Financial advice required.

[Dale61]

I'm in the position to purchase a brand new V8 VE SS Commodore, to compliment my 1995 Ford Explorer 4WD, but as I only received $25,000 last year, I need to know how to get the relevant finance. As I intend on keeping the 4WD (to use on my regular trips interstate), trading that in is out of the question.

However, this year, I'll have received less $$$ than last year, but I still need to show that I've made the same as last year, or possibly even more, to justify obtaining a loan for a $50,000 vehicle.

Can anyone help?

[~Madness~]

I think you need to win powerball, because that is about the only way you could have it. You certainly sound like you are on the rich list with those car's but your earnings of 25k can not get you a car like that, let alone two.

Perhaps mum and dad buy it and you just tell people it is yours???

[Dale61]

Actually, I originally got the Explorer from an auction (re-po), and got it cheap (it is a Ford afterall!).

I don't think I'll be winning a big prize again, but then again, I won't win if I don't buy a ticket! Haven't bought one since my last big win.

What concerns me is that my p-plater mate might have to drive the SS on occasions, but I think there is some licensing conditions that will prevent him from driving it legally. I don't want him to get busted and have my car impounded.

[eddiesmith]

Only buy a car when you can afford it instead of needing a loan

But nice to see you are more obsessed than the old women

But if it was me I would dump the explorer, but being over 10 years old probably wouldnt get you much as 12 years for a car is too much

[Dale61]

My bad, it's actually a 2005 Exploder. I was thinking of something completely different when I was writing it.

ES, what is it that you think I'm supposed to be obsessed about?

[eddiesmith]

Fine, I'm bored, I'll pretend this is serious

As I say, I would wait untill I had the money to afford it, no use being tied up in a 50,000 loan for a brand new car when you already have a decent car, but if you have something that can be traded in as well as having the rest of the money then go for it

As for the p plater, you wouldnt want to risk it, just tell em to wait untill they are off their p plates

[WhyPhilWhy?]

Lease it? Less up front cash required.

[Dale61]

PWP, not many lease companies, if any, want to deal with anyone on a disability pension, or anyone on Centre Link benefits, so that's not an option.

What I really need to do is to set up a business that makes $0 per year, but the ATO would frown upon that if it were to happen for too many years.

[bucksisgod]

I recently traded my 2005 SS Comm in on a Ford Territory Ghia. Great car, had no problems and couldn't be happier. Maybe consider trading the Explorer for a new Territory and you'll have an AWD that handles like a sedan, without the clumsiness of a 4WD. You wouldn't have to borrow as much, you'd save money not paying two rego's and you'd halve the money you'll lose on depreciating vehicles by having only one vehicle losing you money instead of two.

[Dale61]

But if I go the $0 profit business route, couldn't I declare both vehicles as company vehicles and claim the depreciation through the business?

Couldn't I also register both through the company, and therefore, adding further expense to the company and thus, helping in maintaining my $0 profit?

[eddiesmith]

You dont need 0 profit, just enough to keep it below the tax level

But of course the Tax office also does regular audits so you would want to have proof of everything

[bucksisgod]

I didn't read your post thoroughly enough Dale, my apologies. I thought you were buying through personal finance.

[Dale61]

So, all I need to do is to find a dodgy accountant, or such, that can fiddle my books to ensure I make a profit, but no more than the lowest tax bracket, and thus, I won't have to pay any taxes?

Sounds like something a shonky operator would do.

[Dale61]

[HAL]

Perhaps I'm just expressing my own concern about it. Is the holding of hands a symbolic gesture for humans?