How do people finance 70,000 odd $$ to purchase a new car

[Ben73]

Originally Posted by 2011G6E

I met a guy once (back in 1987) who was only 24 and had a Porsche 911.

It would be an interesting story to tell his kids and grandkids.
A lot more interesting then "When I was 24 I drove a rust bucket, worked all day, every day, but paid for a quarter of my average house, in an average suburb in cash.

I'm not against buying house since I bought one at age 21, but it has to be the most expensive and boring purchase ever. I saved so, so hard and paid so much so I can have a lot less money each pay and work around the house on my days off. Fun.
Ah well look in the long term and all that I guess.

[blueoval]

Unlike most common cars out there, a house mostly will appreciate in value over time. Not only will it be your house, but if you chose to sell it, it will end up selling for a lot more than you paid for it.

Down side is if you had to buy another house you would have to spend similar amounts to what you get for your house when you sold.

[gtfpv]

i could be debt free many times over by now , the thing is i have a wife .
on the other hand i still have her , she couldve gone with my kids and my money also . ( food for thought) the brass ring is not brass , its gold and diamonds , and cars , houses , kids, superannuation , bills , 2nd jobs , and 6 out of 10 times divorce and start again , before they say you become happy!!!!!! BACK INTO AN OLD 2ND HAND CAR , OR 70 K DEBT ON A GT !!
bit of humour . LOL .

[Professor Farnsworth]

to clear things up i'm not anti-finance at all, it can be very beneficial if you use it right, mainly in an appreciating asset. It depends on many factors, current situations. However in the case of a car, it can sometimes be needed. We have finance on my new daily at the moment. We needed something that

1) wasn't a v8 (Had two AU Ghia V8's, alternating as dailies!)
2) broke down less than once a month like what we were experiencing (EL)
3) was new so we could groom it properly from the start
4) had a good warranty (5 years unlimited in this case)

So we financed 80% of the vehicle after breaking the driveaway down to 20 grand. The repayments are $400 a month but we're paying $2000 a month. Car is due to be 100% ours in April. We'll pay about $1000 overall for the privilege of credit.

So we're down a grand in the end, but it was the only do-able option this time around.

Use credit on a car wisely, it takes a lot of commitment to drop 2 large a month (or 5 times the minimum payment required) but the benefits are great. Then when that's done, the same 2 grand a month goes into the house savings, which over time will theoretically pay me back that $1000 and then some.

[SXR6]

Originally Posted by 2011G6E

Hmm...there's no easy way to say this, so I'll say it...

Welcome to the real world.

I remember back when I was 17 and starting out, we would see "old guys" driving things like Fairlanes, Statesmans, European cars, and we would all whinge and say "How come only old people (from our point of view, people over 50... ) drive those things?? It's not fair...us young guys would get more fun out of them!", and I stil remember thinking it every time I saw some old guy driving a Porsche or other high end HSV or FPV vehicles before I came to my senses.

I'm 47, and last year we bought our first brand new car, a $47,000 G6E. That price would have been staggering to my younger self if I could see me now, but we not only had to wait until I had a better paid job, but until the kids were all grown up and off our hands and we owned a house and other priorities first.

If you want that brass ring, you're going to have to be prepared to wait...but you don't have to...you can go ahead, find a friendly finance guy, and get that crippling $70,000+ loan right now...you'll have the expensive car of your dreams, but probably won't be able to afford to drive it very often because of the repayments and also insurance which will hammer a young driver with a premium car...

Wife and kids?
If I look back to when I was eighteen when I got married (yes yes...if I was a murderer, I'd be free by now... ), I could have forgotten the girlfriend and spent all my money on myself by buying the new car of my dreams at the time...which was a Fairmont Ghia ESP 351 with four speed and all the options. I would have had an expensive car that none of my mates at work could hope to afford, a car we usually only saw "old guys" driving who "wouldn't appreciate it as much as us young blokes". I wouldn't have had a wife and three kids sucking away my time and money from my dream car...


....But I know which one I would rather have now...I'd rather be that 47 year old guy with a great wife and three grown up kids and little grandkids who has only just now managed to purchase a brand new car (and motorbike a couple of years ago) that are exactly what I wanted, the way I wanted them, instead of just having to accept whatever is on the second hand car lots...

I dont look at 50-60yr old guys and say "how come'', Im saying I dont want to be that 50-60yr old guy getting it just then. I'd rather have it now at 27 or so. I would NEVER buy a new car. Theres nothing wrong with a low K second hand thats already had the drive away depreciation. Its what I prefer. Im not accepting it, its what I go looking for.
I could have bought a brand new FG GT, but its not what I wanted. Ive got an awesome mrs. who loves the toys aswell.
My dad has worked hard his whole life, still is in his 50's. Only a couple of nice toys that were sold. Married, myself and my sister. Hes now in a position where he can get himself something nice. I dont want to be that.
I want to still be 'youngish' and enjoy my things now.
Me and the Mrs, have a cruise craft boat, 2 jetski's, 2 trailbikes, a land rover 4wd, the FG GT, IPRA mazda familia track car(got that for dad for fathers day so he can race - he said he wont unless I race with him), R33 TK skyline (#345 of 400 made, 1 of 4 in aus), a daily Mazda 3 for her (trading on an MPS6 or EVO9 soon), and a old BA work ute as my daily (trading on a Triton next month), plus the mortgage on great house and we are looking at a investment property in 6 months.
Kids will be coming, our wedding is next year. Mrs wants them soon, I said im not fussed aslong as its before im 30 LOL. I've started eyeing off go karts and things already lol.
What I have now is what I wanted, I bought them because its what I wanted. I just dont settle and buy something thats 'close enough'.
Im still going to be that 'older' guy with a great mrs, kids and 'second hand toys' to boot. Would honestly rather have what I have and will have than a brand new car thats for sure.