House or car - which did/would you chose?
Discussion
Houses are still dropping in value over here, a fair bit more to go in my opinion esp when the government spending cuts really hit. Sensible money holds off if it's a first time purchase and hopefully get more for your money this time next year, if it can be invested in a nice 993 or similar in the mean time then why not?
otolith said:
If we'd stayed in the old house, we could be running more expensive cars. If we didn't have the cars we have, we could afford a more expensive house. The balance we have makes us happy, isn't that what everyone does?
I suppose the question being asked was where that balance lies for each of us.Our house is currently worth roughly 20 times as much as our cars combined. When I bought the house, it was 150 times the car I had then.
I've had nice cars over a nice house. My current house has kept me warm and sheltered for nearly 10 years now, and whilst I would like a couple more rooms (who wouldn't?), it's got everything I need to be comfortable and a garage to store the car in. I wouldn't trade the fun I've had in my cars over the last 10 years for a bigger house at this point, and that may not make financial sense but I don't put a price on good memories.
House without a doubt, hence why I drive a 13 year old Fiat (that personally I love).
Deeply regret wasting cash on some earlier cars when we could have bought a second house for rental, taught me a valuable lesson. Probably like a lot of the older chaps on here we've built up quite a bit of equity through upsizing houses but still could have made life easier for ourselves.
Family and the best house I can afford will always come first for me, boring as it sounds.
Deeply regret wasting cash on some earlier cars when we could have bought a second house for rental, taught me a valuable lesson. Probably like a lot of the older chaps on here we've built up quite a bit of equity through upsizing houses but still could have made life easier for ourselves.
Family and the best house I can afford will always come first for me, boring as it sounds.
We had to buy a new home for the lancia as it was perforating away. We spent more than we wanted to on our house and its now worth much less than we paid.
Our Isa's and endowments are doing nothing for us so we spoke to the financial adviser about investing in a 'buy to let' and were told it wasn't a wise move right now.
The Lancia has gone up in value and the house has depreciated.
My advise is live with your mum and buy a Countach.
Our Isa's and endowments are doing nothing for us so we spoke to the financial adviser about investing in a 'buy to let' and were told it wasn't a wise move right now.
The Lancia has gone up in value and the house has depreciated.
My advise is live with your mum and buy a Countach.
House.
Many years ago I sold my bike to get my place while mates kept on buying a new bike every year or 2. I had an old snotter for 4 years then new after that every 2 years.
Mates who didn't buy their own place untill 10 years after me are still strugling with mortage payments.
Everything I have is all bought and paid for at 45 years old.
<good job, I'm getting made redundant soon>
Many years ago I sold my bike to get my place while mates kept on buying a new bike every year or 2. I had an old snotter for 4 years then new after that every 2 years.
Mates who didn't buy their own place untill 10 years after me are still strugling with mortage payments.
Everything I have is all bought and paid for at 45 years old.
<good job, I'm getting made redundant soon>
deltashad said:
We had to buy a new home for the lancia as it was perforating away. We spent more than we wanted to on our house and its now worth much less than we paid.
Our Isa's and endowments are doing nothing for us so we spoke to the financial adviser about investing in a 'buy to let' and were told it wasn't a wise move right now.
The Lancia has gone up in value and the house has depreciated.
My advise is live with your mum and buy a Countach.
I know it's taking us even more off topic but why would a buy to let not be worth it? Our Isa's and endowments are doing nothing for us so we spoke to the financial adviser about investing in a 'buy to let' and were told it wasn't a wise move right now.
The Lancia has gone up in value and the house has depreciated.
My advise is live with your mum and buy a Countach.
The only time I think car would (should?) win out in a car vs house decision is when it's something particularly special and you're buying it at a point in your life where you think you couldn't afford it in the future.
I part-financed a R34 Skyline GT-R when I was in my early 20s because I assumed I would never be able to afford it outright in later life, or if I could it would be at a point where it would no longer have the same appeal, or I'd be too old to enjoy it properly. I had the luxury of the time of living with parents though.
There's nothing inherently wrong with either decision so long as you can justify it to yourself. Don't live your life according to other peoples expectations or prejudices.
I part-financed a R34 Skyline GT-R when I was in my early 20s because I assumed I would never be able to afford it outright in later life, or if I could it would be at a point where it would no longer have the same appeal, or I'd be too old to enjoy it properly. I had the luxury of the time of living with parents though.
There's nothing inherently wrong with either decision so long as you can justify it to yourself. Don't live your life according to other peoples expectations or prejudices.
i was lucky to have a VERY understanding OH. she allowed me to have a car savings account, running along side our deposit account. id had my heart set on a Monaro since i knew they were coming to the UK and was told by "her in doors" when they drop to xxxxx amount she would be happy as long as i was. we made the ultimate sacrifice(well when your in you mid 20s it is) and moved back in with her parents for a few years. forfeited our freedom to play the long game! 3 years ago, we got both. a decent home and the monaro.
im not sure what would happen now if we wanted to "upgrade" both at the same time however. i wouldnt be confident about turing up at my in-laws,just turned 30, bag in hand telling them im back becuase i want an M5
im not sure what would happen now if we wanted to "upgrade" both at the same time however. i wouldnt be confident about turing up at my in-laws,just turned 30, bag in hand telling them im back becuase i want an M5
falkster said:
I know it's taking us even more off topic but why would a buy to let not be worth it?
The price of properties are still unstable and set to fall even more. Buying a property right now is a risky proposition. In our area we've been told we will just pay for the second flat with the mortgage rates available leaving very little room for general repairs or if its sitting empty for any length of time. We were advised us to put it back into our house mortgage to lower the payments. Thats gonna put us into a better bracket making us £150 better off a month. We wouldn't get that from the a flat or isa or endowment. I've always wanted a second property but at the moment I'll wait until I've got more confidence in the market.
Like was said in a post above, buy a Porka 911 996, Thats a better deal than a house right now. We bought our property at the wrong time and its now worth 10% less.
Edited by deltashad on Monday 16th April 11:06
This is a piece of string debate. So many answers.
My view is that anyone who hasn't achieved some sort of financial stability is mad to throw a lot of money after cars. Whether that means a house or not is a whole different story but the number of friends I have with fast cars and no pension/pension provision is worrying.
That said, I tend to find that the more money I earn the less bothered I am about spunking it on a car. Currently in the cheapest daily driver I've had since graduating - worth about a months gross income and paid for in cash.
A nice holiday/retirement place in Cornwall is much more attractive to me!
My view is that anyone who hasn't achieved some sort of financial stability is mad to throw a lot of money after cars. Whether that means a house or not is a whole different story but the number of friends I have with fast cars and no pension/pension provision is worrying.
That said, I tend to find that the more money I earn the less bothered I am about spunking it on a car. Currently in the cheapest daily driver I've had since graduating - worth about a months gross income and paid for in cash.
A nice holiday/retirement place in Cornwall is much more attractive to me!
I've just made this decision and went for house.
Why? A couple of reasons really, 1) As I am relatively young and the opportunity to own my own place was very appealing and 2) The flat in question was underpriced and in an area where I cannot see house prices falling anymore so it seemed a good investment. My monthly mortgage payment is only slightly more than what friends are paying in rent and with a lodger I would be paying less so I think it's the right decision. My Fiesta will carry on serving me and I can get my Z4 coupe in about 13 years!
Why? A couple of reasons really, 1) As I am relatively young and the opportunity to own my own place was very appealing and 2) The flat in question was underpriced and in an area where I cannot see house prices falling anymore so it seemed a good investment. My monthly mortgage payment is only slightly more than what friends are paying in rent and with a lodger I would be paying less so I think it's the right decision. My Fiesta will carry on serving me and I can get my Z4 coupe in about 13 years!
Depends on age/family situation. I spent my house deposit on my first TVR when I was in my 20's. My reason, I couldn't take a house on a track. I never really regretted it apart from the fact that had I put the money in a house back then I would be living in a bigger house now. But that is more down to the markets than anything else.
Now I put any spare cash into paying off the mortgage when I could have another toy!
Now I put any spare cash into paying off the mortgage when I could have another toy!
You know, I sometimes get the impression that while normal people were considering whether to have a Beano or a Whizzer & Chips or just to blow the money on a sherbert dib-dab and enough strawberry laces to induce nausea, others round here were calculating 25 years compound interest on 20p and rubbing their hands together at the thought of how many Worthers Originals they would be able to buy when they retire.
House first. Almost always was; I spent pretty much all my money pre-university on cars, but found an overwhelming surge of sensibleness came over me after graduating and bought my first flat soon afterwards, at the expense of a decent car.
In retrospect, I half-wish I had been sensible from the start. Although that old Mk1 Golf GTi when I was 18 was a LOT of fun ....
Oli.
In retrospect, I half-wish I had been sensible from the start. Although that old Mk1 Golf GTi when I was 18 was a LOT of fun ....
Oli.
zcacogp said:
House first. Almost always was; I spent pretty much all my money pre-university on cars, but found an overwhelming surge of sensibleness came over me after graduating and bought my first flat soon afterwards, at the expense of a decent car.
In retrospect, I half-wish I had been sensible from the start. Although that old Mk1 Golf GTi when I was 18 was a LOT of fun ....
Oli.
Sounds very familiar In retrospect, I half-wish I had been sensible from the start. Although that old Mk1 Golf GTi when I was 18 was a LOT of fun ....
Oli.
By the time I'd finished uni I'd bought and either sold or killed about 12 cars. Had a mortgage within a year, and been with one ever since.Difference this time is that we would have paid off our current place in within another 5 or so years, but its just starting to feel a bit cramped, and as the kids get older we suspect its only going to feel more so. Plus it only has a car port on a slope and no garage. New place has a level driveway and a garage! But I'll be paying for it until I'm about 80.
As another poster has noted, our current place is about 30 times the value of the fleet, but it was about 100 times the value of the shed we drove to it when we bought it.
Should have been House/Car/Kids !
We have a decent house in a nice area and we own it outright, have some money behind us and I earn pretty well so cars should be a no brainer, except we have three kids which means all bills are a lot bigger so doesn't leave a vast amount for playing with cars, plus we need a decent family bus so all the budget went on that.
I don't want to spend a vast amount, as I think really it is a mugs game for me to spend 30 grand on an expensive car to do 2000 a year, whatever money we have put by is to give the kids some help through education and to make the transition to the real world a bit easier, things like eldest learning to drive this year which could be expensive.
As long as I don't get moaned at for spending the odd few quid here and there I don't mind, there seems to be trend for a lot of people trying to run something they cant really afford to impress people who don't care, I am not bothered as long as I enjoy my driving, part of it for me is just pottering about with my car and learning more about the technology, engineering and trying to improve it and keep it in top condition for minimal money.
We have a decent house in a nice area and we own it outright, have some money behind us and I earn pretty well so cars should be a no brainer, except we have three kids which means all bills are a lot bigger so doesn't leave a vast amount for playing with cars, plus we need a decent family bus so all the budget went on that.
I don't want to spend a vast amount, as I think really it is a mugs game for me to spend 30 grand on an expensive car to do 2000 a year, whatever money we have put by is to give the kids some help through education and to make the transition to the real world a bit easier, things like eldest learning to drive this year which could be expensive.
As long as I don't get moaned at for spending the odd few quid here and there I don't mind, there seems to be trend for a lot of people trying to run something they cant really afford to impress people who don't care, I am not bothered as long as I enjoy my driving, part of it for me is just pottering about with my car and learning more about the technology, engineering and trying to improve it and keep it in top condition for minimal money.
I don't get it???
So you buy a house in your 20's you pour all your money into it, giving up holidays, nights out etc, so when you are in your 40's you have some extra cash to spend on what?? won't be booze and hookers? Also by the time you are 40 if things go well you will also be earning more anyway???
So what's the point in that??
Plus all the associated running costs of a house.
I'll have fun now thanks.
we do have a strange obsession with owning houses in this country.
So you buy a house in your 20's you pour all your money into it, giving up holidays, nights out etc, so when you are in your 40's you have some extra cash to spend on what?? won't be booze and hookers? Also by the time you are 40 if things go well you will also be earning more anyway???
So what's the point in that??
Plus all the associated running costs of a house.
I'll have fun now thanks.
we do have a strange obsession with owning houses in this country.
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