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700/900 Series General Forum for the Volvo 740, 760, 780, 940, 960 & S/V90 cars |
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1990 g reg rare volvo classic estate 760 gle v6 in fantasticViews : 1277 Replies : 24Users Viewing This Thread : |
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Dec 4th, 2021, 11:50 | #1 | |
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After taking out the full cost of the bungalow and a few other bits and pieces she said she'd want before living on the interest, i summised she'd have ~£600k left. She said she could happily live on the interest from that. The interest is ~£6k/pa based on a 1% interest rate as it's currently about that. That's ~£120/week but take out the 40% tax for unearned income and it drops to £72 so i asked how much it costs to fill the tank on her car. She soon changed her mind!
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Dec 4th, 2021, 12:51 | #2 | |
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Dec 4th, 2021, 13:22 | #3 | |
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Also if you intended to live on the interest, you'd need an account that not only paid interest monthly but that you could draw on monthly to pay your bills, live etc. For that, financial institutions penalise you with the interest rates so wouldn't be appreciably better than 1%.
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Dec 4th, 2021, 13:40 | #4 |
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Higher sums in the right place can attract more favourable rates. In the proper place a million may give £2500-£3000 in interest a month, compound of course.
However, a smaller sum, say £100,000 to keep the math simple, will not attract £250-£300 a month. The more you got, the better you can do with it. My pension and investments are RPI linked, so mine maintain their value in real terms. Does anyone remember when a V6 was seen as something special in the UK, something to aspire to? Now they're an expensive embuggerance that no one wants.
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Dec 4th, 2021, 13:59 | #5 | |
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In fact, both my V6s give good economy on runs but can be a bit thirsty for my general running about. That said i once tried an "economy" car and it was no better on petrol, cost about 5 times as much for insurance and broke down daily. Not economical at all! Not to mention the chiropractors bills for sorting my back out as the ride was horrible............
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Dec 4th, 2021, 14:24 | #6 |
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I ran a V6 406 Coupe for a couple of years, great fun and not too horrendous on fuel considering I drive my cars with 'enthusiasm'.....
I only sold it on as I was more used to the versatility of a 5 door estate - so I bought the Volvo. Fuel economy isn't a massive issue for me either, it's my hobby car - my daily is s 406 diesel that I can abuse to my heart's content
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Dec 4th, 2021, 16:07 | #7 | |
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If you were getting say 2.1% on your 600k your interest income of 126.k would be included as your personal tax allowance
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Dec 4th, 2021, 20:19 | #8 | |
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I did recently have a look and most accounts i have available don't pay more than base rate until you get several £m in the account. Then they have to be changed to another but that's when the rate goes up inversely proprtionally to access to the funds. Still not much above base rate which i haven't checked recently but at the time was just under 1% (0.9% rings a bell but may be wrong) and the "high interest" account was only something like 0.6% higher than base. As we all know though, financial institutions are a law unto themselves as far as interest rates go and if i won the lottery tonight and paid £6m into my account on Monday/Tuesday, no doubt the bank would be falling over themselves to offer me a "preferential" interest rate to keep my funds in their accounts.
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Dec 4th, 2021, 20:50 | #9 |
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Some of our accounts have fallen to as low as 0.01%, 'L.S.'. It has been a very long time since we have seen more than 1% - in effect failing to keep pace with inflation. Yet, the banks still demand circa 20% APR on credit card balances. We can pay ours off most months, but are mindful that there are many who are not in that fortunate position.
It seems to me to be very much a 'Heads they win, tails you lose, scenario. 'AHKV' is right, our monetary system is seriously out of kilter and in urgent need of realignment, I cannot see interest rates remaining at their present all-time low for very much longer. Regards, John.
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