I pay 90 insurance monthly, but plan with more in case I want to buy a new car again in a few years, which will then be fully comprehensive insured again. Mine is now partially comprehensive insured.
Fuel: I refuel every 6-8 weeks, always the good fuel, about 60€.
I put aside 200€ for the car. If it breaks down in 4 years or so, there would be enough for a new one/repair.
Then of course there are the 2,x€ vehicle tax per month.
I don’t even come close to 500€.
If you save 200€ every month, that’s round about 10,000€ in 4 years: do you get a new car for that? Rather not.
One thing is the costs you calculate yourself, the other are the costs imposed on you by the financing bank, i.e. the living expenses. That can differ. As far as I am informed correctly, the bank calculates with exactly those 500€, because they are more realistic. Including inspection, MOT and new car depreciation.
Again on the subject of age: I am also not a fan of too early commitment to a house.
Though that doesn’t matter regarding what
I prefer.
But another note: it is always good, in the “young years,” to primarily invest in education. If I trust the previous speakers/your profile that you are 19 and have finished your training, then one can deduce that you did not do A-levels or university. Possibly, in 2 or 3 years you will realize that you can “become more” in your job if you can do further education through A-levels. Or the employer might consider offering further education where you would have to complete an advanced qualification. Of course, this could also be done at 30 or 40 years old, but what you do now is easier. What you already have now allows for more job opportunities, which of course also pays off financially later.
I would bring this thought into the game if I were you. Once you have bought the house, there is no financial possibility left to hit the books again. For me, the years until 25 are always the apprenticeship years that one should make use of.