Anonymous
Anonymous asked in Business & FinancePersonal Finance · 1 month ago

My wife and I have nearly £450,000 in savings and investments. We have both recently retired,can I afford to treat myself to a £56,000 car?

My wife and I are in our late sixties and retired. It has always been my dream to buy a Mercedes and I have fallen in love with the Mercedes Benz S-class S560 which is on sale for £56,000.

Can I afford to buy it seeing as we have modest pensions and our savings and investments come to nearly £450,000? Well I know that I have the money to buy it, but can I really afford it with the savings that I have? We don't have many other expenses as we own our house, so we just pay the usual bills.

I have worked hard all my life and I just feel it is time to treat myself to something that I would really enjoy and have always wanted.

Would you advise me to go ahead and buy it or not?

8 Answers

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  • 1 month ago

    NO. You cannot spend over 10% of your total investment sum on a luxury car. You must plan to need that kitty to last you & your wife around another 20 years. And if anything goes awry & you need special services, healthcare, household help, etc, you can blow through GBP450,000 in short order. To afford that 56k car, you really need annual earnings in excess of 110k/year! 

  • 1 month ago

    People hate humble bragging.  Instead of wasting money on a car that will ruin the environment and that you will probably wreck if not kill someone in...why don't you donate the money to an educational fund or an  old folks home or a children's center?

    No one here wants to know about how rich losers want to waste the money they stole from poor working class folks.

    If you want to be rich go somewhere else and do it...don't hey have like ISLANDS for you blokes to go to so you can stay out of the way of people whose lives actually MEAN something?

  • ..
    Lv 5
    1 month ago

    Need to know more about your circumstances, ie pensions, investment strategy, family inheritance/tax issue. On the details provided, you could probably afford it.

  • 1 month ago

    Not if you plan to stay retired.

    You are already pretty low on funds for someone who just retired. If you go spend more than 12% of your entire next egg on a new car you're going to burn through your retirement funds so fast you'll be flipping burgers for minimum wage before you know it.

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  • Anonymous
    1 month ago

    You waited too long to by your dream car dude. Do something for both of you.

  • Anonymous
    1 month ago

    Maybe in 20 years.

  • Anonymous
    1 month ago

    Yes! Go for it and enjoy!

  • Anonymous
    1 month ago

    No.   You can't afford it and IMO you can't afford to retire yet either,  

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