In this webinar, you will discover:
- Six Recurring Expenses that You’ll be Incurring After Purchasing a Car.
- Calculate The Car Price that You can Truly Afford.
- Should I Buy a Car with Cash or Loan?
- If you take a hire-purchase car loan, how long the term should be? 3, 5, 7, or 9 years?
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4 replies to "How to Benefit from Car Ownership Guilt-Free Without Breaking Your Finances"
great insights from kc about opportunity cost or rate of return deciding on cash or loan towards a vehicle purchase. Negative equity reminded me of a conversation with an old guy ( a retiree ) who purchased a very expensive and valuable car with cash.
He said ” I am an investor , did you think i blindly purchased this car for use at the last leg of my life, he is 73, of course not, I researched high and low on historic car prices and this particular model is the only one that costs more as newer versions comes into the market . My car is 3.5 years old i bought it for XX amount and today it will cost you YY amount more significantly to buy it. I was dumbfounded by his amazing explanation.
Thanks for sharing too. There are some cars that is getting more expensive due to the limited number of vehicle being made. And usually those are high-end cars like the one your friend bought.
hi KC/Ian,
Pertaining to Question 3 and your answer from video 1:04:00 onwards, would you please elaborate your explanation please as i have lost you.
Thank you.
Hi Kah Seng,
Thank you for your question. Let me clarify the explanation from the video around the 1:04:00 mark.
Car Depreciation: Whether you buy the car with cash or take a loan, the car will depreciate at the same rate. The value of the car decreases over time, and that’s an unavoidable loss you incur simply by owning the car. This depreciation happens regardless of how you finance the car.
Car Loan: The decision to take a loan or pay cash is a separate issue. If you take a loan at a lower interest rate (e.g., 5%) and can invest the cash you have in something that gives you a higher return (e.g., 10%), you could earn the difference (10% – 5% = 5%). This way, your money is working for you by generating a return that exceeds the cost of the loan. On the other hand, if you pay cash, you lose the opportunity to earn that return.
So, the key point is to compare the interest rate of the car loan with the return you can earn elsewhere. If your investments are yielding more than the loan interest, it may make sense to take the loan and invest your cash instead.