Buying a car..

[The Wizard]

Looking to buy a car.
Cost is about 23 K.
Have about 50 K in the bank, which is earning interest of about 5.25%
?
Is it better to take out 23 K & buy the car in one hit?
Or get a loan from the bank, & try to offshoot the interest on the loan V the interest on the savings account.

 

[Leper]

It's "better" to just live near your work and buy a pushie or walk - assuming "better" means better for you financially and for the environment.

Other than that, it's (a) "worse" to spend too much on a depreciating asset, (b) even worse to borrow at ~10% for the privelege.

That said, we all want our luxuries of life, so if you must have it, just pull the money out of the bank and blow it. 5.25%<<<10%.

 

[luckysaint48]

do u really need a car that expensive?? also this time of year is the worst for buying cars. if you can wait, wait until next april when it's a buyer's market. people are selling their then cars because they are feeling the pressure from ongoing bills from christmas/holidays and it's near the end of the financial year. dealers are also deperate to clear the yards and get new stock.
BTW why hold back paying all the money up front? is their really any benefit in prolonging the debt, unless you have other plans for your money?

 

[Coondog 17]

Looking to buy a car.
Cost is about 23 K.
Have about 50 K in the bank, which is earning interest of about 5.25%
?
Is it better to take out 23 K & buy the car in one hit?
Or get a loan from the bank, & try to offshoot the interest on the loan V the interest on the savings account.

What sought of car are you looking at ?

 

[Smokin]

so ur wanting to spend nearly 50% of your worth (assumption) on a liability (dont be fooled, thats what a car is)? Your frikken nuts if u ask me, but unfortunately, your not alone.

Debt is only a bad thing if its used on the wrong thing, which all liabilities are.

BTW you should be looking at getting your 50K to work a little bit harder than what your getting.

 

[ExpectToWin]

Spending 23K on a car is an absolute waste of money.

You could easily find a decent car for half that amount and at the end of the day it will have 4 wheels that go round and round.

But just for interest sake,

A friend of mine who is heavily involved in the investement world actually went to a car yard and asked what it would cost for a certain car with every bell and whistle to which the price came back at about 80 grand.

He went to the bank and borrowed the 80 grand and then went back to the car yard and took off all the bells and whistles which reduced the price of the car to 55 grand.

He gave the car yard dealer the 80 grand cheque and the car yard dealer wrote back a cheque for 25 grand.

My mate put this money with an investment group called ClubInvest that seem to average a 3.5% per month return which just about covers the cars monthly repayments. In effect the bank is paying for the car.

 

[Ghostwriter]

My car is worth about 1800 bucks, it has air cond, power steer, and gets up and boogies when I need it to.
And another thing, where do all the cars end up that don't get sold, do they all get stripped down for spares or melted back into metal and rebuilt as frying pans etc. I don't beleive that every car in a caryard gets sold to a customer, I will never beleive it.

 

[GoOsH1]

Spending 23K on a car is an absolute waste of money.

You could easily find a decent car for half that amount and at the end of the day it will have 4 wheels that go round and round.

But just for interest sake,

A friend of mine who is heavily involved in the investement world actually went to a car yard and asked what it would cost for a certain car with every bell and whistle to which the price came back at about 80 grand.

He went to the bank and borrowed the 80 grand and then went back to the car yard and took off all the bells and whistles which reduced the price of the car to 55 grand.

He gave the car yard dealer the 80 grand cheque and the car yard dealer wrote back a cheque for 25 grand.

My mate put this money with an investment group called ClubInvest that seem to average a 3.5% per month return which just about covers the cars monthly repayments. In effect the bank is paying for the car.

he's getting 40p.a.% returns per year and he's doing nothing? where do I sign up?

This sounds like another Uncle Dazza special. Cha Ching!

 

[Merrick]

Spending 23K on a car is an absolute waste of money.

You could easily find a decent car for half that amount and at the end of the day it will have 4 wheels that go round and round.

But just for interest sake,

A friend of mine who is heavily involved in the investement world actually went to a car yard and asked what it would cost for a certain car with every bell and whistle to which the price came back at about 80 grand.

He went to the bank and borrowed the 80 grand and then went back to the car yard and took off all the bells and whistles which reduced the price of the car to 55 grand.

He gave the car yard dealer the 80 grand cheque and the car yard dealer wrote back a cheque for 25 grand.

My mate put this money with an investment group called ClubInvest that seem to average a 3.5% per month return which just about covers the cars monthly repayments. In effect the bank is paying for the car.

By your theory, If I stuck $25000 in there, and didn't touch it for 20 years, at the end of it I would have 96.2 million dollars?? Is this correct??

 

[GoOsH1]

By your theory, If I stuck $25000 in there, and didn't touch it for 20 years, at the end of it I would have 96.2 million dollars?? Is this correct??

Yeah, it's easy! see what they do, is invest in land, that's on a swamp! But it'll dry out soon, coz of glabal warming, and then, Cha Ching!

 

[Merrick]

Yeah, it's easy! see what they do, is invest in land, that's on a swamp! But it'll dry out soon, coz of glabal warming, and then, Cha Ching!

and then multiply it by 20 million for hte purposes of loooking good on big footy, and there you ahve it! 96.2 mill.

 

[Smokin]

This ClubInvest?

 

[GoOsH1]

This ClubInvest?

HAHAHAHAAHA that's a classic. awesome stuff.

 

[GoOsH1]

how's this for LOLLLLL

"ASIC's investigations found that investors in the schemes were recruited from referrals from other Club members attending club meetings in Australian and via the clubs websites. Over $15 million was raised collectively by the investments clubs from more than 500 Australian investors. The investment clubs promoted average annual returns of 28.5 per cent to 31 per cent. The Gramax and ClubInvest websites also promoted a referral system whereby existing investors who referred new investors received a benefit for the referral. "

How do people get sucked in so easily??? $15 million!!! insane.

 

[AlwaysCarlton]

How do people get sucked in so easily??? $15 million!!! insane.

Greed, pure and simple. It tells them that even though it sounds too good to be true just imagine if it was..... greed takes over any logical thought process.. you get the idea.

 

[SorryIHammerChicken]

Haha, where did ExpectToWin go? Did he tell his mate?

 

[GoOsH1]

hahaha this thread is absolute gold.

 

[ExpectToWin]

HAHAHAHAAHA that's a classic. awesome stuff.

Here is a different perspective


ClubInvest has not missed a beat all the way through this action by Asics

 

[ExpectToWin]

Haha, where did ExpectToWin go? Did he tell his mate?

ActualyI have asked my mate who was interviewed by ASICS over this action. During the investigation they did not find one person who was conned or talked into investing.

Dont believe everything that ASICS release. This organisation maybe usefull for stopping the suckers of the world from being ripped off by scammers but in my opinion they also exist to stop real investors or normal people from trying to get ahead in life. The goverment does not want everyone making money otherwise we will lose to many slaves that allow the super rich to exist.

 

[ARES]

who to believe...

http://www.vanuatu.net.vu/cgi-bin/moxiebin/bm_tools.cgi?print=4700;s=2_7;site=6

 

[Crow-mosone]

ActualyI have asked my mate who was interviewed by ASICS over this action. During the investigation they did not find one person who was conned or talked into investing.

Dont believe everything that ASICS release. This organisation maybe usefull for stopping the suckers of the world from being ripped off by scammers but in my opinion they also exist to stop real investors or normal people from trying to get ahead in life. The goverment does not want everyone making money otherwise we will lose to many slaves that allow the super rich to exist.

congratulations, you just devalued your opinion to that of a used chip packet. what an idiot.