Thinking of Buying a new VF series 2 SV6

[WazzaVN]

A bit of hindsight for you man. I wish I never got a loan for a car. (Nearly done paying it off) Nothing to do with the car, it's a pleasure and I love it but the loan is a pain in the arse. I could have saved up easily by now but I just couldn't wait.

All my mate are traveling, I can't do that easily because I'm tied down for a few hundred a week. Unfortunately i Can't take a break from my loan. I'm just waiting till its payed off before I do.

My car is now worth allot less than the money I borrowed to pay for it let alone what I actually will have payed for it after all the interest. Your Calais won't be worth anywhere near 43k in 7 years.

If you get a loan just get a smaller one (under 10k) and get a newish reliable car. Don't go such a big loan to begin with man.

Also get you own insurance because you want to start building up a good rating, well, assuming you don't crash all the time lol.

 

[Sandman]

Work your way up, heck even get a couple of year old VE SV6 with all the trimmings and you're still at a lot less than $45k. I'm 21 and can't fathom spending that kind of money on a V6 commodore that will only depreciate. I'd get saving and go pay cash for something, bugger paying interest on a loan till you buy a house IMO.

 

[VS_Pete]

^^^
Words of wisdom to OP.

 

[dgp]

If you desperately want to take out a loan, get a mortgage and buy a cheap house and rent it out. By the time your 40 you will be able to afford any car you like.
I don't know you and this is not a criticism of you, but I feel this is an issue with the majority of the younger generation where they just can't wait and have to have the expensive things that their parents have spent a lifetime working up to.

 

[VS 5.0]

OP.....listen to these guys. Everyone of them is on the money.

 

[Drawnnite]

yep, have to agree, listen to the advice. same as during your apprenticeship, listen to the best of them and youll come out with an exceptional amount of knowledge (plus most of them wont show you trade secrets unless you are willing to have a good crack at it)

if I was in your shoes id have a go at getting the ute fixed up. treat it nice and itll last you for a fair while.
save the dollars and buy a car outright, treat it as a want and not a need (unless something happens with your current vehicle beyond easy repairs)
or as above has suggested, put a bit aside every week and put it towards a house.

If you can treat it as a "Cash Only" principle youll be able to put the money saved towards something else you want.
be money savvy now and youll be able to set yourself up in the long run.

 

[blackve76]

I agree with others but its good to get a loan when young to get a credit rating for when you get a house.

maybe get a 2nd hand VF ute, evokes have same engine as sv6 in ute

 

[Riley.Davies98]

I agree with others but its good to get a loan when young to get a credit rating for when you get a house.

maybe get a 2nd hand VF ute, evokes have same engine as sv6 in ute

Yeah see thats what i thought it could give me a good credit rating providing it all goes well and i pay it off. Been looking at a few demo Vf's and some with only 10,000 kms on it but the only thing is i need one with a hard top on it so my tools don't get stolen and i figure if i include it in the loan it saves me trying to get one after i have a loan for a the car, ill just have to be patient and hopefully one pops up if not ill look at ordering one in. I also wont be needing to get the full $45,000 as a loan because i have money saved up and once i trade or privately sell my car in it will end up being about $25,000 that i need to get as a loan.

 

[EYY]

I totally agree with everything said above. You don't want to take out a loan for a depreciating asset, and because of your age and income it's likely that the interest rate will be relatively high. Try not to buy something that depreciates so rapidly. You can have a REALLY nice VE Calais or Caprice for under $10,000. At your age, I wouldn't try to borrow any more than that.

When I first got my licence, a few of my mates went out and purchased the latest and greatest cars by taking out loans. A few years on, they're all still whinging about having no money and not being able to go out because they're still paying off their loans with ridiculous amounts of interest. I must admit, it was tempting to do the same. Now that I know what I do, there's no way I'd take out a loan for a car. Instead, look at growing your wealth by investing in property, shares, bonds or even setting up a term deposit if you want a lower level of risk. Make your money work for you. Don't become a slave to your debt.

I've managed to get by with my VS since I got my licence.It's been very reliable and even though it's old and has needed a little bit of maintenance, I don't think I would've spent more than $2000 on parts all up. No matter what car you buy, you'll need to spend money maintaining it from time to time.

 

[Drawnnite]

you don't need to get a loan when young to get a good credit rating for when you go to buy a house.
have been there done that in regards to the house
all they want to see is that you have a proven track record of saving and that you will be able to pay it off as required. along with a few other things but that's the basis of it.
even better is if you get above the deposit percentage they would like you don't have to pay extra fees like lenders insurance etc.