My 2010 Z

Slynky · 12-15-2009, 02:52 PM

Quote:

Originally Posted by dudafunk

My question from this - LOOKING BACK - do you feel you would have been going crazy in a house worth $200k instead of $220k - and thereby been in a position to afford an extra $20k on your car. I'd put my money on YES which is why I'm so into buying a 'better' car first. But I'm open to change my thinking and would love to understand why someone would say NO to this.

Well, without figuring it out, the difference in a house payment for $200K -vs- $220K will mean a difference of about $120 per month. If this amount of extra money would mean the difference between you getting a nice car or a REALLY nice car, then I guess you have your answer.

What Micas was wanting you to be concerned about was the amount of money one puts forth in total when going into debt for a huge chunk of cash. It's, in reality, wasted money. So, as long as you're trying to determine, for instance, if buying a cheaper house will allow you to have a more expensive car, you should also consider if paying/wasting (for example) $3,000 in interest over the life of the loan is worth having it NOW instead of saving up for it.

That's the sort of thought I weighed when considering purchasing a Z for myself... if paying/wasting (for example) $500 is worth having a 2010 model instead of waiting for the 2011 model and having just about all the cash I need.

Hope this answers your question.

dudafunk · 12-15-2009, 03:11 PM

Quote:

Originally Posted by Slynky

So, as long as you're trying to determine, for instance, if buying a cheaper house will allow you to have a more expensive car, you should also consider if paying/wasting (for example) $3,000 in interest over the life of the loan is worth having it NOW instead of saving up for it.

The reason why I don't cry about the $3000 interest and call it 'borderline marketing' is because I could be picking a car which advertises 0% interest and then just eliminate this factor --- but no. That wouldn't be right. So I will look at it holistically - that OK, I'm going to be spending $X overall - for SOME product. And is it going to be ok living in a house $X cheaper than what I would buy if I don't buy a $X car.

Overall, I feel consensus though, with mica's and your arguments. BTW I'm 24.

Slynky · 12-15-2009, 05:39 PM

Quote:

Originally Posted by dudafunk

The reason why I don't cry about the $3000 interest and call it 'borderline marketing' is because I could be picking a car which advertises 0% interest and then just eliminate this factor --- but no. That wouldn't be right. So I will look at it holistically - that OK, I'm going to be spending $X overall - for SOME product. And is it going to be ok living in a house $X cheaper than what I would buy if I don't buy a $X car.

Overall, I feel consensus though, with mica's and your arguments. BTW I'm 24.

If you can get a car at ZERO interest, just make sure it somehow isn't built into the price of the car. If you're bringing your own loan company, then obviously that's not a worry.

Getting a car at ZERO % is pretty much like paying straight cash for it (but a little at a time). In fact, better because money inflates (to some degree).

XBadgerX · 12-15-2009, 05:53 PM

Can't compare a house to a car.
House = investment that can actually gain value over time.
Car = horrible investment.
It's your money, do what you want with it.

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12-15-2009, 05:53 PM	#4 (permalink)
XBadgerX Base Member Join Date: Mar 2009 Location: Virginia Posts: 105 Drives: 07 Honda 600RR Rep Power: 18	Can't compare a house to a car. House = investment that can actually gain value over time. Car = horrible investment. It's your money, do what you want with it.