How do people pay for their car?

[quirdan]

Eight cars, all leased.

All Ford too!

[vanman_75]

lease,finance,finance,finance,cash&cash for the few i have at the moment

[Pinch]

Cash (Fairlane), novated lease (Mini), and car share by cash - with family (Forester)

[Cuey]

Originally Posted by Falcon Coupe

Cuey are you talking new cars or any cars ?

Basically anything half decent over 15k

I can see it being relatively easy to save up for something older around the 8 - 10k mark, but how do most ppl pay for their new FG or BF mk2?

[Daymoe]

Sexual Favors...


Nah, cash. I'm well payed for a 17 year old, and I've got a decent amount of moolah for my car next year without having parents or banks involved in my purchases.

[husky510]

Finance lease through my business. Both my F6's cost me $55 a day!!!! What a bargain!!!! I could never hand over $85,000 in cash for two cars... but at $55 a day..I can justify that!!!!

[XR8putts]

Picture of a Spider.

[4Vman]

Originally Posted by ddarby

Cash only. Paying interest on a depreciating asset ( unless for a business) is just plain silly in my book. Live and learn.

Exactly.. paying interest on a depreciating privately owned asset it a double wammy...
That said there are times when it makes sense to lease such as for business purposes.
Ive leased a few through the business where i can claim the costs and payed cash for my private use vehicles...

[Uncle Raggy]

Didn't we already have a thread like this a few months back?????

[4Vman]

Here's a sobering calculation:
An XR6T with some extras bought 5 years ago using finance for $50K will have ended up costing you $65K once interest is added in and be worth about $15k trade in now..
An out of pocket loss of $50K after 5 years!!

[husky510]

Originally Posted by 4Vman

Here's a sobering calculation:
An XR6T with some extras bought 5 years ago using finance for $50K will have ended up costing you $65K once interest is added in and be worth about $15k trade in now..
An out of pocket loss of $50K after 5 years!!

Or loss of $35,000 if you pay cash!!!

[robjh80]

I thought everyone should take a loan on something, car or otherwise about every 7 years or so in order to keep a "good credit rating?" .... particularly younger people who at some stage may be looking at a bank giving them a mortgage.

[shazaam]

Originally Posted by puts99

Picture of a Spider.

with 7 legs

[XR6_190]

I paid half cash, half personal loan, for my XR6 (paid $30,000) and I paid the loan off in about a third to a quarter of the expected time, cutting the amount of interest dramatically. I did the same thing when I bought my AU, so now I have a great credit rating and am now saving for a house deposit.

[Ives]

Briefcase-full of cash.

[Aeron]

Part cash, part trade-in, part personal loan.
Best of all 3 worlds

[BF Tonner]

Got my bf mk2 on a novated lease for $28k

[pwr4ce]

Well I paid the lease out on my GT about a fortnight ago

Now I own all of my vehicles outright - its a good feeling!!

[pwr4ce]

Well I paid the lease out on my GT about a fortnight ago

Now I own all of my vehicles outright - its a good feeling!!

[vanman_75]

Originally Posted by husky510

Or loss of $35,000 if you pay cash!!!

or invest or term deposit your 50 grand which would more than make up the difference ,this can go around in circles there is no better way to lose money ,its a depreciating asset just pick a way how to lose it.it only comes back to how much you can afford weekly cash, loan or otherwise .i choose lease on my big km car ,finance for the cheap run arounds ,the saving would be bugger all on the 15- 20g cars that run for years past the finance. cash for toys .
because they wont be going far and you only have em cause you can afford them.
thats just my spin on it rant over

[500SEC]

If you are buying privately, it's preferable to pay cash. Using finance to buy a depreciating asset, such as a car, doesn't make a lot of financial sense. Commercially, finance should only be used to buy productive assets that have value in the long term. A motor vehicle doesn't fit into this category of asset.

[Mr Hardware]

I thought everyone should take a loan on something, car or otherwise about every 7 years or so in order to keep a "good credit rating?" .... particularly younger people who at some stage may be looking at a bank giving them a mortgage.

Pure BS. I've heard that one before, someone tried to feed this falsity to my wife years ago when she got her first car. I consulted my dad (who also happens to be a finance manager lol) and he said there's no such thing as a good credit rating, only a bad one if you go wrong.

For the record, the only loan I ever have had is my mortgage, which I got first up. Banks don't care about your previous credit history unless it's bad. Best way to get a mortgage kiddies? Have a steady income and as much deposit as you can muster, and you certainly aren't gonna be building up that deposit quick if you're doing silly things like taking out loans on depreciating assets like cars.

[InTrail]

Last 3 cars all novated leases.

For me, it works out about the same as an interest free loan over the duration of the lease.
The interest costs are offset by the tax benefits on running costs.

[500SEC]

You don't get a good rating by taking out a loan. You only get a bad credit rating by taking out loans and not paying it off.

[IDT]

I think some people are telling porky's on the Poll. I somehow find it extremely hard to believe nearly half the cars are paid for using cash.

[gcg2503]

Originally Posted by WAForce8

I think some people are telling porky's on the Poll. I somehow find it extremely hard to believe nearly half the cars are paid for using cash.

I hear you on that one Mark

[Mr Hardware]

Correct 500SEC. A 'good credit rating' is about as real as drop bears and the tooth fairy.

WAForce8 and gcg2503, why? There's so many people on this board with E-series cars! No-one needs to take out a loan for one of them!

[xurbanx]

Financed on mine, fully regret it. The next car will be paid for in cash (and I've already started saving :p)

[vanman_75]

if this forum is full of people that can pay cash for 70 k cars ,then very good luck to you .car companies would of been broke long ago ,they would die waiting . those that are answering cash for cars up to 10 or 20 g ,woopi do they aint new and some one has to buy them first for the less fortunate ,nothing wrong with a low interest loan that can be paid off early if your income suggests you can.

[MITCHAY]

I bought my car with cash. I will avoid a loan at all costs and I doubt I will ever by a new vehicle, even though I could.