What was your first car and how did you finance its purchase?

[Val]

1.)What was your first ever car?
2.)How did you finance its purchase?
3.)Do you prefer new or used? Why?
4.)What is the maximum amount you will ever pay for a vehicle before you think your money could be better utilized elsewhere?

First ever car: Mazda 323 GLX (PAX series, loved that thing)

How did I finance: My mom bought it for me. In terms of fully self financed, my first would be my Sportero 3.2 DiD, which I still have 13 years later. I paid 87% on an new NZE corolla in 2006, selling the 323 paid the rest (meaning technically my mom paid the 13%). The car was boring, but was my first big purchase and I wanted something reliable and held value.

Do I prefer new or used and why: New, I hate headache. I can go used, but only local used and i have to know the owner well.

Maximum amount I would spend on a single car: no more than 400k on SUV, no more than 300k on pickup or car. Beyond that is house money, and I don't need to impress anyone with a fancy expensive vehicle.

[AlphaMan]

Forgot to ask what age you guys acquired
1.) your license.
2.) your first car.
Would be interesting to see the responses...

[Dizzy28]

27

Forgot to ask what age you guys acquired your first car.
Would be interesting to see the responses...

[DMan7]

Forgot to ask what age you guys acquired your first car.
Would be interesting to see the responses...

Later than normal, wasn't well off enough to even have a beat up car.

[AlphaMan]

Forgot to ask what age you guys acquired your first car.
Would be interesting to see the responses...

Later than normal, wasn't well off enough to even have a beat up car.

20s or 30s?

[88sins]

1.)What was your first ever car?
2.)How did you finance its purchase?
3.)Do you prefer new or used? Why?
4.)What is the maximum amount you will ever pay for a vehicle before you think your money could be better utilized elsewhere?

1) The 910 Bluebird, yeah, the old one with the square headlights.
2-3) Bought it used, paid for in cash from savings. Bought it as a project car for racing.
4) 120-150k. Money can always be better utilized elsewhere other than on a vehicle, no matter how much or how little said vehicle might cost. Buy a car for 300k, wait 10 years, sell that same car, and if you real lucky you might get 150k for it. Buy a lot of land for 300k, wait 10 years and you sure to get at least 500k for it.

Short story shorter, spending your resources on a depreciating item that generates zero revenue isn't considered acquiring an asset, it's simply a long term depreciating expense.
Not saying you shouldn't buy whatever it is you want, just know what you want and why you want it and make sure that you get the value you seek out of the purchase.

[DMan7]

Forgot to ask what age you guys acquired your first car.
Would be interesting to see the responses...

Later than normal, wasn't well off enough to even have a beat up car.

20s or 30s?

20s

[viedcht]

1.)What was your first ever car?
2.)How did you finance its purchase?
3.)Do you prefer new or used? Why?
4.)What is the maximum amount you will ever pay for a vehicle before you think your money could be better utilized elsewhere?

1) The 910 Bluebird, yeah, the old one with the square headlights.
2-3) Bought it used, paid for in cash from savings. Bought it as a project car for racing.
4) 120-150k. Money can always be better utilized elsewhere other than on a vehicle, no matter how much or how little said vehicle might cost. Buy a car for 300k, wait 10 years, sell that same car, and if you real lucky you might get 150k for it. Buy a lot of land for 300k, wait 10 years and you sure to get at least 500k for it.

Short story shorter, spending your resources on a depreciating item that generates zero revenue isn't considered acquiring an asset, it's simply a long term depreciating expense.
Not saying you shouldn't buy whatever it is you want, just know what you want and why you want it and make sure that you get the value you seek out of the purchase.

Proper advice. Take loan to buy land, not car, unless Yuh got money in yuhrass. I never buy new car as yet.

[Dis]

My first car as a lexus ct. Great car! Got is shipped so quickly. Now I'm thinking to change it on a older car, as it's more classic.

[death365]

What was your first ever car?
120Y (B310)

2.)How did you finance its purchase?
10,000 - cash from savings

3.)Do you prefer new or used? Why?

new obviously... new car smell-drive-over all feel. more or less no mechanical issues for 5 to 7 years. plus then yuh could tell people "new from the showroom, not foreign (ab)used"

4.)What is the maximum amount you will ever pay for a vehicle before you think your money could be better utilized elsewhere?
1.8 mil to 2 mil or bout 300k USD.

[goalpost]

Fadda used to buy and sell cars.
Got my DP in 2001. I drove some of his vehicles: PBS Nissan Primera, PBN Honda CRV, PBY Nissa Cefiro, TCJ Toyota Hilux, TCS Toyota Hilux, TCP Nissan Navara, TCX Toyota Hilux. Fadda eventually gave me the TCP Navara in 2014, which I sold in 2015. Bought my first ever vehicle TDH Isuzu DMax, which I sold in 2017 and bought a PDR Kia Sorento for my wife and kids and then TDS Ford Ranger. Still have the Sorento seven years later, it giving some minor problems but still holding up well so far. Sold the Ford Ranger a few months ago and bouth a PEH Suzuki Fronx.

I took a loan for 450K for the Sorento which I will NEVER do again. Used the money I got from selling the Ford Ranger and paid off for the Kia Sorento, thankfully. But never ever again. If i have to buy an SUV for my wife and kids again might be a Grand Vitara or something similar.

[MISHI]

One 1995 Lancer CB model bought in 2001.

I wanted a car after a situation with my mother and I using her car. Went to my father and asked him for a loan to buy a car, to which he slowly lowered his newspaper, looked to the direction of the road, looked back at me and said:

"Taxi still running on the road."

I was mad but understood. He called me back out to say that I needed to show some responsibility and as such, I need to apply to him like I'm applying to a bank. I was working Ansa Mcal Motors Tobago at the time and got the Island manager and sales manager to co sign an application letter in Diamond motors format, showing particulars of the car and the repayment structure to him and the bank.

He laughed and loaned me the money. I still kept that letter after my father died all these years.

One thing the sales manager told me, was to NEVER do standing orders to financial institutions. Pay directly every month. And that proved to be a good thing, as a couple years after paying , Ansa Finance sends me a repossession notice for mising payments on my car. Only after sending them (at their expense) EVERY receipt for the 3 years I paid the bank, did they eventually relent.

Not everyone does their jobs. Keep ALL your records.

Buying a car today is much more complicated. You have to do due diligence in making sure a car is in the seller's name, that there are NO fines, etc attached to the car, that the car is not a "cat in bag". With Foreign used, people sell cars for top dollar and say to their minds that the other person will deal with that and buy parts easy and fix their problem.

And I've seen over the years so many friends, family, etc who's want for a particular car type as a 1st car, hurt them in the end after having to deal with issues, expensive maintenance, repairs, etc.

Your first car should always be something practical, easy to find parts for around and not cost much to keep running or repair... even if it's not exactly something you like nor you have disposable funds to just throw at what is a money vacuum.

And don't let the allure of a car lure you into a financial situation you regret. You can't have car nice and cruising to lime, but can't pay rent or bills when the month comes. Priority over passions and fun.

[shake d livin wake d dead]

1.)What was your first ever car?
2.)How did you finance its purchase?
3.)Do you prefer new or used? Why?
4.)What is the maximum amount you will ever pay for a vehicle before you think your money could be better utilized elsewhere?

110 corolla!

My old man gave it to me under the condition that I maintained and paid insurance. Learnt a lot during this period. Kept this for a few years until I bought a y11.

Most I ever paid(and will ever pay) for a vehicle is 150k(saved like hell to buy this cash) would never cross that as I'd never buy a new vehicle. Never understood taking a loan to buy something that depreciates.

[pjfred]

Sunny b11 in 1999
Borrowed from pops
Bought used cause that's what I could afford.
Loved my car, painted in orange with gold pearl, 2 12" Hollywood's with 4 pioneer 6x9's bass.
Built an engine timed at 12.6 secs quarter mile.
Two twin barrel Webber's with original intake,extractors, 3.5" exhaust, isky cam, nismo LSD box, bored 30" oversized block, ported and polished head, urethane filled mounts, strapped chassis, oversized brakes foreign used right around.
Car had little limits but engine melted after a few months.
I blamed the fuel pressure dropping under high load caused she was guzzler.

[sMASH]

910 bluebird wagon , 10k rust and filler. Saved up and bought after a year from first major job.

Whole back was music with a t line for lows . Used to shake every ting.

Eventually put in a rb25 tranny with 280c swapped front and rear end. Never looked like it had an RB.

[gastly369]

B13 from school worked with a painting contractor for some years saved every single cent paid for most my stuff with them as a teenager
Walked in triple R when they was in the gulf city in the corner hole upstairs and they ignoring me cause "izza ah Lil boy wasting dey time"... End up slapping entire rockford amps mids subs in De 13 and level shake...

[hindian]

One 1995 Lancer CB model bought in 2001.

I wanted a car after a situation with my mother and I using her car. Went to my father and asked him for a loan to buy a car, to which he slowly lowered his newspaper, looked to the direction of the road, looked back at me and said:

"Taxi still running on the road."

I was mad but understood. He called me back out to say that I needed to show some responsibility and as such, I need to apply to him like I'm applying to a bank. I was working Ansa Mcal Motors Tobago at the time and got the Island manager and sales manager to co sign an application letter in Diamond motors format, showing particulars of the car and the repayment structure to him and the bank.

He laughed and loaned me the money. I still kept that letter after my father died all these years.

One thing the sales manager told me, was to NEVER do standing orders to financial institutions. Pay directly every month. And that proved to be a good thing, as a couple years after paying , Ansa Finance sends me a repossession notice for mising payments on my car. Only after sending them (at their expense) EVERY receipt for the 3 years I paid the bank, did they eventually relent.

Not everyone does their jobs. Keep ALL your records.

Buying a car today is much more complicated. You have to do due diligence in making sure a car is in the seller's name, that there are NO fines, etc attached to the car, that the car is not a "cat in bag". With Foreign used, people sell cars for top dollar and say to their minds that the other person will deal with that and buy parts easy and fix their problem.

And I've seen over the years so many friends, family, etc who's want for a particular car type as a 1st car, hurt them in the end after having to deal with issues, expensive maintenance, repairs, etc.

Your first car should always be something practical, easy to find parts for around and not cost much to keep running or repair... even if it's not exactly something you like nor you have disposable funds to just throw at what is a money vacuum.

And don't let the allure of a car lure you into a financial situation you regret. You can't have car nice and cruising to lime, but can't pay rent or bills when the month comes. Priority over passions and fun.

Your old man sounded like mine. I approached him for a loan and he said “ent you wukkin?” And went back to watching TV. Never gave me that loan so I had to save every cent to buy that Lancer I posted earlier in this thread. I understood what he was trying to teach me later on. I sold that car and bought a Prelude later and that was the worst financial investment of my life. Guzzler, transmission and suspension issues and the list went on…