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My first New Car | Buying a New Car in Cayman

My first New Car | Buying a New Car in Cayman

I haven’t had the best luck with cars in
Cayman. I first bought an old Jeep, which was completely
impractical, it collected water on it’s roof and if you drove over a rock it flew into
the sky. Then I ordered a car from Japan, which arrived
with a broken transmission. About a year ago I bought a car from an old
colleague. It was old and cheap but it was reliable,
finally I had gotten it right. Recently though, it started making some strange
noises and doing some strange things so I had to make a decision. Do I start spending money on mechanics to
keep this thing going, knowing that every cent is money burnt or do I go car shopping
again? Everywhere I looked the cars were either too
expensive or just as old as mine, in which case I may as well keep my current car and
face any issues that it throws at me. Then my bank had a special on new car loans. Now if you’re financially savvy you know that cars are not investments. They’re expenses. Just like buying food, or paying for electricity
and water. When you buy a new car it immediately starts
losing value, nobody’s going to pay you full price for a second hand car, even if you just
drove it off the lot. Because they could go get a brand new car
for the same price. So while your car has already lost a ton of
value, your loan has already started building interest and you now owe more than what you
paid for it. But the longer you keep a car, the less value
it loses each year, while you still continue enjoying the benefits that it’s always given
you. You’re spreading out that big upfront cost
and all the interest associated with it over a longer period, and the longer you spread
it the better for your bank account. So the real question is, am I going to live
here long enough to make it worth buying a new car, or am I willing to pay for the privilege
of not having car problems while I am here. I think you already know the answer. Now I’m still an accountant, and even though
I consider this a calculated splurge, I wasn’t gonna go buy a four by four to climb over
the speed bumps as I drive the two miles to the store and back. I found one of the cheapest new cars on the
island, and will be paying back the loan as quickly as possible to ensure my interest
is at a minimum. That proviso firmly in place, I was obviously
excited to buy my first new car. I am here at G.T. Automotive with Kia Motors and my man Radcliffe
over here. And we are picking up my new car. I’ve been driving an old thing that…
the radio didn’t even work so this is like amazing technology right now. Getting a new car in Cayman is pretty admin intensive. This is boring. You have to find the car you like, get a quote
from the dealer, get a quote with that quote from the insurance company, take it to your
bank along with proof of employment, proof of salary, and ID, fill in a bunch of forms
telling them how much you spend on toilet paper each month, and then wait… One eternity later After the bank has done whatever wizardry
they do to decide if you are worthy. They bestow you the honour of lending you
some money while charging you for it and then… you have to fill in more forms, pay the government
duties on the loan, pay the insurance, take proof that you paid the insurance back to
the bank who fills in more forms because you haven’t killed enough trees already, and
then they finally give you a cheque which you have to take back to the dealer who grins
as he get’s his commission, licences your car and hands over the keys – but not before
showing you how to use your fancy new cup holders. Ooooo Hopefully I’ll get to stay in Cayman for
a long time and get the maximum use out of this little rocket. Sometimes you have to take a step of faith
and expect the future to be good instead of being too scared to make a move in case something
goes wrong. Either way, there’ll be a video about it.

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