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My neighbour had a bump,small repair but just got me thinking
If you payed a high AP and had an accident and car wasnt road worthy and written off.What happens to the AP and how is replacement sourced, if having to reorder .Due to wait times surely motorbility woudln’t allow use of a ‘hire vehicle’for 6 months +?
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I think they’d have to, given that they stupidly don’t allow returned cars to be recycled to other customers. Seems like a real missed opportunity and a criminal waste of money, but that’s the policy that they rigidly stick to, even in the current climate.
That’s a great point about the AP and more of a worry now that APs are so high and a direct replacement maybe a year’s wait.
I’m pretty sure you’d get a pro-rata refund of the AP. The bigger problem would be the cost of any extras you have added, as they don’t usually give a pro-rata refund on those.
Good point on the extra also any adaptions added too.I guess in the end it’s not entirely ‘worry free motoring’ in present times.
Good point on the extra also any adaptions added too.I guess in the end it’s not entirely ‘worry free motoring’ in present times.
You’re right Paul. There’s no such thing as worry free motoring. For people on very low incomes, committing to sacrificing £10k of benefits over 3 years may present its own worries in the current climate. With almost every bill rocketing, I can imagine that there are a good many people who wished that they hadn’t, especially those who are new to the scheme and may have sold a cheap to run private car in order to have a shiny new car on the driveway. It might have seemed like a good idea when they ordered, but how quickly things can change.
Good point on the extra also any adaptions added too.I guess in the end it’s not entirely ‘worry free motoring’ in present times.
You’re right Paul. There’s no such thing as worry free motoring. For people on very low incomes, committing to sacrificing £10k of benefits over 3 years may present its own worries in the current climate. With almost every bill rocketing, I can imagine that there are a good many people who wished that they hadn’t, especially those who are new to the scheme and may have sold a cheap to run private car in order to have a shiny new car on the driveway. It might have seemed like a good idea when they ordered, but how quickly things can change.
Don’t forget the many people like me who have ridiculous DWP assessments and lose entitlement to Motability and end up with no car. So certainly not “worry free motoring”
Fortunately it happened just as my dad was retiring. He ended up taking a lump some payment which left him with reduced pension for the rest of life. I say “fortunately” but I still feel bad for accepting that gift from my dad. Not to mention 2 months after buying me the car, he gave me his kidney.
Sorry to hear that Gilders. Sounds as though you have a Dad in a million there. I’m sure he knows how much you appreciate him.
Thanks @Glos Guy.
He certainly is!
Shame I can’t claim my pension. I’m 44, but my kidney will be 70 this year….surely that makes me old enough. 😉
Shame I can’t claim my pension. I’m 44, but my kidney will be 70 this year….surely that makes me old enough. ?
You’d think so ?. In all seriousness, I’ve encouraged both my daughters (20’s) to put the maximum contributions into their workplace pensions, as I don’t think that a state pension will kick in until age 70 for them and they certainly won’t want to be relying on that in order to be able to retire! I retired at 54 and I just cannot comprehend the thought of having to have worked for another 16 years on top of the 36 years that I’d already done!
Paying into a pension is what they want you to do and encourage you to do so, So they can rob you over time Same with saving in a bank.
Thing is what you put in years before becomes worth less and less as time goe’s by due to inflation. So when it comes time to retire you not got as much as you thought you would have. Saving and then puting into asets that hedge against inflation probally the best thing you could do imo, like gold or properties.
Paying into a pension is what they want you to do and encourage you to do so, So they can rob you over time Same with saving in a bank. Thing is what you put in years before becomes worth less and less as time goe’s by due to inflation. So when it comes time to retire you not got as much as you thought you would have. Saving and then puting into asets that hedge against inflation probally the best thing you could do imo, like gold or properties.
Well I’m glad that I never took financial advice from you Rox or I wouldn’t have been able to afford to retire at 54 ?. I’m afraid that your understanding of pensions and how they work leaves an awful lot to be desired. First of all, you get tax relief at your highest tax rate on all pension contributions (plus some NI savings depending on how your employer administers the scheme), so that’s effectively free money. Secondly, any decent pension fund (and I’m talking defined contribution / money purchase schemes here, not the more attractive defined benefit / final salary schemes) will see your investments roughly double every 10 years due to investment growth. So, no, they don’t rob you at all and I have ended up with far more pension provision than I ever expected, not far less as you state. Property is indeed a great investment, but I would never rely solely on it to fund retirement as you have to sell it in order to realise an income and, unlike a pension, it’s not a guaranteed income for life. I’m certainly glad that we don’t have to sell our house to downsize in order to fund our retirement.
Fascinating thread, if a little of topic.
Thread drift. One of the many joys of a forum ?
Fascinating thread, if a little of topic.
The thread title is “Just wandering” so it makes sense to slightly wander off topic?
You can buy to rent a 2nd property then use equity in that to get another and so on and when you retire you will have that income you’ve built up still coming in. Plus many other intrinsic assets you might be holding like cgt free gold, can be sold. I would never hold fiat long term it is only a medium of exchange imo. If only i’d known this in my 20’s. I wouldn’t of wasted my time putting away part of my wage then, The reality is now that wage is peanuts, in comparison to the wages now and the cost of living now.
I completely agree with you Rox in that if you are in a position to buy multiple properties and can utilise the buy-to-let market then that’s a gold mine but, in reality, how many people can afford to do that? With property prices as they are now (first time buyer houses where we live minimum £300k) most young people will struggle to buy one property, let alone several! With a pension, however, regardless of income you get employer contributions, tax relief added, investment growth and a guaranteed income for life when you retire. I suspect that state pension age will increase to 70 before my daughters generation get there and very few people would want to work that long, nor would many people choose to live on state pension alone. With all the tax benefits, long term growth and financial security that they provide, a pension will be the best investment that most people will ever make.
“So, no, they [pension firms] don’t rob you at all and I have ended up with far more pension provision than I ever expected, “
So, GG, I assume your pension isn’t with Equitable Life? Mine was. I chose the firm because it was rated as one of the safest around at the time. Still got robbed big time. And, yes, I know better safeguards are in place. But there will always be “Haves” trying to rob the “Have-nots” so we should be very, very careful when investing in a pension scheme.
Back to the “worry free” motoring,
the one thing they don’t shout about is none of your possessions in the car are covered on the insurance.
I fell foul of this clause when some scrote decided to smash my side window and help themselves to my dashcam, not only was it not covered so had to pay for a replacement but I had to make a claim and pay the excess plus paying for a valet to get all the glass out that had gone everywhere.
I would hate to think what the case would have been if i had been carrying my powerchair and had to replace that, over 4 grand down the crapper, not “worry free” for me!
Yeah that sucks, usually would be covered under comprehensive. But, in fairness, they do tell you prior that it isn’t, and suggest that you extend your household insurance to cover for your wheelchair, for example.
Though, imagine being such a lowlife that you’d steal a wheelchair out of a car.
I get what you mean though, it’s not quite worry free from MBs side automatically.
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