I can already foresee some of the questions coming, so here is what I meant buy "saving" money while owning the GTR.

370Z payment = $635/month
mortgage pay = $1050/month
plus all other bills, cable, electric, oil, water etc. We will call it $400/month

or
GTR payment = $1100/month

So, in reality, I would save about $1000 a month and own a GTR.

(Yes, Im playing devils advocate and having fun with this discussion. Go with it.)

:tup: best advice yet, lol

I don't see housing prices going higher any time soon.

so you vote GTR then?

He's voting no GTR/no house.

BTW sorry man but your utility bills won't be $400, you are computing it really bad. Cable, Electricity, (HOA), Homeowner Insurance + expenses related to owning a house (lawnmower, tools, you get the drift) ... Depending on how insulated the house is, your utility bill could well be the $400 you planned for all other bills. I feel I must advise you to thoroughly cover everything that will come with your purchase of a foreclosed home (mold, repairs, electric work, foundation work, carpet...) so you don't have a surprise the minute you close on the house.

yea, BUT, you lose money the moment the GTR leaves the lot, you gain equity with the house, plus a place to live... GTR = 1100 + paying for rent...
you know what you want to do... whats the most practical thing... to do. well buy the house

a forclosed home could be a blessing in disguise, or it could be the bane of your existance... :facepalm:

The mortgage price of $1100 includes PMI and taxes and such. I realize that $400 is low, but this isnt a overly serious discussion, so Im not getting that technical about it. I have lived on my own in some pretty nice apartments and do realize the costs of living out and having something of your own. Certain things certainly do add up. Trips to Walmart or Target were always $100-$125 even if it was only to pick up a few things.
Perhaps Ive been lucky, but the most Ive ever paid a month for electricity has been like $125. And my last place had central air and electric appliances

My rent is $0 right now, just to be clear.

ahh living at home with mommy and daddy.. :tup:


and damn, wtf you guys live.. its only like between 40-100$ all year for electricity

House.

trust me op, I want a GT-R really bad too and have tried to justify getting one but there is no way I can do it, as I have a mortgage and expenses right now, but even so, I am not so sure it is worth the $1,100+ a month for one. I am paying $580 a month for my 370Z and that is about my limit on a car payment.

Get the house.

If you like your Z, just stick with it. You will be much more satisfied with an asset that will increase in value (a house) and a car that is much more "engaging" to drive (that's also cheaper) than an expensive car that keeps depreciating and a large payment each month.

In addition, the costs of maintaining a GT-R are very high. Tires are $500/each and they're ultra soft compound so you'll burn through them quickly. The same goes for the brakes; even the cheapest, good quality aftermarket pads are $350 just for the front pads. These costs don't count the special engine oil that the car requires, which is not cheap and the $700 trans oil changes.

http://www.the370z.com/nissan-370z-p...-vs-world.html

:stirthepot:

GET IT! :D

Increase value when? In 15 years? :icon17:

Hey it's better than a car that will probably never increase much in value.

I never said he would be better off with a car either.

Tough call OP, but I would go for the house & be satisfied with the Z. Then again, it will likely take you longer to pay off the house than a GT-R. Home ownership has its expenses also along with taxes and utilies. There's a reason why a lot of home owners have a sports car in their driveway. One of which has do with a large chunk your paycheck going into house repairs, maintenance, upgrades etc.

actually, houses can gain value in as little as 1 year... very rarely will a house decrease in value.

Infact, like somewhere here in Minot, houses are going up dramatically..
My wife and I are looking for a house right now.. and even in some of the less then desirable areas... the houses which cost 50-100k 10 years ago, are now going for 150-200k..

There is a sub-division that just went up last year, homes sold for 200-250, and are now selling from 250-300k...

Tell that to the people who bought a house in Vegas, Arizona, Florida etc... It varies by location obviously, but for the most part, in weaker markets, it might not be another 15 years before the market value rebounds. The supply as of now, far exceeds the demand, hence the increasing amount of people "underwater" with their house. Just as an example, my uncle bought a brand new house in Jacksonville, FL about 3 years ago for about $250k. Really nice house and far larger than anything you could find in NY for the same price. It's valued at around $180k now. He's pretty much stuck there now unless he takes a huge loss. Scary thought should the unexpected happen like a layoff.

Tim, the market in North Dakota is very different to let's say FL, NV, OH. Home prices are actually going up in your state with the heavy presence of oil companies and defense industries buying up huge lots of land. I do agree that in some areas pricing went up, DC is one of those examples because of the Federal Gov. I looked into buying rental properties early in the year but held off due to the issues with renters (wrecking your home, leaving you with repairs for the next one, bad tenants, low return due to declining home pricing). Please don't get me wrong, a house is a much better investment than a car but if one at at the early stages of his/her career (where you might be expected to move around) buys a house thinking that it will return big in a few months, then that person will be up for some nasty surprise. We are no longer in the 90s & early 2000s where you were guaranteed major returns once you bought your house ;)

I didn't see you post Mike but you said exactly what I was stating in my post. If one expects to be in an area for a while then a house purchase will make sense despite the market trending. If one expects to be in an area for 2 years or less (usually typical for people in early stages of their career), a house makes absolutely no sense if the intend is to sell. Average home ownership duration is 5 - 7 years BTW.

I know, but I just don't want the kid to think that he won't see any return...and it's not always a matter of stages of ones career, I could be shipped off at any time. but again, I have a wife... so it makes the descion easier for me.
and again, you are very correct. the market is very geo-centric... as for my area... you forgot the flood that took 1000s of homes forcing our market to skyrocket.... FFFUUUU mother nature!

I guess I am just in a better situation then most as far as housing market..

and when I was in Arizona.. the market was vastly superior.. it was a buyers market yes, but people were still seeing better then average returns!

I wish I had purchased when I was in Tucson... :sadface:

HAHAHA you are right broski, there are some great deals far and in between. D*mn flood, I'm glad you were not in the direct path from the pics you sent pfeeeeeeeeww ;) AZ was hit haaaaaaaaaard with this market, some great deals to be had though for those with an extended horizon!

dude, we are looking at a few places.. upwards of 250k which SHOULD be more like 200... ffff minot.

I was recently went through a similar decision except with the 370z or house. I'm a few months out of college. I have a job that pays ok, but not what I want to do long term. Also married though, and my wife makes a decent amount more than me and is on a long-term career path with her company.

I skimmed the thread and I think I saw you live with your parents. First thing I think of is picking up a chick with the GTR and trying to take her back to mommy and daddy's house. I don't see that ending well. So that's out as an option. IMO

As far as house or save up money, in general, I think it depends on rent prices. We bought a house at 4.25% interest, but everything combined mortgage insurance, prop tax, house insurance, loan, it all comes out to $75 a month more than what we were paying in rent for a two bedroom one bath apartment. We bought what most people consider a starter home: 1600 sqft, 4 bed, 2 bath. We plan on living in it until retirement though. We don't have a very good emergency fund saved, but with the costs of renting and owning being similar, we felt that it made sense to buy at this time.

I guess all that to say that I think buying a house can still make sense in this environment. Also the Fed is going to keep interest rates low for the next 2 years, and obviously the inventory is huge, so I don't think there is any rush. Buy if you have a long-term plan and can visualize how owning a home will help meet your certain long-term life goals.

:iagree:

where do you live that a 4brdm 2 bath is a starter home :stirthepot: :bowrofl::bowrofl::bowrofl: but I agree buying a house is a good plan

I must admit, taking a girl back to my parents house is pretty much out of the question, but Ive gotten lucky with just going to their place or lifeguard chairs at beachs which is always fun on a nice summer night.
I have the house inspection scheduled for tomorrow and meeting with the mortgage broker right after that. This house is also a 4 bedroom 2.5 bath, so I guess where I live its a 2400 sq foot starter home as well, lol.

I also was referred to as "kid" at some point in this convo. I dont really care or am offended at all, but not a kid by any means. Im the general manager of a restaurant doing approx $50k a week in sales, nothing crazy, but not a small restaurant either. I first started general managing a restaurant when I was 21, and moved out of my house about the same time on my own. I just really love cars. A lot. And deciding between a GTR or a house, is a serious debate of sorts to me. I know what the correct answer should and will be, as I am already purchasing the house, but it still doesnt mean I dont look at GTRs for sale on cars.com and autotrader everyday.

Congrats on moving ahead with the house purchase. May I suggest you add a clause allowing you to back out without losing any proof of intent money if there are further damages you discover post inspection and pre-closing. Not ensuring that such clause is added will potentially cost you big money. Also spending an extra $200 for an independent appraiser might help you should the lender pick be biased. Congrats once again Bacal, exciting stuff :tiphat:

:iagree: Good luck with the house purchase! :tup:

truth... on a side note. imma hit you up in a pm man, gotta tell you about this house im looking at

sure thing bro. Hit me up whenever :tup:

The home inspection was today. Things went mostly as planned and look positive. It was more of a reassurance with what I already knew more then anything. Certainly excited with whats going on, but there is certainly a lot to be done. Buying a car wouldve been easier, lol.

but not that rewarding!


congrats!

"But don't buy an eighty-five thousand dollar car, before you buy a house" E-40, Rappers Ball

:icon17:

Apparently I need to listen to more E-40. he knows whats up.

[QUOTE=ZCarMan;1307723 My rule of thumb, "If it isn't bringing cash flow in, it's sending cash out". Couple of books worth looking at, "Rich Dad, Poor Dad" and "The Millionaire Next Door".[/QUOTE]

I have read both of these books and highly recommend both, Rich Dad, Poor Dad is a little outdated, his philosophy of buying houses in this economy only works for the filthy rich. Robert's rule of thinking regarding the Four Quadrants still makes total sense. Living like the The Millionaire Next Door is the only way to go nowadays.