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As a generation that’s constantly bombarded with Instagram posts and memes encouraging the ‘treat yo’self’ mantra, it’s no question that millennials live a very indulgent lifestyle.
Despite having student debts to pay, most millennials live a far more lavish lifestyle than many other generations, constantly splurging on the little things like weekly brunch dates at the most Instagramable cafes, bottles of prosecco, Starbucks Coffees, and the latest pair of Nikes.
Here at Shelbourne Motors, we’ve decided to create a ‘Millennial Indulgence Calculator’ to show people just how much they’re spending on unnecessary luxuries each month, and worked out what they could get for their money by taking out a car on finance if they sacrificed them, with some interesting results:
The tool comes off the back of research by Shelbourne Motors that looked into the spending habits that millennials are making each month.
20% of men aged 18-24 said that owning a car was the most important thing to them, and they were willing to spend £201+ on car finance per month for the privilege.
How You Can Use the Tool:
By selecting your desired car, the tool will then predict which monthly expenses you will have to give up, like lunches with the girls, pints down the pub, going out for dinner, clothes and skin care.
For example:
1 meal out £25
1 Starbucks Coffee £2.70
1 bottle of wine £7
1 gig ticket £50
Phone contract (Iphone 7) £45.99
1 tub of fake tan £8.50
Total: £151.59
When you break down a typical millennial lad’s monthly luxury expenses including a jacket from ASOS, a takeaway pizza, a Spotify account membership, one night out with the boys and a new snapback hat it totals £199.
Our study found that 40% of millennials spent most of their money on meals and nights out. With two nights out a month costing on average £100 and two cheeky Nando’s dates the day after to help cure those hangovers coming in at £27.20. That’s £127.20 that millennials could use to take out finance for a luxury car.
Clothes came in 2nd place, with beauty products skin care and trainers rated as the 3rd most important luxury expense.
A typical girl’s monthly expenses usually included cocktail nights with the girls, 2x avocado on toast brunch dates, a bottle of prosecco and 2 new outfits for nights out, costing a total of £217 - the same price as what you’d pay for a chic super hot new set of wheels.
Our calculator shows that by denying those little indulgent ‘treat yo’self’ moments, you could be spoiling yourself much more in the form of a brand-new car - so it’s a no brainer really.
Try our calculator today to find out which swish motor you could be the proud owner of if you showed a little more restraint next time someone suggests ordering a Dominos, another Pina Colada or a night on the tiles.
Costings are based on May 2017, and are all approximate.
We can introduce you to a selected panel of lenders, which includes manufacturer lenders linked directly to the franchises that we represent. An introduction to a lender does not amount to independent financial advice and we act as their agent for this introduction. Our approach is to introduce you first to the manufacturer lender linked directly to the particular franchise you are purchasing your vehicle from, who are usually able to offer the best available package for you, taking into account both interest rates and other contributions. If they are unable to make you an offer of finance, we then seek to introduce you to whichever of the other lenders on our panel is able to make the next best offer of finance for you. Our aim is to secure the best deal you are eligible for from our panel of lenders. Lenders may pay a fixed commission to us for introducing you to them, calculated by reference to the vehicle model or amount you borrow. Different lenders may pay different commissions for such introductions, and manufacturer lenders linked directly to the franchises that we represent may also provide preferential rates to us for the funding of our vehicle stock and also provide financial support for our training and marketing. But any such amounts they and other lenders pay us will not affect the amounts you pay under your finance agreement, all of which are set by the lender concerned. If you ask us what the amount of commission is, we will tell you in good time before the Finance agreement is executed. All finance applications are subject to status, terms and conditions apply, UK residents only, 18’s or over. Guarantees may be required.
Shelbourne Motors (Newry) Ltd, Shelbourne Motors (Nissan) Ltd, Shelbourne Motors (Portadown) Ltd, Orchard cars Ltd is an Appointed Representative of Automotive Compliance Ltd, who is authorised and regulated by the Financial Conduct Authority (FRN 497010) allowing us to act as a credit broker, not as a lender, for the introduction to a limited number of lenders. We are not an independent financial advisor and we act as their agent for this introduction. Typically, we receive commission from the lenders we work with, this may vary depending on the lender, but this does not influence the interest rate you will pay. If you ask us what the amount of commission is, we will tell you in good time before the Finance agreement is executed. All finance applications are subject to status, terms and conditions apply, UK residents only, 18’s or over. Guarantees may be required.
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