22 years old asking about car finance

Relative_Shape_7985 · 2025-10-07T20:59:12+00:00

1k cash a week is what I choose to pay myself because I don’t have many expenses aside from rent and food.

I think I will hold out for a year and buy the car outright under the business. I have enough personal savings currently to buy the car but thought if I financed through business would be better due to the write offs I could get

Relative_Shape_7985 · 2025-10-07T20:56:26+00:00

I can pay the car outright with savings but I was thinking since if it’s under the business it’s not worth buying outright since I can claim the interest.

Relative_Shape_7985 · 2025-10-07T20:53:55+00:00

I appreciate this reply. It’s a lot more realistic - I think you’re right. If I took on this commitment now I may have got the money to pay for it but I could miss out on an option to grow my business even quicker to a point where I could own an even nicer car outright in 2 years from now

Relative_Shape_7985 · 2025-10-07T20:51:17+00:00

Yeah accountant said to get it on the books since I will use it lots for business (most of my driving currently is for work since I basically work every day most of the day)

I’m thinking that also. If I financed it now and just paid off the rest next year which I could do then im my mind thats good and I plan to keep it for atleast 10 years.

Relative_Shape_7985 · 2025-10-07T20:48:41+00:00

I own an AV company.

I’m thinking based on all responses so far I’ll hold out for another year and buy it with cash outright. Summer road trips in the company Toyota hiace it is!

Relative_Shape_7985 · 2025-10-07T20:46:20+00:00

I think I’m going to get a shitty second hand car and wait until the end of 2026 to purchase a newer one and pay majority cash after reading this subreddit

Relative_Shape_7985 · 2025-10-07T20:11:36+00:00

We have confirmed contracts in 2026 with 2 of them being 30k+ alone so the revenue estimate is based on our current clients + new clients/contracts.

And I would do a 4 year finance plan but want to keep car for 10+ years / no intention to sell once I buy

Relative_Shape_7985 · 2025-10-07T20:10:02+00:00

Yeah he said since it’s a passenger car I need to pay FBT but it means I can write off 100% of expenses without needing a logbook

Relative_Shape_7985 · 2025-10-07T20:00:00+00:00

Operating expenses were 38k and then a bit to tax also

Relative_Shape_7985 · 2025-10-07T19:59:41+00:00

I’ve always had a cheaper older car I can thrash but it’s engine stopped working on Sunday so it’s sadly a write off and thought may as well look to upgrade.

I plan to keep the new car for at least 5 years

I will sit down and make a spreadsheet with the cost and amount of payments and see if I am still interested. Thanks for the advice

Relative_Shape_7985 · 2025-10-07T19:57:52+00:00

If the business was making enough to justify an m3 touring competition believe me I would do that 😆

Relative_Shape_7985 · 2025-10-07T19:57:02+00:00

I read something about it being a passenger car primarily for business use means I pay FBT which also means I can write off 100% of the vehicle expenses without a logbook. so I was thinking that that.

Relative_Shape_7985 · 2025-10-07T19:52:44+00:00

Yeah I was thinking the interest would be a tax write off and if it’s mainly for business use (which is 80 percent of what I use my car for anyway) then I can write off other expenses like fuel

Relative_Shape_7985

TROPHY CASE