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Xr6t Payments


baboon

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  • Member For: 21y 3m 11d
  • Location: Brisbane QLD

Aaron,

I agree. If you want to be rich, work hard all your life and save your money.

If you want to enjoy your life, spend it while you can. You cannot take it with you when you die.

My wife thinks I should save for my children, but I think the best advice I can give them is to live like me, earn your way in the world and enjoy it along the way.

Blessed are the cheesemakers.

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  • Upstanding Member
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  • Member For: 21y 3m
  • Location: Canberra - ACT

Thanks Glad to know I'm not the only one thinking like that.. In particular I don't understand leaving it all to your kids...

I mean sure help them out - raise them well and all that - but who says they need to be left a mint? I'm actively trying (and hoping) my parents live out their lives happily and leave me nothing but good memories and some usual sentimental items (photos etc)...

Oh I reiterate again - there's nothing wrong with any approach as long as it makes you happy!

And to move back on topic - I've put myself intoa 3yr lease (novated through work) for the XR6T for about $41K on-the-road...

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  • Member For: 21y 8m 4d
  • Gender: Male

At least we live in a democracy and we can chose how we want to live. I spend it on what makes me happy. Namely T66 turbos, Tial wastegates, programable engine management systems and 50+ grand worth of workshop equipment. I hate looking after cars so I prefer a basher and modifying them at my home workshop with heaps of power. For fun I do normally drive a 500whp turbo torana. Nevertheless a BA turbo is on the shopping list, I'm just waiting till they get the weight down a bit and sort out the niggly problems they have before I get one.

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Novated lease over 4 years, all payments are before tax. This deal is so good it should be illegal!

Best of all my employer has a deal with the lease company that should I leave work or they give me the flick - I pay $100 and hand the car back, no other liabilities :huh:

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Well, I earn $46,000+ p.y, so I'm not exactly wealthy :( , but, being in the Defence Force means job security so loans aren't a problem, I got a good deal through Esanda Finance for both the Focus and the T, got an interest rate of 7.9% fixed for the term of the loan (5 years), and got gap insurance for $1400 for both loans. So... that's how these magnificant cars, Mynx (Focus) and Rasputin ("T") came to be in our posession. B)

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  • Team Blueprint
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  • Member For: 21y 7m 24d

I do a novated lease (salary package). It includes all costs related to the car. Lease, fuel, oil, insurance, rego, tyres, servicing, roadside assistance....you name it. It works out at around $1700/per month but that is pre-tax $. The wage I earn I get taxed at nearly 50% so, in real terms, my pay packet gets hurt around $400/fortnight.

It also has the advantage, however, of putting me into a lower tax bracket and reduces my tax. I havent had the opportunity to get a pay packet reflecting it yet, but when you work out that the Hyundai was costing me about $250/fortnight when you averaged out the loan/petrol/insurance/rego etc its not too bad.

Having said all of that my lease is only over 3 years and the residual is about $19K. Longer lease, lower payments, but I figure I pay the residual at the end of the lease and put it in the paper for $30K ish depending on the used value of it then and...voila.....I make a tidy profit. If the bum falls out of the car market then I just hand the keys back at the end of the lease.

If you are 21, however, I would suggest you'd be far better off looking at property. I see so many younger people driving around in their hotted up 'mortgages', as I like to call them. having a $50K car when you're 21 means one thing (unless you are rich), a whole lotta debt.

Look at the way house prices are now. Look at sinking some money into a nice 2 bedroom apartment or flat and live in it for a while. Drive a crappy car for a few years and get some equity in the house. Then when you wanna sell your place for a profit, you have enough equity in the house to get a car loan attached to your next mortgage.

I bought a house in 1997 for $104K. It is now conservatively valued at $280K. I'm so glad I did it that way and drove a cheap car for a few years.

Reality can be a sh*thouse thing, but in a few years you can kick back with a few beers in your nice new house, with your nice new car out the front, and be thankful you knuckled down for a few years.

Equity, equity, equity. The key my friend

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  • Team Blueprint
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  • Member For: 21y 7m 24d

Will use the equity to either buy another house, or sell this one and have an enormous deposit for a more expensive house, if u know what I mean. Lets say using the equity I have and keeping the current house I could afford maybe a $400K house, or selling the house and using the profit I would be looking more towards a house valued at or just above $500K.

I leased because I'm not sure what financial direction to go next as I'm getting married in Feb and the house we have now doesnt really suit kids. The all encompassing package, plus the tax benefits, plus the fact that at the end of the lease, in the worst case, I hand the keys back and no harm done, or in the best case pay out the residual and make a profit of hopefully $10K ish; made me tend towards a package rather than a loan.

Work actually makes us consult a financial advisor to discuss all the whys and wherefores of the package and how it compares to buying it straight out. I couldnt justify a loan of $50K to buy it, but a salary package is a lot easier to as its much easier on the hip pocket.

To answer your question, I wasnt going to 'waste' the home equity on a car, but use it for another house :)

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