Do you have a car loan or own outright?

[sneakysparkle]

Ive been thinking a bit since reading some other threads on cars - about the kind of cars most people seem to have etc... and it seems pretty common to be driving a pretty expensive car! Im wondering how people afford it - especially if youre a SAHM!

So my question is (if you dont mind me asking!) - do you own the car/s you drive or are you paying them off? Just curious!

[Lenny]

We own my car outright (it's a 2010 Mazda 3) and DH's is a lease car to make the most of tax. However, that won't last as the rules have been changed, but for now we lease his car.

[ButterflyForever]

got a kia grande carnival, got a car loan over 5 years, started in 2007.

We did have another car as well, which we owned. But found out it had stolen parts, so the police took it off us. Only four grande down the drain.

[Catastrophic]

Loan. 2007 Tiida.

[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.

[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.

[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

[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.

[skybie]

We own my car, 03 holden station wagon, and we have a loan on DF's hilux which he bought brand new in 2009. i always yell at him that he bought a brand new car to fill with dirt and dust and i get a second hand one!

[The[cookie]Doctor]

We have a loan on ours, it's a second hand 2002 mazda 121.
Unfortunately we didn't have the luxury of buying it outright.

[Floweryfields]

I'm single, and own my car outright, I drew back some of the extra payments on my home to buy it as that was a much more sensible option than taking out a far more expensive personal loan - I Now own my home too. I only bought a smaller car, a ford focus - I am not into putting big bucks into cars, they aren't worth it imo and I've never felt the need for some status symbol.

[briggsy's girl]

small loan on one, own ute and other car outright. going to sell one very soon


ETA:
should clarify - our car is used as security on a personal loan we took out for IVF treatment
we bought it outright when we sold my house when i moved in with DH (and traded my car and the two he inherited from his brother)
the cars we own outright (ute and small sportswagon) were cheap cars but great for what they do

we opted for the much cheaper (both immediately and long term) version of vehicle. both liked the territory but bought the hyundai santa fe

i will return to full time work probably start of next fin year, at which time i'll get rid of the santa fe and salary sacrifice for a newer car (possibly a new santa fe - love my car!)