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  1. #1
    FearlessLeader's Avatar
    FearlessLeader is offline Winner 2013 - Most Memorable Thread
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    Default Car loans

    A bit of a spin off from the debt thread. I noticed quite a few people have car loans for $20k+ Why did you get a car loan/buy a car for so much money? I know for lots of people it's fairly affordable, but for many it seems to be not so much. Why didn't you just buy a cheaper car?
    Just curious really, as we aren't really ones for debt. Did you think you could afford it at the time, or did you feel it was a necessary expense or something else?

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  2. #2
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    I got a $17k loan for a $28k car. At the time it seemed like a good idea. I bought a brand new car a few years beforehand and it was an absolute lemon. It had so much work done to it under warranty. I figured the need for all that mechanical work would continue, the only difference being it would be at my expense once the warranty expired. So i got rid of it and bought a new car.

    I ended up paying the loan out after 4 years ( was a 7 year loan). I just got sick of having that debt sitting there and once i was in a position to wipe it i did so.

    I don't think i would ever obtain a loan for a car ever again. It doesn't really seem worth it when you end up paying a ridiculous amount for something that depreciates in value at such a rapid rate.

    My current car has had massive mechanical failings even more so then my first car. The warranty work would be way up in the thousands. I'm hoping this doesn't continue on once warranty has expired... i don't want to have to face the possibility of buying a new car anytime soon.

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    Default Car loans

    I had a little 4 cylinder when DF and I started dating and he literally almost didn't fit in it!
    He's 6'5 and and a big guy. Once we drove from Rockhampton to Brisbane and he could hardly walk for three days after being scrunched up in the front seat. He persevered for 6 months but when we moved in together we decided we needed a car he could fit in comfortably so we got a big 8 seater Prado.
    Lucky we did because a few months later I fell pregnant with DD2 so we needed 6 seats lol

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    Default Re: Car loans

    In a way I agree with the opening post, in regards to car debt. for me I see as, if I don't have the money for a particular car I cannot afford it, i'll go without an upgrade or get something cheaper... I understand if you do get a lone for a car but is for a small portion of it ie: a car 80k and got a lone for 20k, but yeah that's just me...

    in regards to debt I only like a house in debt anything else I would go without. But like I said that's just for me

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    We bought a cheaper car ($7k in 2008) so we could buy it outright, as I consider car loans to be bad debt as the cars depreciate so quickly.

    although if our car died tomorrow, we would have to borrow to replace it as we are tight financially at the moment, but I would buy something for a similar price, as it's served us well.

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  7. #6
    rainbow road is offline look at the stars, look how they shine for you
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    Default Car loans

    We bought a $10k car (04) this year so we wouldn't have a loan. I don't like loans so avoid them like the plague. Our car is fantastic.

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    I will be getting a loan for a 17kish car soon. We own a 10k car outright currently and while it would be fine for longer but I need something bigger...

    We will take out the whole amount on a secured loan so the money from our current car will be used to pay a debt dh brought to the marriage that we pay nearly 18% on! Much prefer a car that suits my needs at a lower interest rate!

  9. #8
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    headoverfeet is offline The truth will set you free, but first it will **** you off. -Gloria Steinem
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    We are in the middle of selling DF's car (upgrading but no debt) so we wont have a car loan any more, we got it because well..DF likes 4WD and we do/did use it for that purpose, plus we were moving bush so a 4WD was more suitable.

    We saved for months and months to buy my car outright (I didn't have one) because we had no choice to get finance plus well we wouldn't of anyway, I hate bad debt.

  10. #9
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    Default Car loans

    Because we wanted a new car and could afford it. Now we have a nice reliable family car and won't need to upgrade for years if we don't want to. We are debt free now, so well worth it.

  11. #10
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    I bought a brand new car in 2010 and got a $25,000 loan (car purchase price was $31,000), plus we had hubby's $8,000 car loan too. We could afford it at the time and I guess I was naive as I'd just started working full-time out of Uni and was still living with my parents, so thought I was rolling in money. If I would have kept my old car I'd be well and truly due for an upgrade now as the car would be 12 years old, so although we're in alot of debt now, it was inevitable. Though if I had my time again I would have bought a cheaper car as now that I'm pregnant, the car loan will dictate how much time I can afford to take off work when bub is born...


 

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