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View Poll Results: How do you purchase your vehicle | |||
Upright (full amount payment from savings) | 20 | 42.55% | |
Finance with dealer | 19 | 40.43% | |
Loan (bank, family) | 8 | 17.02% | |
Voters: 47. You may not vote on this poll |
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02-03-2013, 09:24 PM | #23 |
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Commercial Hire Purchase for me.
Was able to get 4.99% with CBA's Asset Finance division, and with my log book showing 85% work use (use the wife's work car on the weekends), a way better deal using finance after tax deductions. Extra funds are better used paying off mortgage/investment purposes!
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02-03-2013, 09:32 PM | #24 |
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Sorry to be blunt but if you can't pay for it outright, you shouldn't buy the car period.
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02-03-2013, 09:35 PM | #25 |
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This question has too many variables.
If you can't afford it upfront, then get a loan/CHP or whatever arrangement with the best terms you can find. If you have the cash, consider whether there are better things you can do with that cash (e.g. if investment return > loan interest then obviously go for loan). If not then pay upfront.
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02-03-2013, 09:40 PM | #26 |
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Finance. There's no way I can live with myself forking out 100k in one bang. That sting would be just too immense from seeing my account balance drop like that. I wouldn't buy any volatile item like a car without being certain I could pay for it all up-front of course, but i'd rather pay for it over 4 years. Even if that means paying a bit more for it in the long run, 1 -1.2k out of my pay per month is far more manageable.
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02-03-2013, 09:44 PM | #27 | |
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Quote:
As the saying goes... buy the least expensive car your ego can afford.
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02-03-2013, 09:51 PM | #28 | |
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Quote:
Of course, that's a huge if.
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02-03-2013, 10:12 PM | #29 | ||||
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Quote:
Quote:
Quote:
Quote:
Not a huge if . Everyone's skill set is different.
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02-03-2013, 10:23 PM | #30 | |
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let me suggest there is good debt and bad debt. That debt on ya house is the bad kind and the car type that is tax deductable is the good kind. |
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02-03-2013, 10:45 PM | #31 |
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Depends, if it's an investment property gearing it up is a non-issue since rent can cover most if not all interest payments.
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02-03-2013, 10:49 PM | #32 | |
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What you are talking about refers to if you have both HOME loan, and car loans it is better off to pay off the non tax deductible part first. What I am talking about is that a car loan could be a bad loan to start off with if you couldn't afford it in the first place. If you can't pay for it outright if you haven't got passive income to cover the repayments, then it is a bad loan. Personally, if I can relive my earlier years, I would not spend money on any over the top items unless my passive income can sustain it.
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02-03-2013, 10:50 PM | #33 |
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This is true, but an investment loan for a house is what I call a super-duper good debt I'll go out on a leaf and say that any debt on a home (even a normal home loan) is a good type of debt because it's an asset that appreciates over time.
Debts on a cars are only EVER good when they are bought for business purposes |
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02-03-2013, 10:55 PM | #34 | |
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Very true, certainly depends on how confident you are with that sum of money.
Just remembering that paying it all upfront immediately locks up that sum of cash in a depreciating asset. Quote:
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02-03-2013, 10:59 PM | #35 | |
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A car loan with business purpose is only good if what you spend on it justifies the business purpose.
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02-04-2013, 01:25 AM | #38 |
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Car loans are always good, just don't get out of the driver's seat or look at your bank statements
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02-04-2013, 02:42 AM | #42 |
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02-04-2013, 03:03 AM | #43 |
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Nope. Had a very very fortunate run before the GFC. I would like to say it was completely by design but there was a bit of of luck as well. Mind you I worked very hard for a lot of years and took a few calculated gambles to make that luck.
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