Another help me to pick a car thread, a little different tho
Oct 27, 2011 | 01:18 PM
#11
2 anti-house guys 
Thanks for the advice 
I actually have a small condo in the US and the mortgage and space are both perfect for me, planning to keep that when I move, and the rent should more than pay for it, I'll just forget that I have it for a few years.
The house debate is in Saudi where I'll be moving next year, and probably staying there for a long time, so I will have to ask real estate experts in that part of the world regarding prices and rates. But I get the idea, and thank you for the informative reply.
I also do travel a lot, and I'm kinda getting tired of it, once every 2 years or so should be fine
any input on the DD list?
The market is unfortunately pretty much at a record high right now. I was planning on building my own house down the road, but that will be expensive since prices of land more than tripled over the last few years.
will try to keep your recommendation in mind tho thank you
House prices may be cheaper in the near future but your financing costs will probably be a lot higher than they are now. 4.25 fixed on a 30yr conventional should be very comfortable for you. That and with the mortgage tax write off you are most likely paying at or less than what rent would be.
My 2 cents: Small house, modest DD, and get enough cash in the bank to pay for either the fun cars in full, a down payment on a much larger house, or FU money to take a few months off to travel.
My 2 cents: Small house, modest DD, and get enough cash in the bank to pay for either the fun cars in full, a down payment on a much larger house, or FU money to take a few months off to travel.
I actually have a small condo in the US and the mortgage and space are both perfect for me, planning to keep that when I move, and the rent should more than pay for it, I'll just forget that I have it for a few years.
The house debate is in Saudi where I'll be moving next year, and probably staying there for a long time, so I will have to ask real estate experts in that part of the world regarding prices and rates. But I get the idea, and thank you for the informative reply.
I also do travel a lot, and I'm kinda getting tired of it, once every 2 years or so should be fine
any input on the DD list?
Depending on the housing market that you are in, prices aren't going anywhere for a while, BUT, rates will almost certainly be higher. So if you buy a 250k house today, in say two years, the house may be the same price, but the mortgage payment will be more. I will never try to pick the bottom of the rates, but we are currently at record lows, so now is a good time. Of course, if your market is declining, all bets are off and get a nice slightly used car that will not depreciate terribly while you wait for it to stabilize.
will try to keep your recommendation in mind tho
thank you
Oct 27, 2011 | 01:25 PM
#12
my advice is live within your means
don't buy a nicer car just cause you don't have a mortgage payment. that won't always be the case and i wouldnt want to be that dude who lives in a tiny appartment but drives a 100k car
also don't put "non recurring" cash down on a car. its also an easy way to spend more on a car than your means justify. if it was accumulated over a long time or was a one time thing, chances are you won't have this cash next time you buy a car.
btw i though STi's were great extreme weather cars?
don't buy a nicer car just cause you don't have a mortgage payment. that won't always be the case and i wouldnt want to be that dude who lives in a tiny appartment but drives a 100k car
also don't put "non recurring" cash down on a car. its also an easy way to spend more on a car than your means justify. if it was accumulated over a long time or was a one time thing, chances are you won't have this cash next time you buy a car.
btw i though STi's were great extreme weather cars?
I'm in a great financial situation thanks to my parents, trust fund + advice worked well for me.
I've actually been trying to live with 2/3 of my income, and save up for the past 6 years, but life doesn't always go as planned and I had some outstanding expenses.
I'll never put everything I have down on a car, or a house for that matter, I'll try to find the best fit for my budget, and try to calculate to where I'm almost never upside down in financing.
Thanks for your opinion, but so far no input on cheap DD's
-AJ
Oct 27, 2011 | 02:48 PM
#17
TEAMSPEED.COM
Joined: Jan 2008
Posts: 14,842
So you are in a great financial position, have a trust fund, an employer offering to clear all your debt and even pay for your home ... I am usually the first to say use logic for emotional decisions but crist in hell - enjoy life and pick up the car you want.
Oct 27, 2011 | 03:07 PM
#18
same here!
it pays to have great parents, and choosing a weirdo major
I wanna be somewhat reasonable as I would like to be building for an even better financial situation down the road. and that's why I'm having this debate.
Thanks for your input, it is just like the way I feel
-AJ
Oct 27, 2011 | 03:28 PM
#19
Teamspeed Pro
Joined: Apr 2008
Posts: 31,976
From: Minnesota
I think Jox said it best. It sounds like you've worked hard to get to where you are, lined up a great job, and are trying to make a smart, responsible decision about your future. Might as well have some fun while you're young if you don't think you'll be jeopardizing your lifestyle in the future.
