nabil_m_rs
Active member
Hi Guys,
Its been a minute since the last time I posted on here, hope you all good.
I'm in a bit of a tricky situation here which I feel needs some advice and different perspectives. My eldest nephew who is more like a little brother to me due to us only being a few years apart in age is looking to buy his very first car with his very own hard earned money. He has recently completed his graduate programme 4 months prior to contract termination date and has got permanent placement in his company, giving him the financial stability he needs, which I'm pretty happy for him about.
Him and I are pretty close as I mentioned, I'm usually the first person he comes to talk to about absolutely anything he needs help with. In this case, he's in the market to buy his first ever car on his own, being a 2014 F30 320d M sport he saw going for R190k via private seller. From the time he was a child, he's always wanted a BMW. How he goes about doing this is by putting down atleast R100k deposit, and financing the rest of the amount via installments. He definitely knows his stuff well when it comes to cars, especially BMWs. He has already factored in his current expenses, as well as the potential expenses of the car such as Insurance, tracker, fuel, maintenance, etc... He plans to pay it off a lot sooner than anticipated and he's well aware of settlement penalty fees.
The only thing thats slowing him down from doing is definitely his parents as they only want him to do a full cash deal and to them, credit and finance is "bad". I prefer to not go into detail about things like this, but with that said, his parents have made a few financial and reckless mistakes in their lives, hence why they are so against him taking the car on finance. He actually even told me that he doesn't want to let them know or get them involved with this, hence why he came to speak to me about it. Having grown up with one of his parents as my eldest sibling my entire life, I actually feel like they do need to back off a bit and let him do and make his own decisions as an adult, even though it really isn't my place as I do not have kids of my own.
Personally though regarding his decision, cash will always be the best deal for anything, but if he's able to afford the repayments as well as the other costs of owning the car, I honestly don't see an issue with his approach. He's a good and a wise kid, I feel he's smart enough to consider everything he needs to. I think he's just a bit nervous due to his parental background and he feels there might be a big issue if he does go through it that I prefer not to touch on. I took my RS3 on finance when I bought it and even though I had to pay interest on installments, I didn't really see any issue with it.
Any kind of advice, guidance and perspectives would be greatly appreciated.
Many Thanks, Nabil
Its been a minute since the last time I posted on here, hope you all good.
I'm in a bit of a tricky situation here which I feel needs some advice and different perspectives. My eldest nephew who is more like a little brother to me due to us only being a few years apart in age is looking to buy his very first car with his very own hard earned money. He has recently completed his graduate programme 4 months prior to contract termination date and has got permanent placement in his company, giving him the financial stability he needs, which I'm pretty happy for him about.
Him and I are pretty close as I mentioned, I'm usually the first person he comes to talk to about absolutely anything he needs help with. In this case, he's in the market to buy his first ever car on his own, being a 2014 F30 320d M sport he saw going for R190k via private seller. From the time he was a child, he's always wanted a BMW. How he goes about doing this is by putting down atleast R100k deposit, and financing the rest of the amount via installments. He definitely knows his stuff well when it comes to cars, especially BMWs. He has already factored in his current expenses, as well as the potential expenses of the car such as Insurance, tracker, fuel, maintenance, etc... He plans to pay it off a lot sooner than anticipated and he's well aware of settlement penalty fees.
The only thing thats slowing him down from doing is definitely his parents as they only want him to do a full cash deal and to them, credit and finance is "bad". I prefer to not go into detail about things like this, but with that said, his parents have made a few financial and reckless mistakes in their lives, hence why they are so against him taking the car on finance. He actually even told me that he doesn't want to let them know or get them involved with this, hence why he came to speak to me about it. Having grown up with one of his parents as my eldest sibling my entire life, I actually feel like they do need to back off a bit and let him do and make his own decisions as an adult, even though it really isn't my place as I do not have kids of my own.
Personally though regarding his decision, cash will always be the best deal for anything, but if he's able to afford the repayments as well as the other costs of owning the car, I honestly don't see an issue with his approach. He's a good and a wise kid, I feel he's smart enough to consider everything he needs to. I think he's just a bit nervous due to his parental background and he feels there might be a big issue if he does go through it that I prefer not to touch on. I took my RS3 on finance when I bought it and even though I had to pay interest on installments, I didn't really see any issue with it.
Any kind of advice, guidance and perspectives would be greatly appreciated.
Many Thanks, Nabil
