Hi all,
I've never owned a car. Relied heavily on public transport, mum and dad's old car (for 3 years) and the bicycle. But unfortunately, being the young gen y male, I love my cars and want to be able to attain what I want which is a V2/VZ Holden Monaro (currently varies $30k-45k depending on the model). In reality if I was forced to buy a car tommorow though it'd be some $5k econobox japanese sedan.
In terms of "debt", I've just purchased my first IP and have a small margin loan to service at the moment. My aims over the next few years is to pump every dollar into my offset account to use as a deposit on my PPOR. I have zero credit card debt.
But I realised, if I keep to this track, I won't get my car until say I've paid off my PPOR. So thus it would take me ages! (10 years? 15 years?) Because after my PPOR, I'd want to buy my 2nd IP, then the 3rd and the list goes on...
Could I still buy my dream car even whilst investing in property? I'd like to do it without taking out a loan and paying interest on it.
When did you put aside reason/logic and take the plunge and buy the car you wanted? (please note, I intend to buy my car with cash and not take out a loan).
The solutions to this problem I've thought of:
a) Increase my income/cashflow.
b) Take a brief break from property/shares Investment but miss out on potential gains?
Sorry, but as your typical GenY, I can't help but tickle the thought of getting my first dream car as soon as possible.
I've never owned a car. Relied heavily on public transport, mum and dad's old car (for 3 years) and the bicycle. But unfortunately, being the young gen y male, I love my cars and want to be able to attain what I want which is a V2/VZ Holden Monaro (currently varies $30k-45k depending on the model). In reality if I was forced to buy a car tommorow though it'd be some $5k econobox japanese sedan.
In terms of "debt", I've just purchased my first IP and have a small margin loan to service at the moment. My aims over the next few years is to pump every dollar into my offset account to use as a deposit on my PPOR. I have zero credit card debt.
But I realised, if I keep to this track, I won't get my car until say I've paid off my PPOR. So thus it would take me ages! (10 years? 15 years?) Because after my PPOR, I'd want to buy my 2nd IP, then the 3rd and the list goes on...
Could I still buy my dream car even whilst investing in property? I'd like to do it without taking out a loan and paying interest on it.
When did you put aside reason/logic and take the plunge and buy the car you wanted? (please note, I intend to buy my car with cash and not take out a loan).
The solutions to this problem I've thought of:
a) Increase my income/cashflow.
b) Take a brief break from property/shares Investment but miss out on potential gains?
Sorry, but as your typical GenY, I can't help but tickle the thought of getting my first dream car as soon as possible.