How did you pay for your Mini?
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All upfront but they're both used. Why? Not as heavy to the hip pocket as there's better way to spend your money than depreciation. I know cars depreciate whether it's new or old but let someone else lose a large chunk than you especially if you need to finance it - depreciation and interest is no good IMHO.
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2,878 Posts
The value of money also depreciates over time. That said - I financed mine via chattel mortgage. It is a business vehicle and I will drive it for 10 years so I don't give a rats about depreciaton. (Besides the fact that because of it, I pay less tax).
A car is a machine. It is not an investment. We list them on balance sheets as assets but that is only because we don't know where else to put them.
A car is a machine. It is not an investment. We list them on balance sheets as assets but that is only because we don't know where else to put them.
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1,356 Posts
I brought my cooper outright, i should of got finace for $8k & brought a S......oh well. lol
Daniel
Daniel
I am sure money devalue as time goes by but not as much as $20k disappeared from $60k? It could be possible but hey, highly unlikely 
My point was, if I bought a used MCS for $30k now and when I sell it in 5 years time for $20k, it's not that bad compared to someone that bought their new MCS for $50k and get $20k back.
My point was, if I bought a used MCS for $30k now and when I sell it in 5 years time for $20k, it's not that bad compared to someone that bought their new MCS for $50k and get $20k back.
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4,146 Posts
I considered novating mine too as the online calculator for the crowd we use said I'd be about 3 grand better off (if I included all the operating costs) but I gave up in disgust as I couldn't get a straight answer out of anyone, let alone the lease company. Novated leasing in my experience is kind of like superannuation, it's all too difficult (having said that, Commonwealth Government super is sweet as.Dutchy said:
)Having excise free fuel could encourage me to think about it again though.
I must be honest, and say that at the beginning I was a bit stressed as to what came first and how it would all pan out. In the end, it all ran smoothly and the guys at Adelaide BMW where fantastic and couldn't have helped more. They even let me take the car home without having all of the required documents, because my work stuffed up and didn't send them. About a week later they received the documents they required, so I was lucky they gave me the car for that period.
I went through SmartSalary as my agent and have got BMW finance for the novated lease. The fact that I don't have to find money for servicings, wheels or even fuel are a great benefit. Although I am paying a lot in one lump sum each month....it does remove a lot of the financial planning you normally have to do for a car.
I went through SmartSalary as my agent and have got BMW finance for the novated lease. The fact that I don't have to find money for servicings, wheels or even fuel are a great benefit. Although I am paying a lot in one lump sum each month....it does remove a lot of the financial planning you normally have to do for a car.
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2,756 Posts
I tried to pay in Bannana's... after much tooing and froing, BMW convinced me that Bannana's are not an acceptable form of currency... it is then when I decided to offer them chickens.... again, no dice!!.
In the end I paid some up front, financed some with BMW Finance.
In the end I paid some up front, financed some with BMW Finance.
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