Your car(s) as a percentage of your total assets?

[RAPID_BA]

immediate satisfaction says run out and buy a fpv gt 335 boss with all the trimmings. Equals live for today.

For less immediate satisfaction, increase your net wealth pay off the mortgage/invest.

In 5-10 years time the appreciation in property value and interest you didnt pay will get you a fpv gt free of charge. By then they might be a boss 435 gt.

Think back 10 years and those who said bugger tomorrow, ill buy a t series or vt hsv clubbie brand new. Car worth little now, probably $100k behind if they put it in real estate.

Well "live for today hsv vt clubbie/t series buyers",tomorrow is here. Today with that $100k equity there is a fpv 335 gt for free

[Smoke Pursuit]

Some people have different priorities.

Some spend their pocket money on cigarets and alcohol, others spend it on cars.

I have wasted alot of coin on cars but have gone without other things in life that most people my age expect... No regrets here, I have a good balance between the cars and my investments... By the time im 50 I should be laughing.

[T3ts50]

Originally Posted by martyk54

By all accounts that's fair enough, but really... if you're about wealth building, you're better off pulling your repayments back and investing in something else, which will allow you to build greater wealth and lose tax (shares / investment property). Shares atm.

I was similar a few years back... I think most people find a point of security (some don't), then loosed up a bit. Glad I've reached that point. FG MKII XR6T Ute w/all da extras in the factory as we speak.

Exactly what i'm working on at the moment. I should be in a position to buy an investment property in the next few months.

[RAPID_BA]

This thread should have been a two part question

Cars as a percentage of your net wealth

Also any finance on cars as a percentage of your total finance\credit payable

I'd be real concerned if both of those measures approached or exceeded 50%. There is a name for people in that category.

[302 XC]

Originally Posted by HULK_BA

For those in the" life is short spend up now" boat...

What happens tomorrow? Old bomb car and nothing to show for all your work..

Life is short but investing is increasing your wealth so you can afford a higher and sustainable standard of living. Id rather have a longer term higher standars of living sustainable than one awesome day and years of hardship.

I think 10% of net wealth on cars is the right fit. Seems plenty on here have their heads screwed on right judging by the poll.

Just because someone buys a 500 or 1000 dollar clunker doesnt mean that it will still be goin in 3 or 5 years time
Outside of the general day to day running costs ,that all cars cost ,lets say the 1000 dollar clunker needs an engine ,gearbox,rust repairs, maybe a paint job within this 3-5 year period
Some do buy the clunkers for monetary reasons, maybe they cant get finance or the dont wanna borrow money
that doesnt ever mean that if one buys new, has a loan, makes repayments keeps the regular services,and cops the massive depreciation they are say the loser in this situation
There are those who ,maybe smarter ???, dont have mechanical knowledge and prefer to work and extra hour or two at work to pay for that nice shiny car , than spent and hour or two looking like a grease monkey
With the odd debate here and there in this thread regarding pumping money into real estate ,well hasnt that dropped in the last while, seems that isnt as flash as made out
Then theres the super, well the GFC fixed all that up
Many live for now , as tomorrow we could be bonnet ornaments on a bus,or tackle that 4x4 head on
Many who have saved and scrimped all there lives are usually to chopped up, busted up ,and ill health to enjoy it , and most will mention if ask,Ï should done more when younger"

[BPXR6T]

I've always been careful to keep cars around 10% of my assets. Through my 20's I invested in shares, property, super whilst my mates bought nicer cars went overseas etc. I'm 33 and a self funded retiree, have been for a year now. I have absolute freedom whilst those mates who squandered opportunities in their 20's are slogging it out for 50hrs a week.

[Lotte]

Life isn't all about money.
The pano I own outright, and paid $200 for (and I offered 400...), and it's worth A HELL of a lot more than that, the ute, I'm a fifth of the way to ownership, so I about $4k. that's still over half my assets, without including what the bank still owns. Why? I'm a student, worked enough to be able to get a loan, and needed a car for work/uni (somehow, it takes an hour to get from my old place to the next suburb over by PT, and ten minutes in the car), and didn't have the cash outright to pay for one.

So, i'm one of those above 50% people, through circumstance. Quite frankly, I'm glad I am. If I looked at my assets, which would be cash, and saw that I was worth 30k, I'd be smacking my head into a wall because I wouldn't be doing any of the things that I love doing, or I would have just been eating 2 minute noodles for 5 years, and I'd be well on my way to having scurvy. Instead. I have a car, that's reliable, gets me to work, so I can earn more money, which, even with repayments, is more money than I'd be getting on Youth Allowance.

When I'm wrinkly and yelling at Dave to mow the lawn, I have full intention of having a compact 63 in the shed. Fully restored. Probably won't be worth a thing. But I won't care. At least I won't be sitting there going "ohhh.. I should have picked up that compact shell when I was younger and had the chance" then shake my walking stick at the dog for barking too much at the neighbours...

[flappist]

Originally Posted by BPXR6T

I've always been careful to keep cars around 10% of my assets. Through my 20's I invested in shares, property, super whilst my mates bought nicer cars went overseas etc. I'm 33 and a self funded retiree, have been for a year now. I have absolute freedom whilst those mates who squandered opportunities in their 20's are slogging it out for 50hrs a week.

So have you bought a nice new car and been for lots of overseas holidays?

[Gobes32]

Originally Posted by 302 XC

Just because someone buys a 500 or 1000 dollar clunker doesnt mean that it will still be goin in 3 or 5 years time

That's not true, my EL could probably survive a nuclear holocaust, lord knows I have tried to kill it the last 9 years...........

[efi65]

my percentage is inbetween 10-25% im fortunate enough to own everything i have, i own my own house and cars, now to some it is not much just a simple three bedroom home with a 6x9m shed on a half acre, i bought the block as vacent not a thing on the place, i done all the fencing built the shed and house and it came under a $100,000.. now im glad i bought in a cheap area as now im unable to work after several spinal operation's and putting money away from when i was working and had my own business i was able to do so, yer i also spent money on cars and what not and was thinking of going in debt to buy a house closer to the coast and now im glad i didnt as i would have more then likely lost the house unable to pay the repayment's. so it just goes to show you never know what is around the bend and now even tho im on the dissibility pension im better off then some people i know as ive got no repayment's or paying rent and those people are slogging there gut's out just trying to make ends meet. what is good for paul is not always good for peter do as you wish and just try an keep a bit of an eye out for what is coming around the bend as no-one knows what is coming

[RAPID_BA]

Originally Posted by BPXR6T

I've always been careful to keep cars around 10% of my assets. Through my 20's I invested in shares, property, super whilst my mates bought nicer cars went overseas etc. I'm 33 and a self funded retiree, have been for a year now. I have absolute freedom whilst those mates who squandered opportunities in their 20's are slogging it out for 50hrs a week.

Thats my way of thinking. Im not there yet but getting there. its about sustainable living as you now have. Im sure we dont live like a pauper, its just being intelligent.

Many live hand to mouth, paycheque to paycheque and frankly live beyond their means. Its good to live for today but tomorrow does come..

Many say when they are old and wrinkly they will have life experience on their side.. But they will only have one story. When I was 25 I bought a new FPV and went overseas. But for the next 50 years I was slogging it out to pay it off.

Isnt it better to say when you old.. It all didnt come easy, when i was 25 i did it tough but after that it was all gravy for the next 50 years.

[RAPID_BA]

some people take it too far..

I was on the train and two guys dressed in business suits got in an argument. It was congested on the train and one wouldnt move, bumped into his mrs etc etc.

Anyhow there was a heated exchange and one guy says to the other "ill buy you".... the other says "how much do you earn bigshot, ill buy you" the other guy says "ill buy you and your whole family" then the other said "mr bigshot but your on the train mate"... people were chuckling on the train overhearing it.. but in their heads they were probably calculating if they could buy them.

People get so offended if you say you could buy them. So the answer is make sure you make intelligent investment decisions and dont be bought... retire on your own terms and buy a fpv when you can really afford it.

[RAPID_BA]

some people take it too far..

I was on the train and two guys dressed in business suits got in an argument. It was congested on the train and one wouldnt move, bumped into his mrs etc etc.

Anyhow there was a heated exchange and one guy says to the other "ill buy you".... the other says "how much do you earn bigshot, ill buy you" the other guy says "ill buy you and your whole family" then the other said "mr bigshot but your on the train mate"... people were chuckling on the train overhearing it.. but in their heads they were probably calculating if they could buy them.

People get so offended if you say you could buy them. So the answer is make sure you make intelligent investment decisions and dont be bought... retire on your own terms and buy a fpv when you can really afford it.

[TZENU]

I had a cousin of my wife die at 30 to a aneurysm without any warning whatsoever and left behind two kids and just yeaterday a hard working, honest and genuine top bloke gets in to drive to work only to have his van explode on him at 25 years old. He had a nice VE SS which he had bought several months back (his eyes would light up everytime he spoke about it!) but its no good to him now.

At the end of the day there is enough motivation for me to say "F this" if i want to get myself a GT or I want to rebuild the XY then i'm going to do it.. Nobody knows what's going to come round the corner... I don't have one regret on the amount of $$$ poured into my car (s)

[AU Mont]

HULK_BA for the love of god, please just go and buy a ******* VT LS1 already and be done with it

[350125GO]

Its all about balance isnt it. I could die in 5 years time or I could live to 120.

Also: we are all millionaires on the internet

[GT0132]

Originally Posted by HULK_BA

some people take it too far..

I was on the train and two guys dressed in business suits got in an argument. It was congested on the train and one wouldnt move, bumped into his mrs etc etc.

Anyhow there was a heated exchange and one guy says to the other "ill buy you".... the other says "how much do you earn bigshot, ill buy you" the other guy says "ill buy you and your whole family" then the other said "mr bigshot but your on the train mate"... people were chuckling on the train overhearing it.. but in their heads they were probably calculating if they could buy them.

People get so offended if you say you could buy them. So the answer is make sure you make intelligent investment decisions and dont be bought... retire on your own terms and buy a fpv when you can really afford it.

Was that on your train line or the eastern suburbs or north shore line?

I think in the situation you portray that is just plain childish and something you'd expect to hear (and in fact was heard) in the Wall St movie . The simpler solution would be to just smack the guy rather than threaten to "buy him".

[flappist]

Originally Posted by 350125GO

Also: we are all millionaires on the internet

And that really sums it all up nicely.