I was watching A Current Affair https://www.youtube.com/watch?v=BLaE3T78ack
The owners of a $100,000 BMW which appeared to explode in flames all by itself say there is no other explanation - and now they are locked in a battle with the prestigious car maker over how it happened.
Why did you get a loan for a 100K vehicle?
That makes sense. Cheers
I was watching A Current Affair
This part doesn't though
Where are the flames?
The poll is flawed. People buy $100k cars because some are simply just nicer to driver around and they have the money.
Businesses always buy cars on loans as it's favoured from a tax perspective wise.
Would not buy it on loan in personal name though unless you had much higher yielding investments where you could put your money better.
These guys don't look like such people especially if the parents had to buy it.
FLEX!
High yield investment + envy badge.
BMW
prestigious car maker
Lol.
I think any non-biased person would agree it is.
I've driven plenty, and when you consider how much they cost, they are underwhelming at best. They are also well known for their reliability problems and expense in maintaining. If you want to pay premium pricing for a Eurocamry, that's fine, but let's not pretend you're not doing it for the badge and the "look at me" status.
why did you eat potatoes for dinner?
cheap as chips
.
Eye find them a-peel-ing.
Their house is probably worth 2-3m so buying a $100,000 car to their daughter isn't anything out of the ordinary.
ACA tried to edit out the number plate but you can see 90% of it in 1 of the frames.
$100K BMW is not showing off. that's just a run of the mill. BMW X5 cost $130K and there's plenty of them on the road.
now a $500k Lamborghini is showing off.
it do be like that - maybe 15 years ago, 100k was something to wow about - now not so much.
Almost bought, but no weather shield. Will pass.
Not sure how this is relevant to their listing "ONE OWNER BLACK".
$500k lambo is not showing off. A train is showing off.
just one train?!!? that's not showing off.
You’re not showing off until you get your helicopter and private jet.
Maybe people probably buy lambos to show off, but I could care less what others think, I'd get one because I love them, always have.
How much less could you care, please advise.
Or do you mean you couldn't care less?
@TEER3X: They have become interchangeable but should not be because they mean different things by their grammar
@[Deactivated]: But they are interchangeable…Dictionary definitions are descriptive, not prescriptive and language is a construct.
@TEER3X: No they haven't.
They may be used interchangeably by the semi-literate on the internet; but that's not the same thing.
@TEER3X: I guess it’s like “could HAVE” and “could OF” have become interchangeable for the poorly literate.
@TEER3X: They literally mean two different things.
One makes sense, the other makes you look like an uneducated fool
In terms of value, Lambos are horrible, there are better performance cars and more luxurious. It's purely for vanity.
I guess when I see them on the road I don't think holy shitballs that's an insane machine, but I would say it is still showing off. It's way above your run of the mill Toyota, Hyundai, Mazda or Kia. Being able to afford a $100K+ car is pretty insane, at least for me it is. I assume they can comfortably afford the repayments and only took out a loan to invest their cash.
A 30-40k car isnt uncommon for someone earning ~70-80k so I guess 100k car is around the same for someone making 300k. A Prado land cruiser can get to 70-80k as well.
$500k Lamborghini
Plenty of them in bankstown greenacre area, see a few everyday
Now a $1M Bentley or RR is showing off
There's a bloke with a Bentley that shops at my local IGA, I asked him one day if that was his car outside and he said yes. I asked how it is and he said yeah it's nice, but it cost me more that I should have spent. Makes you wonder what someone is on to buy one to do the shopping in
…and here I am loosing sleep over the 20k cx-5 we've just bought
So they claimed on insurance, made $10k after the payout of the loan and now say they cannot afford a new car. Why don't they just do what they did last time and take out another loan?
So happy I don't watch ACA.
…claimed on insurance, made $10k after the payout of the loan
They haven't actually "made" any money from it. The insurer is meant to pay the total value of the car (whether it's agree or market) if it gets written-off. The difference between the actual payout and the loan itself is not called 'profit'. You're forgetting that they would've made many monthly payments during the period of ownership to reduce the loan itself. If anything, they'd be losing out because it's almost impossible to get the same car right now with the total payout they've received.
The could go buy a 2nd hand 4 year old BMW for $66,000 using a $56,000 loan. They would then be in exactly the same position as they were before.
The used car market is still pretty crazy. They wouldn't be able to get a car in the same condition for that amount. The insurance companies don't factor covid tax into their payouts.
If they want that car in a similar condition, they'll need to fork out more money - whether it's straight from the pocket or an increase in the loan.
Yeah I don't get it either - insurance paid out, what else do they want?
$100,000
BMW
ACA
explode in flames
battle with the car maker
Says it all really.
Clickbait.
They threw in discrimination as well.
For a relative, because they own a successful small business and they could get a deduction by buying the vehicle through their business. Any wage they pay themselves is highly taxed (not just income but work cover, payroll, compulsory super) whereas buying the car for their business gave them a write off.
If it goes up in flames, definitely a write off.
A little simplistic. Depends on what you use the car for. If it's personal use, Mr ATO will come for you.
Nah, working in sales so lots of km on the road for business use. But still nicer to have a nice car than a camry to drive around in both at work and on the weekend.
Yeah I can totally see that point of view if you're spending a lot of time on the road. I'd do it too.
Maybe they are registered for fringe benefits and contributing employee contributions so can use it privately hehe
I do it because a loan is only 7.0% APR.
I can pay in instalments and spend the capital on hard assets that can give a 100.0% YoY return.
capital on hard assets that can give a 100.0% YoY return.
A hard asset? Anything that can give 100% yoy returns can also give -100% yoy returns though. Not everyone has the risk appetite for that!
what happened to the 50% daily profits, and borrowing of unlimited funds at 1%.
what happened to the 50% daily profits, and borrowing of unlimited funds at 1%.
50 basis points rise this week?
?? 50 basis points <> 50%
🐻 market. 😭
so, short it
@Donaldhump: You haven't short #Bitcoin before, have you?
Shorting have an unlimited potential for losses.
👏 🎉 📉📊😀
My $100K car cost me $70K after trading in my old one. I chose to borrow the money. The interest rate was 2.99% (costing me $2K over the 4 year term) and I invested my cash. I'll keep my investment choices to myself, but needless to say I expect them to return greater than 2.99% per year. For me personally this seemed to be the logical way to go about it, but according to the poll it is stupid. I'm no expert so perhaps it is, let's see.
It's stupid because you could have bought a $40k car and invested the extra $60k, if you are so good at investing you would be $1,800 (3% of $60k investment) + $1,200 (less interest you have to pay on a smaller loan) = $3,000 better off. Not to mention if you change your mind about the car in a few years you aren't selling it for $50k and all have a big loan to pay off.
Entry to the Westpac CEO fast track program requires a euro badge..~priceless~ Vs 3k.
So what? To some people 3k is less than a single month’s savings. Even if it’s two months, not a huge price to pay if the car is something that gives them joy. Some people enjoy cars.
You could say that about anything - just because you enjoy something, doesn't make it smart to spend money on it.
@Quantumcat: Also depends on your definition of “smart”. In a certain sense it’s not “smart” to spend money on anything for the sake of enjoyment. In another sense it’s not smart to deprive yourself of enjoyment in life. To me, spending a certain amount more than is “smart” on a car is worth it. It just shouldn’t get in the way of more important things.
..3k is more than a months savings.. or a tank of fuel :'(
The poll shows that the majority of voters would rather spend capital on a depreciating asset than pay instalments and invest in asymmetric bets.
You must be referring to the fact that crypto is depreciating, cars are appreciating this whole year?
"Bull Markets Make You Money. Bear Markets Make You Rich".
DCA on the way down and damp on the way up.
My $100K car cost me $70K after trading in my old one
Actually your $100k car cost you more than $100k since you traded a depreciated asset for it.
Checkmate!
Buy a Model 3.
Lost money trading a vehicle in instead of selling privatly too!
I compared privately selling vs the trade-in value, and was pleasantly surprised to get a decent trade-in offer that was near if not the same as what I could have got privately. Oh I guess I didn't mention this so you assumed I lost money by doing something that never happened?
Many people on this forum are 'stupid'.
They've got no concept of finance and think saving $1 is a life goal.
It's actually easier to try and make more money rather than to try and save more money…but many on this for don't think that way.
People buy a $100k car because their financial allow them to do so. a $100k European aren't really a show off, as they are kind of everywhere, no one bat an eye when one of these car drove pass. $200k+ then maybe.
I chose to finance my car because the cash are better off staying in the mortgage. A slightly higher rate over 5 years, is better than a lower rate over 30 years.
A slightly higher rate over 5 years, is better than a lower rate over 30 years.
No,
You just paid an extra 2%pa on 100k for 5 years for nothing.
It may be worth it for some people for discipline.
A lot of people would redraw $100k from their mortgage and not make any extra effort to pay it off.
A 5 year car loan that has its own payments means they don't need to think about it at all.
It's a lot of money to throw in a hole compared to spending a few minutes thinking about it; but I don't know why you would buy a $100k car unless you had piles of money laying around anyway.
Depends how much you finance. I wouldn’t, but my first car I borrowed about half (think 2yo corolla money).
Built a good credit rating.
This is a myth, we don't have a US system.
Ok. Maybe not a ‘credit rating’, but proved I was financially able to service a loan. Ie had a loan history.
And it doesn't matter
errrr, past performance does not predict future results! it's all in the payslips!
I don't get it… I watched it twice and I still don't know what they want out of it.
Car was worth a "market value" of $66,000, they got paid out $66k minus the outstanding loan amount, leaving them with $10k in cash. Just what do they want BMW to pay for? They would still need to discharge the loan and market value isn't really going to change.
Or is it just the fact that Princess Zhao will now have to drive a Hyundai Getz that is upsetting her and "Ambrose" so much??
Ok