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.
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
We own both our cars. DH drives a 2008 Navara and I drive a 2006 BMW X5. We put any extra money on the mortgage and redraw to upgrade the car when necessary. I was fortunate to be given a car for my 18th birthday by my parents and each upgrade has been trade-in value plus the difference in cash.
I love my car. My last name is not Jones and I don't care what anyone else thinks of my car, just as I don't care what anyone else drives. BMW is well known for safety and that is my primary consideration in choosing a vehicle. I also enjoy driving the car, it is a very smooth and responsive ride!
I did apply for a loan for a car in my early 20's, I think I wanted to borrow about $6K to buy a new Hyundai Excel. My dad didn't wanted me encumbered by a loan and he gave me the money to buy the car. I certainly wouldn't borrow a large amount to buy a status symbol, but I would borrow money without hesitation (assuming I could pay it back!) to ensure my car was safe and reliable.
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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.
I certainly wouldn't borrow a large amount to buy a status symbol, but I would borrow money without hesitation (assuming I could pay it back!) to ensure my car was safe and reliable.
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