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Ever tried a depreciation account

  • 24-07-2007 4:11pm
    #1
    MGrah
    Registered Users, Registered Users 2 Posts: 138 ✭✭


    Wondering does anyone here keep a depreciation account specific to their car?

    This is something I've been thinking about recently, that instead of continually financing cars through bank loans etc, I might hold on to my current car for a few years longer than I normally would, and start putitng away a consistent amount per week for depreciation e.g. €75 or whatever.

    I figure this way in the long run I will have a little more control over what I'm spending on depreciation of my car, and the money can earn interest for me, rather than for a bank/finance co. I know that this will take a couple of years of double paying, but has anyone else ever tried doing this? I figure this will amount to approx 3.5k per year and should therefore cover reasonable depreciation and I shouldn't ever venture into a deal on a car that will cost me more than I want to spend. i.e. if I only ever upgrade a car with money from this account.

    Any thoughts?


Comments

  • #2
    Anan1
    Registered Users, Registered Users 2 Posts: 22,815 ✭✭✭✭Anan1


    I've only ever once borrowed for a car, and that was a long time ago and over a very short term. I'm quite happy to borrow for a business or for property but if I can't buy a car outright then as far as i'm concerned I can't afford it. At the end of the day a car is a consumable, much like clothes, food, holidays etc.


  • #3
    ciarsd
    Registered Users, Registered Users 2 Posts: 2,326 ✭✭✭ciarsd


    Anan1 wrote:
    I've only ever once borrowed for a car, and that was a long time ago and over a very short term. I'm quite happy to borrow for a business or for property but if I can't buy a car outright then as far as i'm concerned I can't afford it. At the end of the day a car is a consumable, much like clothes, food, holidays etc.

    I suppose that is one way of looking at it :)

    To me a car is much more than a consumable, and not anything like clothes, food or holidays... it's better than that :p

    To the OP, I never heard of any friends doing this. Are you planning on it?


  • #4
    bbbbb
    Registered Users, Registered Users 2 Posts: 728 ✭✭✭bbbbb


    ciarsd wrote:
    To the OP, I never heard of any friends doing this. Are you planning on it?
    Yes, it's a radical concept called saving. Used mainly in pre-celtic tiger/easy credit days when you wanted to buy something.
    :D


  • #5
    ciarsd
    Registered Users, Registered Users 2 Posts: 2,326 ✭✭✭ciarsd


    bbbbb wrote:
    Yes, it's a radical concept called saving. Used mainly in pre-celtic tiger/easy credit days when you wanted to buy something.
    :D

    :rolleyes:


  • #6
    Anan1
    Registered Users, Registered Users 2 Posts: 22,815 ✭✭✭✭Anan1


    ciarsd wrote:
    To me a car is much more than a consumable, and not anything like clothes, food or holidays... it's better than that :p
    Maybe my examples weren't the best. I just didn't want to say hookers & coke, ok?;)


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