View previous topic :: View next topic |
Author |
Message |
Dale61
You can't have manslaughter without laughter.
Joined: 17 Apr 2002 Location: /home/room/chair
|
Post subject: Financial advice required. | |
|
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? _________________ Whale
Oil
Beef
Hooked |
|
|
|
|
~Madness~
...The Cat...
Joined: 29 May 2001 Location: Melbourne, Vic, Au
|
Post subject: | |
|
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??? _________________ "whaaa whaaaaaa! |
|
|
|
|
Dale61
You can't have manslaughter without laughter.
Joined: 17 Apr 2002 Location: /home/room/chair
|
Post subject: | |
|
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. _________________ Whale
Oil
Beef
Hooked |
|
|
|
|
eddiesmith
Lets get ready to Rumble
Joined: 22 Nov 2004 Location: Lexus Centre
|
Post subject: | |
|
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
You can't have manslaughter without laughter.
Joined: 17 Apr 2002 Location: /home/room/chair
|
Post subject: | |
|
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? _________________ Whale
Oil
Beef
Hooked |
|
|
|
|
eddiesmith
Lets get ready to Rumble
Joined: 22 Nov 2004 Location: Lexus Centre
|
Post subject: | |
|
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?
WhyPhilWhy?
Joined: 09 Oct 2001 Location: Location: Location:
|
Post subject: | |
|
Lease it? Less up front cash required. |
|
|
|
|
Dale61
You can't have manslaughter without laughter.
Joined: 17 Apr 2002 Location: /home/room/chair
|
Post subject: | |
|
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. _________________ Whale
Oil
Beef
Hooked
Last edited by Dale61 on Tue Feb 27, 2007 4:03 pm; edited 1 time in total |
|
|
|
|
bucksisgod
Joined: 21 Jul 2006 Location: Rock hard
|
Post subject: | |
|
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. _________________ Need a pen? try Pen Island. www. penisland. net |
|
|
|
|
Dale61
You can't have manslaughter without laughter.
Joined: 17 Apr 2002 Location: /home/room/chair
|
Post subject: | |
|
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? _________________ Whale
Oil
Beef
Hooked |
|
|
|
|
eddiesmith
Lets get ready to Rumble
Joined: 22 Nov 2004 Location: Lexus Centre
|
Post subject: | |
|
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
Joined: 21 Jul 2006 Location: Rock hard
|
Post subject: | |
|
I didn't read your post thoroughly enough Dale, my apologies. I thought you were buying through personal finance. _________________ Need a pen? try Pen Island. www. penisland. net |
|
|
|
|
Dale61
You can't have manslaughter without laughter.
Joined: 17 Apr 2002 Location: /home/room/chair
|
Post subject: | |
|
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. _________________ Whale
Oil
Beef
Hooked |
|
|
|
|
Dale61
You can't have manslaughter without laughter.
Joined: 17 Apr 2002 Location: /home/room/chair
|
Post subject: | |
|
bucksisgod wrote: | I didn't read your post thoroughly enough Dale, my apologies. I thought you were buying through personal finance. |
I've been offered a good deal on an ex-Demo, and yes, I was considering personal finance, but now I'm thinking of going the business route, if possible.
I'm just not sure how it will affect my DSP payments. _________________ Whale
Oil
Beef
Hooked |
|
|
|
|
HAL
Please don't shout at me - I can't help it.
Joined: 17 Mar 2003
|
Post subject: | |
|
Perhaps I'm just expressing my own concern about it. Is the holding of hands a symbolic gesture for humans? |
|
|
|
|
|