What hope do they have with a parent like that?
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Go Hyundai - 4 Wheel drive rant!
Hi Corsa
What great taste you have in cars! We ran a second hand excel for I forget how many kilometres with never a problem and yes it really did run on the smell of an oily rag and I now have a Hyundai Elantra Lavita which I love to bits bought with a few kms on the clock, not many but enough to knock spots of the cost of the brand new model. Hubby drives a Toyota Echo which also runs on the oily rag smell! At risk of upsetting a few people what on earth is going on with the 4 wheel drive thing? I am looking at a school from my office window and watch all the Mums coming and going in these massive machines dispatching small children who have quite a drop to even reach the ground. They now way outnumber the 'normal' sedans & wagons that Mums used to drive and this is in the midst of suburbia - mind you they do have to park on the grass! What a massive waste of money and I dread to think what the petrol bills must look like!
Sparky
Hi Corsa
What great taste you have in cars! We ran a second hand excel for I forget how many kilometres with never a problem and yes it really did run on the smell of an oily rag and I now have a Hyundai Elantra Lavita which I love to bits bought with a few kms on the clock, not many but enough to knock spots of the cost of the brand new model. Hubby drives a Toyota Echo which also runs on the oily rag smell! At risk of upsetting a few people what on earth is going on with the 4 wheel drive thing? I am looking at a school from my office window and watch all the Mums coming and going in these massive machines dispatching small children who have quite a drop to even reach the ground. They now way outnumber the 'normal' sedans & wagons that Mums used to drive and this is in the midst of suburbia - mind you they do have to park on the grass! What a massive waste of money and I dread to think what the petrol bills must look like!
Sparky
ah - well - we have a landcruiser. 2000 model bought with 100k on the clock because we have 4 kids, a dog and a very large boat. van wouldn't pull the boat and the ages of the kids made it illegal for a dicky seat in the commodore wagon. did have it converted to gas so now runs for less than my 1998 toyota corolla (again 2nd hand). before the corolla i had a 1985 laser that disappeared in a puff of smoke when accelerating.
Referring back to the title of the thread: they don't. They're going to keep finance companies and landlords happy. Hence why I have bank shares and shares in companies like Harvey Norman. You always need people like that to support the economy. %age of financially independent people doesn't increase much no matter how many resources are out there: humans are what they are.
Alex
Alex
michaelg said:
Michael, I resonate to the core. I had a 79 Datsun Sunny for 13 years, though I was in and out of the country a lot. Every year I thought I should upgrade it. But the thing is it just kept on going. I finally took it to a wreckers after it did 430k. I did the services myself and it cost me less than $200 a year over time of ownership in maintenance...ie tyres, radiators etc...
Towards the end the poor thing did an exhaust valve. I took the head off and ground the valve seat down and got another 12k out of it before it started blowing again. Considered putting in a recon engine, but realized the extra compression and torque would strain the drive train, and things would just keep failing downstream.
Those sunnys were damned good value. After that i had a holden astra 87 model. and that just wouldn't die either. eventually I put it down cos it leaked and smelt foul and looked nasty.....now I'm in a modest camry. Though nearly relented and bought a little BMWer last year, before I warmed up to an Audi A4 2.8L 6 cylinder. Man they are nice to drive.
Was put off when told by the Brisbane Audi service manager that you really don't want to own one out of warranty. a replacement auto transmission will set you back around $19k. I took his advice, and bought coal shares and the camry instead.
Hiya,
I paid $1,500 for my first car, an old Ford. It lasted 18 months - in which time I flogged around 70,000km out of it - before I sold it to a mate for $300.
He used it for parts
The next (and current) car cost me $4,800. It's a Holden, runs on gas (without any visible drop in performance - I still beat my mates off the line) so it costs sweet FA to run, even though I still flog it.
I'd love a real performance car, something new or close to.... but, I can't justify the cost when compared to another property.
One day.......
James.
I paid $1,500 for my first car, an old Ford. It lasted 18 months - in which time I flogged around 70,000km out of it - before I sold it to a mate for $300.
He used it for parts
The next (and current) car cost me $4,800. It's a Holden, runs on gas (without any visible drop in performance - I still beat my mates off the line) so it costs sweet FA to run, even though I still flog it.
I'd love a real performance car, something new or close to.... but, I can't justify the cost when compared to another property.
One day.......
James.
Well I’m feeling rather decadent lately………we have just bought two new cars (well maybe not quite new).
My children feel I am going through a mid life crisis now I have my 1994 ford probe which cost me 8k. But I don’t care……I just love it. The hubby has just got himself another 1971 XY falcon ..….gotta love the classics.
Who really needs new cars anyway? Give me an investment any day.
Ruby
My children feel I am going through a mid life crisis now I have my 1994 ford probe which cost me 8k. But I don’t care……I just love it. The hubby has just got himself another 1971 XY falcon ..….gotta love the classics.
Who really needs new cars anyway? Give me an investment any day.
Ruby
While I agree that buying a 20k when you're 18 is just crazy BUT.. Do you all think you need to find a balance between an expensive car and an old car?
For example, I had a cheap lancer as my first car, this car cost me more money in repairs and ongoing maintenance because it was cheap.(I broke down in the Sydney harbour tunnel in peak hour!!! what a nightmare!!) I upgraded to a 95 Honda Accord, nothing too flash, cost 10k which I could afford outright. I've now had this car for 4 years and it has never missed a beat.
I'm just saying I think you can go too cheap and cost you more. I think a balance between reliability and affordability is important. Or maybe I'm baised because of a bad experience.
Regards,
Luke
For example, I had a cheap lancer as my first car, this car cost me more money in repairs and ongoing maintenance because it was cheap.(I broke down in the Sydney harbour tunnel in peak hour!!! what a nightmare!!) I upgraded to a 95 Honda Accord, nothing too flash, cost 10k which I could afford outright. I've now had this car for 4 years and it has never missed a beat.
I'm just saying I think you can go too cheap and cost you more. I think a balance between reliability and affordability is important. Or maybe I'm baised because of a bad experience.
Regards,
Luke
mdk92 said:I might also be the difference between a Honda and a Mitsubishi
Definitely, Honda build quality is excellent. My mum has a 1988 Honda Prelude with 300,000 Km's on it and it never misses a beat.
However you get the point I'm trying to make
Along the same Road of vehicle purchases
It seems like most of the property investors have ALL gone down the same road when it comes to vehicles.
I purchased a Holden Panel Van back in 1975. It was 7 yrs old and $900.
My intention was to keep it a couple of yrs and update. However it was such a good car for carting things around, camping etc. I even had a mattress in the back to stop that echo noise that vans get. Anyway all spare $$ went into property. So i kept it for 17 years.
One of the most embarrasing moments was when I went for a loan to buy a block of 4 units as a do upper. I turned up in a nice suit looking like i had money and put in my application for $400k. The manager was impressed with my portfolio to date and suggested we take a drive around and he could check out what i had done and the property I wanted to buy. Only problem was his bank car was being serviced so we could go in my car.
I am sure he was impressed with the saggy seat, noisy exhaust, fumes, and brakes that sent the car bucking like a horse. Anyway he either took pity or could see I had potential and approved the loan.(Wonder he didn't tack another $20k on top for a new car).
I am a bit different these days. Having just purchased a new SV6 and a Black twin cab Rodeo. But these were only purchased after some hard bargaining and will be replaced in 12 months for very limited change over $
thus allowing me to have new cars each 12 months for only a net cost of around $4k a year per car.
It seems like most of the property investors have ALL gone down the same road when it comes to vehicles.
I purchased a Holden Panel Van back in 1975. It was 7 yrs old and $900.
My intention was to keep it a couple of yrs and update. However it was such a good car for carting things around, camping etc. I even had a mattress in the back to stop that echo noise that vans get. Anyway all spare $$ went into property. So i kept it for 17 years.
One of the most embarrasing moments was when I went for a loan to buy a block of 4 units as a do upper. I turned up in a nice suit looking like i had money and put in my application for $400k. The manager was impressed with my portfolio to date and suggested we take a drive around and he could check out what i had done and the property I wanted to buy. Only problem was his bank car was being serviced so we could go in my car.
I am sure he was impressed with the saggy seat, noisy exhaust, fumes, and brakes that sent the car bucking like a horse. Anyway he either took pity or could see I had potential and approved the loan.(Wonder he didn't tack another $20k on top for a new car).
I am a bit different these days. Having just purchased a new SV6 and a Black twin cab Rodeo. But these were only purchased after some hard bargaining and will be replaced in 12 months for very limited change over $
thus allowing me to have new cars each 12 months for only a net cost of around $4k a year per car.
GC, yes I used to have a mattress in the back of my first car (holden station wagon) to dampen noise as well....
Re the bank manager, believe it or not, it probably sealed the deal for you when he got into your car. They don't look highly on people who have flash cars when trying to borrow for appreciating assets... When applying for a loan in those days, it paid to really under report your depreciating assets, and wear respectable but not overly expensive clothes.
These days, I don't know what goes, as the only bank managers I know of who can approve loans locally are the Bank of Qld guys. Though could be wrong...
Re the bank manager, believe it or not, it probably sealed the deal for you when he got into your car. They don't look highly on people who have flash cars when trying to borrow for appreciating assets... When applying for a loan in those days, it paid to really under report your depreciating assets, and wear respectable but not overly expensive clothes.
These days, I don't know what goes, as the only bank managers I know of who can approve loans locally are the Bank of Qld guys. Though could be wrong...
FrankGrimes said:
....and safety too. I think it is sad that many inexperienced drivers will be driving a barely road worthy rust box - no trac control, no stability control, no airbags (is that not what the mattress is for?), frayed/old seat belt webbing, no pretensioner, maybe even no adequate side intrusion bars or crumple zones.... but then I always preferred a kevlar seat, 6 point harness, 6point roll cage, built in extinguisher......
Cheers,
The Y-man
I won't name names, but there is a young guy in his early 20's who I know whose parents, after coming into some money, put down a $30,000 deposit on an IP for him as a safeguard for his future. The house, I believe, is now in his name.
Instead of going down the path of appreciating the HUGE favour his parents had done for him, learning all he could about real estate/his IP, he has taken the view that, cool, he has a house now, that he can borrow money, and has rent coming in that will take care of everything.
He recently went out and got a loan for about $35,000 for a BRAND NEW top of the range mazda. His repayments come out of his basic take home pay.
This is why I aspire to the view that it is good for kids to learn the value of money for themselves by working and saving for things, not being handed them on a silver platter.
I hate not to wish him well, but I think a big fat fall on his face could possibly be the best thing ever to happen to him.
Shhheeesh!!!
Instead of going down the path of appreciating the HUGE favour his parents had done for him, learning all he could about real estate/his IP, he has taken the view that, cool, he has a house now, that he can borrow money, and has rent coming in that will take care of everything.
He recently went out and got a loan for about $35,000 for a BRAND NEW top of the range mazda. His repayments come out of his basic take home pay.
This is why I aspire to the view that it is good for kids to learn the value of money for themselves by working and saving for things, not being handed them on a silver platter.
I hate not to wish him well, but I think a big fat fall on his face could possibly be the best thing ever to happen to him.
Shhheeesh!!!
The Y-man said:
Valid points but surely there is a resonable middle gound?
My daughters wont be driving $200 Mini's with leaking suspension and brakes that needed pumping 100m short of an intersection like I did!
But I do hope they learn their way around a car mechanically so that they are frightened to attempt to fix things or converse on equal terms with a mechanic.
