Finance advice
Daniel McQuillan

Why it is financially insane for young people to buy a new car

By Daniel McQuillan

Every young person’s dream of owning a brand-new car can turn into a long-term financial nightmare by creating a financial burden that locks them out of the property market and home ownership.

 Blogger: Daniel McQuillan, executive director, Investwise 

The fact is that many young people take out large personal loans to buy a new car and as a result, the repayments plus this debt, can then make it very hard for them to buy their first home or even an investment property.

New cars are often purchased on emotion but the reality is that they very quickly lose their value while property increases in value over the long term.

Over 10 years, most properties tend to double in value whereas a new car is virtually worthless after 10 years. In addition, there is no tax relief for the average person who buys a new car, while there are very significant tax benefits when buying a property through negative gearing and depreciation. That is why it is financially insane for young people to take out a large personal loan to buy a new car.

For astute young people, it is better to either use public transport for an extra number of years or buy a second-hand car and put the surplus money into buying an investment property rather than a new car.

Once they have created real personal wealth through property investment, they can begin to treat themselves to luxuries such as new car.

This message about buying new cars is very pertinent in Western Australia, which has one of the highest rates of motor vehicle ownership in the world.

Last year ABS figures show that WA recorded the fastest growth in motor vehicle registrations in Australia, jumping by 4.6 per cent to 2,142,309 vehicles.

It is also significant that during the past five years, Western Australia along with the Northern Territory recorded the largest increase (14.14 per cent each) in the proportion of Passenger vehicles.

This message about overspending on new cars does not just apply to young people but also more mature people. The obsession with cars in Western Australia is also resulting in too many average families overspending on cars rather than investing in property.

Unfortunately, a large number of average homes in mortgage belt suburbs in Western Australia now have expensive cars parked outside, which is a waste of money for families.

When you consider that the interest rates for buying a new car are much higher than for owning a property, then it even makes even less financial sense for most families with a large mortgage to own an expensive new car. When interest rates start to rising, many families with expensive cars are then crippled with paying off both their car and home loans.

 

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About the Blogger

Daniel McQuillan

Daniel McQuillan

Daniel McQuillan has held senior positions in the property and financial services sector for over a decade. During that time he has gained professional qualifications and a wealth of experience that has enabled him to personally build a very successful property portfolio based on a targeted plan. In 2011, he established Investwise so he could utilise these skills to help other people create wealth through similarly devising a personal investment model that best suited their personal circumstances. As a result of this targeted and personal approach to property investment, Investwise is now one of the fastest growing property investment advisory services in Western Australia.

Further information can be found at www.investwise.net.au

FROM THE WEB

podcast

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Tune in to the latest episode of Property Showcase, the podcast with the inside track on the products and businesses that will help turbocharge your portfolio, maximise returns and make your overall investment experience seamless and stress-free!

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To hear more about these services, make sure to tune into this episode of Property Showcase!

 Make sure you never miss an episode by subscribing to us now on iTunes!

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    In this episode of Property Showcase, Michael Beresford joins editor of Wealth James Mitchell to unpack why recent political changes are not reason for concern for Australian investors.<\/p>\r\n

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      More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Many investors who would have been successfully approved for finance last year are struggling now to either begin or continue their property investment journey because of the current financial climate.

In this episode of the Smart Property Investment Show, broker John Manciamelli and Momentum Media director Alex Whitlock joins host Tim Neary to discuss how APRA changes and the royal commission have resulted in a tighter lending economy and what that means for Australian investors.

They discuss what traps investors should avoid if they are trying to obtain finance, the four key growth drivers in a property market and unpacking trust structures while revealing one type of trust that you should miss.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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When buying property, it’s important to focus on what’s important. Investor Katarina Taurian shares just what exactly is important to her: having the mindset of looking past superficial cosmetic matters and homing in on the structural suitability and potential of a property.

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In this episode of the Smart Property Investment Show, Katarina joins host Tim Neary to unpack her entry into the property market and experiences of rentvesting, and how the Smart Property Investment Show was vital  in a number of decisions which she made along the way.

Katarina discusses about the team that she had help her along the way, why she thinks that you should never skimp on a good solicitor and accountant, and the red flags which tell her why buying a new property doesn’t necessarily mean buying a better property.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Why buying new property doesn’t mean buying better property

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