House deposit or Car?
Discussion
Currently saving towards a house deposit with the missus. About 10-15K to go. Saving a bare minimum of £1000 p/m at the moment. I have a real hankering for a VX/Elise.
So, do I continue to save at a rate of £1000 p/m and take out a bank loan, over say 4 years to buy the car, circa 10-12k + my car (Cliosport 182). Or do I put the extra money I'd spend on repayments towards our house deposit?
I know the sensible answer, but my thinking/justification is that a Good VX/Elise shouldn't depreciate much over the next few years, so when the time comes to finally get a house I can sell the car at not too great a loss if need be. Also, with the costs of owning a house, will I be able to afford a decent car too. Am I best to do it now before I have any real financial commitments.
All opinions and advice appreciated
So, do I continue to save at a rate of £1000 p/m and take out a bank loan, over say 4 years to buy the car, circa 10-12k + my car (Cliosport 182). Or do I put the extra money I'd spend on repayments towards our house deposit?
I know the sensible answer, but my thinking/justification is that a Good VX/Elise shouldn't depreciate much over the next few years, so when the time comes to finally get a house I can sell the car at not too great a loss if need be. Also, with the costs of owning a house, will I be able to afford a decent car too. Am I best to do it now before I have any real financial commitments.
All opinions and advice appreciated
Easty-5 said:
a Good VX/Elise shouldn't depreciate much over the next few years, so when the time comes to finally get a house I can sell the car at not too great a loss if need be.
That’s what I’m hoping for, but beware if you need a garage to do any maintenance work for you, even minor stuff. The costs soon add up.But on the plus side, there not much to go wrong and parts are fairly cheap although that depends how often the upgrade fairy visits!
Easty-5 said:
Currently saving towards a house deposit with the missus. About 10-15K to go. Saving a bare minimum of £1000 p/m at the moment. I have a real hankering for a VX/Elise.
So, do I continue to save at a rate of £1000 p/m and take out a bank loan, over say 4 years to buy the car, circa 10-12k + my car (Cliosport 182). Or do I put the extra money I'd spend on repayments towards our house deposit?
I know the sensible answer, but my thinking/justification is that a Good VX/Elise shouldn't depreciate much over the next few years, so when the time comes to finally get a house I can sell the car at not too great a loss if need be. Also, with the costs of owning a house, will I be able to afford a decent car too. Am I best to do it now before I have any real financial commitments.
All opinions and advice appreciated
All depends upon your missus, doesn't it? Only you know her feelings. Therefore whether you can sell the idea of that lightweight sportscar in which you can both have fun holidays, here and across Europe, providing many happy memories for the future.So, do I continue to save at a rate of £1000 p/m and take out a bank loan, over say 4 years to buy the car, circa 10-12k + my car (Cliosport 182). Or do I put the extra money I'd spend on repayments towards our house deposit?
I know the sensible answer, but my thinking/justification is that a Good VX/Elise shouldn't depreciate much over the next few years, so when the time comes to finally get a house I can sell the car at not too great a loss if need be. Also, with the costs of owning a house, will I be able to afford a decent car too. Am I best to do it now before I have any real financial commitments.
All opinions and advice appreciated
Nowt like a two seater and the woman you love.
your other half would love the car, your in with a good chance of at least a bj with the car.
The house you would get just get bored with it and always want to change the curtains or wallpaper or carpets etc, That tends to give a woman a headache at nights.
For your sex live get the car.
The house you would get just get bored with it and always want to change the curtains or wallpaper or carpets etc, That tends to give a woman a headache at nights.
For your sex live get the car.
spud989 said:
How old are you?
I had this decision about 3 years ago (I'm about to turn 26).
Long and the short of it: get a nice, quick car to enjoy. Then save very hard. Buy your house. Struggle on with both for the first year or so. Then you'll be fine.
23 next month. So same age you had your decision. Any regrets? I had this decision about 3 years ago (I'm about to turn 26).
Long and the short of it: get a nice, quick car to enjoy. Then save very hard. Buy your house. Struggle on with both for the first year or so. Then you'll be fine.
WhoseGeneration said:
All depends upon your missus, doesn't it? Only you know her feelings. Therefore whether you can sell the idea of that lightweight sportscar in which you can both have fun holidays, here and across Europe, providing many happy memories for the future.
Nowt like a two seater and the woman you love.
It will be hard, very hard to sell the idea to her. Possibly do-able but then I'd have all the agro from my parents, her parents and friend etc to deal with too, "thought you were saving for a house blah blah blah." Nowt like a two seater and the woman you love.
I have recently just started a new job in which, providing I am kept busy enough, should almost double my salary. However the missus would like me to save all the extra money, whereas I would like to enjoy some of it.
I will need to do the sums etc and make sure it really is viable first before approaching her with my thoughts, I have mentioned it in a jovial manner a few times and her response is, "you can get a new car as soon as we have a house".
Easty-5 said:
It will be hard, very hard to sell the idea to her. Possibly do-able but then I'd have all the agro from my parents, her parents and friend etc to deal with too, "thought you were saving for a house blah blah blah."
I have recently just started a new job in which, providing I am kept busy enough, should almost double my salary. However the missus would like me to save all the extra money, whereas I would like to enjoy some of it.
I will need to do the sums etc and make sure it really is viable first before approaching her with my thoughts, I have mentioned it in a jovial manner a few times and her response is, "you can get a new car as soon as we have a house".
I'm 63, we bought our first house when I was 29. Mrs. WG has never questioned any car purchase.I have recently just started a new job in which, providing I am kept busy enough, should almost double my salary. However the missus would like me to save all the extra money, whereas I would like to enjoy some of it.
I will need to do the sums etc and make sure it really is viable first before approaching her with my thoughts, I have mentioned it in a jovial manner a few times and her response is, "you can get a new car as soon as we have a house".
Why bother with any s
t from parents and friends? It's only between you and your missus.Enjoy your youth.
It's far harder to offload your misses if you've bought a house together.
Get the car, enjoy yourself while you still can.
Next she'll want a fancy fridge, then a 300 quid hoover, then a kid then everything mamas and papas. It never ends.
Leave her now, buy a sportscar and shag everything in sight.
Make sure you wear a johnny.
Get the car, enjoy yourself while you still can.
Next she'll want a fancy fridge, then a 300 quid hoover, then a kid then everything mamas and papas. It never ends.
Leave her now, buy a sportscar and shag everything in sight.
Make sure you wear a johnny.
deltashad said:
It's far harder to offload your misses if you've bought a house together.
Get the car, enjoy yourself while you still can.
Next she'll want a fancy fridge, then a 300 quid hoover, then a kid then everything mamas and papas. It never ends.
Leave her now, buy a sportscar and shag everything in sight.
Make sure you wear a johnny.
This..Get the car, enjoy yourself while you still can.
Next she'll want a fancy fridge, then a 300 quid hoover, then a kid then everything mamas and papas. It never ends.
Leave her now, buy a sportscar and shag everything in sight.
Make sure you wear a johnny.
Then repeat.
As he first dissenter - sit on your money in the short-term and then stick it in the house.
You're attached for now, not rich enough and maybe not good looking/famous/powerful enough to play the if it FFF rent it game, so wait a bit, stick the money in a hoose, wait a few more years & then still be young enough to do the fun car thing (with less pain).
Sums -- 12k extra deposit, some form of house price drop, depending on where you are (so lower LTV), interest avoided & gained (well, just about), increased wages when things improve etc.
Maybe not the right answer here, but it is the right answer, especially if you do it right. If you really get it right, you won't be thinking about a 12k or so Elise.
You're attached for now, not rich enough and maybe not good looking/famous/powerful enough to play the if it FFF rent it game, so wait a bit, stick the money in a hoose, wait a few more years & then still be young enough to do the fun car thing (with less pain).
Sums -- 12k extra deposit, some form of house price drop, depending on where you are (so lower LTV), interest avoided & gained (well, just about), increased wages when things improve etc.
Maybe not the right answer here, but it is the right answer, especially if you do it right. If you really get it right, you won't be thinking about a 12k or so Elise.
House. Generally property is an appreciating asset and a vehicle depreciating. In five or so years time when the house has gone up in value and so have your wages you'll either have saved the money for the vx/elise which will be cheaper or borrow a little against the house at a cheaper rate than a loan to susidise what you've saved. Simple. In the mean time get something you're happy to drive daily and look forward to the elise.
WhoseGeneration said:
I'm 63, we bought our first house when I was 29. Mrs. WG has never questioned any car purchase.
Why bother with any st from parents and friends? It's only between you and your missus.
Enjoy your youth.
Exactly, its got nothing to do with her mates and family, do your own thing and enjoy yourself. Plenty of time to commit to buying a house. Its painful.Why bother with any s
t from parents and friends? It's only between you and your missus.Enjoy your youth.
Sounds like it's another year of saving hard before you've sorted the deposit. Realistically the VX isn't an everyday car to be used for commuting etc, so you'd be running 2 cars probably. Having a loan will reduce the amount you can borrow for the mortgage.
I'd say get a cheapish fun daily driver, save like mad for the house deposit and buy the car as soon as you can after you've moved it. FWIW you can have as much fun in an old classic or a cheap shed as you can in more modern and much quicker machinery IME.
If your priorities are car and your OH's priorities are house you need to have a good long chat about it now. It'll be expensive and a complete pain to split up after you've bought a house together.
I'd say get a cheapish fun daily driver, save like mad for the house deposit and buy the car as soon as you can after you've moved it. FWIW you can have as much fun in an old classic or a cheap shed as you can in more modern and much quicker machinery IME.
If your priorities are car and your OH's priorities are house you need to have a good long chat about it now. It'll be expensive and a complete pain to split up after you've bought a house together.
Edited by 6fire on Saturday 16th June 06:51
I'm in almost exactly the same position as you, currently saving house deposit funds but I really fancy a new car.
I'm 22 though and don't have a GF like you do right now, seeing as I dont know anyone on here in real life I have no particular issues in saying that I've worked my socks off and have currently saved 20k and am saving 1k per month, my head says keep saving and put a sizeable chunk down on a house in a few years time but my heart says splash the cash because you won't have any money spare when you buy a house! Choices choices :/
I know I'll get an earful from my parents though if I buy a car
I'm 22 though and don't have a GF like you do right now, seeing as I dont know anyone on here in real life I have no particular issues in saying that I've worked my socks off and have currently saved 20k and am saving 1k per month, my head says keep saving and put a sizeable chunk down on a house in a few years time but my heart says splash the cash because you won't have any money spare when you buy a house! Choices choices :/
I know I'll get an earful from my parents though if I buy a car
no-worries88 said:
I'm all for keeping the missus happy,but if there's something I want to buy ill fecking well buy it. I may joke with her and mates about her being the boss,but we both know she can't stop me,and I can't stop her,its an unwritten rule.
This.Sometimes I buy cars just to prove her wrong.
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