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Old 07-11-2004, 19:57   #1 (permalink)
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What do i do?

Hi guys.

I have one huge dilemma. In case you haven't noticed, i have changed my name from EFXR6_Yagz, in the hope that i'll own an EL 2 XR8 in a couple of days.. Anyway, i currently drive the XR6 around, and i have $7700 left to pay on it, through a finance company..

Anyway, i'm at uni, and i wanted to halve my repayments of $500 a month to the finance company, so i applied for a personal loan from the commonwealth.. Anyway, i got accepted for $10,000 over 4 years, which would allow me to pay my car off, sell it, and buy an EL XR8.

Since then, i've decided to give mum the XR6 so she can drive around in a decent car, and ditch the shitbox VK. This means that i had to ask the bank for another $5k. I went there this morning, showed her my payslips for ~$500 each (i had 3 weeks worth), and on my application i stated i made $1600 a month, so the income part of the application should be alright..

Anyway, she sent my request for the extra $5k off this morning, and i should hear back from them in 1-2 days. Apparently she told me that the $10k still stands if they refuse me $15k..

So, i already know that if i get the $15k, i'll be getting the XR8 straight away, but if i only get the $10k, should i pay my car off, rebuild the bottom end and chuck a 5 speed box in, or just not get a loan at all..

Getting the $10k will mean that i can halve my repayments, cos atm the finance company repayments are $500/m, while these ones for the $10k will be $280/m..

What do i do?

Cheers,
Yagz
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Old 07-11-2004, 20:35   #2 (permalink)
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Re: What do i do?

Pay off the car and pay off your loan at the same rate of $500 a month. You'll have your car paid off a lot quicker and have the satisfaction of owning your own car, instead of driving around in the 'banks' car.

You'll regret going the XR8 and paying more. By the time you've paid it off, it'll be worth a lot less, and you won't have money to do it up as you are paying it off.
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Old 07-11-2004, 21:23   #3 (permalink)
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Re: What do i do?

Agreed change your name back to EFXR6
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Old 07-11-2004, 22:08   #4 (permalink)
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Re: What do i do?

yeah i agree with pearly , and you shouldnt have changed your name .. not until you had the car

your only 18 arnt you, so you really have plenty of time, dont rush getting an xr8 yet
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Old 07-11-2004, 23:44   #5 (permalink)
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Re: What do i do?

Bit of a tough one, Im doing the financial balancing act right now too as i'm itching to get out of the EF and into something newer and with a bit more go.

My only advice would be to consider it long term - in 5 yrs time are you still going to be wanting to pay off the car, matter of fact will you still want the new car?

If you're sure of it (and you will know - if you're willing to work out how to do it then i think that's a pretty sure sign), and you can afford it - why not? Dont be afraid to go into debt, as long as you know without a doubt you can handle it and eventually get out of it, then yeah, i reckon you'll be fine.

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Old 07-12-2004, 01:34   #6 (permalink)
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Re: What do i do?

Its a hard choice mate. But really the only debt you want to be in is for something that will appreciate not DEppreciate. i.e A house. But I guess your like me when I was 18 and an EL2 XR is certainly a hell of a car! As long as you can afford it and you are sure you REALLY want the car then do it. But on the other hand you could have an EF XR that you own and dont owe anybody a penny for....think hard cause its difficult to change back once you have done it...
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Old 07-12-2004, 01:42   #7 (permalink)
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Re: What do i do?

Mate, I had the same dilemma. I wanted to get rid of my EF II Ghia and get something like a 5ltr EL Ghia or EL XR8. Pointless exercise. You will end up spending too much money for little gain really. You are better off spending that bit more and getting something like an AU XR6 or 8 as they are another level above the EL XR8.

I went to the extreme and ended up with a new XR6 Turbo. Just thought about it long and hard and thought 'stuff it, if I can afford it why the hell not'. I am getting way more pleasure outta the XR6T than I ever would have from an EL Ghia 5ltr.

I suggest you pay off your car completely and then make a move. That way you will at least be up by a few grand when you want a new car. Finance companies see a car owned by you as a good thing - that unlocks more money to borrow. I never thought they would lend me enough for a brand new car but they did cause I paid my other 15k loan off within 10 months...
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Old 07-12-2004, 02:09   #8 (permalink)
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Re: What do i do?

Quote:
Originally Posted by Pearly
Pay off the car and pay off your loan at the same rate of $500 a month. You'll have your car paid off a lot quicker and have the satisfaction of owning your own car, instead of driving around in the 'banks' car.

You'll regret going the XR8 and paying more. By the time you've paid it off, it'll be worth a lot less, and you won't have money to do it up as you are paying it off.
definitely agreed
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Old 07-12-2004, 02:10   #9 (permalink)
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Re: What do i do?

Keep your car til you own it then sell it and buy whatever you want, I'm owing 18 grand on a car that I paid 14 grand for just because I kept on putting one loan on top of another
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Old 07-12-2004, 03:51   #10 (permalink)
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Re: What do i do?

I'd stick with the 6, I am 18 too, just turned 18 on saturday. I am looking for a EL XR6 or AU2 falcon but have nearly $12K saved up for it + it's tax back time soon. I don't want to go into debt, I hate just thinking about it. We're still young mate, save some of that money so that later you can buy an even better car like a AU2/3 XR8, you wont regret it, and what's wrong with the car you got now!!!

Just my 2 cents.
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