but all other debt including student loans is applicable. My story as follows:

£12k Student Loan

£14k Direct Line Loan for Supra an to Clear Credit Cards (£10k outstanding)

£8k credit card debt (mainly on the car!)

£2k overdraft to the mx.

Total Debt as of today near £32k.

Now someone make me feel better!

Greg watch spendaholics next time it's on! always makes me feel great!

I bought my supra cash, with broken engine...

Most of the parts I have been collecting for a while now, and storing under the dining room table, in the lounge, behind doors, etc.

Turbofit engine build is coming to £3500

ECU and mapping £1500

KnightRacer Exterior work £700

Most of this is going onto the credit cards. Looking at buying a house now... However I did arrive in this country with a shed load of debt in SA, and spent the first 9 months playing catchup. Now that is sorted, its time to buy a house here...

So I doubt I am going to cheer you up... but about to take on a £250K mortgage!! WTF am I thinking??

Blimey Greg thats some serious debt, i can see why you are selling her

hmmm

no debt on my car(s)

no loans

approx half equity in my house

but I'm finding myself running half a months salary into my overdraft at the moment (but there has been a lot to pay out for recently on home improvements and other things). To think I was feeling bad about that too. Sorry I can't cheer you up though.

My Supra will never cost me as much as my ex wife !! but it is having a dam good try at it

Financially the Supra was my worst decision... around 50k spent in 3 year

Thats not good mate hope you get it sorted i really try to only spend what i have,

I have one loan which i used to buy the car but have the money sitting there in my saxo to pay it off if needed.

Financially the Supra was my worst decision... around 50k spent in 3 year

snap:(

My Supra will never cost me as much as my ex wife !! but it is having a dam good try at it

Lmao

Dean - just sent your latest delivery to TF

Gaz.

Mine's more because of the MGZR, bought for £14,500, sold 18 months later for £6,500!!!

Mortgage is £145k, house is worth about £130k. Loan on top for £17k - so about £32k same as you really.

oh my god, im so glad im on top of all my bills, only owing a small £3000 loan which i got to pay for some of the car, no credit cards, i privately rent and pay for things with cash instead of credit. I would hate to be in that sort of debt - no wnder you are selling!

Lmao

 

Dean - just sent your latest delivery to TF

 

Gaz.

Cheers Gaz

mortgage and thats it for me oh and student loan which is around 7k I believe, cant really remember car is all paid for now so owe nout on it

Christ, 32K !

I hate the thought of debt, that would keep me awake at night.

This is personel debt on my car nothing to do with the company and only mine and sam's savings.

£11k to buy car and have few bits done

£6.5k in first year to cover single and mapping

£28k in second year this was for Turbo, manifold, fueling, AEM, sensors, tyres, mapping, clutch's.

£10.5k in this the 3rd year for new engine, gearbox, turbos, plus a shit pile of other things, this still does not include paint and mapping, tyres and fuel

So total for car in 3 years to date £50k.

Has it been worth it ?

Yes and No.

Yes: Lot's of fun, meeting some great people and pusing things to the limit and beyond.

No: frustration, headache, no holiday's, always skint, lot's of debt.

Question is would I do it again ?

YES:)

me debt free:d gave back my student loan and also i dont do credit cards

Thankfully sweet fa!!

For me its a £154,000 mortgage, and an £8,000 loan. No credit cards anymore, and I'm a few hundred quid into my overdraft. No problems really, but I do fear the end of the fixed term on my mortgage!

Supra's costs are petrol, and anything else I want to spend on it, but never over the top really, oh and servicing.

What debts? Car bought for cash, no outstanding CC bills - I just don't spend more than I earn.

I always wondered how come some of the youngsters on here could afford to modify their cars so much. Now I know - you can't!!

Mine's more because of the MGZR, bought for £14,500, sold 18 months later for £6,500!!!

 

Mortgage is £145k, house is worth about £130k. Loan on top for £17k - so about £32k same as you really.

I had a mgzs which I sold for 3k when I still owed 9k on it so had to get a loan for the supra plus the remainder for the zs.

What debts? Car bought for cash, no outstanding CC bills - I just don't spend more than I earn.

 

I always wondered how come some of the youngsters on here could afford to modify their cars so much. Now I know - you can't!!

i can:p thanks to my dad:(

I could easily afford it when I was living at home - this first year of mortgage ownership has been tough.

No debts on credit cards, very small mortage about £25,000. It is amazing how quickly you can spend money on a car though, I have had the Soarer about 4 years and got through at least £25,000, and thats without the cost of the car, but its been fun (Ithink)

Thanks guys - that really cheered me up! Not!!!!!!

At least Greg's story has though, he's in more debt than me.

It's not a case Ark of spending more than I earn matey. OK, I got the loan of £14k to pay off crap student credit card debt and buy the car, but was all clear except for my student loan repayments too (which don't really count - so I tell myself).

Trouble is, as I bought a bad egg of a car, that's put me straight back into the Red, £6k in fact, and now it's really taken it's toll. The latest bill I'm awaiting from Turbofit for the VSOS and bits will put me into the £7k mark - await Greg to confirm!!!

I live at home, earn £26k, with bonus etc about £28k per annum and only pay £300 a month rent so I'm actually quite financially stable. The car has been the worst decision I have ever made though - FACT.