Cars & Motorbikes Cars-what percentage of your net worth?

Discussion in 'Living Room' started by Barny, 29th Jun, 2016.

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Cars-what percentage of your net worth?

  1. 0-2%

    79 vote(s)
    65.3%

  2. 3-5%

    24 vote(s)
    19.8%

  3. 5%+

    10 vote(s)
    8.3%

  4. 10%+

    5 vote(s)
    4.1%

  5. 15%+

    0 vote(s)
    0.0%

  6. 20%+

    0 vote(s)
    0.0%

  7. 30%+

    3 vote(s)
    2.5%
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  1. Angel

    Angel Well-Known Member

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    At Moorooka?
     
    Angel, 29th Jun, 2016
    #21
  2. Angel

    Angel Well-Known Member

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    What did you get, the Ferrari or the Porsche?
     
    Angel, 29th Jun, 2016
    #22
  3. Angel

    Angel Well-Known Member

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    My car is about 2% but Mark's bikes are 2.5 times that amount. The new boat will be used as the ice bucket for his upcoming birthday party.
     
    Angel, 29th Jun, 2016
    #23
  4. Blueskies

    Blueskies Well-Known Member

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    The sad thing, there would be a decent chunk of the population out there who have bought a new car on finance, don't have any real assets and now have a negative net worth....
     
    Blueskies, 29th Jun, 2016
    #24
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  5. Barny

    Barny Well-Known Member

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    Thought there would have been many more above the 10%+
    Thinking about all those that have just bought a house or first investment. It seems what I read may be true, many of the wealthy people spend about 2%
     
    Barny, 29th Jun, 2016
    #25
  6. Bran

    Bran Well-Known Member

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    Mercedes.






    *very vintage. And by vintage, I just mean old. Not desirable, not classic, not expensive.
     
    Last edited: 29th Jun, 2016
    Bran, 29th Jun, 2016
    #26
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  7. chylld

    chylld Well-Known Member

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    I guess it depends on what the initial instalment is for the car loan, I wouldn't know but would assume it's more than the 10-20% we're accustomed to :)

    Assuming that a new car loses say 30% as soon as you drive it off the lot, and the deposit is 30%, your net worth only drops by the deposit amount and the loan balances the car's value. It doesn't necessarily go negative.

    Also it is a real asset, just one that happens to grow by about minus 10% per year ... as well as the non-deductible loan interest ... as well as the opportunity cost of not investing that deposit.

    Just ask the same question on a car forum :)
     
    chylld, 29th Jun, 2016
    #27
  8. sandyfeet

    sandyfeet Well-Known Member

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    currently at about 0.6%, this will go up to about 6% later in the year when we upgrade for safety and size for a growing family
     
    sandyfeet, 29th Jun, 2016
    #28
  9. kierank

    kierank Well-Known Member

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    When new, 1.875%.

    Five years later, probably < 1%
     
    kierank, 29th Jun, 2016
    #29
  10. HUGH72

    HUGH72 Well-Known Member

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    Less than 1%
     
    HUGH72, 29th Jun, 2016
    #30
  11. Jamie_

    Jamie_ Well-Known Member

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    Perth
    I don't own a car..so....
     
    Jamie_, 29th Jun, 2016
    #31
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  12. geoffw

    geoffw Moderator Staff Member

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    Is she going to write hers off?
     
    geoffw, 30th Jun, 2016
    #32
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  13. geoffw

    geoffw Moderator Staff Member

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    I've heard that those can be expensive to maintain? Apparently parts can be difficult.

    We turned down an opportunity to buy one very cheaply. The person selling is a friend; that's what she was told by a number of prospective buyers. That may have just been a negotiating tactic though. We know zip about cars so weren't going to risk it.
     
    geoffw, 30th Jun, 2016
    #33
  14. Bayview

    Bayview Well-Known Member

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    Same
     
    Bayview, 30th Jun, 2016
    #34
  15. Bayview

    Bayview Well-Known Member

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    We had a 1973 V8 Merc come in a few weeks ago...water leak.

    Key word being...1973.

    Owner thought it would be a "5 min" job so to speak; I gave him a heads up that due to it's age, it may not be that simple and quick...part availability etc. He didn't believe me; "It's a Merc and they are everywhere" type response.

    Took 3 days to get hose kits, not the correct ones anyway and had to be modified - we had to send the old hoses away to get them matched as close as could be matched, and the cost of the hoses was $400, plus labour - over $600 for total job.

    Truth be known; it really should have had a radiator replacement etc as well. More dollar gouge and time.

    And; it has a misfire which hasn't been addressed as yet. :eek:
     
    Bayview, 30th Jun, 2016
    #35
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  16. Greyghost

    Greyghost Well-Known Member

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    Although not completely necessary - top of the line hilux and other trade utes.

    As for myself. I'm in the same % bracket as other members here.
    No intention of buying a really flashy daily driver at this point.
    One of my life goals is to buy a Hq Monaro coupe though. But as a toy I wouldn't then class that under the % of net worth category..
     
    Greyghost, 30th Jun, 2016
    #36
  17. Bran

    Bran Well-Known Member

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    Nope. They built 1.9 million of mine, and mine has been completely mechanically restored before I bought it.

    And anyway, that's outweighed by cool. And it's still the cheapest car in the carpark. 13433131_10156983776935375_3164078055921039018_o.jpg
     
    Bran, 30th Jun, 2016
    #37
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  18. Dan Donoghue

    Dan Donoghue Well-Known Member

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    10% for me, 2 brand new cars and only a PPOR currently.
     
    Dan Donoghue, 30th Jun, 2016
    #38
    Barny likes this.
  19. drg86

    drg86 Well-Known Member

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    Forster NSW
    3.5% including all vehicles in the household 2 cars and bike. I'm a car person so have what I want (within budget). Could get by with a cheaper ute but got to enjoy life along the way.
     
    drg86, 30th Jun, 2016
    #39
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  20. Barny

    Barny Well-Known Member

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    Lol you're a tripa. Nah, I'm gonna trade up for something fun shortly which is worth more than hers.
     
    Barny, 30th Jun, 2016
    #40
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