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Technically own both our cars, but is just means we owe more on our home loan.
2003 Commodore, well would have been paid off by now, but paid it off earlier from the home loan.
2010 Swift, paid out right (was a 2008 Colt, but that was written off and we got an insurance pay out). Originally paid for with the proceeds of a house sale, so whilst we paid for it without a loan, it does mean our mortgage is higher. This was a toughie, only wanted a $5000 little care for DH to get to work, but at time small cars were a premium due to increase in petrol prices and the older cars use a lot of petrol, unlike the newer models. So it made more sense to buy new at the time, just due to the fuel savings, extended warranty and the new for old payout with insurance for the first 2 years.
We have been the ones to own the luxury car (judge away) and boy it was wonderful at the time. We spent a lot of time on the road, we only needed one car due to me being able to use PT, it was so comfortable to be in and when doing many day long drives, it is worth it. We were not friends with any "Jones" at the time, so we were not keeping up with anySaying all that though, with hindsight, we could be debt free now or soon if we had just took out a small personal loan at the time to get our old car a full overhaul (was worth it due to the make, had one of those engine that breaks in at 200,000k rather than dies). It was one of those life choices that I swing between loving and regretting, if we stayed at DINKS, then there would be no regret.
I do see cars as an asset to an extant, for many people depending on where they live, the only way to get work, get an education etc is with a car. I grew up in Launceston and the number of times, even though there was a bus right by the door, I was rejected for jobs due to not having one (even though the job did not need one). Where we live now, it would be impossible to get by without some form of personal transport. So a car is not always a liability, they can be an asset, if buy owning one you earn an income.
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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.
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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
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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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Australian muscle? Dad has an XB falcon and a HG monaro amonst his collection, fully restored as if theyve just rolled off the show room floor
My first car was a 64 EH. I still have it, she's a bit neglected these days though. I don't think I'd even have the muscle tone in my arms to drive it anymore haha
You were RAK'ed in 2015.
Same here! Dh bought it for me and it was my pride and joy! When we moved we sent to a mechanic who was going to do it up for us, that was in 2009. We moved towns, and a few months back we got a phone call from the local police who said that they had found it stripped and burnt out. I cried when Dh told me what had happened.
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You just left it?!
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QUOTE=Onyx;2938519]My maths isn't great but I think that a 10k loan over 4 years at about 12%p.a would cost you about 2.5k in interest. That's not really close to the same amount. It's a lot more.[/QUOTE]
That's right in the long run you do pay the interest (didn't deny that)...what I was referring to is the REPAYMENTS. So to use your example- 2.5k over 4years would add and extra $52 to your monthly repayments.
Anyway each to their own...I certainly wouldnt pick on someone for their opinions or values.
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We've done both. We've had many care over the years. Some have been purchased outright and some have been loans.
I'd much rather not have to have a loan for a car but sometimes it doesn't work out that way. I decided that I wanted a much safer option for transporting our family after seeing a very similar car to mine (that was owned outright) smashed on a tow truck. I realised that my children weren't as safe as they deserved to be. The only way to achieve that was with a loan. I prefer to go without a few unnecessary luxuries and pay a bit of interest for the piece of mind.
As it happens, our life has taken a new path and the car will be the first thing that will be paid off when we sell our house.
Last edited by ~Raven~; September 30th, 2011 at 08:25 AM.
You were RAK'ed in 2015.
Nah, we left it with the mechanic, who we know really well, and the plan was that he was going to do some work on it for us (it was in need of some serious work) in his spare time. We would then pay him when needed. Thats the sort of deal we had. We were happy it was going to take a while, meant that we would get the car we wanted back without having to fork out huge money in one go.
But when the police rang, the car had been stolen, stripped, and burnt to a crisp. The policeman who rang us said they couldnt even tell what colour the car had been
The plan is to get another though in the future and to do it up ourselves. Which was the initial plan but with kids and time it wasnt an option at the time.
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Oh man. That really suck!!Nah, we left it with the mechanic, who we know really well, and the plan was that he was going to do some work on it for us (it was in need of some serious work) in his spare time. We would then pay him when needed. Thats the sort of deal we had. We were happy it was going to take a while, meant that we would get the car we wanted back without having to fork out huge money in one go.
But when the police rang, the car had been stolen, stripped, and burnt to a crisp. The policeman who rang us said they couldnt even tell what colour the car had been
The plan is to get another though in the future and to do it up ourselves. Which was the initial plan but with kids and time it wasnt an option at the time.
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Well I must be one in a million...
DH and I bought a 2010 model Honda CRV 4WD. It cost $42k and its, wait for it.....on a car loan!!! I love my car and wouldnt trade it for the world. We didnt want to refinance our mortgage for a car so shopped around and got the best interest rate possible (its about 1% more than our home loan so doesnt make a huge difference anyway!) We pay more than what we have to for our repayments and hope to have it paid off by the middle of next year.
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