Hi all, have saved up 16k but need to buy a car, before my 2nd yr of uni starts. What my plan is, as a family member is buying a house and having both of our names on it. Is to use this as grounding, so i’m accepted for a loan, and have my name on it only or both. Then use the 16k i have saved as deposit/cost. Then purchase a house with at least 10% return but extend the loan to cover a purchase of a car as well.
If the place is roughly 45-65k and a car upwards of 15k, is this to dangerous ? (assuming 10% return)Any other idea’s ?[suave2]
The main idea is to turn around something bad to something good.
A car did an illegal u-turn infront of me, and wrote of my car (those airbags pack a punch), so hense needing another car.If the other car did an illegal u-turn to hit yours and write it off, shouldn’t their 3rd party insurance cover it??? If this is the case, you shouldn’t need to worry about financing another car, enabling you to pump your money into something that APPRECIATES in value. Am I missing something here?!?!?
Also, may I ask where this 45k – 65k place is? If you’ve found or can create a +ive cashflow IP, GOOD ON YOU!!![biggrin] But I would be a little sceptical of properties within this price range.
Age doesn’t negate effort – you can never be too young or too old.
Compulsory third party only covers injuries to the other party, not property damage.
I am always cautious of paying for something long after it has been scrapped.
______________________
I know I can, I know I can
So 15K+ is the cheapest car you can find?
Tsk tsk, uni students these days…
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http://www.depreciator.com.auFirst – Either way whether theres is insurance or not, if the other party did an illegal, then they should pay for it – whether its from their insurance company or from their pocket.
Second – There are reasonable cars these days for just $5k – look up the Trading Post.
Regards,
Geo.I’ve found a way to help you save and earn whilst not selling or delivering any product. If interested, drop me an email or PM me to find out how
i agree with scott – you mentioned that you NEED a car.
what happened to public transport?? i agree 15k car is too much. your car is wrth more than you!!! what about a 5k car??
unless you are driving 100km to get to uni!!! and if this is the case then maybe you should look at renting with other students closer to university..
an important lesson in wealth accumulation is sacrifice…
good luck
Thanks for clarifying that one for me Gramyre – I didn’t know as I don’t own a car. I’ve got my eyes on a larger prize – a house!!!
The sacrifices we make eh?
Age doesn’t negate effort – you can never be too young or too old.
I dont live futher then 100k, its about 86 to uni
. The main reason i wanted a bit nicer car was because i’m working as a consultant for my dad at the moment, and have also started up my own webpage development business (haven’t done much yet), which focus’ on setting up online stores. So i want to put my web address on the car so want it to look nice. And i’ll be doing a lot of driving.
The car i had before wasn’t worth much, and insurance dind’t payout what it was worth.Not a bad idea about the car. But like everyone said, you can still get a nice car for around the $5K mark. The bum has fallen out of the second hand car market and you can get some really good bargains out there. The only thing I have to say (and this really comes from my dad, a mechanic) is buy a car that looks nice and has a neat and tidy interior. The engine and mechanics can always be fixed, but to panel beat something or change the interior costs a bloody fortune!
I’ve always bought a cheap car that looks nice and spent a grand on fixing it up. I then don’t have to touch it for three years with any major mechanical fix ups. Think laterally. Try government auctions too. Or repossesed auctions. Can pick up real bargains there!
Steph.
Success is 1% inspiration and 99% perspiration.
Hi to all,
I take my advice back. Sure you can get a car for $5k and a nice one too but not nice enough if you’re going to be a consultant.
When it comes to consultancy, image is everything and it’s what sells you. If you’re doing consultancy or selling something, the first thing your clients will say to themselves is,
“This guy aint successful – look at the car he’s driving. I better not take his advice”
Kind Regards,
Geo.I’ve found a way to help you save and earn whilst not selling or delivering any product. If interested, drop me an email or PM me to find out how
I agree with GEO. Image is everything in consultancy. I am a car salesperson and the first thing i did when my position was guaranteed was to upgrade my car! I may have overspent on it but the good thing with getting a newer car, such as a Holden is that there are great warranty plans around, covering everything on the vehicle. This saves having to put 1,000’s of dollars into something that will undoubtedly stuff up! Big city dealers don’t care if they sell a $5,000 lemon, but if it is covered by warranty, they MUST honour it.
Geo,
I’d have to agree and disagree with you there on the image thing….sure, image is important and if you look successful then people perceive you to be successful, BUT, as Steph said, the bottom has fallen out of the second hand car market and you can pick up very decent second hand cars that are good and reliable for a lot less than a new car around the $15K mark. Cars around the $5K mark can be quite decent, and if Jspri uses his head, he’ll be able to pick up a car that looks good, goes well, and spend the other $10K on buying a property that earns him cashflow and is a depreciating asset. He could also put some of his money towards learning how to market his fledgling web development business properly, a $15,000 moving billboard is a complete waste of money if you can get one just as good for $5K. And as a student, you should be looking at a smaller car like a Holden Barina or Suzuki Cino, they use bugger all fuel and are easy to park.
In marketing your business you should always test and measure, and I’d prefer to put my money towards several marketing ideas, rather than all in the one basket.
I hope your web development business takes off Jspri, but keep an eye on the dollars going out, because you’ll be regretting it when they’re not coming in with the right marketing.
Cheers![biggrin]Oopss……meant to say property was NOT a depreciating asset! Meant the car….
If I were you, I’d buy a Honda Civic 1988 model, you can pick one up for about $3,000 – $5,000 and it will be in excellent condition. I had one as my second car (after my first one got stolen) and it never gave me a day of trouble. Sold it after 5 years when I decided I needed a “new” car because it would be better for long trips.
I have since realised the error of my ways and gone back to another nice ’88 Honda Civic. Best car out there for that price range I reckon.
Thanks,
LuckyoneI would have to agree with the Honda Civic idea – I’ve got a mate who is importing mini motorbikes from china – they look awesome and go like the clappers. He displays them on the back of an old ute he bought off his boss for $800. He paid a few dollars for some signwriting on the side of it and now he’s selling heaps of them leading into Christmas. His sales record is in no way affected by the bombed out vehicle he drives – let your experience and excellent service as a consultant do the talking, the nice new car can come next.
Age doesn’t negate effort – you can never be too young or too old.
Maybe your dad can finance the car, tax write off for the business, and you can just use it as the company car
Otherwise scooters look cool and you can get one that tows a little trailer with the company logo and website. Much cheaper and better publicity than your run of the mill common car.
Originally posted by aussierogue:i agree with scott – you mentioned that you NEED a car.
what happened to public transport?? i agree 15k car is too much. your car is wrth more than you!!! what about a 5k car??
unless you are driving 100km to get to uni!!! and if this is the case then maybe you should look at renting with other students closer to university..
an important lesson in wealth accumulation is sacrifice…
good luck
m.norman
look, a young guy needs a fast shiny set of wheels, it is essential for his psychological wellbeing !
Last week, I had to upgrade my car & got a subaru impreza from pickles auction, I was impressed with the setup. Try the trading post but also check out the ex gov & lease auction houses, you can probably can get an ex gov small car (eg corolla) for 12k or less. All the cars should have NRMA imspection reports that you can look at before bidding, I like 2yr olds with less than 15000k’s because you’ve avoided the steepest part of the depreciation curve. Problem is you’re limited in choice of colours, ah well life is tough. Also avoid late november as I am told this is when all the school-leavers turn up and bid up prices for the cheap end too much.
y not go for something older cheeper that will standout with advertising a hx 2 door monaro can be picked up for around 8 grand, plus will stand out with sign writing, even a torana or other aussie clasic icon will get attention to your dads company logo. Whatever you decide make sure you buy the property. Property is the fastest and safest way to wealth provided precaution and research is done.
. The main reason i wanted a bit nicer car was because i’m working as a consultant for my dad at the moment, and have also started up my own webpage development business (haven’t done much yet), which focus’ on setting up online stores. So i want to put my web address on the car so want it to look nice. And i’ll be doing a lot of driving.
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