You have
£1350 burning a hole in your pocket, and desperately need to put it to
work gaining interest.
Question
:-
[1]..Find a financial
institution or investment that will give you the highest possible rate
of interest you can get for your £1350 on any terms?
[2]...Once deposited into your chosen bank or building society, what
would your return be each year
Maybe
Not so silly, ( more of this later )
It strikes me, as a
guy who is at the sharp end of selling LPG equipment that there are as
many reasons to put an LPG conversion on your car as not, and in this
financial climate the choices are increasingly difficult to reconcile.
On the one hand, the savings are obvious and the benefits to the
environment are unquestionable. But on the other hand, can I afford to
outlay around £1350 on an LPG conversion. The fact that you are even
reading this indicates which way you are leaning, but if you need a few
more thoughts to help you to decide, read on.
"Its not the occasional big wave of water that sinks most ships, but
the steady, continuous leaks, over time, that drain the ability to
float"
In financial terms
the above analogy is simple, we all know that owning and running a
vehicle is a money pit, but we all have to get to work, socialise,
shop, school run or go on holiday, and buses just aren't the answer and
electric cars are literally years away from being practical. So for the
foreseeable future the money pit is here to stay.
All around you there
are things that drain your financial resources, and your personal
transport can be a major contributor, to my mind its the weekly spend
that effects you the most, so reducing that can clearly be most
beneficial.
"Our attempts to make our weekly spend less painful have germinated a
culture of loans and mortgages that allow us all to spread out the pain
to a bearable limit."
Which is why I
advocate having your car running on Autogas / LPG, once the conversion
is up and running, your weekly spend immediately comes down. FACT.
Take a typical conversion of say £1350 and a vehicle that consumes £40
of petrol a week, after the initial outlay you should have around an
extra £75 a month in your pocket, a useful sum, and in some cases £40
fuel spend a week is small fry. Only recently I was listening to a
customer complaining that he was paying £90 a week to fill his tank
with petrol and getting only 300 miles from it! Now that's what I call
a money pit!
Look at our example in another way, if you were to take out a loan of
£1350 over 2 years at 8% interest, you would be making repayments of
about £15.25 a week on that loan, But once your £40 a week petrol car
is converted and running on LPG, your weekly savings on fuel costs
would be around £18 a week. A small saving on your weekly outlay that
would turn into much larger savings once the loan was re payed. Not an
ideal solution, but possibly another angle to at least consider if you
really must have LPG.
In
conclusion I dearly want you to install e-G@S on
your car, but, if not e-G@S, I would rather you found good service,
good warranty backup and quality in the kit you finally plump for, and
ultimately, be happy with LPG and its obvious benefits, there are other
companies out there that offer this, but they are few and far between,
so do your homework and make double sure you don't find yourself with
one of the kits that are flooding the market at the moment, that
magically turn into a paper weight when Mr Cheap Kit installer isn't
there anymore and you need spares or support.
And Finally, back to our quiz
[3]Name
the financial institution that will return to you, over £900 on your
investment of 1350 year on year
Find your own
answers. But if you were to have an LPG conversion on your car, open a
new savings account and feed it with a standing order of the amount you
save a month running on LPG, you really could achieve £900, year on
year, on a £1350 investment, and if you choose an account wisely, you
will have your money earning interest from the bank as well!
[4]...If anyone out
there found a bank that can pay more than question [3] a year. please
don't hesitate to let me know. :-)