17 yr old car 140,000 kms Versus investing
The old 80-20 rule again,and most have their own finance companies set up in-office in the second hand market so they get you both ways..
When I went looking I wasn't taken seriously by all salesmen. Even got asked if I wanted to come back on the weekend with my husband. Is this the 21st century?Sometimes I wonder.
Travelbug isnt that because you dont look a day over 29?
In that case the salesman who didn't see the invisible customer that day lost his job
And so he should. As an employer, one of the biggest irritations is when the employee fails to convert a customer or frankly fobs off a customer. In a car dealership where the dealer stands to profit four to five figures from each sale, this must annoy the owner /dealer a lot.
I just had a quick look on re.com.au and the cheapest units in Glendalough appear to be around $290-310k
I did see a couple of 1x1's In Maylands for under $250k though
Does it have to be Perth Alex
Maybe outside of WA I dunno yet. PM fees would be cheaper too
oh, I didn't realise this would start to become a problem. I guess if/when it gets to this stage I'll buy something else.
Yep.
We service a 1986 Hi-Lux ute owned by a single lady with a hobby farm nearby.
And, it's been to the moon and back as you'd expect of a car that age.
Gearbox has blown up this week....only place to get one now - if you can even get one - is from a wrecker....
No warranty, and no guarantee it will last more than a week.
It's a tough call.
I'm of the mentality of buying a 1-2 year old second hand car, service it as it should be and keep it for a long time.
This is the financially prudent way to do it. Others will disagree and say buy brand new and so on. Second hand still has dealer warranty.
Most cars that are correctly maintained should get close to 200,000km's without any sort of major expense mechanically.
I have had a few cars in my life that have easily passed 200,000km's.
Lots of business folk turn their cars over every 80,000km's and/ or 3 years to maximise depreciation etc.
That's fine if the business can support the cashflow drain that a vehicle will have.
Generally, I think once a car is over 10 years old and over 200000 km's - it is time to get rid of it because this is the timeframe when things start to wear out, and often times the repairs can be as much as the car.
4wd's such as Landcruisers etc can be different - lots of folks hang on to them up to 400,000km's if they are running ok. Not a good idea in my opinion - car is closer to blowing up, and it's worth zip.
Bottom line; it comes back to what you can afford to a large degree.
We see loads of folk who can only afford $3k Falcodores with 200,000km's on the clock.
It's ironic - and sad - because the very nature of a purchase like that opens them up to a never-ending money pit for repairs on cars like tis.
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Would you say 10 years AND / OR 200000kms?
What about those of us with 10 plus year cars but only about 110 000kms?
What is the priority, growing asset base or lifestyle?
I agree with this thinking. I would prefer to invest into an asset that can generate passive income first, so with that passive income then, and only then I can splurge, whether cars, designers, holidays, jewellery, or whatever you desire..... Also, to me cars are depreciating in value, whereas proper asset should be appreciating in value.
I have told my boys, IP first before any car......although hubby just changed and bought a new one (however we can claim it on business and have GST and depreciation as tax deductible expense).
Also, long time ago when I used to watch Susie Orman from US she always recommended that you can only afford to buy a car if you can pay it off in 3 years, not 5 years!
So best of luck in what you choose. Wealth building is about growing your asset base first and then having time do it's thing, then eventually having the choice to live off it...So what is your priority, growing the asset base or your lifestyle?
I agree with this thinking. I would prefer to invest into an asset that can generate passive income first, so with that passive income then, and only then I can splurge, whether cars, designers, holidays, jewellery, or whatever you desire..... Also, to me cars are depreciating in value, whereas proper asset should be appreciating in value.
I have told my boys, IP first before any car......although hubby just changed and bought a new one (however we can claim it on business and have GST and depreciation as tax deductible expense).
Also, long time ago when I used to watch Susie Orman from US she always recommended that you can only afford to buy a car if you can pay it off in 3 years, not 5 years!
So best of luck in what you choose. Wealth building is about growing your asset base first and then having time do it's thing, then eventually having the choice to live off it...So what is your priority, growing the asset base or your lifestyle?
Maintenance is key.
A well maintained car with 200,000kms is going to be more reliable in the long term than a poorly maintained car with 100,000kms
The car gets serviced regularly at the Toyota dealership at all the major milestones. Is this sufficient?
How many Klms has the CorollsRoyce done, China?
Alex, I think you are better off getting a new car before anything bad happens to the old faithful. As Bayview said, she might be serving you fine for now, but if anything happens, do you want to be left with an unsellable piece of metal that wont get a roadworthy? You could sell it now for whatever you can get for it which will be more than what you will get if anything breaks down.
Alex, I think you are better off getting a new car before anything bad happens to the old faithful. As Bayview said, she might be serving you fine for now, but if anything happens, do you want to be left with an unsellable piece of metal that wont get a roadworthy? You could sell it now for whatever you can get for it which will be more than what you will get if anything breaks down.
If it's being done at the correct intervals, then yes.
One great thing about corollas, despite being bland and uninspiring to drive, they are incredibly reliable and if serviced will run and run and run without any trouble or break downs their whole life.
Yep.
One of my staff has a 2003-ish Corolla. It has 250 odd on the clock.
Serviced every 10,000kms, kept in good condition and it still drive pretty well. No major upsets at all.
Probably still a viable car to keep for a few more years - especially Corollas which are easier to get parts for - a very popular car.
Just keep in mind; parts suppliers are disappearing, and many of the car companies are winding back their stock supplies of parts - the older the car, the harder it will get.
