How

[OKBANANA]

ok you might think im a dumbass, but yes i'm 14, and im saving for a car, when i get a job at KFC in a couple of months time i plan to save that into my bank account until i have enough money to buy a decent car, as a daily driver, most definatly non turbo. i dont plan to try and save for a R34 GT-R VSpec II like my freinds say at school they are going to get for their first car. i hope to even get a R32 GTS-T.

[Cubes]

Darren,

Lol.. It has to reach my pocket first before it can burn a hole in it...

Sock,

Good Call... Just make sure you get yourself the RB25DE not the RB20DE. Slap the RB20t exhaust cam in it as it has a longer duration and lift then extractors, exhaust chip and you should be able to pull away from a stocker VN/VS 5ltr. The stocker 5ltrs only make ~165kw at the flywheel. Stock the RB25DE is only 10-15kw away.

[xRHETTx]

Good post guilty.

Sock - get an ING account - itll help you save faster. Working in order to save for something is good coz it gives you a sense of purpose when ur stacking those shelves at Coles. You have the money sooner than you think.'

$15k isn't much to spend on a car, with say $10k of it on loan you should be able to pay it back in 2 years if u work 15 hours a week - easy.

For $15k you could get a R32 or R33 GTSt (same price thesedays as r33 more common) or a Hyundai Getz. I know which car i would get.

That is all.

[OKBANANA]

Thanks for the advice guys, i appreciate it and not being flamed.

xRHETTx, go ING instead of ANZ, please tell me the difference.

[P1E]

You can use ING Direct (ingdirect.com.au) in addition to your ANZ account.

ING Direct is an Internet banking service that pays a comparatively high interest rate -- currently 5.00% on at call accounts, compared to the 0.5% my other bank pays on my standard account.

The catch? You only have access to your money on-line and through your other accounts. Ie. if you want money for something, you would have to transfer it from your ING account to your ANZ account and then withdraw it. Free transfers, but annoying nonetheless.

If you're saving for a car, I would recommend using an ING Direct account. Keep a bit of spending money in your ANZ account and put anything else in ING. Make a policy to deposit only (unless it's an absolute emergency) and off you go.

[inasinman]

Hardwork + Savings = $$$$ => probability of getting a car = likely

At 18 - 24 > most guys would only work hard and save > othewise investing their money and going into business is something most OLDER people would do > As it would defeat the purpose of having the car if you have to work 10 hours a day and 6 days a week (BIG COMMITMENT).

Living at home >>>>> well u guys r lucky >>> people who could pay for their car will know what it feels like to work for it. Having your mum and dad buy it for you, well it's bonus however it doesn't prove your ability.

[Hawker180]

I Earnt most of my money by working 2 Jobs (one full time and 1 part time)...done that for 1 year and saved almost every penny...i finnished yr12 and drove mum n dads car for about 1 year...turned 19 and had most of the money for my Skyline so brought one....just work and save...its easy to do if you have a goal...like a skyline

[sammus]

i'm in the same boat as sock here... saving/investing for an r32 gts (possibly gtst, depending on the power - i wanna be a law abiding P plater )... i'm invested through BT with OMIP (in a sub folder of my parents cash, so i also earn nice interest on their money ) and i don't spend much

[docile]

i'm 20 and I ended up getting a big loan to pay for my car. In some ways i regret it and in some ways i dont. I dont earn heaps, but i've had my time going out and getting pissed every few nights when i was 18. I also live at home.

I love my car, and it can be a big sacrifice some weeks when it comes to paying off loans, insurance, credit card bill, internet, mobile, phone, bit of rent etc. I still go out and have fun, its just that i have to spend wisely (cut down a good 50-80 bucks a week on macca's, kfc alone ). Bit of sacrifice. The reason it annoys me so much is that i HATE paying bills with a passion!! Im also pretty lucky that my girlfriend is pretty good with her finances so she understands it can be hard.

If i could change one thing it would be that i would have chosen to save some money as a deposit for my car...

Ohh and SOCK (Dallas), aim high and work towards it. I always wanted a 180sx or mk III Supra When i told my mates i wanted a supra (not the new shape either) they all hung $hit on me Now who's laughing. In life always aim high, its how you improve.

[meshmesh]

Hate to revive an old thread... but thought I'd add my 2.2cents

Most are saying work hard.. but that's 0.0005% of it, I'd say work smarter not harder. I got kicked out of school in Yr10 ~15yrs Old, and worked in a cafe doing 65-75hrs per week... getting $290pw "smokes were like 2.80-3.20 per pack (DAMN this is like 15years ago )... by the time i was 18 I'd saved about $25K, I planned to borrow about another 15K and buy a 928 Porsche... till my dad sat me down and plainly explained the pro's & cons compared to buying a house... So I bought my first property @18 for $110K with a ~20K deposit, the people I bought it off liuved in it for the next 7-8years paying 90% mortgage for me. The rest of my savings went into doing up an old XW GT Mock up we had sitting around...

Today that first property I bought is worth around 350-380K, and considering the tax benefits, it's cost me bugger all to maintain!! I could never have saved ~250K in 15years... The difference between what I owe and what it's worth is called "EQUITY MATE ;)" of which ~80% of the property value is considered cash (so long as you can maintain the repayments) which you can use to re-invest or spoil yourself with eg: new GTR etc..

We've all heard the saying "If only I knew back then what I know now!".. So I'd say to those saving for a dream car like a 928 or a GTR, maybe hold off... buy something half decent but not pocket draining, wait 2-3years & use the "EQUITY MATE" to cover the cost of your car.

EDIT:>> Most importantly... It's like a snowball effect, sacrificing the first 2-4years puts you in a +POSITIVE position that's only gets bigger and faster... alternatively you could borrow 10, 20 or 30K and hope to pay it off in 3-5years, whilst the property next door which you could have bought for 250K is worth 300K+ by the time you've paid your car off, and spent all your $$ on making it RICE *cough* I mean Nice.

**note: I'm not advising anyone to do the above, so please see your accountant who-ever for professional advice**

My names meshmesh and this is my story.bigpond.com

[Cubes]

*Capital gains* sucks

[superspit]

Hate to revive an old thread... but thought I'd add my 2.2cents

Most are saying work hard.. but that's 0.0005% of it, I'd say work smarter not harder. I got kicked out of school in Yr10 ~15yrs Old, and worked in a cafe doing 65-75hrs per week... getting $290pw "smokes were like 2.80-3.20 per pack (DAMN this is like 15years ago )... by the time i was 18 I'd saved about $25K, I planned to borrow about another 15K and buy a 928 Porsche... till my dad sat me down and plainly explained the pro's & cons compared to buying a house... So I bought my first property @18 for $110K with a ~20K deposit, the people I bought it off liuved in it for the next 7-8years paying 90% mortgage for me. The rest of my savings went into doing up an old XW GT Mock up we had sitting around...  

Today that first property I bought is worth around 350-380K, and considering the tax benefits, it's cost me bugger all to maintain!! I could never have saved ~250K in 15years... The difference between what I owe and what it's worth is called "EQUITY MATE ;)" of which ~80% of the property value is considered cash (so long as you can maintain the repayments) which you can use to re-invest or spoil yourself with eg: new GTR etc..

We've all heard the saying "If only I knew back then what I know now!".. So I'd say to those saving for a dream car like a 928 or a GTR, maybe hold off... buy something half decent but not pocket draining, wait 2-3years & use the "EQUITY MATE" to cover the cost of your car.

EDIT:>> Most importantly... It's like a snowball effect, sacrificing the first 2-4years puts you in a +POSITIVE position that's only gets bigger and faster... alternatively you could borrow 10, 20 or 30K and hope to pay it off in 3-5years, whilst the property next door which you could have bought for 250K is worth 300K+ by the time you've paid your car off, and spent all your $$ on making it RICE *cough* I mean Nice.

My names meshmesh and this is my story.bigpond.com

power to you mesh

[meshmesh]

*Capital gains* sucks

Why? remember "YOU CAN'T GO BROKE MAKING A PROFIT..!"

So paying tax means your making a profit... not paying tax means your loosing money.

[Driver]

i bort my old r33 when i was 17 - i started work when i finished hi skool, doing IT work.

[Cubes]

Thats it.. As the old saying goes.

You've got to make it to pay it.

So what have you done to minimise capital gains tax?

[G0DF4Th3R]

whats the big deal abt driving a Skyline when ure 18 regardless of who paid for it? diff ppl are lucky or unlucky to be placed at diff levels in society in terms of status, income etc... what abt those asian kids running around in CLKs dumped on 20"s? can buy 10 Skylines for the price of that..

[meshmesh]

So what have you done to minimise capital gains tax?

I guess that depends on the situation... but very basically speaking Don't Sell. Otherwise if you can hold onto it long enough to receive the CGT tax break after 12months. But hopefully that's why we pay professionals to manage that.

[sewid]

I wish someone had told me about investing in property when I was younger. These days property is a bit tougher to buy into at the start.

Then again, I dont really mind never owning lots of property though, dont plan to make my fortune that way, have enough locked away in some investments for a house deposit and now im buying the R34 GTR i've dreamt about for the past year and a half.

I just need to find the bloody thing!

[Timd]

fancy explaining how you can afford to have your car to ppl you dont know. If a stranger asked me how i afforded my car i would probably headbut that person. each to there own.

[Blade]

Man one of my mates friends use to own a 325 BMW 2004 model...uninsured...he rode it off int he yarra river..went home that night

Woke up in the morning...walked into mercedes and bought himself a new C-Class....now tell me that aint ****ed lol