Eoin McGee answers: ‘I don’t own a house or have a pension. Would it be foolish to spend €20,000 of my savings on a new car?’

I have €60,000 in savings and my expenses are low

A €20,000 car loan would cost about €400 per month over five years. Photo: Getty/Michael Gleeson

I’m in my mid-20s and have been driving a 2013 Honda Civic (200,000km on the clock) for the past six years. I spend around €125 a month on fuel thanks to its excellent efficiency.

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