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Question of the Day: How do you normally pay for purchases in stores?
Balloon Payment...what's the point exactly?
- Thread starter ALFAHOLIC
- Start date
Worried is a strong word...My mind tell's me Don't take the residual as its only R750 diff...pay the car off like normal open minded ppls...but then again, I thought...when the car lands in SA...I"ll have to call up insurance houses...If I can get insurance under R1000, I'll leave the residual alone, if insurance is too much...its the R5500 limit incl insurance!
Like I said, I really want this car, and in Utopia it will probably be worth more than R115000 after 5 yrs...taking the 42% depreciation over 5 yrs example...then it willbe worth much more than R115000...but like someone said...if Alfa can't guarantee a buy-back option...I"ll be looking at G6 GTi or G5 GTi with low kms...I want turbo power man.
BCO MiTo is too small
wikk3d88
Expert Member
If i were you
Id save up atleast 100k to put down as a deposit... no use rushing into things and buying a car you cannot realistically afford at this point in your life
Id save up atleast 100k to put down as a deposit... no use rushing into things and buying a car you cannot realistically afford at this point in your life
MR.C
Executive Member
- Joined
- Mar 7, 2008
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Uses less petrol than your current car, what is your current car and how much fuel are u gonna save ?
Are you planning on selling that car ?
You can either make that your primary and buy a cheapie or keep that as your cheapie and buy a more expensive car.
You got in it your head that u wanna start the car and all that but if others can't also see it then its called a dream. Dreams sometimes, more often than not, don't come through.
My advice, like many others on this forum, don't overshoot your budget, not by sooo much. Buy what you can afford now, then see whether your current dream car will remain your dream car. You are an Alfa fan but everything you buy does'nt need to be alfa, you mentioned a used GTI5 or GTI6 which I feel will be a better option especially in terms of resale value.
Most importantly, be a realist in terms of what you can afford and try to keep a relatively fair amount for savings. You must save up in case any **** hits the fan in any way.
Are you planning on selling that car ?
You can either make that your primary and buy a cheapie or keep that as your cheapie and buy a more expensive car.
You got in it your head that u wanna start the car and all that but if others can't also see it then its called a dream. Dreams sometimes, more often than not, don't come through.
My advice, like many others on this forum, don't overshoot your budget, not by sooo much. Buy what you can afford now, then see whether your current dream car will remain your dream car. You are an Alfa fan but everything you buy does'nt need to be alfa, you mentioned a used GTI5 or GTI6 which I feel will be a better option especially in terms of resale value.
Most importantly, be a realist in terms of what you can afford and try to keep a relatively fair amount for savings. You must save up in case any **** hits the fan in any way.
I can afford the car, lol...but I was given a budget of R5500...thus, its not affordable...understand?
She said...no car will be more than R5500 so that's the payments I'll have to get...I wanted a new car...it should be in that price range, and I am trying to make a car that's NOT in that price range...fit into that price range...lol...scary I know.
She said...no car will be more than R5500 so that's the payments I'll have to get...I wanted a new car...it should be in that price range, and I am trying to make a car that's NOT in that price range...fit into that price range...lol...scary I know.
kevinswan007
Expert Member
you are obviously set on getting the car. my advice is to man up and think sensibly, but yea, we all want to learn the hard way.
if you do take a residual, make sure you do as little km's on the car as possible. (weekend car) otherwise dont take a residual.
wikk3d88
Expert Member
You CANNOT afford the car. Harsh reality dude. Stick with what you have, instead of trying to work the finance system, because in the end you are the on that is going to be shafted... or consider the Mito, which is a brilliant little car
It would actually make more sense to buy a demo/1 year old...but you seem intent on wanting the new car
Bravo... now you are thinking...
TheShadow
Well-Known Member
dude don't take this the wrong way but you better hope your current overwhelming blinding obsession with cars is just a passing phase.
it's a slippery slope... and lowering yr standards back to realistic levels is very very difficult
it's a slippery slope... and lowering yr standards back to realistic levels is very very difficult
lmao...I"ve been obsessed with cars since I was 9 y.o so no...its not a phase...I'm sure you are also obsesses with something...otherwise, you really aint living...don't take that the wrong way.
http://www.edmunds.com/advice/leasing/articles/46807/article.html
This is an interesting article, and basically says the same what many have been saying...watch out for values...So, can I call up ABSA asking for Automotive Leasing Guide???
This is an interesting article, and basically says the same what many have been saying...watch out for values...So, can I call up ABSA asking for Automotive Leasing Guide???
SlinkyMike
Honorary Master
- Joined
- Jan 23, 2006
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Residual/baloon/whatever they'll call it next (to trick suckers once they have been warned off of it) exists purely to push people toward buying a car that they cannot afford.
That is the answer to your question, now walk away from that deal.
That is the answer to your question, now walk away from that deal.
wikk3d88
Expert Member
You know what they say.... You can sleep in your car, but you cannot race a house
LMAO
TheShadow
Well-Known Member
ok my apologies... rather daft of me to think that could be taken anyway except in offence.
i really dig cars too. but the realities of life far outweigh it.
i can't say i obsess about anything. i prefer to spread out my attention to various interests so i don't miss the good stuff in life.
regarding the financing debate, someone mentioned you can finance over 72 months. if you do choose to finance over a longer period than 60 months, banks generally won't allow you to take a residual as well. i played with the numbers and a 72 month loan is similar to a 60month+25% residual.
dlk001
Executive Member
Yeah...in the end you need to be happy dude! Don't commit financial suicide but at the same time make an informed decision when buying on residual. A lot of people including myself have bought a car on residual.
Thanks for the advice ouens...yes i do intend to make an informed decision. Thus I'm researching this thing to the core! I can't get a value estimator on the car, becuase its not here yet. Yesterday I saw a 06 159 JTD for R119k with 19000kms on...damn that's a MOERSE drop! I don't want to have to OWE the bank at the end of the period becuase the car is less than the residual amount.
But also, there is a R750 difference per month between not taking the residual and taking the residual. I'll have to decide how much R750 really is...is it worth running the risk of the Alfa being faar less than the owed amount at the end of the 5 years? The other factor, is ofcourse the insurance! Someone on here said they owned a car and its in their dad's name...wtf is this even possible?
But also, there is a R750 difference per month between not taking the residual and taking the residual. I'll have to decide how much R750 really is...is it worth running the risk of the Alfa being faar less than the owed amount at the end of the 5 years? The other factor, is ofcourse the insurance! Someone on here said they owned a car and its in their dad's name...wtf is this even possible?
dlk001
Executive Member
Why don't you check trade in values on typical ALFA Sports cars that were bought 5 years ago? At least that will give you an indication of the depreciation of the car in 5 years. Remember in the value of your car will be negatively affected by Accident History, High Mileage and Market Demand.
When it comes to insurances, always declare the truth. I know of 2 cases where Outsurance has declined a claim because the car was under insured. This is a case where the premiums were calculated based on lower risk profile of the parents whilst the cars were regularly driven by the children who are higher risk.
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