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  1. #101
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    Quote Originally Posted by Benji View Post
    I'm fairly sure cars aren't considered an asset. They depreciate in value. I'm also glad I was able to buy mine for this reason, although DP bought his with the use of a loan which I was also fine with.
    On application forms for loans etc they require to know what your assets are and vehicles come into that category so I guess they are classed as an asset. Anything of value you own is an asset regardless of the value. I don't take into consideration the depreciation aspect of buying a new car because our new cars last us years and we don't buy them with the intention to sell them anytime soon so we get our money's worth. And some models of cars will always have a satisfactory return if looked after, we've always found that when selling dh's previous cars when we have upgraded.
    Last edited by Blessedwith3boys; 08-11-2013 at 16:42.

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  3. #102
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    Pregalicious is offline "Invention, my dear friends, is 93% perspiration, 6% electricity, 4% evaporation, and 2% butterscotch ripple."
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    [QUOTE=Benji;7537353]I'm fairly sure cars aren't considered an asset. They depreciate in value. I'm also glad I was able to buy mine for this reason, although DP bought his with the use of a loan which I was also fine with.[/QUOTE

    Vehicles are considered to be depreciating current assets. (Sorry to butt in!) This means that they have a lifespan of less than 30yrs and are considered a 'temporary asset' much the same as leisure boats etc

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    Blessedwith3boys  (08-11-2013)

  5. #103
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    We have no credit cards, no furniture on finance.... actually no liabilities except for investment properties, which we have sold and settle on next week. We will then be completely debt free for a couple of months until we take out a new mortgage.

    So yes we live within our means.


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  6. #104
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    [QUOTE=Pregalicious;7537432]
    Quote Originally Posted by Benji View Post
    I'm fairly sure cars aren't considered an asset. They depreciate in value. I'm also glad I was able to buy mine for this reason, although DP bought his with the use of a loan which I was also fine with.[/QUOTE

    Vehicles are considered to be depreciating current assets. (Sorry to butt in!) This means that they have a lifespan of less than 30yrs and are considered a 'temporary asset' much the same as leisure boats etc

    Sent from my ZTE T82
    some banks will consider them assets, a lot of people don't because as mentioned they depreciate and they actually cost money to keep and maintain. It is also not certain how much they will sell for which is why many don't consider them an asset. Some people have more valuable things inside their home than parked in the garage.

  7. #105
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    [QUOTE=Benji;7537617]
    Quote Originally Posted by Pregalicious View Post
    some banks will consider them assets, a lot of people don't because as mentioned they depreciate and they actually cost money to keep and maintain. It is also not certain how much they will sell for which is why many don't consider them an asset. Some people have more valuable things inside their home than parked in the garage.
    Cars are listed in the assets colum not the liabilities one on loan application forms.

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    Blessedwith3boys  (08-11-2013)

  9. #106
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    Pregalicious is offline "Invention, my dear friends, is 93% perspiration, 6% electricity, 4% evaporation, and 2% butterscotch ripple."
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    [QUOTE=Benji;7537617]
    Quote Originally Posted by Pregalicious View Post
    some banks will consider them assets, a lot of people don't because as mentioned they depreciate and they actually cost money to keep and maintain. It is also not certain how much they will sell for which is why many don't consider them an asset. Some people have more valuable things inside their home than parked in the garage.
    Im sure they do, and yep, ur 100% right, vehicles do depreciate. You never know what they will sell for and they cost money to maintain - just like a house Its not crucial to the thread to debate it, I was just letting you know

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  10. #107
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    Ok this is confusing as there is obviously an issue with the quoting lol.

    yes, banks will accept them as an asset this I know. Many financial experts do not for the reasons I mentioned above. Heck, centrelink want to know the value of your clothes and consider that an asset (so they can give people less money lol).

    i was always taught they are not an asset but I know banks accept it, yes.

    http://smartmoneyguide.blogspot.com....car-asset.html

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  12. #108
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    Yes, it is a bit confusing. I'm an accountant, and at our firm they are definately considered an asset. It is very inconsistant across the board, I can't tell you why - it makes no sense to me either

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    Benji  (08-11-2013)

  14. #109
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    I know what you mean! I just thought "I have a lot of assets: vehicles" was an interesting way to put it. If it's a case of something being able to be sold for money I am currently talking to you while sitting on my asset and watching my asset and typing on my asset I haven't ever thought of myself as having two assets parked outside but I know what you are saying, different firms consider different things assets and liabilities. I thought the rich dad, poor dad's view on whether or not a house is an asset was interesting.

  15. #110
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    At the moment we don't live within our means! We always have but in The past 18 months we have sold our house and embarked on a massive renovation on an old queenslander (aka the money pit). We now have a huge mortgage and are struggling to make ends meet. It's not long-term, just for now until we have finished off the house/landscaping.

    So yes, it's our choice to live beyond our means at the moment. But we owe far less on our house than what it's worth!


 

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