Buying a car for the first time

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MikyMouse

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Hi all,

I was wanting to get some advice on buying a 2nd hand car for the first time, more specifically what costs are involved? I've been looking at a few car ads and see that they all say "excludes all fees" what fees are they talking about in particular and how much are they? I'm presuming transfer of ownership and new licensing?

I need to try understand how much say a R170K car will end up costing bearing in mind all the fees. I will be looking to take out finance on the car (approx R100K worth) and I know that there will be a loan initiation fee for approx R1500 but not sure what else to factor in.

Thanks in advance!
 
Anything from R1500 (the real costs) to R3500 (the bull**** costs).
 
Generally with any car purchase, you need to factor the cost of the credit, approximately R1000 per month for every R50k financed, then there is a R50-R60 a month fee from the bank. There is often fees upfront for licence and registration, anything from R500 - R2000.
Often they will bundle this into the price of the car, as they make the payments slightly more (i.e. more interest)
 
ozziej said:
Generally with any car purchase, you need to factor the cost of the credit, approximately R1000 per month for every R50k financed, then there is a R50-R60 a month fee from the bank. There is often fees upfront for licence and registration, anything from R500 - R2000.
Often they will bundle this into the price of the car, as they make the payments slightly more (i.e. more interest)
Click to expand...

Ok great thanks so I mainly need to consider approx R2500 for registration etc + R2000 odd for the loan initiation up front.
 
Get a bike
Get used to only having a bike
Live with the shortcomings
Save hundreds of thousands of Rands by not buying cars...ever.
 
zululami said:
Great advice. What about the kids?
Click to expand...

Don't have kids
Get used to having money to do stuff with
Live with the fact that your bloodline ends with you
Save hundreds of millions of Rands by not sending the ungrateful fsckers to school and having to buy a station wagon...ever.
 
Hamster said:
Don't have kids
Get used to having money to do stuff with
Live with the fact that your bloodline ends with you
Save hundreds of millions of Rands by not sending the ungrateful fsckers to school and having to buy a station wagon...ever.
Click to expand...

:wtf: ... What did the world do to you?
 
Hamster said:
Don't have kids
Get used to having money to do stuff with
Live with the fact that your bloodline ends with you
Save hundreds of millions of Rands by not sending the ungrateful fsckers to school and having to buy a station wagon...ever.
Click to expand...

Lol +5
 
SauRoNZA said:
"On the road" fees are fixed.

Your loan costs you can get from the Wesbank calculator.
Click to expand...

Thanks I'll have a look at their calculator.

What is the best way to compare financing options? I did a quick online application on the Audi finance website (which turns out to be Wesbank) and they said that I qualified / the loan was approved. I then called then about what the interest rate I'd get and they said that they can only tell me this once I've submitted all my docs etc. So my question is how do you do this for a handfull of financial institutions easily with the actual interest rate / cost?
 
MikyMouse said:
Thanks I'll have a look at their calculator.

What is the best way to compare financing options? I did a quick online application on the Audi finance website (which turns out to be Wesbank) and they said that I qualified / the loan was approved. I then called then about what the interest rate I'd get and they said that they can only tell me this once I've submitted all my docs etc. So my question is how do you do this for a handfull of financial institutions easily with the actual interest rate / cost?
Click to expand...

Apply everywhere and see what happens.
 
boxerulez said:
Multiple ITC checks will let alarm bells go off on subsequent applications. Get pre-approval everywhere and then submit for credit check only to the ones that you favour.
Click to expand...

how can I compare pre-approvals when the one from wesbank doesn't give any details other than "you've been approved". Or is this only the case with Wesbank
 
MikyMouse said:
how can I compare pre-approvals when the one from wesbank doesn't give any details other than "you've been approved". Or is this only the case with Wesbank
Click to expand...

Choose the car that you want, then apply through the in house credit provider, and with your own bank (wherever you bank)

One of those 2 should be good.
 
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