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Originally Posted by schmidty
Just did a quick personal loan calculation.
CBA's personal loan interest rate is 13.45%. i'm sure you could do better, but just for interest sake lets say you get your FPV for 70k on the road.
Over 6 years you're looking at a monthly payment of $1421.87. Over the 6 year loan term you'll have paid $32,374.45 in interest.
So in 6 years you'll have shelled out $102,374.45 for your FPV that'd be worth maybe 20k.
So next time you're still borrowing another 50k, over 6 years, is $1015.72 per month, and another $23,124.61 in interest.
Sure you could be driving one today, but you're sure as hell paying for the privellage.
loans with residuals are a crock. Many people that do it that way so they make their payments more affordable are living in a dream world. Might as well just lease if you're gonna do it that way. I;ve seen people get a loan over 5 years, with a residual and then get another loan at the end to pay the residual. 10 years to pay off a new patrol!
So for someone to borrow the full amount, over 6 years per car on a personal loan could buy 3 cars for the same money as the person who's paid for it can buy 4.
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ANZ are quoting 7.5-8.5% for their Supp Loans. That means that you can get $70k paid off in 6 years at $1238 per month. Which, is within $50 a week to the amount you'd have to save to buy outright when prices have snuck up. In reality, the loan option would cost something like $50 a week more for the duration of the loan or saving period. For me, $50 a week is not overly significant. I don't know but imagine that $50 a week for most people buying FPV's is not the end of the world.
If I said to you that for $50 a week, you could be driving a brand new F6 in place of the car you would be driving (assuming ot's not already an FPV lol) whilst saving $1200 month, would you want to? I would. If you're saving the money for the car at $1200 a month anyway, then it's true that for $50 a week, you can have one now.
Residual's aren't a crock - a 4 year old FPV is still worth 50% of it's new price while the residual will be something like 30-40%. If you trade in, you'd come out +/- even.
If you've got money invested returning you 10%, it doesn't make sense to pull it out of that to save 8% interest.
Agreed you're paying for the privilege of driving an FPV
today but for me, and many, many more like me, it's worth it.