Can I buy a new car?

[frugledoc]

My Skoda octavia is 10 years old with 120k on the clock.  Will need a few hundred pounds of work this year (at least).  I’d like to buy a brand new one (should cost around £20k after trade in).

I’m 42, married, 2 kids under 7.  I’d like to retire age 50 - 55.
Annual expenses 40k ( actually closer to 30 but I round up for safety).  Have 1.2 million in vanguard all world across various accounts and a government DB pension valued at around 600k which will probably pay at least 50% of my annual expenses from age 55.  Income around £130k per year.

I mean, it seems stupid to ask if I can buy it but it goes against my frugal nature.  I think the new car would make my commute much better and probably safer.

So, any reason I shouldn’t buy it?

skoda octavia estate 1.0 tsi etec dsg se technology is the car

[Tester]

So you are FI but still plan to work for at least ten more years.
Buy the car?

[remizidae]

Since you're already FI, I would say you can buy whatever you want. But why new rather than late-model used?

[cool7hand]

Do whatever you want to do. Frugality isn't a religion. Decide what's right for you and don't beat yourself up.

[alsoknownasDean]

You're FI. I'm guessing you're paying cash or low interest finance, and it's a fraction of your annual income. I think buying a new car is fine, especially something fairly sensible like an Octavia.

Although how would something like an Octavia go with a 1.0T engine? They're not exactly small.

[red_pill]

Go electric and pay cash.  You'll hate yourself less.

I'm in the same boat as you - can afford it but always saddled with buyer's remorse for any unnecessary purchase.  The exception to that, for the first time ever, is our Tesla Model 3.   I love that car and don't regret it one little bit, which is a totally new sensation for me.

[frugledoc]

You're FI. I'm guessing you're paying cash or low interest finance, and it's a fraction of your annual income. I think buying a new car is fine, especially something fairly sensible like an Octavia.

Although how would something like an Octavia go with a 1.0T engine? They're not exactly small.

It’s a mild hybrid engine and apparently is okay on power.
I’m downgrading from an octavia vrs but I’ve never driven it in a sporty fashion

[alsoknownasDean]

You're FI. I'm guessing you're paying cash or low interest finance, and it's a fraction of your annual income. I think buying a new car is fine, especially something fairly sensible like an Octavia.

Although how would something like an Octavia go with a 1.0T engine? They're not exactly small.

It’s a mild hybrid engine and apparently is okay on power.
I’m downgrading from an octavia vrs but I’ve never driven it in a sporty fashion

Cheaper road tax for sure!

But yeah an Octavia seems sensible enough as a family car, maybe not exactly a Corolla but if you want an estate/wagon rather than an SUV I'm guessing the pickings are slim.

How's the used market at present? Worth getting something a couple of years old for a decent discount or not worthwhile in this market?