Your's or the Bank's

[Jonesy484]

i was orginally in debt to the 'bank of dad' but now its paid off

 

[rob_phill]

I have always owned my cars outright. I can't imagine owing money on such a rapidly deteriorating 'asset'.

Ever since my first car I have always have a 1-2k rule...then last month I decided to ditch the corolla which was as old as me, for something in the under 10k price range.

 

[GTS-Replica]

All mine out right.

 

[Gravity]

I voted 'loan' but actually it's a novated lease, fully maintained with salary sacrifice.

 

[Rufys]

Getting a loan for a car is the last thing I would do.

Outright all the way.

Absolutely!!! Or a company lease for the tax benefits and rolling new cars every 2 years or so. But never a LOAN! I can't understand why ANYONE would get a loan for an asset that only depreciates the longer you have it. Makes absolutely NO sense.

We just weren't in a financial position to pay cash. Now we are.

Try saving.

 

[Bill44]

Own outright paid cash. I always buy low Km second hand, let someone else take the big depreciation hit.

 

[vicarious]

Try saving.

get real, im sure they would of thought of that before:idea:,they may have a house loan and kids that the money go to first & now can afford to buy a car outright.Maybe you should do as you say "save" or organise "spare cash" refer post #4 http://forums.justcommodores.com.au...8198-opinions-new-car-option.html#post1990876

 

[Jesterarts]

Outright.

I could never justify paying off a loan that is substantially greater than the value of the car considering cars are something that depreciates.

You buy a car for 30K, after 5 years have paid off 40K but it's only worth 15K.

 

[Rufys]

get real, im sure they would of thought of that before:idea:,they may have a house loan and kids that the money go to first & now can afford to buy a car outright.Maybe you should do as you say "save" or organise "spare cash" refer post #4 http://forums.justcommodores.com.au...8198-opinions-new-car-option.html#post1990876

Buddy if someone takes out a loan, they are commuting to a significant amount of money in the form of regular payments. SAVE THAT AMOUNT INSTEAD and then buy outright once you have the money saved. You'll spend a LOT less on the car that way and own it a lot sooner! It's not rocket science.

 

[vicarious]

saving is good for anything in life, but its better to take out a loan if you are planning claiming the car back on tax, it brings a nice cheque in at tax time