Originally Posted by Scamp (Post 11374117)

BritExpat was in Double Deckers and convinced me to get rid of my car. I think.

It's time for a change, I've had it 2.5 years and just spent another 5,000 getting AC repaired. It's 2010 Explorer with 102,000km on the clock so time for something new.

I keep looking around but keep coming back to another Explorer, but the new shape.

I want something without barrel loads of KM's on the clock, for in-and-around 100,000 and 4x4. I don't want a sports car. I don't want a saloon. I want something big, not sure why, I just do.

Always wanted a Range Rover / LR3/4 / Mercedes ML / X5 / Escalade type but realise I can't afford to buy a decent one (well I can, but I won't). PLus the running costs must be higher?

Anything other than the new Explorer that anyone can think of? I think Pajero's look like horseshit by the way.

Suggestions, piss-taking, usual snipes and silly comments most welcome :thumbsup:

Originally Posted by Meow (Post 11375671)

:rolleyes:

Originally Posted by Meow (Post 11375598)

Ideally what anyone should do is clear the loan and then set the same amount aside every month to build up to buy a new car outright. Having a loan means you are paying interest so that deal is never what you think it is once you factor in the real cost.

Originally Posted by Scamp (Post 11376580)

True. Borrowing is never ideal, I'd like to have bought the car outright but couldn't afford to.

I can clear the remainder of the loan now and if I sold privately I'd keep 50% of the sale price as cash, which is actually more than I put down originally. Minus servicing costs, minus the repair bill I just paid and a set of tyres I'd come out -4,000 dirhams. take into account Insurance and other bits, I end up only about -11-12,000. So 'real' cost of my car has been (for sake of argument) 2k GBP for 2.5yrs (so far).

I think that's alright. It's not a Range Rover or a Lambo, but it's 'my' (mine and the banks) car and I do love him.

Also, the best bit is that my repayment is 47 dirhams a month less than it was to hire my Lancerghini. When I was first looking to buy, that was a huge positive!

Originally Posted by Millhouse (Post 11376586)

I'd rather have the lancer.

Originally Posted by Scamp (Post 11376587)

Over your FJ? I'm not surprised.

Originally Posted by Millhouse (Post 11376589)

better visibility :lol:

Originally Posted by Millhouse (Post 11375955)

You keep rolling your eyes like that and you'll get stuck like it. :lol:

When the cost of debt is so low, it is better to take on lots of it and put the earned stuff to work.

On one of my cars the total installment is 2k/month. Something like 110dh is interest, the rest is repayment of capital. The car is depreciating at a lower rate than the capital repayment (and the interest) which means in the end it will be worth something when the loan is paid. A similar car on a lease would be 6k/month

Or, as you suggest, I can put 125k of my son's inheritance into a country where I can get kicked out of for making a minor error. That doesn't seem like good financial planning to me.

Originally Posted by Millhouse (Post 11375955)

Or, as you suggest, I can put 125k of my son's inheritance into a country where I can get kicked out of for making a minor error. That doesn't seem like good financial planning to me.

Originally Posted by britexpat76 (Post 11376650)

That is generally what I tell my customers, with rates at 2% here its peanuts. I finance my own car, I don't understand paying cash into a depreciating asset.

Originally Posted by Millhouse (Post 11375955)

Or, as you suggest, I can put 125k of my son's inheritance into a country where I can get kicked out of for making a minor error. That doesn't seem like good financial planning to me.

Originally Posted by Meow (Post 11376731)

The levels of debt carried by people in Dubai is horrendous and that carries an inherent risk.

Originally Posted by csdf (Post 11376693)

If you get kicked out, you'd have to pay off the loan anyway, wouldn't you. So your 125k would end up in the country either way, less any value realised if you had time to sell the car first.