House or car - which did/would you chose?

[Killer2005]

I'm currently deciding on this. Due to the fact that I earn a pittance, I can only get a mortgage of 72k, which doesn't really get me much of a house.

So my current thinking is that I should keep renting where I live now until I can get at least another promotion as on my working I need another 3-4k pa before I can afford the house I would like, and in the short term I'll get myself an S2000 for a year or so whilst I can actually afford one.

[Vladimir]

otolith said:

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.

[Bertrum]

doogz said:

You don't have to pour all your money into it, it doesn't have to be one or the other. I said house earlier on, but that doesn't mean i haven't had some interesting cars, it just meant that i spend a lot more money on my house just now, than i do on cars.

But why? All my friends do the same but I don't get it. What are you going to do with the house when you die/retire. Yes you could leave it to someone else (kids) but why would you do that?

I'm not being difficult I just don't get it???

[RenesisEvo]

Car.

But I didn't really choose - because right now, buying a house is not an option - it would be a big mistake for me, so I've just gone and got myself something a bit more fun (bought outright with cash, before anyone asks about finance). Once my accounts have settled, I will be saving up again with the view to have enough for a deposit. But having that won't mean I will be in a position to buy. I should also point out I don't live at 'home', I rent.

Edited by RenesisEvo on Monday 16th April 13:23

[LordHaveMurci]

House for me, looked at a 993 but bought my current house instead. I did buy my 996 instead of replacing the nearly 30yr old kithchen though, there's got to be some balance!

[Trackside Junior]

I'm 18 and haven't moved out yet, but I want a big house, but my main aim is to make enough money and have enough land around my house to pay for my car habit.

I've also bought an MX-5, that I can only just afford to run, over saving for a house. But I want to get a mortgage instead of spending dead money on renting, so I need to credit rating first. In the meantime, I'll be keeping the car and investing any spare money that I have

[Frances The Mute]

Bertrum said:

we do have a strange obsession with owning houses in this country.

For many people, it's because they prefer to call the shots on how they live their life.
In the years where I had to rent, I hated the fact that I had to move on because a landlord/vendor decides to change their plans.

There's no right or wrong answer but it's house for me everytime. Sort of.

Whilst I could have made the purchase easier or more quickly by selling the cars earlier on, I refused to do so.
It meant I had to wait a little longer and work a little harder, but in the end, I got myself a lovely house in a lovely location with a great garage and plenty or workshop space with three cars to help fill it with.

The sweetener was that I bought it when the market was on its ar5e so I got a great deal, too.

[Celtic Dragon]

I chose the car, looking back, not the greatest decission I ever made.

[zcacogp]

Hitch78 said:

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.

Funnily enough, that sums up my outlook at the mo as well! I'm not in the cheapest daily driver and am wondering whether I should down-size, and what could I get for less?


Oli.

[Durzel]

As long as you're disciplined and do sufficient research I don't really see how delaying a house purchase by 6-12 months is massively different, or less enjoyable, than travelling the world.

For example: Ferrari 360s are coming down to around 35-40k, which isn't really a hugely significant sum on top of the cost of a modern hot hatch to get a loan for. You could buy one and run it for a year and get out having lost barely anything. Obviously you need to be disciplined, and have the wherewithal to purchase the right car at the right time, etc.

How many people in their late 30s-40s+ with mortgage repayments and other marital/parental financial commitments would have this sort of freedom or disposable income? Would they enjoy it as much in their middle age?

That's not to say it's wrong to buy a house first, but everyones circumstances are different and if you truly enjoy cars then for many of us buying in our youth, albeit with the aid of finance, might be the only practical way of getting into these cars.

[Ecosseven]

One thing about owning your own home is that you can decorate it and change it as you see fit. It’s yours. Most people take pride in the fact that they own their own home. Through hard work and some luck I am fortunate to have saved enough money to pay off my mortgage at 37. I have owned some nice cars over the years but if I were to go back 15 years I would do the same again – property first, car second. I know it’s a cliché but my house is also my home. If I didn’t buy somewhere to live I would either by living with the parents (no thanks) or renting (and paying the landlords mortgage).

Of course there will always people who pefer the flexibility of renting and I do understand the appeal; but I would still prefer to buy over renting even if that meant that I had to sacrifice having a nice car for a few years.

[Cotty]

sleep envy said:

Have already had to make that choice a couple of times, I've gone with house.

Will have to make that choice again later this year, I'm already thinking house again.

Hang on, you have a Porsche 996 GT3 MkII. I would hardly say you put your house over your car, otherwise you would have a bigger/better house and crap car.

[RizzoTheRat]

Bertrum said:

doogz said:

You don't have to pour all your money into it, it doesn't have to be one or the other. I said house earlier on, but that doesn't mean i haven't had some interesting cars, it just meant that i spend a lot more money on my house just now, than i do on cars.

But why? All my friends do the same but I don't get it. What are you going to do with the house when you die/retire. Yes you could leave it to someone else (kids) but why would you do that?

I'm not being difficult I just don't get it???

The alternative to buying would be renting, which would cost more than my mortgage costs me. In 18 years time I'll own a house, whereas if I'd rented I'd have less money and no house. Seems a it of a no-brainer to me.

[Justices]

- You can't drive your house through Europe.
- Your house probably doesn't come with a fine V12 bolted directly to it.
- Your house doesn't sound like this

[RenesisEvo]

Justices said:

- You can't drive your house through Europe

You can sleep in your car, but you can't drive your house

[northwest monkey]

House for us.

Had a 2 year old E46 330 convertible which we sold in order to buy the house we're living in. By selling the car (just over £20k at the time), it allowed us buy a bigger house that needed loads of work.

Currently driving a Picasso (very handy with a 4-year old & a dog!) which isn't the greatest car but would do the same thing again like a shot.

Give it a couple more years & the nice cars will be back

[petrolsniffer]

[Bertrum]

RizzoTheRat said:

The alternative to buying would be renting, which would cost more than my mortgage costs me. In 18 years time I'll own a house, whereas if I'd rented I'd have less money and no house. Seems a it of a no-brainer to me.

I bet if you added up all the extra's you've spent on your house plus moving mortgage payments stamp duty etc, it will be more expensive than renting.

In 18 years you own the house, but so what. You now just have a load of money tied up in a big pile of bricks ,mortar and some MDF (kitchen).

That's what I don't get. I just don't see the point.

Guess I never will.

[FisiP1]

Justices said:

- You can't drive your house through Europe.
- Your house probably doesn't come with a fine V12 bolted directly to it.
- Your house doesn't sound like this

I saw a video a while back of someone who lived in a Ferrari in Yosemite for 3 years, climbed every day, washed in the river, slept in the car or a tent, sold photographs of the climbers for cash.

Christ knows how he dealt with insurance and such like that, but with a re-jigging of priorities quite a lot is possible.

[Justices]

What would Spartacus do?