Help me set a clown straight!

[Calaber]

Just forget the question of whether he can legally drive an SS at his age for a second. How many of you would have wanted to start your driving experience in an SS? And, if you are young, why would you want a car like that for a first car? What would be passing through your mind about owning and driving that type of car? Would it be cruising streets at night, a few mates on board, keeping to the 50 or 60 speed limit? Or would it be something more "exciting"?

It's not just the question of a huge loan for an apprentice, it's what he thinks he will do in the car once he gets his hands on it.

 

[arrow224]

Option 5 here. Still drive my first car, but that's because I am still on my P plates.

 

[GAMBLR]

Option 5 for me still going strong and i'm loving it.
I hate to say it but i agree with everyone else. A powerful car as a first car is, in my opinion, not suitable. However, buying a $500 bomb for example, could encourage people to take less pride in their cars, and hence when they get something worth lookin after, they treat it in the same manner. not saying any1 here does, not your mate, just some observations i've made.
I bought a decent first car hoping to keep it for a good long time, and i've looked after it as best i can. Yet my brother whose just got his P's has a turboed r33 skyline... won't go there but it's not ideal, all i'm saying

 

[MasterOfReality]

Option 4.

Some people just have no money sense. Let him do what he wants and then when he whinges about being short on cash, then rub it in.

As they say, a fool and his money are soon parted.

 

[88GreenVN]

Option 4 for me - but my middle daughter has sot of option 1.5, 3 accidents all her fault but the VN came through the ordeal with a bit of Toyota blood on the front, small tent in the mag and a clipped rear tail light. Caused $1600 in damage to the other cars.

Now for the VY SS even when he has paid the inflated price for a VY - the insurance is a killer on it's own. So add car payments, rego & insurance and this will = financial

 

[kart_racer]

I was forced to choose option 4, however I did heavily crash my first car. It was nearly written off, but the repair quote came in just cheap enough for insurance to repair. So I drove it for another 18 months and sold it.

 

[ScoHar]

I choose option 4, my 1st car was a minta bought it for $900 and sold it 2 months later for $2300, which started me off for my 2nd car.

I have had a $10,000 loan for a car before and Im still paying it off, got sick of that car so sold it and now have my commodore but still have the loan. ($394 to go)

 

[VrWagz1]

Option 4 for me. I think there needs to be another option, "car has had minor damage thats significantly reduced its value". I've seen so many nice cars that slowly get little dings, develop clunks, paint gets scrathches and the interior gets coke all over it and in the end, especially riding around with mates the car. Then the final re-sale/trade value becomes significantly less and you dont get your money back like as if it was looked after.

 

[cxcxcxvcvcvc]

Forget about what the car is and think about the amount of the loan for a first year apprentice. I did this mock up on my banks website and based it on $20000 over 7 years.

Your quote has been calculated as a Used Car Loan.

Estimated cost or value of vehicle or boat..........$ 20,000.00
Amount of the loan..........................................$ 20,000.00
Your State......................................................NSW
Government Stamp Duty (Contract, Mortgage)...$ 0.00
Other government fees....................................$ 12.20
Establishment fee............................................$ 250.00
Personal Loan Protection premium*..................$ 1,928.00
Total amount required for loan.........................$ 22,190.20
Loan Maintenance Fee (monthly)......................$ 7.50
Term of loan...................................................7 Years
Interest rate...................................................12.29%
Your monthly repayments (including Personal Loan Protection) will be:...$ 402.67

$402.67 per month over 7 years. That's 84 months.

$402.67 x 84 = $33,824.28. For something that was only worth $20,000 to begin with you end up paying that much it's ridiculous.

Had the same thing with me, I was looking @ getting an XR6T for $19,990 but when i read how much interest i was going to pay there was 20K just in interest:whistling: needless to say i let the car go and am still happily driving my calais

 

[tommo82]

I voted number 4.

When I got my P plates in 2000, I bought a VR commodore.

Stock as a rock. V6, hubcaps, few electrics. Why invest heavily in a first car which you are more likely to have an accident in for the reasons the original poster specifies, less driving skill, etc?

I simply got something basic and used it as a stepping stone to get to other cars and wasn't a teenage victim of depreciation on an expensive first car

My current car is financed (Novated Lease), but the tax benefits are significant enough for it to be worthwhile