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Getting A 30k Loan For A Daily. Good/bad Idea?

sleptema
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luke gtr Grand Master

luke gtr

Posted
Posted

That's just no self control/discipline.

I'm talking things outside my control.

First time I started saving (as an apprentice) I got to 600.

Transmission went in my car, 800 to fix.

Attempted a couple more times, things happened.

If I don't save, these types of events seem to not happen.

It's probably coincidence, but so far has been 100% hit rate.

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DJBarnstar
DJBarnstar

5k is a real sweet spot for a daily.

Hertz Donut
Hertz Donut

$30K is a project budget, not a daily driver. I smash around in a 1996 Commodore I bought 16 years ago that currently has 291K on the clock, goes 8 years between oil changes and doesn't cost a cent i

luke gtr
luke gtr

I was going to ask what kind of car. I would have said do it. You already checked you can afford it. So why not? Mrs bought a new Mazda 3 18 months ago, was 30k, loves it. I bought a 2nd hand Evo

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luke gtr Grand Master

luke gtr

Posted
Posted

And, if no one bought cars on finance, there would be virtually no cars.

Generally only companies could afford new cars outright.

Fewer new cars, equals fewer used cars.

Fewer used cars means higher demand.

Higher demand means higher prices for used cars, and we're back to people not being able to afford them.

You could say don't borrow money to buy a house, look at how much interest you're paying there.

Yes it's appreciating, but so has one of my cars.

And my other hasn't depreciated from what I paid yet.

Tl;Dr

Your choice to borrow money, so long as you have the means to repay, it's YOUR choice.

Piggaz Grand Master

Piggaz

Posted
Posted

I'm talking things outside my control.

First time I started saving (as an apprentice) I got to 600.

Transmission went in my car, 800 to fix.

Attempted a couple more times, things happened.

If I don't save, these types of events seem to not happen.

It's probably coincidence, but so far has been 100% hit rate.

So the box knew you were saving and went out and died on you? If you had the savings account at $0 it would have been fine? Come on man!

Piggaz Grand Master

Piggaz

Posted
Posted

You could say don't borrow money to buy a house, look at how much interest you're paying there.

Slightly different kettle of fish don't you think?

Needs vs wants. I suppose you could argue we could live in a large dog kennel and don't borrow any money for a house. Would be pretty cold in winter though.

To drop $30K on a daily that's only going to get hammered by the sun, bashed up in carparks and whatever else goes on when you have to borrow for it is crazy IMO.

luke gtr Grand Master

luke gtr

Posted
Posted

So the box knew you were saving and went out and died on you? If you had the savings account at $0 it would have been fine? Come on man!

of course not, but it just always happens, so I stopped trying.
Anfanee Grand Master

Anfanee

Posted
Posted

Luke,

On one of my current houses, i pay $850 a month in interest. Keep in mind Canberra is, on average, an expensive place to live.

Since this will be an investment property i am at the moment paying interest only, offsetting my mortgage with savings till i can afford another house. I downgraded from a 3 bedroom to a 2 bedroom as the baby is due soon, saving me more money. Most people are not willing to do this, they want 3 bedrooms because kid. If you ignore my other house all together:

i pay $850 a month, going rate for my house is around 300-330 a week. Ill go with 300 a week.

That's $1200 a month in rent money for a 2 bedroom house. I'm saving $350 a month on what my "rent" would be. Effectively it is cheaper to buy than it is to rent!

That $350 a month can go towards the mortgage more, or towards said gearbox that breaks or anything else.

Point is, 30k is around the deposit for an entry level house (a little bit more)

TL;DR There is no housing affordability issue in Australia.

TL;DR It's worth saving the cash.

junkie Mentor

junkie

Posted
Posted (edited)

My 2c... Buy the house first, pay a chunk of mortgage off, then chuck your car purchase on your mortgage and enjoy the low rates. You won't even notice this dent in your wallet if you do it this way.

This is how my s14 was bought back in 2002, when I was 21, just added to parents mortgage and paid off overtime (28k back then!)

I've had my share of crappy dailys over the years and there comes a time when you just get over sitting in an old pile of crap like a 17yo p-plater. All depends on what you how you define a daily anyway. Is it a beater to leave at a dodgy train station all day? Or a decent car to use generally? This will determine of 30k is worth spending. My current daily is somewhere halfway, a 12k v35, perfect compromise for my needs

Edited by junkie
milanr34 Community Regular

milanr34

Posted
Posted (edited)

Hey bud,

I was in this position 3 years ago (bought a R34 GTT after buying the house, now currently have a Audi A4 Diesel).

I'm looking to buy another property with the gf now but at the same time I'm looking for a new car (or used) but something in the lines of 60k+. I want a GTR so badly but at the same time want something new. Yes I could buy the car now and I know I will love it but, even I'm staying put to see how big the house will be, what do we need to do etc etc... After the house you will know exactly how much $ you will have to spend on the daily, holidays.

No need to rush this decision as its a lot easier to get a loan for a car then a house, just prioritise what you need right now.

Edited by milanr34

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