Cars & Motorbikes How To Get Free Cars For Life

From Barefoot Investor

How To Get Free Cars For Life

Here’s the plan I gave them:

Instead of buying the brand new Commodore, I advised that they tighten up their laces and hold on to the Reebok for another ten months.

Now rather than paying the bank a repayment, I suggested they put the equivalent amount of money – $875 each month – into a high interest online savings account.

After ten months they’ve saved up $8750.

They could then sell the Reebok Rocket for $1500, which gives them $10,000 to buy a 2005 Holden Commodore – for cash.

Just six months later, they’re still making those monthly repayments – although to their own savings account, not to the bank – and they’ve now managed to save another $5,250 in the kitty.

They could then sell the 2005 Commodore (which they get roughly the same money for), and combined with their savings, would be able to buy a 2009 Commodore for $15,000 – not exactly what they wanted, but I assured them that on hot days when the air conditioner is on, it would still occasionally let out a bit of that new car smell.

Lets say they decided to keep making their $875 monthly car repayments, but instead of depositing it into a savings account they now invest in a low-cost managed share fund that invests in solid, dividend paying Aussie companies

 

Or how about having your share dividends pay for the car?

 

Its not really free if its $875 a month?

 

Exactly.
This is just trying to look smart by manipulating numbers.

 

There's more in the article:

Free Cars For Life
The couple decides it’s time to upgrade and sell their (now six year old) 2009 Commodore and replace it with a nice, reliable fairly new $15,000 car. Which still leaves them with $25,000 in their managed share fund.

The kicker is that even if they never put in another cent – never make another car repayment – every five years or so through the miracle of compound interest (minus a little tax, but factoring in the trade in), they’ll have enough money to replace their car with another solid, reliable $15,000 car, for the rest of their life!

Using your own compounding interest is hardly free, it's still your money!!!!.

It should read "Free cars for life which are actually paid out of your own money which you make the initial investment for and will never be the brand new one you originally wanted"

Find a balance and set realistic goals but make sure you enjoy the ride, no point being the richest guy in the cemetery and shrouds don't have pockets .

 

its not free but it might sway a few fairly financial savvy people into changing their behaviour or understanding that their daily takeaway coffees add up,

and that at the end of the year it can add up to something considerable like a car or holiday!

 

*came into this thread for the free car*

 

Left without a free car I was really hoping for a brand new Tesla X.

But I get the gist of it. Getting debt on a depreciating asset is killer. Cash is king and never buying new.

 

They had one of the new Teslas on display at EnEx. Sweet looking ride!

 

Pay cash for car.

 

In the Druitt some people drive free cars. They're called stolen cars lol. Oi here comes my ride!

 

Just make sure you're wearing ya K26's so you can run from the cops
(flip flops = fail , unless you are Franky )

 

What do they call Uber in mt druitt when @datto is driving?

A car jacking

 

Me too

 

@datto thought Grand Theft Auto was a reality show

 

Here's a thread about getting a free car

Illegally parked car on my car spot ?

 

As an owner of a mechanical repairs and tyre business; whose customers are predominently the 'too much week at the end of the money" demographic - and whom many own the abovementioned cars (and Falcons, Camrys, Magnas, etc)....the above advice is BAD advice.