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.
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06-05-2014 10:30 #41
Last edited by Ellewood; 06-05-2014 at 10:51.
06-05-2014 10:42 #42
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.
06-05-2014 10:47 #43
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 10:54.
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06-05-2014 10:50 #44-
- Join Date
- Feb 2013
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
06-05-2014 10:51 #45
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06-05-2014 10:57 #46
Vintage cars on the other hand - become collectable and can be sold for more than you pay for them in the first place.
06-05-2014 10:59 #47
If they depreciate, they're not an asset.
06-05-2014 11:01 #48
06-05-2014 11:02 #49
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 11:05.
06-05-2014 11:07 #50-
- Join Date
- Jan 2011
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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