Keep the excel, and keep maintaining it. Bin it when it dies. This is a no-brainer.
17 yr old car 140,000 kms Versus investing
What is the best way of "binning" an old car? I understand if it is much older than ten years old, you can't get trade in when purchasing a new car. Do you just give it to scrap metal dealers, give it away or what?
just as an aside...................
If you have a moderately serious crash the Excel wont do much to protect you.
Dying isnt the problem usually. Its the in between
The current version of the same car, or its KIA stablemate is 15 k driveaway.
Statistically, because u only do 8500 a year your risk is obviously somewhat lower................
And then this leads on to another question, do you have some form of income protection or long service leave ?
t
rolf
If you have a moderately serious crash the Excel wont do much to protect you.
Dying isnt the problem usually. Its the in between
The current version of the same car, or its KIA stablemate is 15 k driveaway.
Statistically, because u only do 8500 a year your risk is obviously somewhat lower................
And then this leads on to another question, do you have some form of income protection or long service leave ?
t
rolf
Me too : )
Bit of a cross over of my indoor kart fun and an almost daily driver.
http://www.lotuscars.com.au/lotus-range-elise-s.php
one day .............
ta
rolf
Ok, firstly, this is really a lifestyle dilemma. 'Do I indulge now or delay...' It is an individual choice however here are some other things to dwell upon:
What purpose does a car serve to you? Is it related to earnings? Do you use to get to work, manage IPs, for medical related issues etc... It is important to rationalize "why" you "need" a car in the first place.
What is the impact to you of having unreliable transport? Would it mean being stranded at 2am due to work shift commitments, or being isolated in some remote location due to work/pleasure pursuits, or would it affect your livelihood somehow....
What value do you place upon your transport? Have you costed it? How much does it cost you per KM right now? Compare this to alternate options to see the difference.... then add a weighting factor to compensate for having a newer more reliable & safer car. This is one way to rationalize between "want" and "need"....
Lastly, what is your purpose and goal in life? To be financially independent? To achieve a certain cash-flow? To experience as much as possible? To achieve enlightenment? To get through to the end of each week? ........... How does a new car support or relate to any of your goals?
Personally, I've made a choice in recent years & it is not consistent with many here. Do I regret it? No, not one bit! I've travelled, indulged in some luxuries, bought some rather expensive 'toys' (one is an American muscle car) and experienced life.... BUT, I still saved, I still invested & I never bought anything I did not have the cash for.... You can do both if you so choose.........it is called BALANCE.
What purpose does a car serve to you? Is it related to earnings? Do you use to get to work, manage IPs, for medical related issues etc... It is important to rationalize "why" you "need" a car in the first place.
What is the impact to you of having unreliable transport? Would it mean being stranded at 2am due to work shift commitments, or being isolated in some remote location due to work/pleasure pursuits, or would it affect your livelihood somehow....
What value do you place upon your transport? Have you costed it? How much does it cost you per KM right now? Compare this to alternate options to see the difference.... then add a weighting factor to compensate for having a newer more reliable & safer car. This is one way to rationalize between "want" and "need"....
Lastly, what is your purpose and goal in life? To be financially independent? To achieve a certain cash-flow? To experience as much as possible? To achieve enlightenment? To get through to the end of each week? ........... How does a new car support or relate to any of your goals?
Personally, I've made a choice in recent years & it is not consistent with many here. Do I regret it? No, not one bit! I've travelled, indulged in some luxuries, bought some rather expensive 'toys' (one is an American muscle car) and experienced life.... BUT, I still saved, I still invested & I never bought anything I did not have the cash for.... You can do both if you so choose.........it is called BALANCE.
Selling it unregistered. No need for a road worthy. You can usually find someone to pay something for it.
At worst a wrecker will usually remove it at no charge and often give you a nominal sum.
Life is a balance. Get a newer (or new) car if you'd like one. Just don't go overboard. Only you will know the right balance here, not some anonymous people on the internet who don't know you from a bar of soap!!
What is the point of living like a pauper for 10 - 20 years, just to retire a few years earlier? Thats not living.
If you hate your day to day job so much, then get a new one!!
What is the point of living like a pauper for 10 - 20 years, just to retire a few years earlier? Thats not living.
If you hate your day to day job so much, then get a new one!!
If its still registered, some dealers have promotions on offering minimum 2k or 3k trade-in. If Alex only does 8500km a year, she could get a brand new hatchback for 9k (12k minus 3k), that wouldnt break the bank?
That'd be good for 5 years at least, which works out to $34 a week. Probably about the same as an IP costs to hold onto. But if her one is nearly dead, will have to do it sooner or later.
That is built into the price.
Growing up with an accountant father, it was drummed into me that car = depreciating asset. Property generally isn't. Sure, it may not increase in capital value during a flat period, but you don't lose 25% of its value as soon as you purchase it.
That said, late last year we sold our 1996 Toyota Corolla and bought a 2012 VW Caddy. The Corolla only had 70,000 kms on it (yes, that's not a misprint!) but as our second car was also a (2006) Corolla, we worked out that we really needed something with significantly more space inside to be able to effectively run our properties. With six fully furnished properties, we have tenancy changeovers pretty often, and we couldn't fit all the linen and cleaning stuff in either car for one trip there. Throw in a tin of paint, rollers, tray etc and you're looking at multiple trips just to get everything down there. When you have people moving out on a Saturday and new tenants moving in on a Sunday, this really cuts down on your available time. And don't even get me started on when we did renos... we used to have to borrow my FIL's Landcruiser.
So yes, we had discussed the pros and cons of a larger option for some time, and when my other half saw the VW caddy for $26K, we knew it was a good buy, so we went ahead with it. Got $4200 for the Corolla through a private sale, and paid for the Caddy upfront, so no loan to worry about.
It's not something we would normally do but in the circumstances it was definitely the right choice for us. It has made life so much easier, and we are recording mileage etc for tax time, so we will be able to claim some of it against our taxable income. However if we didn't have so many properties, and/or we didn't actively self-manage, our assessment would have been very different - we would have hung onto the Corolla until it fell apart.
That said, late last year we sold our 1996 Toyota Corolla and bought a 2012 VW Caddy. The Corolla only had 70,000 kms on it (yes, that's not a misprint!) but as our second car was also a (2006) Corolla, we worked out that we really needed something with significantly more space inside to be able to effectively run our properties. With six fully furnished properties, we have tenancy changeovers pretty often, and we couldn't fit all the linen and cleaning stuff in either car for one trip there. Throw in a tin of paint, rollers, tray etc and you're looking at multiple trips just to get everything down there. When you have people moving out on a Saturday and new tenants moving in on a Sunday, this really cuts down on your available time. And don't even get me started on when we did renos... we used to have to borrow my FIL's Landcruiser.
So yes, we had discussed the pros and cons of a larger option for some time, and when my other half saw the VW caddy for $26K, we knew it was a good buy, so we went ahead with it. Got $4200 for the Corolla through a private sale, and paid for the Caddy upfront, so no loan to worry about.
It's not something we would normally do but in the circumstances it was definitely the right choice for us. It has made life so much easier, and we are recording mileage etc for tax time, so we will be able to claim some of it against our taxable income. However if we didn't have so many properties, and/or we didn't actively self-manage, our assessment would have been very different - we would have hung onto the Corolla until it fell apart.
Ring a couple of wreckers, get them to give you an estimate (perhaps $250), then stick it on carsales.com.au for $1000.00 negotiable and see what happens. If it won't sell, drive it to the wreckers. Alternatively try ebay.
I had a '91 Barina that died a slow and horrible death. I rang a wrecker to take it away thinking I'd have to pay them but, much to my surprise, I got $500 out of it!
We see these scenarios all week long, every week.Hi
How is everyone?
I have been thinking seriously about upgrading my car. I bought a hyundai excel hatch brand new back in 1996 for $17 K.
Get rid of the car.
Two reasons:
1. Parts will be very hard to get soon for a car that old, and it will get worse each year.
We are already seeing this with various models that we all perceive to be quite common.
2. As much as folk say "it hasn't missed a beat" the reality is that cars this old will, and soon.
Plenty here will poohoo this of course.
We see these scenarios all week long, every week.
Get rid of the car.
Two reasons:
1. Parts will be very hard to get soon for a car that old, and it will get worse each year.
We are already seeing this with various models that we all perceive to be quite common.
2. As much as folk say "it hasn't missed a beat" the reality is that cars this old will, and soon.
Plenty here will poohoo this of course.
Fair points. So any reason not to keep it until something does go wrong? Obviously it will be worth less when it does, but if another 6 months or 6000km can be had then you're probably ahead...?
It's the $6 mill question.
Maybe just keep driving it until it dies (keep it maintained correctly of course).
The trade in value is probably $1000 if lucky, but if it suffers a decent mechanical problem and the cost to repair is more than the car is worth, then it becomes a car worth nothing.
We bought one of these scenario cars off a customer a few months ago for $50 and leave it with us...
It needed a head gasket repair....not worth the cost, and the wreckers offered him $100 if he got it towed there - $80 cost for that event...nett $20.
It's definitely an issue. I understand our local scrap metal dealer pays $200-300 depending on weight of the vehicle. A friend of mine disposed of an old Falcon wagon last year and got $280 out of them. The Falcon had about 410,000 kms...
I don't have an issue with you buying a new car ... but I do have an issue with how much you intend to spend.
If you must then purchase a common car that are cheap to service/repair (Toyota's are reputed to be the best).
Not sure if you'd want a manual or auto - but something like this - for less than $15k (or less with bargining and selling your own) would see you right for the next 10+ years.
http://www.carsales.com.au/dealer/d...=Year:2009,Max|Price:Min,15000~1&sort=default
And would fit the bike with the front seat folded.
Not sure why Jen had trouble fitting everything in her Corolla - last week in mine I had a bale of hay (two is no problem - and still lots of room left over) - a large bag of feed - various horse gear - the weeks grocery shopping - a passenger and myself ... all comfortable with with room to spare.
If you must then purchase a common car that are cheap to service/repair (Toyota's are reputed to be the best).
Not sure if you'd want a manual or auto - but something like this - for less than $15k (or less with bargining and selling your own) would see you right for the next 10+ years.
http://www.carsales.com.au/dealer/d...=Year:2009,Max|Price:Min,15000~1&sort=default
And would fit the bike with the front seat folded.
Not sure why Jen had trouble fitting everything in her Corolla - last week in mine I had a bale of hay (two is no problem - and still lots of room left over) - a large bag of feed - various horse gear - the weeks grocery shopping - a passenger and myself ... all comfortable with with room to spare.
