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Author Topic: Wise Myswaggers - what would you do  (Read 10950 times)

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Offline Symon

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Re: Wise Myswaggers - what would you do
« Reply #25 on: September 13, 2014, 07:33:52 PM »
I don't have kids so I'm hardly an expert on parenting, but my view is that if he thinks he is an adult, then treat him like one.

If he wants the car, let him get it, but don't guarantee the loan for him.  If he can't make the payments, then don't bail him out.  If that means he drops out of uni, then maybe a year in the real world may be just the thing.
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Offline sschmez

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Re: Wise Myswaggers - what would you do
« Reply #26 on: September 13, 2014, 07:36:52 PM »
he could do alot worse than a beemer.

I'd let him enjoy it, but thats me  ;D
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Offline MMblue

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Re: Wise Myswaggers - what would you do
« Reply #27 on: September 13, 2014, 07:48:05 PM »
If only I had all this good advice when I made my mistakes.
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Offline wartim

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Re: Wise Myswaggers - what would you do
« Reply #28 on: September 13, 2014, 07:51:16 PM »
He has it all worked out, except for maybe washing and polishing it  :laugh: -:
Full comprehensive insurance is $41.00 per month.  In our name and if any happens he has to pay an age excess.
100,000 Km service is only $380.00 at BMW Toowoomba and does not need a timing chain change.
Timing chain issues are on diesel models and early 2004 petrol models.
Can afford the repayments easily.

He's pretty good with his money and paid $2.5k out of own money for a school trip to Japan and paid off $5K for current car in 6 months while keeping up with his school work.

Not much I can say I suppose, he's 18 next month.


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Offline Mrs smith

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Re: Wise Myswaggers - what would you do
« Reply #29 on: September 13, 2014, 08:01:25 PM »
Quote from: wartim on September 13, 2014, 07:51:16 PM
He has it all worked out, except for maybe washing and polishing it  :laugh: -:
Full comprehensive insurance is $41.00 per month.  In our name and if any happens he has to pay an age excess.
100,000 Km service is only $380.00 at BMW Toowoomba and does not need a timing chain change.
Timing chain issues are on diesel models and early 2004 petrol models.
Can afford the repayments easily.

He's pretty good with his money and paid $2.5k out of own money for a school trip to Japan and paid off $5K for current car in 6 months while keeping up with his school work.

Not much I can say I suppose, he's 18 next month.

Tell him he'd look better in an MX5. lol

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scarps

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Re: Wise Myswaggers - what would you do
« Reply #30 on: September 13, 2014, 08:18:30 PM »
Quote from: wartim on September 13, 2014, 07:51:16 PM
He has it all worked out, except for maybe washing and polishing it  :laugh: -:
Full comprehensive insurance is $41.00 per month.  In our name and if any happens he has to pay an age excess.
100,000 Km service is only $380.00 at BMW Toowoomba and does not need a timing chain change.
Timing chain issues are on diesel models and early 2004 petrol models.
Can afford the repayments easily.

He's pretty good with his money and paid $2.5k out of own money for a school trip to Japan and paid off $5K for current car in 6 months while keeping up with his school work.

Not much I can say I suppose, he's 18 next month.
I agree, he's got it all worked out.  How many other 18yo's in Toowoomba would be driving a Beamer? He's going to be great at marketing!
All the other local lads will be in fords, holders and 4wd's, particularly the army boys.
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Offline berlitza

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Re: Wise Myswaggers - what would you do
« Reply #31 on: September 13, 2014, 08:47:14 PM »
Out of curiosity if there is a loan on a car and the car is registered in the p platers name how are the parents able to be the policy holders with the yougin listed as a driver ?

I remember 20 odd years ago when I purchased a car on hire/purchase (secured loan)I had to be the policy holder and had to provide proof before I was able to pick the car up ,If I had one of my parents take out the policy on  the car 523.14and I was the regiesterd owner with money oweing  ( insurance companies call it fronting) a claim would most likely be rejected,,, loooong time ago though  lol
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scarps

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Re: Wise Myswaggers - what would you do
« Reply #32 on: September 13, 2014, 08:53:08 PM »
Quote from: berlitza on September 13, 2014, 08:47:14 PM
Out of curiosity if there is a loan on a car and the car is registered in the p platers name how are the parents able to be the policy holders with the yougin listed as a driver ?

I remember 20 odd years ago when I purchased a car on hire/purchase (secured loan)I had to be the policy holder and had to provide proof before I was able to pick the car up ,If I had one of my parents take out the policy on  the car 523.14and I was the regiesterd owner with money oweing  ( insurance companies call it fronting) a claim would most likely be rejected,,, loooong time ago though  lol
you can do it in Vic by stating that you have a financial interest in the vehicle.
Both our son's cars were on our policy so they got our discount, had a higher excess, but were listed as drivers and therefore beginning to earn their own no claim history.
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Offline terravista

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Re: Wise Myswaggers - what would you do
« Reply #33 on: September 15, 2014, 09:15:22 AM »
Tell him to get the Beemer but keep the Lancer.
He can drive the Lancer and rent out the Beemer to his uni mates for $100 a day and they can use it to pick up chicks.
Three rentals over the weekend will pay the finance, and it will be paid off in no time, then he could upgrade to a Ferrari.
I'm sure the uni students would treat the car with respect so maintenance won't be a problem.
Washable rear seat covers are cheap at auto shops, but a $20 deposit on the car being returned without the seat covers being stuck to the seats would cover the unfortunate pre-ejac.

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Offline Andreweasty90

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Re: Wise Myswaggers - what would you do
« Reply #34 on: September 19, 2014, 11:37:02 AM »
I can't say I was much better at 17 I was driving a 25000 dollar ute and all I can say is if he knows how much it will cost to run and repay and insure give him the advice that cars don't really go up in value and money is better spent elsewhere but if it's what you really want then do it. Just tell him to keep enough money for his excess at all times and if he struggles to repay it then it might build some more character and a few more lessons under his belt   


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Offline WilSurf

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Re: Wise Myswaggers - what would you do
« Reply #35 on: September 19, 2014, 11:51:22 AM »
When I was 18 I had an old Fiat Uno.
Great car and all mine, and a Honda CBR 600.  ;D
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Offline berlitza

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Re: Wise Myswaggers - what would you do
« Reply #36 on: September 19, 2014, 01:46:50 PM »
Quote from: scarps on September 13, 2014, 08:53:08 PM
you can do it in Vic by stating that you have a financial interest in the vehicle.
Both our son's cars were on our policy so they got our discount, had a higher excess, but were listed as drivers and therefore beginning to earn their own no claim history.

Passed that info onto a mate who's 19yo son just purchased a brand spanker new ute. My mate ended up having to go guarantor ( giving my mate a financial interest in the car, so i would have thought) even though the loan would have been secured because of the ute but the finance company ( anz) needed the primary policy holder to be Radley (mates son) before the car would be released to him. He spoke to Shannons and they pretty much confirmed the same thing when there's private (non business) secured finance on the vehicle the policy holder needs to be the primary registered owner/driver.Not sure if this is just a under 25yo thing or not but I know with my company car no one under 25 is allowed to drive it

Told him to ring around and get more info before handing over the $3700pa premium  OUCH
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Offline kylarama

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Re: Wise Myswaggers - what would you do
« Reply #37 on: September 19, 2014, 07:12:50 PM »
Sounds like he's a pretty self motivated bloke.  Go for it!

It's an 18 year old males rite of passage to waste big $$$$$$$$$$$$$$'s on cars!
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