Financial Question for people around 23 y.o

[b0son]

Originally Posted by 4.9 EF Futura

My first word of advice - debt is NOT a dirty word. Debt is a valuable tool when used wisely.

It's also questionable whether going into debt for a depreciating asset is a wise move.

[Feathers]

I'm 22. I bought my BA in January, from Pickles, paid cash for it.

Took me 4 years of full-time work to save up for it, but then I live at home (pay board), and I didn't go to uni or anything.

My Dad lent me some cash towards it, just so that I still had money for the rego and insurance and things.
I pay him back $100 a week, and am about half-way through repaying what he lent me.
Then again I have it much easier than a lot of people. I'm an only child, and there is a lot of property owned by the family that will be coming my way, so I don't need to buy a place of my own.

That said, I have already managed to save about half of what I had in the bank before I bought the car, so I guess the next thing I will start looking at buying is a property of some sort to rent out, most likely on the NSW south coast.

[Kenaz]

I'm 23. I waited until I was working full time before I got a loan for a car. That was just before my 22nd B'day. Some days I wonder what life would be like if I had of just kept my old EA and not taken a loan. I'm hoping to pay off the remainder of the loan within the next 1.5 - 2 years.

[Sourbastard]

Originally Posted by tquarrell

I'm 22 now, bought my first house at 19, graduated uni last year and now can pretty much buy any car I like, but am sticking with the BA XT. From my experience, you're best putting as little as possible into cars, especially to begin with. I paid cash for the car ($20k), but could have gone overboard and got a T. Problem is insurance fuel etc etc. So my advice is don't be in a rush to spend money on cars, put it into other (productive) things and you'll be better off. Also, as they say, a dollar today is worth more than a dollar tomorrow. I'd recomend getting the cash out of your car, getting a loan for the new (cheap) car, and investing the spare cash. Plenty of time for expensive cars later.

So you are trying to encourage a site full of young car enthusiasts not to spend money on their cars. Best of luck with that one.

With that set of advice you just gave out in mind, exactly what are you doing here?

[Polyal]

one from the grave...lol

I did get a loan...an amount I can manage and pay off by the end of the year...cant wait to get my new ride though...hopefully very soon.

cheers for the advice guys