I'm 18 and have around £15,000 – what do I do with it?

Hello.
I am 18 and have £15,000 but I do not know what to do with it. I have narrowed it down to three things.

Using it to pay for university. It would cover my fees of £12,000 for 3 years.
Buying a car. I have one, however it is 13 years old and I feel it is going to start to need costly repairs. I think a car

Hello.
I am 18 and have £15,000 but I do not know what to do with it. I have narrowed it down to three things.

Using it to pay for university. It would cover my fees of £12,000 for 3 years.
Buying a car. I have one, however it is 13 years old and I feel it is going to start to need costly repairs. I think a car would be a good investment as I'd be driving to university every day (30 miles each way).
Saving it for a house deposit later. It would be around 1/2 of what I need, and it would give me a head start.

What do you think is the best option?
Do you have any other suggestions?

Best Answer:

Clive: Bear in mind what the interest would be in each case if you borrowed the money.

You will get a low-interest loan to cover university fees and living costs, which you don't have to pay back at all until you're earning over £21,000 a year. Take advantage of that.

Is there any other way of getting to university? Or could you live there and not have to drive? You get to join in more of student life if you don't have to drive 30 miles back each night.

Ideally, keep it for a house. The sooner you can actually buy one before prices go up even more, the better.

Other answer:

Clive:
Paying for your education will by far be the biggest return on your investment. I don't know how things go in the UK, but in the U.S. it is a big help if you can come out of college with the lowest amount of debt. That's not to say education isn't an important source of debt, just that having less of it can really help. As far as a car goes, well you already have one. I would take £800 or so and put it into the car for critical things like new brakes, tires, and maybe a timing belt of it hasn't been replaced recently. Plus a few other things to get your car into a more reliable condition. Besides, if your car does take a dump (not sure if that phrase means the same thing in British slang as it does in the US, but here it means if your car dies) you can always resort to public transportation. I am sure there is a bus or train that can get you to within walking distance of your school. Sure it's a bit of an inconvenience, but a bit of hassle for less college debt is an easy decision to make. Saving for a home isn't a bad idea, but the problem with that is that you need need a career to support paying for the rest of the house after the £15,000 you put into it, and the best place to do that is at university. Think about it this way. If you are planning on going to university then you are going to have to pay your tuition no matter what. There is no way around it. But without that education then the prospect of buying your own house is not so certain. I would say that your current order of priorities is #1 University, #2 House, #3 Car.
Elaine M:
I'd say 'no' on the car, the fees and repair associated with it, much less the insurance you're required to have, will drain that fast.

Save it for a home, or for money towards retirement. Definately do not spend it all at once.

Brown:
Am Brown from Ohio USA and i want to say a very big thanks to Helen Kent for helping me get a loan and i will be forever grateful to her and i will like you all who is looking for loan to contact her via email: helenkent71@gmail.com
john:
spend it on weed

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