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wow, i didn't realise how many of us teenagers actually borrowed money! i guess it is a pretty good way to go cos for the first couple of years u'll pay it back normally but as soon as u get a decent job (if say ur just working at macca's, not that macca's can't be decent :)) u can prob knock off the loan real quick and avoid all the nasty interest. By the way, what's the interest on these size loans? like the 15-20K ones??

I wish i had time to do the amount of work some of u guys have, like 30+ hours a week. I'd be driving the R34 now!! :P, stupid Uni.

But i guess $27K in 19 months ain't bad, at 17.5 hrs of work a week.

/me goes back to saving

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Well, Im 24, i sold my old ET pulsar (which I had in hot4's and on autospeed.com- bright green ET) for a tidy sum (well under 10k BTW), bought and sold a few cheap cars:) I like saying that too, can you tell LOL.

But i borrowed money from a bank to get the ET, but borrowed more then what I knew I could get the car for so I could spend on mods..... worked hard and spent a shit load more on it too. But had it a mag, and online plenty of times to make it worth it I guess :P PS- secretly always wanted a skyline :)

Steve

*** that...i just turned nineteen the other day. my first car was a highly done up et turbo i resprayed 2pac and worked the engine hardcore then sold that bought a sr20det sileighty and put veilside kit etc now i got a r33 series 2 turbo about to put full veilside kit and all. I did not go to the bank and get a stupid bank loan if your gonna get a loan be smart and get a house cos that is an investment. I worked my ass off while i was in high school on school holidays working on the grape farms (as all us asians do :P ). then bought my et sold that then bought the sileighty from a damged auction fixed it then thrashed it then sold it and made more cash then with that money bought me self a nice lil r33. I HATE IT WHEN there are spoiled lil brat ass hole liking mummy boys out there whos parents buy them the car that pisses the shit out of me. So that is my two cents on how i paid for mine

SS8... i'm at uni too lol doin 5 subjects this semester... go to uni from 10 - 4 then work from 5 - 1 (well as of tuesday anyways) :P Ahh wellz i live by myself so i guess i gotta make ends meet.

vendetta... chillax... there's more than 1 way to get a car, sumtimes if u got generous olds then you gotta make use of it. tell me if sum1 offered u money 4 no reason u wouldn't take it. They woulda worked their arses off to make the money to make sure their kids are happy.

dont exactly appreciate when people knock things that come from the olds - i mean my olds have worked damn hard for what they've got - when i was born they were living in the shabbiest house etc. Sure ive got it easier than some but either way i didnt whinge or force them to get what ive got - its been a present - i have worked for my share too!!

The people that knock i know wouldnt even think twice at taking this kind of genorisity from their folks!!

We have the nicest cars and we had someone parked in front of our house the other day going "its not fair, its not fair and whinging and bitching about what we own. What they dont see is how much work goes into getting nice things behind the scenes! I admit i didnt work nearly as hard as you guys did for your cars i respect that but i dont knock u guys and neither should you start dissing me just because my car was a present! At the end of the day as much work went into getting my car as it did yours whether it was from me or from my parents!!

Equity Mate!

When I was 18 I bought an investment property. Saved up since I was 16 to get my 5% deposit. Smartest thing I ever did.

I am now 19. I work a good sales job (full-time) and get a good income from it. My last car was a 2001 Holden Astra. When I first got that (on a secured loan through CBA) ppl thought it was my parents! ;) Anyway I did a few mods to that, when I saw the light and decided I wanted a Skyline. :burnout:

I was going to import, but b4 I did, I had a look at local stuff and found a nice clean R33. I got $400 for my Astra (actualy got $19,500 but I owed $19,100 :D ). Anyway due to the increase in house prices I was able to incease my mortgage on my investment property and redraw the money to pay the $20k for my Skyline. This meant HEAPS less interest then a car loan, plus it wasn't secured against the car. Oh yeah, and the interest is tax deductable, and my tenants pay my mortgage. (Read "Rich Dad, Poor Dad" by Robert Kiyosaki if ya wana know how to be in that situation).

I have now sold my house (well it hasn't exchanged contracts yet...) but the money i am getting 4 it will give me some cash to go overseas plus it means i now OWN my car. It's a great feeling not owing any money to anyone. No credit card debit again YAY!

GET INSURANCE IF YOU OWE MONEY! I can't think of anything worse than writing off your pride and joy but still having to pay money on repayments! I pay about $250 a month on full comp. insurance through Vintage Classic cars or whatever they are called.

It's a shitload of money but It's better than loosing ya car and still having to pay money! The joys of being young!

Apart from the odd small loan from my olds, I paid for everything else by working hard. Like someone said earlier on this, it's about choices. To waste money on shit or to save and spend it on something you really want!

If anyone wants advice on investing in Real Estate checkout: www.ethicsinrealestate.com.au heaps of great info.

If you were casual and around 16 - 18 I wouldn't take less than $10/hour casual, I'd be chasing $12-13/hour.

Based on that the amount a bank would loan you depends on your ability to service the debt.

If you earn $15,000/year (For example on a casual wage or something) you of course need some living money (food, board/rent) and then you need to work out whether you have enough for loan repayments and insurance, plus savings money incase something happens.

On $20,000/year I would say a bank wouldn't loan you much more than $10,000.. That's really only a guess though.

ok think about it, i borrow 20K over 7 years, while i am at uni the repayments are about 400 a month, during holidays i can repay about 1200 or maybe more a month easily and in 3 more years i will be out of uni and on at least 45K a year, ill pay it back in way less

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