owning your car vs borrowing for your car

[Spidergirl~RiCkChiCk]

Which do you prefer?

Am doing it the hard way and saving for mine which should end up around 20,000 incl rego and insurance.

Everybody else at work is rocking up in their new vehicles bragging, which really the bank owns or daddy has gone guarantor (sp?) To me i really couldn't be happy about that unless it was actually MINE

 

[de_LICA_ish18]

It really depends on how much you need one. Some people need one out of necessity. Some can go without.

If I was working in the city, I would most likely catch the train to work and therefore could live without a car. It currently takes me less than 20 mins to drive to work, but if I was to take public transport it would take me 1 1/2 hours as its indirect.

If you can go without, saving the whole way is the best option. I saved half and then got a loan for the rest. I paid it back in 3 years and now I own it out right. The repayments came straight out and I hardly noticed it.

 

[Spidergirl~RiCkChiCk]

Originally posted by de_LICA_ish18
It really depends on how much you need one. Some people need one out of necessity. Some can go without.

If I was working in the city, I would most likely catch the train to work and therefore could live without a car. It currently takes me less than 20 mins to drive to work, but if I was to take public transport it would take me 1 1/2 hours as its indirect.

If you can go without, saving the whole way is the best option. I saved half and then got a loan for the rest. I paid it back in 3 years and now I own it out right. The repayments came straight out and I hardly noticed it.

Hmm thats not a bad idea to save half then automatically just take the rest out. This is not going to be a new one off a dealership though so its a bit different. Not a necessary thing either as my car at the moment is finally working fine. If it did bugger up again though i think i'd just go without till i had enough for the new one. Nothing worse than buying an old car as a substitute.

Just something to spend my $on really it was either that or implants which will come after the BMW

 

[Zeke]

Cars are one of the biggest wastes of money I can think of...

I'm currently in the process of selling my newish car, to downgrade to a cheaper one, so I can free up some cash to spend on my house. That is money spent better by far.

A car is not an asset, it is a liability.

 

[Former]

I am on only my second car which cost me $9000 when I bought it. $11,000 after 3-year loan.

It runs well, is economical and uses no oil. Buying a new car straight out of the showroom is really not the way to go. Save the money for a better lifestyle. Earning money then putting it into a new car is like slaving away just to burn your wages. You'll never get the BMW that way. Or the implants.

Is the car you want to buy new?

Look for a good car over three years old and you will be much MUCH happier. I can guarantee that you'll have buyers remorse as soon as you see the resale value of just about any new car you buy.

Look at it this way. Just by driving a new $20,000 car out of the show room you are instantly burning $6,500 or more. That's an expensive drive home.

 

[Rooboy 34]

Originally posted by Zeke
Cars are one of the biggest wastes of money I can think of...

I'm currently in the process of selling my newish car, to downgrade to a cheaper one, so I can free up some cash to spend on my house. That is money spent better by far.

A car is not an asset, it is a liability.

So is buying a house and living in it!!!

 

[Spidergirl~RiCkChiCk]

Originally posted by Appleyard
I am on only my second car which cost me $9000 when I bought it. $11,000 after 3-year loan.

It runs well, is economical and uses no oil. Buying a new car straight out of the showroom is really not the way to go. Save the money for a better lifestyle. Earning money then putting it into a new car is like slaving away just to burn your wages. You'll never get the BMW that way. Or the implants.

Is the car you want to buy new?

Look for a good car over three years old and you will be much MUCH happier. I can guarantee that you'll have buyers remorse as soon as you see the resale value of just about any new car you buy.

Look at it this way. Just by driving a new $20,000 car out of the show room you are instantly burning $6,500 or more. That's an expensive drive home.

Um appleyard i wish the 20,000 bmw was new hehe new it would have been close to 80,000 when it came out probably

its just an old one 91-94 ish seeing quite a few in the trading post for around 14-15,000 for some reason the bloody age drive.com website has them for closer to 20 thousand and relatively same bracket as far as year, k's etc.

 

[catalyst]

Took a lot of savings to buy my first car (which i still have, 3 years later), but it feels good knowing i own it and don't owe anything on it. Sometimes i wish i had something a bit newer but then i think about how fast the value goes down, and the fact that i'm trying to get my house deposit savings going. My car cost about $9500 and if i were to go sell it today, i'd be lucky to get $6000. It's a good reliable car so i think i'll keep it till it's on it's last legs and/or it needs lots of repairs.

 

[raskolnikov]

Originally posted by Zeke
Cars are one of the biggest wastes of money I can think of...

I'm currently in the process of selling my newish car, to downgrade to a cheaper one, so I can free up some cash to spend on my house. That is money spent better by far.

A car is not an asset, it is a liability.

Spot on - I would never buy a new car. I always buy one that is about five-ten years old, keep it for a few years resell it and get another one that is about five - ten years old.