Buying my first car

And here was me thinking that at 29, having saved 100k in the last 1.5 years was brilliant!!! What do you guys do that you make so much money at 24??? Clearly I am in the wrong industry!!!
 
kim_bcs said:
And here was me thinking that at 29, having saved 100k in the last 1.5 years was brilliant!!! What do you guys do that you make so much money at 24??? Clearly I am in the wrong industry!!!
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+1000

Tell me too, I should have done that too at 24 instead of bothering with my fancy book-learnin's so I can work 9.5 hours a day for peanuts.
 
TJ99 said:
+1000

Tell me too, I should have done that too at 24 instead of bothering with my fancy book-learnin's so I can work 9.5 hours a day for peanuts.
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I'm not quite sure why you're so surprised by what they 'possibly' earn. If he's 24 that mean's this is most likely his third year of work (or second) out of varisty (assuming he has an honours degree). That being said, he would've started on a grad programme at a big corporate - salary 3 years ago being around R200-R250k CTC per annum. 3 years later, assuming he's performed well at work, he's promoted twice in the company and his salary is at least 50% higher - R300-R375k. Factoring bonuses, which could even be paid out bi-annually, I'd say that a 270k car (390-120) is well within his range.
 
CyCliC said:
R50000 on a tin can with no safety features. No thanks. Im buying safety, reliability and comfort. Its not only about looks. In terms of being scared, you can always take out a credit protection plan or something that will bail you out should things go bad. Standard Bank offers it at +-R350pm.

I got a 2009 Honda Civic Hatch with 33000km.
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Well, I got a R40k car which is definitely not a tin can. Its a 1994 Merc E320. Plus I paid cash for it so no interest necessary.
 
Pavan said:
I'm not quite sure why you're so surprised by what they 'possibly' earn. If he's 24 that mean's this is most likely his third year of work (or second) out of varisty (assuming he has an honours degree). That being said, he would've started on a grad programme at a big corporate - salary 3 years ago being around R200-R250k CTC per annum. 3 years later, assuming he's performed well at work, he's promoted twice in the company and his salary is at least 50% higher - R300-R375k. Factoring bonuses, which could even be paid out bi-annually, I'd say that a 270k car (390-120) is well within his range.
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I have an honours degree (granted it was a 2 year course, not 1 like most other fields). I work at one of the largest companies in the country. I know in some Mickey Mouse government-run outfits people might get promoted every year and bonuses twice before lunch, even when the company is in financial difficulty, but that's not the norm. Usually it takes a few years, if you're very good at what you do, and getting a bonus is dependent on the company making good profits and being able to afford it.

The salaries you mentioned sound about right, no arguments there, but how do you live if you can save more than a third of your salary, and pay about a year's worth off on a car as well? Unless you live with Mommy and Daddy?
 
Pavan said:
I'm not quite sure why you're so surprised by what they 'possibly' earn. If he's 24 that mean's this is most likely his third year of work (or second) out of varisty (assuming he has an honours degree). That being said, he would've started on a grad programme at a big corporate - salary 3 years ago being around R200-R250k CTC per annum. 3 years later, assuming he's performed well at work, he's promoted twice in the company and his salary is at least 50% higher - R300-R375k. Factoring bonuses, which could even be paid out bi-annually, I'd say that a 270k car (390-120) is well within his range.
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That is an accurate estimate. Third year in work, just completed articles and awaiting admission as an attorney. Regarding the R120k - it consists of a trade in of R20k (dad owns the car I am currently driving) and the rest cash - which I have saved since starting work. My theory goes as follows: my car is in need of urgent replacing (have had endless problems and being stuck in the side of William Nicol isn't fun etc) so I am spoiling myself with something that will be with me for 5 years.

Besides rental - I don't really have any other expenses so I can save a heck of a lot a month.
 
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IzZzy said:
That is an accurate estimate. Third year in work, just completed articles and awaiting admission as an attorney. Regarding the R120k - it consists of a trade in of R20k (dad owns the car I am currently driving) and the rest cash - which I have saved since starting work. My theory goes as follows: my car is in need of urgent replacing (have had endless problems and being stuck in the side of William Nicol isn't fun etc) so I am spoiling myself with something that will be with me for 5 years.

Besides rental - I don't really have any other expenses so I can save a heck of a lot a month.
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Makes sense. No doubt your car needs replacing. But, are you also planning to rent for the next 5 years while you pay off your car? I ask because your affordability assessment for a home loan will take your car into consideration. Just a thought...
 
NetDude said:
Makes sense. No doubt your car needs replacing. But, are you also planning to rent for the next 5 years while you pay off your car? I ask because your affordability assessment for a home loan will take your car into consideration. Just a thought...
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I will save for a place once I have my car (and which I would be able to afford) but at the moment I am not in the market to buy a place because I don't know if I want to rather use the money saved to study for my LLM overseas.
 
IzZzy said:
I will save for a place once I have my car (and which I would be able to afford) but at the moment I am not in the market to buy a place because I don't know if I want to rather use the money saved to study for my LLM overseas.
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Must say looks like you got you head screwed on straight. And to all the Capetonians, it looks like we in the wrong Province. We must also move up to Jozi and then maybe we can also buy 400k cars. But enjoy the ride Izzy
 
Pavan said:
So what car did u get Izzy?
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Alfa Giulietta QV :)

craigdoepie said:
Must say looks like you got you head screwed on straight. And to all the Capetonians, it looks like we in the wrong Province. We must also move up to Jozi and then maybe we can also buy 400k cars. But enjoy the ride Izzy
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Thanks! Nah stay in CPT please :) Less supply, more demand = more moola! Hehe. Though I do admit that it sounds like an effn crazy thing to do at 24 - we are all allowed one mistake in life though? This is mine :)
 
What insurance are you looking for full cover or what?
i know of a brilliant Insurance deal that workedme out at R235.87 a month with tracker included. im 24 so for that price it's ridiculously cheap!!! My friend got a quote on his Audi S3 he's 23 and works him out to R345.73 a month
 
Everlast said:
What insurance are you looking for full cover or what?
i know of a brilliant Insurance deal that workedme out at R235.87 a month with tracker included. im 24 so for that price it's ridiculously cheap!!! My friend got a quote on his Audi S3 he's 23 and works him out to R345.73 a month
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i can't believe
 
yeah well if you're paying those prices for insurance then your excess is probably > 50%
 
Nope excess fixed at R3000 flat rate credit shortfall everything discounted!!!!! The policy is specifically designed for people under 35 it's really fantastic!!
 
Everlast said:
Nope excess fixed at R3000 flat rate credit shortfall everything discounted!!!!! The policy is specifically designed for people under 35 it's really fantastic!!
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share the details of the insurer/broker so i can get a quote
 
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