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The Pub For General Automotive Related Talk |
View Poll Results: How did you finance your new car? | |||
added to the mortgage |
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5 | 5.75% |
car loan |
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31 | 35.63% |
through a business |
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7 | 8.05% |
cold har cash |
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44 | 50.57% |
Voters: 87. You may not vote on this poll |
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#31 | ||
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Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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Would like to see the working out for the above figures if you don't mind :-$
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#32 | ||
Moderator
![]() ![]() Join Date: Jun 2006
Location: Foothills of the Macedon Ranges
Posts: 18,554
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I've always paid cash for the several new cars bought over the years. I'm of the opinion that if I cant afford paying cash for it, I cant afford the car. Too much money is wasted in interest on a depreciating asset.
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#33 | ||
Banned
Join Date: Feb 2014
Posts: 85
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#34 | ||
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Would like to see the working out for the above figures if you don't mind :-$
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#35 | ||
Regular Member
Join Date: Aug 2013
Location: ACT
Posts: 359
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For the F? XR8 that will be mine (oh yes, it will be mine. Bwaaa haaa haaa haaa).
Sorry, carried away there. Trade/sell the BF XR6, cash in some very nice shares, a bit of cash and the balance a small loan. Either way it will be mine, Bwaaaa haaa haaa haaa. Sorry there I go again.
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Falcons I have owned over the years, XB 500, XB V8 Fairmont, XF S pack wagon, AU III, BA 1 XT, 2 x BA 2 XT's, BA 1 XR6, BF 2 XR6 and now a Kinetic FG X XR8. ![]() |
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#36 | ||
Banned
Join Date: Feb 2014
Posts: 85
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#37 | ||
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Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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Interesting answer for someone who apparently worked in finance...
Not even simple interest?
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#38 | ||
Lurking......
![]() Join Date: May 2009
Posts: 449
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Ok, thanks for the responses guys. Different ideas and different situations for different people I guess.
I suppose I should clarify my situation to get the most accurate advice: My current home loan is in fact an investment property. My cash flow is not great, hence the idea to put the car on the house so not as to be forking out much extra $$$ per week. I am skeptical of fords 2.9% finance, though I am looking deeper into it as it is the best rate going around. I'm probably not in the best financial shape to be buying a new car at the moment. I may be in a couple years, but then I may not be either. All that aside this situation transcends money. The window of opportunity for owning a new Falcodore is shutting quickly. Act now or forever miss out. I would absolutely hate to look back in 10 - 20 years when Ford and Holden are gone and regret not doing it when I had the chance. |
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#39 | ||
Lurking......
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Posts: 449
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#40 | ||
Performance moderator
![]() Join Date: Feb 2005
Location: St Clair..N.S.W
Posts: 14,875
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The GTE big discount being ex Ford car.. Decent deposit and loan from bank.. No way is it better to add to home loan ! Especially buying a new car every 4 or 5 years !!
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Real cars are not driven by front wheels,real cars lift them!!... BABYS ARE BOTTLE FED, REAL MEN GET BLOWN. Don't be afraid to try something new. Remember, amateurs built the Ark...Professionals built the Titanic! Dart 330ci block turbo black pearl EBXR8 482 rwkw.. Daily driver GTE FG.. Projects http://www.fordforums.com.au/showthread.php?t=107711 http://www.fordforums.com.au/showthr...8+turbo&page=4 |
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#41 | |||
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Location: Sydney
Posts: 8,893
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Quote:
Will they allow you to negotiate on that rate? Or are you paying RRP? Be careful of the rate you get when the 2.9% is over... it may well be in the high double digits! Oh, and your interest is charged every year of the loan on the outstanding balance, not the 1st year only, nor the first half only if your term may be 4 years.... Use this as a rough guide ;) http://www.webmath.com/simpinterest.html
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#42 | ||
Banned
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#43 | |||
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Location: Sydney
Posts: 8,893
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Quote:
![]() ![]() ![]() ![]() Ps... yes, correct, or 'close enough' for arguments sake (not including fees / repayments and charges etc etc etc).
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#44 | ||
Banned
Join Date: Feb 2014
Posts: 85
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Work out the daily rate on the total, chsrge that for the first month, then minus the payment and calculate the rate on that for the next month and keep repeating for the whole four years its alot of calculations to write out
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#45 | |||
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Location: Sydney
Posts: 8,893
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Quote:
Thats a lot of repayments in 4 years.....
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#46 | ||
Banned
Join Date: Feb 2014
Posts: 85
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Do as I said, sit down with a calculator and work it out, the 2.9% is the comparison rate so includes fees
I think when I did it I based it on 30000 as I misread his post, but wouldnt make much difference |
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#47 | |||
Regular Member
Join Date: Jan 2005
Location: St Clair. SYDNEY
Posts: 465
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Quote:
Dont know how it works. The car was a 2013 XR $33.990 drive away. 2.9 comparison rate through Ford Finance I gave them 10% $3.400 cash deposit. My contract says The fixed annual percentage rate under your loan as at the disclosure date is 1.05% per annum Total amount of interest charges payable is $944.40 Your loan term and total period of repayments is 48months |
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#48 | |||
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Location: Sydney
Posts: 8,893
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Quote:
What does the rate go to after 4 years?
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#49 | |||
Banned
Join Date: Feb 2014
Posts: 85
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Quote:
That calculator yellow festiva linked to is year 7 maths that doesnt work the way most finance products in Aus do |
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#50 | ||
Banned
Join Date: Feb 2014
Posts: 85
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The 2.9 includes the fees and charges, as with any loan nothing happens after 4 years because as per the contract it needs to be paid off or they take the car back when you fall behind
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#51 | ||
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Location: Sydney
Posts: 8,893
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Will be happy to be proven wrong and give out apologies where due.
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#52 | ||
Regular Member
Join Date: Jan 2005
Location: St Clair. SYDNEY
Posts: 465
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After 4 years the car is ours.
Like I said for under $250 a year better to use there money & put mine to good use. You are better of putting the $30.000 in the bank or put it on the house & just take out the payments each month |
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#53 | ||
Banned
Join Date: Feb 2014
Posts: 85
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Jump on a banks website, find a loan calculator and punch in 30k for 4 years at 2.9% and see what it says
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#54 | ||
Fossil fuel consumer
![]() Join Date: Jul 2005
Location: Mod For: Pub, Bar, Sales Yard, Show 'N Shine, Photoshop, AU to BF, FG to FGX, Territory & Sports Bar
Posts: 17,038
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generally i buy cars with our own money - somtimes i finance. If i finance, i sacrifice everything else and pay the hell out of the car with every available dollar and pay it off in a year(ish). Sucks for doing anything else in the mean time but you own it a lot earlier and save a lot of money in interest.
finance, used intelligently, can be helpful. |
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#55 | ||
Regular Member
Join Date: Jan 2005
Location: St Clair. SYDNEY
Posts: 465
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#56 | ||||
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Location: Sydney
Posts: 8,893
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Quote:
Very sorry to Turboclown and Marv&ro ![]() This off one of the Ford Sites: Quote:
The above figures reflect what was said above. If that is indeed the case and you can pay off the car in the 4 years under those terms you have played the game well and are indeed laughing. Public apology given ![]()
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#57 | |||
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Location: ACT
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Quote:
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#58 | ||
Banned
Join Date: Feb 2014
Posts: 85
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You dont need to apologise, as much as I like to be I know I cant be right all the time
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#59 | ||
Regular Member
Join Date: Jan 2005
Location: St Clair. SYDNEY
Posts: 465
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No need to apologise, I worked it out like you at first.
Should of seen the smile on my face when the finance guy went over the contract with me when we went to pick up the car |
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#60 | ||
FF.Com.Au Hardcore
Join Date: Aug 2009
Posts: 3,152
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I purchased thru my business.
That was the only way I could justify & wear such a rapid depreciation. Can take the wife & kids for quite a few holidays for that dosh every year. Very nearly 5yrs on now from FGF6 purchase & car will be paid for in time. FH may be on the cards. XRT or XR8 ? |
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