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Old 02-25-2005, 17:34   #1 (permalink)
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Question HOUSE OR CAR: The age-old question......

I wasn't real sure where to post this thread, but finally decided that really it was an off topic discussion. I'd like to pose a question to other members but let me start by explaining my situation. I'm a 26yr old, single, Ford nut, who has been a member of the Forums for about two years & started working two jobs just over a year ago for one singular purpose: to buy a new BA XR8 ute. Cars are SO important to me, & it seems to me that outside of my family/friends my Ford (whichever one I've owned at the time) has always been the most important thing in my life!!! I've never had too much money to spend, I started with two old Escorts, then an XF, & then finally about 4 years ago I finally bought my first really nice one: a modified ED Futura, pictures of which can be seen in My Gallery. The problem is this: almost a year ago I sold the ED back to the guy I bought it from as part of chasing the new dream leaving me with no car. Now I've saved almost 20K through bloody hard work & I'm being advised that I should buy real estate. Working two jobs certainly makes you appreciate the hard slog required to save up serious cash, & I certainly don't want to throw my money away, BUT I NEED A NICE CAR!!!!!! I'm sick to death of gettin lifts with friends. I want to be able to take girls out in a REAL car instead of borrowing the parents'. I want all the freedoms & joys back that I had with the ED, plus the reliability/warranty, wow factor & sheer joy that would come with a new car that no-one else has owned. Real estate bores me, I find it extemely confusing & stressful trying to find out information on it. So basically what would you do??? I realise I have the opportunity to maybe set myself up a bit here by going the real estate option but I don't know how much longer my sanity will prevail if I don't get a nice car!!! I'm really interested in hearing everyones opinions on this. How many of you would say 'carpe diem' & get that bright shiny new ute to see out their 20's with, despite the fact it was going to take 3-5 years of hard slog to pay it back. How many of you would say 'I can wait' & get the house, keeping in mind that any one of us could be hit by a bus tomorrow!?! Is there any amongst you who have made the decision already (either one) & wish that you had done things differently? It would help greatly if you could take the time in your response to explain your own situation, & what brings you to your opinion considering mine.

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Jase.

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Old 02-25-2005, 19:55   #2 (permalink)
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Re: HOUSE OR CAR: The age-old question......

if i were in you're shoes, i'd buy a 5grand EB (obviosly a nice one at this price) and buy a house, one you'd ideally be able to afford repayments and live in(rent it out later if you want to live with the parents still) in Vic at least you get a decent first home buyer grant(i never got one of these D'oh) use this grant if oyu wish to buy a better car of use it to fix up the house to improve equity and borrow against the house to buy you're $40-$50 thousand dollar car, the extended time and lower rate of the home loan should put your car loan in an affordable repayment ideal? at the moment a rough guide is for every 100 grand on a home loan it costs about $160 per week. go and talk to a bank if you want more info they love giving out money as they usually get tripple back over the life of the loan.
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Old 02-25-2005, 21:12   #3 (permalink)
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Re: HOUSE OR CAR: The age-old question......

yeah i agree, get house, use equity after a bit.
exactly what i did.
and i notice your from port mc, my uncle works at elders real estate there
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Old 02-26-2005, 00:12   #4 (permalink)
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Re: HOUSE OR CAR: The age-old question......

Decided to take the house route around your age, three years later I'm very glad I did. I think you'd be mad to buy a car over real estate as the real estate will give you equity over time allowing you to borrow for the car and unlike the car it will appreciate in value, at times well beyond what you could ever earn.
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Old 02-26-2005, 00:49   #5 (permalink)
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Re: HOUSE OR CAR: The age-old question......

yer it doesnt cost a huge amount to get a car, spend $5k and you'll set yourself up with something nice, i got a beautiful Ford Capri for $5,500, worked my ass off for it (being 17 and all lol). Go the house mate, $15k will give u a nice deposit for a house.
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Old 02-26-2005, 01:59   #6 (permalink)
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Re: HOUSE OR CAR: The age-old question......

House first
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Old 02-26-2005, 07:52   #7 (permalink)
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Re: HOUSE OR CAR: The age-old question......

What would a chick be more impressed by: a guy with a sorta allright car living with his parents or guy with an older sorta allright car who owns a house.
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Old 02-26-2005, 10:43   #8 (permalink)
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Re: HOUSE OR CAR: The age-old question......

I think you already know the answer buddy. Just go and do what makes you happy. Make a mistake and its just a learning curve. Having saved so much money, you could nearly pay for half of the car you want.

Just gotta be prepared to loose money with your car, but you can gain with real estate after a LOT of time....
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Old 02-26-2005, 16:11   #9 (permalink)
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Re: HOUSE OR CAR: The age-old question......

its all about quality of life ( but you still have to live within your means)

if you live in sydney i would'nt get a place over 250,000 or youll be seeing ur new car in 20 years and by then you wont want one

also my financial advice is to not buy a car ever just lease , reason is = no point tie-ing up your money in a car just pay it off and get a place

but remember ONLY GET WHAT YOU CAN COMFORTABLY AFFORD
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Old 02-26-2005, 16:15   #10 (permalink)
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Re: HOUSE OR CAR: The age-old question......

Mate i was in a similar position, and i bought a house first then my car a couple of months later, once you have a house you can pretty much buy anything but if you bough the car first it makes it harder.
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