Do you have a car loan or own outright?

[Phteven]

We own our cars. We only buy what we can buy outright.
Paying interest on a depreciating asset makes no sense.

[Maruschke]

We own our cars. We only buy what we can buy outright.
Paying interest on a depreciating asset makes no sense.

I know this is slightly off topic, but are there Islamic loans here, i.e. interest free? Just curious .

We own our car outright, 2005 Holden Astra.

[Phteven]

I know this is slightly off topic, but are there Islamic loans here, i.e. interest free? Just curious .

Yes there are.

[ButterflyForever]

We own our cars. We only buy what we can buy outright.
Paying interest on a depreciating asset makes no sense.

Agree, but not everyone has the luxury of paying cash for a car.

[Trillian]

We have only ever brought cars that were second hand and that we could afford to pay for outright or at least well over half. But with our current two vehicles, we leased our family car through DH's work (salary sacrifice) and and DH is paying off his new ute for the farm. for our situation it works out better financially to pay vehicles off.

[Floweryfields]

I don't know many people who can purchase a car outright....but I do know alot who seem to change their cars almost as frequently as their hairstyle! One girl I know who is about 28 has had around 6 brand new cars and 2 second hand ones in her driving lifetime.

[Tinks]

We own both of our cars. They're nothing flash but they do the job. I"m considering getting a loan for newer car but don't know if I want the commitment right now.

[Liviam]

We own one and have a loan on the other. We don't have the luxury to pay cash but we pay the loan off as quickly as we can.

[Heaven]

We just payed ours off. We got a loan for it because we needed a bigger car than a 2 door after DD1 was born, LOL. The loan was for 5 or 7 yrs or something but we payed it off in 2 yrs.

[Miss.September]

Loan. We've borrowed for all our cars over the years except DH's work van which we bought outright. We've only ever had one brand new car - a Hyundai Excel. We've never borrowed more than $17k for a car though and always paid the loans off.

[peanutter]

we're more who wouldn't take a loan to get a car ...

DH and I couldn't afford a car for the first 4 years we were living together!! We were pretty nifty with our train tickets and rollerblades, and could still get most places we needed to go ...

But when we started fostering teenagers, we really needed a car (for 3am calls to attend the police station, hospital, to collect kids from gatherings which had gone awry, etc...) so we bought a noisy but reliable old mazda. It was kind of ugly, pretty ancient, but it drove well, and we could afford it ...

When we got some more savings behind us (another 4 years later!) we traded it in for a pittance (after lengthy negotiations by yours truly) and managed to score a much more reasonable (but still second hand) 2001 Ford Falcon - the best part being that it takes gas, which saves us about $30 a week in fuel.

But we're not "car" people, and we basically only use cars as a means to an end - so I can't imagine spending $20K or $30K - let alone $60K or $100K on a car! Even without all that interest.

I completely understand why some people do - in the same way that I understand why some people spend $180 every six weeks to get their hair coloured etc - but I'm pretty happy with my natural colour, so I'll keep my $180 in my pocket ... and spend it on books or something ...

(whereas my friends think I'm nuts for buying lots of books, when you can borrow most of them from the library for free ... driving there in your shiny red 2010 MX 5 or whatever ...)



strokes for folks, says I.

[feeb]

Loan for ours.

My 1st car was a loan. Sold it when we decided we only needed 1 car and DH had loan on car he had then

This is our 2nd car loan on a family car in time we have been together.

Could not afford to pay outright. All above cars are and were 2nd hand never new.

We have a 2010 Captiva LX

[Rach75]

currently we own a 04 ford falcon bought in 05 paid cash
a 2009 triton bought brand new on lease ...

since we have been together we have owned a

89 Patrol 2nd hand owned outright traded it in on a 2002 Nissan patrol bought brand new paid off in 3 yrs ... we then traded it in (sort of the cardealer bought it) 07 on Holden crewman on lease, then due to the fact the crewman back seat is so small when we were pregnant with Luke we decided to upgrade we paid out the lease the traded same as patrol to crewman cardealer buys the first car )the crewman in on the triton, our lease on triton is up in 14mths still un-decided whether we will pay it out or re-lease, or start a fresh with another triton if we start a fresh we will pay out this one and trade it in on new one

[Cassius2]

we bought ours outright. we were lucky in that we lived for a few years in Fiji and as there was nothing to spend our income on we were able to save loads. so when we came back we bought a brand new honda civic

it's a grandma car but we love it

[Erin_25]

We own both our cars, something we are darn proud of LOL!!

We have a 2007 Nissan Patrol and an Astra (not sure of the year 2008 I think). We were able to purchase each car after each home we've sold. Saving or investing the bulk of the money but using x amount of $$$ to pay outright for our cars. We always joke if we ever get kicked out of our house at least we can live in our cars

[purplepixie1978]

We own our Toyota Corolla and Vespa Fly outright (bahahahaha, hot wheels, right?) We rent, so don't have a mortgage to worry about, and are pretty good savers. We're planning on selling the corolla, which has a good resale value, and upgrading to a Ford Focus wagon. Second hand for preference.

[~ Zarava Flutterby ~]

FWIW my first car i bought with cash for $500 but i crashed it, so i swapped my dodgey bung car for a car from my uncle (complete piece of cr@p) and drove that around until it kept dying.
I was 18, i was booted out of home and was living with a friend, working full time but with no savings and no-one to lend me money so i got a loan, then we traded that car and got a loan for my subaru as the cycle kept going.
We have just paid cash for this new car (my most expensive yet) but only because we got 'family money' - i don't see an issue with getting a loan, i worked full time but needed a car for travel as i did shift work and it was my only option back then.
I have a great credit rating now though

[volcomkitty]

I don't know many people who can purchase a car outright....but I do know alot who seem to change their cars almost as frequently as their hairstyle! One girl I know who is about 28 has had around 6 brand new cars and 2 second hand ones in her driving lifetime.

umm....I'm 28 and have had 6 brand new cars and 1 second hand one...

2 of them were DH's through work, my current car is a loan and we own the usedy outright.