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Get back into installments or not
17-04-2019, 08:25 AM
Post: #1
Get back into installments or not
Everything has become so expensive these days, I had a great dinner with my family of 4.......the bill came it was around R1300, nothing fancy, just a nice family meal with a few drinks..... I quite enjoy these scenes, 4 or 6 of these is R5200 to R7800 a month.

My 2010 X5 is a bit long in the tooth, it has 249 000km as I used to daily it when I lived in a cluster with limited parking space. Looking at its age, 2010 model, and the maintenance costs going forward, I am contemplating replacing it. problem is its paid off, no monthly instalments. The "instalment money" makes me afford the small things in life as my intro there. I can get into retail stores and buy a whole lot of small little things that makes life nice.

Should I suck it up and trade the X5 in for a later model (2014 upwards with less than 100 000km) or just park the thing off and hope and pray nothing major happens in the next few year? paying off a car is also limited in time, say a 5 years sacrifice then have a better car. decision, decisions

Anyone ever been in this situation and what did you do?

Current:
2014 320i M-Sport (Mrs)
2010 X5 3.0d XDrive (Family)
2005 325ci M-Sport (Mr) - Monday - Thursday
2003 330ci (Mr) - Friday - Sunday


Previous BMWs:
2012 328i Luxury Line - Powerful racy motor
2012 320i e90 - Solid built, disappointing performance
2004 320i e46 - Built like a tank, superb motor
2003 320i e46 - Money pit, lemon of note
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17-04-2019, 08:32 AM
Post: #2
RE: Get back into installments or not
A new car will cost you some R6k to R8k a month even with your interest benefits being what they are.

That is R72k to R96k p.y.

You can re build your existing car with 2 years of new car payments and have 3 years of no payments.

In this economy with a shrinking labour market I would not put myself in debt for a projected 3 or 4 or 5 year period.

Standard Bank ABSA are shedding jobs the others will soon follow.

Carry on entertaining your family as that can stop at your discretion car payments cannot just be stopped.

I really am a wet blanket Bluebiggrin

The truth is incontrovertible, malice may attack it, ignorance may deride it, but in the end, there it is. ~ Winston Churchill


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17-04-2019, 08:36 AM
Post: #3
RE: Get back into installments or not
Decided to keep my E46 after it was paid off, and I am so glad I did. The maintenance costs is still way cheaper than a monthly instalment.

"The Future is not set, there is no fate but what we make for ourselves."
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17-04-2019, 08:42 AM
Post: #4
RE: Get back into installments or not
(17-04-2019 08:32 AM)Peter@AEW Wrote:  A new car will cost you some R6k to R8k a month even with your interest benefits being what they are.

That is R72k to R96k p.y.

You can re build your existing car with 2 years of new car payments and have 3 years of no payments.

In this economy with a shrinking labour market I would not put myself in debt for a projected 3 or 4 or 5 year period.

Standard Bank ABSA are shedding jobs the others will soon follow.

Carry on entertaining your family as that can stop at your discretion car payments cannot just be stopped.

I really am a wet blanket Bluebiggrin

I agree here, luxuries can be sacrificed accordingly... Car instalments cannot.

[Image: G0DR3YJ.jpg]

Current:
'11 BMW E90 320d MSport
'09 BMW E90 320i Exclusive

Ex:
'03 BMW E46 330i Individual, '02 BMW E39 525i Individual, '06 Impreza 2.0R Wagon, '03 S3 8L, '11 A3 1.6TDi, '70 VW Beetle 1600 Twin Port '00 A4 2.4 V6, '09 Ibiza Cupra 1.8T, 2013 Vivo Gran Turismo, E36 M3 Coupe, E46 320i Individual MSport, '98 Civic V Tec, E36 318is Msport, E30 318i Coupe,GOLF MK1 GT
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Twinz
17-04-2019, 08:49 AM
Post: #5
RE: Get back into installments or not
X5 3.0d? That thing will go forever. Keep on top of the preventative maintenance and enjoy it. It wont let you down.

Biggest mistake I ever made was selling my paid off car and getting into debt again.

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Twinz
17-04-2019, 08:50 AM
Post: #6
RE: Get back into installments or not
BravoBravoBravo

Great advise stated

You have a bullet proof motor which you have cared for...upgrade for what?..for who??smile bounce
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Twinz
17-04-2019, 09:00 AM
Post: #7
RE: Get back into installments or not
So currently I am recovering from my slump last year.

I took a hard knock. Very hard.

I owe nothing on my 320D - barring repairs and maintenance - out of MP.

BUT having said that, the run of the mill BMW is actually no more expensive than that of the other daily brands.

Currently I am working on getting rid of accounts and debts - at this rate I will be debt free in about a year.....maybe a bit more.

Where I am focusing on is my trading however, I have noted a new market opening up which I have it on good advice and also from research that this market will pick up something fierce.

It wont replace my day job and thats not what I am looking for it to do......but if it can add another passive income and I can use the proceeds for long term investments and later passive incomes.

Later along the line, if that means I am in the position to replace my 320D with another later model with lower mileage and cash offset to avoid the HP agreement......thats exactly what I will do.
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17-04-2019, 09:50 AM
Post: #8
RE: Get back into installments or not
(17-04-2019 08:32 AM)Peter@AEW Wrote:  A new car will cost you some R6k to R8k a month even with your interest benefits being what they are.

That is R72k to R96k p.y.

You can re build your existing car with 2 years of new car payments and have 3 years of no payments.

In this economy with a shrinking labour market I would not put myself in debt for a projected 3 or 4 or 5 year period.

Standard Bank ABSA are shedding jobs the others will soon follow.

Carry on entertaining your family as that can stop at your discretion car payments cannot just be stopped.

I really am a wet blanket Bluebiggrin

I agree with all these points.
To hedge your risk, maybe keep one German car and get a used Japanese car?

[Image: 742476.png]
Current: 2017 320d M-Sport Sports Auto
Current (SO): 2016 Mazda CX5 2.0 Active Auto
Ex: 2013 Audi TT 1.8 TFSI S-Tronic
Ex (SO): 2014 Audi A3 1.4 TFSI SE Sedan (M)
Ex (SO): 2011 Ford Focus 1.8Si (M)
Ex: 2010 Audi A4 1.8 TFSI Ambition (M)
Ex: 2007 Volvo C30 2.0i (M)
Ex: 2005 Opel Astra Classic 1.6i Club (M)
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Twinz
17-04-2019, 09:59 AM
Post: #9
RE: Get back into installments or not
Thanks guys for the advise.

really appreciate it

Current:
2014 320i M-Sport (Mrs)
2010 X5 3.0d XDrive (Family)
2005 325ci M-Sport (Mr) - Monday - Thursday
2003 330ci (Mr) - Friday - Sunday


Previous BMWs:
2012 328i Luxury Line - Powerful racy motor
2012 320i e90 - Solid built, disappointing performance
2004 320i e46 - Built like a tank, superb motor
2003 320i e46 - Money pit, lemon of note
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Twinz
17-04-2019, 10:33 AM
Post: #10
RE: Get back into installments or not
(17-04-2019 08:25 AM)MSLVIN003 Wrote:  problem is its paid off, no monthly instalments.....

Should I suck it up and trade the X5 in for a later model (2014 upwards with less than 100 000km) or just park the thing off and hope and pray nothing major happens in the next few year?

Sir, you are mistaken. Having a paid off car is not a problem, its a blessing.

Furthermore, rather skip the hopes and prayers and rather start with a proper maintenance schedule. If looked after property it will still last another 250 000km.

330d E90 LCI DP & SW
2.0d F25 X3 - Hers

320d E90 LCI - Ex
328i E46 - Ex

Ph'nglui mglw'nafh Cthulhu R'lyeh wgah'nagl fhtagn
#NoLivesMatter

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Twinz
17-04-2019, 11:33 AM
Post: #11
RE: Get back into installments or not
No matter who says what.

The best car in the world....is a paid off car.

#truestory

Current ladies
Toyota corolla 130 1996 DD
Diahatsu terios 4x4 1.5 The family wagon

EX LADIES
- E46 318 Touring Alpine white 03'-*Sold
- Honda BROS NXR125ES red 07'-DD *sold
- Opel corsa 1.4 white 07'-sold
- VW FOX 1.3 blue matalic 89'-sold
- Opel corsa ute 1.4 silver 05'-sold
- Ford laster 1.6 white 95'- write off
- Ford bantam grey 1.6 990'-sold
[Image: img_20160718_210818_8745185299.jpg]
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17-04-2019, 12:17 PM
Post: #12
RE: Get back into installments or not
(17-04-2019 08:32 AM)Peter@AEW Wrote:  A new car will cost you some R6k to R8k a month even with your interest benefits being what they are.

That is R72k to R96k p.y.

You can re build your existing car with 2 years of new car payments and have 3 years of no payments.

In this economy with a shrinking labour market I would not put myself in debt for a projected 3 or 4 or 5 year period.

Standard Bank ABSA are shedding jobs the others will soon follow.

Carry on entertaining your family as that can stop at your discretion car payments cannot just be stopped.

I really am a wet blanket Bluebiggrin
WithStu I also went very bad time recent and had to downgrade drastic, rather be able to walk away financialy sound and still feed the fam.

2011 120d Coupe (Black - Yin)
2012 125i Coupe (White - Yang)

2009 Z4m Coupe ( found a new home )
07 Audi A4 ( Passed onto father inlaw )
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17-04-2019, 12:43 PM
Post: #13
RE: Get back into installments or not
(17-04-2019 12:17 PM)MikeR Wrote:  
(17-04-2019 08:32 AM)Peter@AEW Wrote:  A new car will cost you some R6k to R8k a month even with your interest benefits being what they are.

That is R72k to R96k p.y.

You can re build your existing car with 2 years of new car payments and have 3 years of no payments.

In this economy with a shrinking labour market I would not put myself in debt for a projected 3 or 4 or 5 year period.

Standard Bank ABSA are shedding jobs the others will soon follow.

Carry on entertaining your family as that can stop at your discretion car payments cannot just be stopped.

I really am a wet blanket Bluebiggrin
WithStu I also went very bad time recent and had to downgrade drastic, rather be able to walk away financialy sound and still feed the fam.

This point is what rings so true to me.

I have even recently changed banks - as in THIS week - because I realized I was over paying on accounts.

Sure, it means I finish up the account MUCH sooner than expected, however, when I queried it and instructed them to ease up the payment...........the response I got was not what I expected.

So I then decided to axe them and go with another bank......sure, this bank does not offer any special rewards, its a straight forward savings account.....BUT....I can do what I need to from the PC or app, also, I am able to use their budget option to check what my income vs. expenses are before the end of the month.

I also save on bank fee's - massively so.......I dont have a personal banker though...not that I use this feature much anyway? Maybe once in the last two years?

What am I getting to? I save a whopping R1700 a month between overpaying installments, monthly account fees and charges.

That R1700 goes into feeding my son, car maintenance and other accounts whcich I can pay off sooner as well.

A few years ago.........maybe more than a few.....this could have been a car installment actually?
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Twinz
18-04-2019, 12:11 PM
Post: #14
RE: Get back into installments or not
As said before...

Your car is paid up.Bravo
Look after it and it will give you many happy miles and you can still have the occasional eat out with the fam. Avoid another debt agreement.

[Image: twinzsig_5365414051.jpg]
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18-04-2019, 03:58 PM
Post: #15
RE: Get back into installments or not
Having debt is a vicious cycle. You get trapped. Sure the urge is always there to drive a newer car but don't let emotions cloud your sound judgment. Thumbs
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18-04-2019, 04:21 PM
Post: #16
RE: Get back into installments or not
My advise is to keep it. Keep enjoying your life with your family as opposed to a moment of excitement a new car brings you for a few months where then you have years of paying it off sacrificing the things that actually matter more.

Current:
M135i F20 Estoril Blue 6MT - Weekend Warrior
Opel Corsa Utility 1.4 Sport - Daily

SO:
320d F30 MSport Alpine White 8sp A/T
Gone but not forgotten:
Peugeot 207 HDi 1.6 HDi
Honda Civic Type R FN2 NHB


My Build Thread: M135i
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22-04-2019, 08:47 PM
Post: #17
Get back into installments or not
The guys r giving good advice here. U should definitely listen to them. I did the opposite and bought another car


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'06 E90 320d Thumbs
'98 Corolla 160i GLE
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