(Closed) NWR: House or Car?

posted 7 years ago in The Lounge
  • poll: What should I spend my money on?
    Down Payment for a House! : (57 votes)
    88 %
    Dream Car! : (8 votes)
    12 %
  • Post # 3
    Member
    617 posts
    Busy bee
    • Wedding: July 2009

    Save for a down payment…you’ll be able to build such good credit with a house and can use the equity in the future.  A car depreciates in value so quickly and is not really an investment.  I really think the house is the way to go.

    Post # 5
    Member
    5155 posts
    Bee Keeper
    • Wedding: June 2010

    I say SAVE for a down payment!! That is what we are saving for 🙂

    Post # 6
    Member
    6598 posts
    Bee Keeper
    • Wedding: August 2010

    Is it an acura rsx????? I only ask because it was my dream car for years and they stopped making a few years ago.

    Sorry, but I voted for a house. A car is not an investment at all – they are a money pitt. It is actually more financially responsible for you to keep your honda running (because they are built like tanks (I have an ’01 civic)) rather than buy another used car.

    A house is a great investment!

    Edit: You will get over your love for the car one day and you will fall in love with another car!

    Post # 7
    Member
    516 posts
    Busy bee
    • Wedding: November 2010

    Get the house- You will be so happy you did.

    Post # 8
    Member
    617 posts
    Busy bee
    • Wedding: July 2009

    lol I know you are leaning towards the car but you really will find another you love!  I promise!  A house is so much more valuable than a car.  I suggest getting the house, then getting the car in a couple years that you love.  🙂

    Post # 10
    Member
    1523 posts
    Bumble bee
    • Wedding: September 2010

    Buying  a house is a very smart long term investment. You will never see that type of return from a car that is twice used and you will still be throwing money into rent! I say down payment for a house all the way!

    Post # 11
    Member
    11328 posts
    Sugar Beekeeper
    • Wedding: February 2011

    I”m going to go against the grain and say— GET THE CAR. And by the way this comes from someone who owns a house and loves it… so I’m not anti-house at all. But here are my thoughts. 

    1) Now is a bad time for you to buy a house because you JUST got this job and you have no savings. In order to be secure in a mortgage you don’t just need a down payment (imo), you need a downpayment plus at least 3 months expenses in savings so if you should lose your job ever you won’t get f’d and end up losing your house. That will take a long time probably– years. 

    2) you are happy renting and you don’t seem to be wanting to be super settled… whatever you chose now might not be what you wanted in a few years

    3) you really want the car and its not going to be around forever

     

    So I say, buy the car, then save for a house. 

    Post # 13
    Member
    3943 posts
    Honey bee

    I voted for the house until I read your last post. It sounds like you aren’t sure if you are ready for a house yet. And being a new homeowner (6 weeks haha) I can assure you that it is one enormous 30 year responsibility.

    Just remember that a house is an investment and a car will dramatically depreciate in value. Also, you could always pay 1/2 in cash and finance the rest. You’ll build up your credit score and still have some money in savings. This will help when you do decide to buy a home because the better credit score you have, the better rate you’ll get.

    Post # 14
    Member
    3762 posts
    Honey bee
    • Wedding: May 2010

    I not against buying a car, but here are my thoughts/concerns.

    1.  You have a car that is paid off and reliable.  It still has lots of life left in it. You could probably sell this car if needed still and use some of the cash for a new car.

    2.  Its great that you would be able to pay off the new car. 

    You said the car is no longer in production.  This is very concerning.  Over time, the car is going to become more and more costly to maintain.  At the end of its life, you may have a much harder time selling it because its outdated. 

    I know you really love this car, but will you still love it in 5 years when its falling apart, costing an arm and a leg to fix/maintain, and you can’t sell it because no one wants it? 

    Post # 15
    Member
    2090 posts
    Buzzing bee
    • Wedding: August 2010

    One questions as I don’t know anything about cars – if you buy a car that is no longer manufactured – what happens if something goes wrong with your car – how would you get parts for it? Or, would those parts be super expensive??

    I know people rebuild antique cars no longer made, but that seems different from buying a new car with all the computers and whatnot that are on cars nowadays. I would imagine your resale value would not be good either, but that might be a huge concern either.

    I’d save a big chunk of the money myself, since you don’t have any savings, but I’m a worryer by nature!

    Post # 16
    Member
    3762 posts
    Honey bee
    • Wedding: May 2010

    On the flip side, I wouldnt say rush out and buy a house if you aren’t ready.  You need to know the location and be “settled” before buying something like that.  It really will eat a way a lot of your savings too. 

    Don’t let the money burn a hole in your pocket.  Just because you are making it doesn’t mean you should spend it.  Also, before you make either purchase you should make sure you stock away 4-6 months of expenses in case you were to loose your job.

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