What type of vehicle do you have ??

Yeah my car is depreciating faster than I can legally drive it! Still good fun!

D

2000 Ford Festiva, only worth $3000 now.

For the last two years, i always were thinking to buy a new car to replace, something like a BMW X3.

But considering the big mortgage we have now, the question always come to me: spend on a new car or put in my offset acount?

2010 Holden SS Ute – i get a vehicle allowance and fuel card as part of my package so i can enjoy a new car every 3 years and get some nice tax benefits as well, quite fortunate in this respect

lol, this thread cracks me up. 

But i will stick with the topic:
BWW 7 series
Lexus
and work truck, Ford pos

2009 Mazda 2 Neo. Fuel efficient, nippy performance (as much as you'd get in a 4 cyl non-turbo 1.5L engine). The great handling is my favourite bit and it takes sharp corners and roundabouts very well. It's an auto, even though I got my license on a manual and could easily drive a manual car. But given the infrastructure issues in some parts of metro Melbourne, and mega jams where you'll be lucky to move at greater than 40 km/hr for long stretches of road, an auto is a life-saver. So easy to drive!

My current dream car would be a Mercedes AMG E63. Forget about all the super-expensive sports cars, I'll rather buy a property with that kind of money.

Being a vet, people think I have a very nice car, own a house in a posh area and take lots of holidays. What complete crackopola. People have no idea how little a vet actually earns. Couple that with 5 years worth of student debt and you'll see most working vets are in the dumps right now.

Lol – Datsun 200B with an accelerator that had a tendency to stick to the floor (no jokes – it would literally get stuck). Imagine the expression on the folks face when instead of cruising into the drive way I speed pass yelling “I cant stop”

Fast forward a few years later and my current Nissan is a bit more reliable

Cheers

Jamie

Hey Kong

I think the purpose was for fun. I completely believe there is no correlation, as many people who have no wealth will buy hideously expensive cars on finance. ( I know a few)

And many who have plenty of wealth will buy a nice plain car that does from A to B.

I personally use my car as inspiration, my first car was FREE from a front yard, I drove it home with a flat tyre and spray painted the front quarter panel with a spray can, the other 2 cars I bought (Kingswoods) were $1250 each. I drive my car, and I feel like I'm headed in the right direction. Sure it's not a Maserati or and Aston. But maybe later…….

BTW Kong, fess up buddy….

It's good to have a bit of fun.. now and then.

Cheers

D

You are absolutely correct, but I might add that you can tell if someone has a keen sense of investing by the type of car they drive. Generally cars are atrocious investments, buying a depreciating asset is no way to wealth. However it is not always the rule.

I said before that I had a Porsche Turbo, a Mercedes ML, a Ford Mustang and a BMW X5. On the surface it looks like I have hundreds of thousands of dollars of depreciating assets. The natural assumption would be that I am either too rich to care or foolish, but there is a third option, let me explain.

My number 1 rule is never borrow money to buy a car.
My number 2 rule is don’t buy a depreciating asset
My number 3 rule is if you can’t avoid #2 make sure you can claim the depreciation

car #1 1988 Porsche 911 Turbo – Bought from the Porsche Dealer in Saudi Arabia, one of a limited run of 384 Targa Turbo’s ever made. purchased for $13,000 AUD in 2001 when I was working there. Imported to Aus as a personal import, total cost $25,000AUD currently valued at $85,000-$100,000AUD and appreciating.

car#2 Mercedes ML 270 – Originally bought under one of my businesses as a lease, it was 4 years old and paid under 50% of the new price. I paid out the residual and acquired it as a personal vehicle on sale of the business well below market value.

car#3 2005 Ford Mustang GT – Bought 3 years old in new condition in Dubai for $15,000 AUD, will import it back to AUS under the personal scheme when I return (see car #1)

car #4 2006 BMW X5 – I’m living in Dubai at the moment, bought this car for $10,000 AUD! Because second hand luxury cars here are cheap.

The cars I own are both great fun and good investments.

The purpose of this thread? maybe meet some other property investors who are also car enthusiasts.

BTW Kong, fess up buddy….

Hi Kong,

                     So . . .

Mitsubishi Challenger.  Very awesome for going places off the beaten track.  Also very awesome for fitting lots of renovation materials in the back.