Taking a Loan Out on a Depreciating Object

I've been spoiled by the heaven that is the backup camera.

Literally fucking comfy not having to turn my head like some feudal peasant.

You don't have to care in order to answer OP's question you larping nigger.
It might be depreciating but the opportunities it opens for you makes it worth.

>Le student loans are bad meme

Stafford loans are literally free money for non-brainlets.

>6% for subsidized, 8% for unsub'd
>No interest until you graduate
>Interest is a tax credit so no interest after you graduate
>Limits on how much you can borrow so you won't land yourself 100K in debt

Because a car actual has functionality and can be sold while college is a scam.

Peer pressure.
Induced needs.
Marriage.

I recently took out a $3,000 personal loan to buy a 2003 Lincoln Town Car. I have $2,000 cash but i thought it would be a good way to start building credit.

Btw love the car.

>my car hasn't depreciated a cent since I bought it
>my bike is now worth double what I paid for it
>No loans on either

Opportunity cost is real.

>Put 0 down and get 0.9% interest
>Gamble $5000 on shitcoins

can you not buy your own on ebay for 20 bucks and wire it yourself?

it makes sense if you need the car to make money.
A good car pays for itself, if you are busy time wasted on servicing costs way more than the difference in price.
If you only use it to drive to work and back, then yeah, it's stupid.

Based Panther poverty, user. Owned a 2000 Crown Vic years ago. Big old whales, pretty much last body on frame sedans in America.

You can't repossess knowledge though
wtf they're 6% for sub loans now? I remember we used to get them for around 3-4% when I attended about 10 years ago. That's a fucking rip off, but I guess the government must be desperate for people to pay something back.

This is one of the most popular financed cars in Australia, the land of the overleveraged wagie.

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I literally wouldn't be able to park my car without the backup camera. It's so damn long and low that I have to park it backwards to avoid hitting the curb, and it's almost impossible to see the back of it from the driver's seat.

>be me, have 28k in bank
>have good goy score
>buy car for 8k down, 20k loaned at 2% for 3 years
>put that 20k into Bitcoin in 2016
>pay bank 1200ish for the privelege of becoming a millionaire

What kind of stupid idiot can't use credit effectively?

People get nice/new cars because they are ugly and want to impress others, simple as that. I have never owned a car in my life, only cheap motorcycles that I fix myself

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fuck yeah, i bought one off some old boomer that had 19k miles on it, not bad for 13 yr old truck

I did a similar thing with ethereum back in late 2016, best gamble I ever made. I still have another 100k left from that gamble even after taking a 6 month vacation to various parts of the world, buying a car, and moving to another country. I wish I could have become a millionaire too, but I literally couldn't loan that much out at the time, due to being a poorfag.

>Interest is a tax credit so no interest after you graduate

Interest is NOT a tax credit. It is a tax deduction, meaning you can deduct the interest from your taxable income. For example, if you're into in the 12% tax bracket and pay $100 in student loan interest, you stand to save $12, not the full $100. In addition, most recent graduates are probably going to be taking the standard deduction rather than itemizing deductions, so the student loan interest won't reduce their tax bill anyway.

I financed a new honda civic (with all the modern amenities) i pay $120 a month for it and plan to keep it for 30 years I have no regrets.

Because I had a dying car and had a high paying job but not yet enough money to outright buy one. Fuck buying someone else's problem.

I know people who go years between oil changes and those are the used cars you all say I should really be buying. I've twice been had by used cars blowing a transmission within a year.

Another had a check engine code come on and start making a noise after 2 years. Apparently there was head damage and the engine needed to be replaced. So I reset the light and traded it in. Felt real good to finally give someone else my problem.

Good on you M8 I was larping I didn't know about crypto till 2 years ago when btc was 4k and eth was 500, and I put in a conservative amount. Sure I'm up a lot but nowhere near making it status

Car loans can be very low interest. I had a financed car, and I don't remember the exact interest rate but I think it was somewhere between 1-2%. Even if I have the cash on hand to buy my next car outright, I would still consider financing as the value of having the money now is worth far more than the price of the interest on the loan.

The idea is that you buy a used car and fix it yourself. It really doesn't take long to fix up a car, can be a nice temporary side hobby and knowing how to fix a car means you will never get stuck somewhere when something goes wrong with your car.

I bought my car for 1k, spend about 2.5k and 20 hours fixing it up (Fantastically fun hours of learning and applying new skills) and wound up with a car in perfect order worth over 10k.

I put in a new radiator, reco'd engine and all accessories minus alternator which I reconditioned, put in new suspension and brakes all around and even managed to squeeze in some premium tires on a discount.

I do my services myself and all it costs me is the fluids I put in and the pleasure of being mechanically in charge of your car is unbeatable.

I'm by no means a car enthusiast. I hadn't even done a proper oil change before I did this, and I did it all by myself.

Are all cars this expensive in aus? Fuck I paid 24k usd for a new one jfc

It's a Land Cruiser, which is the most expensive car made by Toyota. It's massive, capable, luxurious and reliable.

A new Corolla will cost you $25k or so. I paid $17k for my musclebarge.

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Everything depreciates, why buy a used car if it just depreciates?

Yeah if it was anything other than overhauling an engine or transmission I could do it myself. I have an old beater Corolla I'm gonna keep alive til the end of time. My main car I bought new has been paid off for years and I'm gonna keep it alive as well. But I still will never buy another used car again.

Buy a $2,500 car in cash like I did

if i wasn't a spineless basedboy i would've taken out a personal loan to buy more link

Chevy s-10

>modern Honda
>30 years

Kek, this isn't the 80s/90s anymore, you'll be lucky if that car lasts you 15 years

An engine swap is actually surprisingly easy. Rebuilding an engine is time consuming and not really worth it unless you're doing two or more.

The transmission swap I would probably get done at a transmission shop, because their specialization means their prices are quite competitive and they carry warranties on work. But fuck getting a mechanic to do an engine swap. I go and buy a $300-$500 good condition motor, it's only going to take me around 8 hours of lego-like fun to pop it in. If I go to a mechanic, they're going to charge me well over $2000 and invariably leave something un-fastened to bring me back in in a month's time.

Came here to post this. My loan is 1.7%. Why would I pay cash for it when I can easily afford the $400/mo at that rate? I had 10K down with what I traded in, so the loan will never be upside down unless oil stops being drawn from the ground.

Christ I know, see heaps of Pajeets driving even more expensive Mercedes and BMW ones too

Because people are more obsessed with status symbols and experiences than their net worth and financial position.

To the vast majority of people as long as they can finance the appearance of the lifestyle that they want they'll do so unquestionably, because the only way they know how to make wealth is through wagecuckery. The more they earn, the more they can finance.

Their debt becomes their chains.

Smart people utilize debt strategically as leverage in investments to increase their net worth.

bought myself a used lexus rx 330 from 2005 with only 50k miles for only $7k plan on driving this for another 5 years and i can still sell it for the same shit i bought it for, new cars = pure scams

Why? To get to work, which gives you money to pay off the car.

I knew a guy that got a ford truck for $350, I swear he's paid the equivalent to my car payments keeping that up

and my gf has a 2005 honda civic that's been trucking along, her estimated repairs are stupid high but the car runs smooth enough that they don't even seem that bad, just some fuel distribution issues.

I forgot where I was going with this, oh yeah, used cars are a crapshoot, either you get a car that'll keep you going for years or you buy a stinker that puts you deeper in your hole

When I was 18 I took some lsd and the next morning I was feeling pretty weird and exhausted because I probably didn't sleep well. I drove my parents car around because I like driving. How much is it really worth to be able to sit in a chair and move at 30mph as much as you want? Probably a fucking lot and cars are fucking great.

An F-Truck is rebuild hell, but at the end of it his asset has appreciated as well.

get yourself a toyota or lexus from 02-06 and you're golden, built like tanks

My bike cost me $1600 and hasn't had any problems.

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>college is a scam
I’m a doctor

>claim depreciacion on your company car
easy as fuck
but if you're an individual, yes, absolutely retarded.

You paid 17K for a 7 year old Falcon?

lelelelel

The engines are solid but enjoy the fuel consumption, chinese made transmission (if not a turbo), rear diff bushings shitting the bed and horrible interior quality.

Also rust. At the end I could poke a hole through the railings of my 2004 Ghia, and it was kept under a garage the entire time I had it.

>t. former Ford person

Rare

Yeah, the BA/BF's had some issues but jeez they're cheap to keep running.

Fuel consumption is great, it's better than the V8s. And it obviously is a turbo, so it's hard to complain about the ZF 6-speed.

I've got Superpro diff bushes and the dealer did a shitload of warranty work on the transmission, so it's basically bulletproof at this point. Find me another car that makes a stock 270kW and a reliable 350kW and is that comfy at that price.

this is now a car thread

>my dream

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At some point a car will stop depreciating, usually around 10-18 years after it's initial release. At that time the value will be judged on it's utility and reliability.

For example, a 2005 BMW 5 series is worth fucking nothing because it's considered an unreliable piece of shit that is hell to work on and the cost of fixing anything major once you factor in labour is more than the car is worth.

A 2005 Toyota Camry on the other hand is reliable and costs fuck all to service, so they have more utility and practicality.

Car selection is proof that people don't buy things because of their utility unless they are poor or make a conscious decision to appear more frugal.

Services were cheap but you pay for it in fuel. Plus it's an outdated design as the basic structure of the chassis goes back to the AU, though admittedly with major revisions in the rear suspension and drivetrain.

Used Turbo diesel euro sedans have eclipsed the old falcons and commodores in value-for-money terms.

Our domestic offerings were always trying to ape the Europeans anyway with a lower price entry when new, but the pent up bogan demand for Ford/Holden elevates them too high in the second hand market.

The only issues with euro cars now is: reliability (their diesel engines are bulletproof after deleting the DPF and EGR valve) and increased costs for servicing (higher grade oils, brake rotors/pads, etc etc). But you can bypass that by DIY and shipping parts from Europe directly.

Stock was 180KW and 520nM on my 330d, after the tune it's 220KW and 620nM. Good for 0-100 in 5 seconds while still getting 6L per 100.

Just buy a 2k civic

Used?
What year?

>buying in to the college meme

How many of your economics are millionaires? Oh that’s right they know nothing of how economics work that’s why they are teaching you nonsense to enslave you into the debt cycle

Lol

>buying a used, old, shitty, beat up car
>not just financing a brand new chad vehicle

But in all seriousness, maintaining a shitty old car over and over again will just be frustrating and financially fucking retarded. I’d rather buy a deprecating object, under certain circumstances, and have convenience

>Financially fucking retarded
>Paying 30% more for something on finance that will be worth less than half the price when you finish paying for it

Imagine taking out a mortgage on a depreciating house. You want to think like that just rent a fucking car.

Except a land crusier keeps its value more than most cars as the 4x4 culture is huge and the cars dont die.

You're a retard.

better be turbo chink

a v8 is better a that price lad on an old ss

How big of a retard you have to be to do this I've payed like 1.5k cash for my beater car. It's been years and it runs just fine
Taking loans is literally cumbrain logic applied to finances

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is leasing better than financing?

2012, so the last year they made them. I think the 300s are a big step up (if only for ABS and fuel injection), but they're also 3x the price of that one.

Turbos are faster, but they also make it all in the bottom end which makes them much nicer to drive than the V8s. Having monstrous amounts of torque at barely above idle really feels great.

Is yours a 250?
I bought a ninja 250r for $1300 aud
I low sided it so I can't ride it atm?
I'm thinking of getting a 600cc

Yeah, it's a 250. If you've already crashed a 250 then please don't buy a 600. You will literally kill yourself.

I didn't crash it, it slid out from under me...

Which I'm sure had nothing at all to do with your riding ability.
Stick with your current bike before you start looking at superbikes, and remember to wear ATGATT.

Not him but a 600cc is fine if you have more than half a brain

t. 600cc

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THIS ALWAYS THIS

i bought my 2002 accord for 1200 bucks at 189k miles and it's still going strong at 273k over 2 years later. I was able to fix everything myself without knowing jack shit about cars thanks to youtube/car forums and the fact that jap cars are easy to work on, spent less than $3000 on oil changes, maintenance, tires and parts for repair since I've owned it.
>still no debt
>still own reliable vehicle to get me from A to B
I'll admit changing the water pump, adjusting timing belt, etc. was all a pain in the ass that stole saturday afternoons from me but it was all worth it.

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Gross

Yeah dude motorcycles are totally great in 6 inches of snow, youre ugly if you drive in a cage maaaan

I bought a 2003 civic for $1k. Fixed a leaky hose, did valve alignment and treated it for cockroach infestation. It still needs a new catalytic converter, wiper fluid tank or pump whatever is leaking, and new audio system (only one speaker working). About $1k more and a lot of time.

Looking around, there is a nissan dealer offering to match down payments. So basically I could get the nissan shitbox version of a civic, brand new 2019 with service warranty for $7k and not have to even worry about all the problems coming with the depreciated shit I just bought.

>cockroach infestation
In a car? Duuuuudde!

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lol, so you'll be able to sell it second hand in 5 years for 80 grand after financing it. Fuck me, you own a fucking landcruiser don't you.

This turned to a Scotty Kilmer LARP quickly

It isn't expensive to buy one and even pay somebody else to install it to you.

Because they either have no other choice
OR
Because they would rather use credit to purchase junk than sell a precious asset to do so, and wouldn't want to sell an asset to purchase a car.

If you had only Bitcoin, would you sell it to purchase a car? Or would you load up some cheap credit/interest-free credit, and purchase a one that way?

>it's a fucking car. it's supposed to get you from point A to B.
cope
I spend dozens of hours in my car per week because work and having a shitty old car is a very nice way to fucking kill yourself on the road.

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to secure boomer points, I mean "credit" with the jewish oligarchs that only see profit incentives and nothing more.

Why are you on the road for hours per week, user? Shouldn't you be at home creating art with your family?

>nissan dealer offering to match down payments
Only up to $3k

>the nissan shitbox version of a civic
Sentra

>for $7k
A Nissan Sentra has an MSRP of $18k

People who buy cars are people are do not buy RFR. Who do you think will win?

Having a cool car gets you laid

you are right except that student loan interests is not under itemized deduction. it has its own category so you can get it on top of standard deduction.

>work for a major company for their finance division
>literally idiots financing a 100k car on a 30 k a year income
I HATE THESE IDIOTS

Then buy second hand for 5k you fucking dumb mong

Because people sometimes need cars to get to their jobs. Doing it for any other reason is retarded though.

ok I used to think like this, until

if I can get loan at less than cash rate

(so 1.9% loan is what I got)

the car a volvo xc90 protects me and my family, it will likely save me a hospital admission or a permanent disability in a crash.

some tax benefits.

So given the cost to grown me and my family in food, education, housing etc to this point would be in the millions.

A 60K car to protect me from all the idots in the road. YEP