In my young days i had a few on finance, but later on i always just borrowed more against house, and paid cash(so still effectively financed really). Now lately, i just pay cash.
cjohnw,
Sep 28, 4:20am
We only ever financed the business vehicles. Our personal vehicles were always paid from our own funds.
paul861,
Sep 28, 4:28am
a wise man told me never to use finance on vehicles,use cash.
kazbanz,
Sep 28, 4:40am
I guess it comes down to your definition of that word "financed" Not being a smart ass but there's the "in your face' financing where they get their money through the dealership. Then theres the guys that "sort their own finance' though different companies. Then theres the people that Refinance their house and pay for cars from that top up. Others might take a second mortgage or a personal loan against the house. So yea by one means or another most people do finance their cars.Even when they say they are "cash buyers" On a side note I repeat my advice to anyone. What the COST of the vehicle will be is the Amount of the payments multiplied by the number of payments. Anything else is total smoke and mirrors. (plus any deposit or trade in value)
bumfacingdown,
Sep 28, 4:56am
Not to mention the number of cars financed as they sit on the lot waiting for someone to get the finance to buy them
franc123,
Sep 28, 5:08am
It would be at least 60% I'd have thought.
theo35,
Sep 28, 5:22am
Thanks franc123 the only person to even actually try to answer OPs question.
lythande1,
Sep 28, 5:46am
Most of them. I think paying off cars is terrible. they depreciate so much. Stick to your budget. Only houses should be bought on time payment.Nothing else.
franc123,
Sep 28, 6:03am
Remember how many cars arent owned at all, especially commercial/semi commercial stuff. A big chunk of these crew cab utes are leased.
franc123,
Sep 28, 6:04am
Dead right. Someone else is usually footing the depreciation bill remember.
budgel,
Sep 28, 6:39am
My dear old dad used to say never borrow money for a depreciating asset.
I only buy cars when I actually have all the money to make the purchase.
annie17111,
Sep 28, 6:47am
we have a single cab and a double cab ute for that reason. Double cab is good for things that we need to keep dry with the canopy. But no good for the motorbikes. We paid cash for one ute, one car and motor bike. Revolving credit paid for my ute and hubby's v8.
annie17111,
Sep 28, 6:51am
vs ss commodore. Not everyone's cup of tea but he loves it.
sport_billy,
Sep 28, 7:00am
Though some cars appreciate, so that can buck the trend on financing something at a loss (yes never 'guaranteed' to increase in value and not everyone's cup of tea, but still an option)
curlcrown,
Sep 28, 7:00am
Not such a wise man. There are many things to consider. Sometimes it is a wise decision to finance a vehicle.
kazbanz,
Sep 28, 7:52am
I think theres going to be a downturn in those numbers over the next year or so.
annie17111,
Sep 28, 8:03am
his is the same colour. Doesn't get driven that much tho as it's our Sunday car
Another factor is how much interest would you have gotten if you'd invested that money at say 7% instead of making interest payments on a depreciating asset.
kazbanz,
Sep 28, 9:56am
sod all right now.
kazbanz,
Sep 28, 10:10am
I think the way most people see cars is as an appliance like a fridge or a cellphone. A car is no longer a seen as a major asset. Often its a case of cost of the car VS the costs of not having a car.
jesus2000,
Sep 28, 10:13am
Having your money in property or stocks or precious metals is still capable of giving good returns.
My strategy is to buy reliable secondhand cars (not German or Italian or British) in the 10k to 15k tops range and keep them for as long as I can. Say 6 to 10 years. That keeps the money lost to depreciation minimal.
lyrad,
Sep 28, 10:24am
I imagine it's pretty high percentage, likely around 60%. Most cars are bought from dealers and they heavily favour financing for the kick backs they get.
Had a dealer tell me they don't like cash offers while during to use it as a bargaining chip.
budgel,
Sep 28, 10:33am
Please tell me where I can get 7%.
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