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  1. #41
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    I reckon you'd want to be on at least 150k salary to justify a 50k car loan! I think it's ridiculous how much money people spend on cars when they're not even on a high income! It's their choice I suppose but I just think what else they could be doing with that money! You can get perfectly decent cars for a lot less than 50k!

    I know now someone who upgrades every few years.... It's a massive waste of money, they end up paying several thousand more than if they just keep the perfectly decent car they already had. My sister does this yet she is on a very modest salary. Oh well, like I said, their choice!

    I don't have a car loan, I own my car but it's older and needs replacing soon so I'll be getting a car loan within the next 6 months or so.... Not looking forward to it due to how fast new cars depreciate, but I'll look after it and keep it a long time and will spend moderately.

    ETA Just reading through the thread, and am confused at this idea that buying a new car every few years ensures mechanical safety and peace of mind.... People do realise they make cars to last longer than 3 years right?? If you look after it, it will continue to be very reliable for a long time! I recently looked at second hand cars around 3 years old, so still fairly new but second-hand. They varied a lot due to how well the previous owner cared for them. Some had clearly been thrashed, others were still as new.
    Last edited by Ellewood; 06-05-2014 at 11:51.

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  3. #42
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    No, we drive second hand cars and buy the safest we can afford. Cars depreciate so much as it is, I don't like the thought of paying interest on something that is going down rather than up in value. Our current cars both have about 220,000 kms on them, we are hoping to drive them until around 300,000 then will look for something else. We take care of our cars, regular servicing etc. which often avoids forking out for large repairs.

  4. #43
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    and all that the Lorax left here in this mess was a small pile of rocks with the one word...UNLESS
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    Quote Originally Posted by BigRedV View Post
    Yeh, I would never spend over 30k on a car. Cars depreciate and are not a good investment in that regard. That's also why I never buy a brand new car.
    The only car which is an investment is a vintage car. You pay money into cars, but since they are a depreciating asset - they aren't an investment. Although the way we pour money into them - they certainly feel like we are investing in them.

    I think a lot of people get blinded by sales people when buying cars these days, and the amount of gadgets that you can get on them. I think it creates a false sense of safety in thinking sometimes that if you pay more, you are more safe.

    Safety tests and ratings The link I've put here shows that most of the cars tested (eg. whether a kia or a bmw) have the same number of stars.
    Last edited by Mod-pegasus; 06-05-2014 at 11:54.

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  6. #44
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    We did the dumbest thing and got finance on two older cars. The loan repayment is huge and the cars are now needing a lot of money spent on them. We desperately need to refinance and upgrade but we have another 3 yrs of debt to pay off yet

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    Quote Originally Posted by pegasus View Post
    The only car which is an investment is a vintage car. You pay money into cars, but since they are a depreciating asset - they aren't an investment.

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  9. #46
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    and all that the Lorax left here in this mess was a small pile of rocks with the one word...UNLESS
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    Quote Originally Posted by BigRedV View Post
    An investment is something you make money from. Since all cars except vintage ones are depreciating assets - you don't make money on them. It's why the idea of a car loan is so scary to me. If you get into financial trouble - and have to sell something - you may end up selling the car for less than you owe on it meaning you are paying for something you no longer own.

    Vintage cars on the other hand - become collectable and can be sold for more than you pay for them in the first place.

  10. #47
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    If they depreciate, they're not an asset.

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    Quote Originally Posted by pegasus View Post
    An investment is something you make money from. Since all cars except vintage ones are depreciating assets - you don't make money on them. It's why the idea of a car loan is so scary to me. If you get into financial trouble - and have to sell something - you may end up selling the car for less than you owe on it meaning you are paying for something you no longer own.

    Vintage cars on the other hand - become collectable and can be sold for more than you pay for them in the first place.
    Yes, so that's why I said cars are not a good investment.

    Best not to get into financial trouble then!

    My brother has a '68 Pontiac and he has spent way more money on the stupid car than he will ever get back.

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    Oh, and my car is a 2009

    But I'm pretty sure it's safe

    ETA - I didn't even consult a salesman to buy my last car. I'm not sold by them and I've always done my own research. I researched and drove 2.5 hours as it was the best price. It's a subaru and I bought it because my last subaru (2003) had nearly 200,000km. But it was the most reliable car ever I didn't want to let it go. I wouldn't buy anything but a subaru.
    Last edited by BigRedV; 06-05-2014 at 12:05.

  13. #50
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    I bought a brand new kia rio for $15000. 4 door hatchback, comfortably fits 4 normal sized adults with a tonne of room in the boot. (I moved house in the car!).


    It definitely ticked all the boxes!


 

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