I want to buy a Camaro.... can't afford it..<cry>

[squat]

Housing prices are in the toilet and being flushed right now, if you want to get a house - you won't find a time that they'll be cheaper than now (or around now).

Threadjack:
Edge.128 - I'm not calling BS on your 100k appreciation, but you must be the luckiest guy in the world. 5 years ago the housing bubble was almost at it's peak, since then housing prices have dropped 10s of percents all over the country. So for you to buy a house at the peak of a bubble and have it be worth 100k more now than when you bought it is a miracle.
/Threadjack

Having said all that, a house is expensive to own. If you are renting an apartment right now be prepared for a big wake up when you buy a house. Heat/Water are often included in your rent, so make sure you can account for that in your mortgage. Also remember that you'll have to pay insurance and taxes on your house - that'll add another 100-200 a month to your cost. Then there are any appliances that break (or anything else that breaks) - you'll have to pay for that yourself. The utilities are usually 30% more expensive than in an apartment as well simply because you're in a larger space.

Sorry for the rant, I don't mean to scare you out of buying a house - just want you to be more prepared for it than I was.

[mikel441]

I'm in the minority here. Get the car. Think of it this way. If you buy a home and you don't get a new home with a warranty. The home repairs will eat you up and you will never have $20k in the bank again. This is from experience. Home ownership is not what its cracked up to be. Rent a house and when its wore out rent another. You will still be able to keep your car. Also if you really want to keep the car nice. Get a beater to drive everyday. anyways, I rent a very nice home in a gorgeous area for far less than it would be to own it. Plus I don't get eaten up by home repairs. If something needs work I call the property management Co. People think of a house as an investment. Most of the time it becomes a ball and chain. Kiss off those vacations, new car, boat or whatever. Even if you have the money for them you wont have time because your going to spend all your time maintaining the house. As far as renting and never owning your house, you never really do own it. the bank does. So really you are just renting anyways. Just from my experience.

[navmaxlp]

Get an LS and then save for the house

[MikesZ]

Originally Posted by Camaro_Corvette

Welcome to my world. I chose house. Which means an unbelievably long wait for my 5th gen.:(

Smart move...the 5th Gens will be around for quite some time but the recent low home prices and low mortgage rates won't last.

[2010SLVRBULIT]

Prioritize:

1)Girl
2)House
3)Camaro
..

[F YUR BMW]

Originally Posted by mikel441

I'm in the minority here. Get the car. Think of it this way. If you buy a home and you don't get a new home with a warranty. The home repairs will eat you up and you will never have $20k in the bank again. This is from experience. Home ownership is not what its cracked up to be. Rent a house and when its wore out rent another. You will still be able to keep your car. Also if you really want to keep the car nice. Get a beater to drive everyday. anyways, I rent a very nice home in a gorgeous area for far less than it would be to own it. Plus I don't get eaten up by home repairs. If something needs work I call the property management Co. People think of a house as an investment. Most of the time it becomes a ball and chain. Kiss off those vacations, new car, boat or whatever. Even if you have the money for them you wont have time because your going to spend all your time maintaining the house. As far as renting and never owning your house, you never really do own it. the bank does. So really you are just renting anyways. Just from my experience.

I have been a home owner for the past 11 years and I don't see the validity of your advice. Let me explain.

1. Interest on your mortgage is tax deductable
2. Yes it is an investment...even in down markets a property owner will benefit. Trust me I also owned rental properties.
3. Unless you buy a peice of crap the upkeep of a house is very affordable. In the past 11 years of home ownership I only had one unexpected repair of $880.00 when my AC failed.
4. It's yours and you can do want you want to it.
5. You don't have to answer to a landlord or ask permision when you want to paint or beg for an upgrade on windows, etc.
6. PRIDE OF OWNERSHIP

I never heard of wearing out a house, I work in demolition and I have seen some f$%ked up houses but usually when they were rentals.

So lets take the $20k and put it on a car....um no. Minimize your down payment ($1000 to $3000) and if you can not afford the monthly payment, then don't buy the car. You will never recover the cash outlay that goes hand in hand with owning a car, it deprecieates too fast. I am 35 and I have never owned a "nice" car until last month. I vacation, have money in the bank, life and disability insurance, a college fund for my son, and have a beautiful house. Last on the list was a cool car.

[P. Ham]

Wow. I asked the same question a couple months back on this very forum. I am (was) in a similar position as you. The majority of people will tell you get the house first...and that would be the sensible and correct thing to do for sure....but can you guess what I did instead?

We can tell you what we think but in the end only you know your financial situation versus how bad you want the Camaro. I figured I'm single, wont have this much money sitting in the bank, and this is the first car that makes me all inside. I was fortunate to be in a position where I could do both. I decided to go with the V6 instead and I bought the car in cash with money left over to cover closing costs and a down payment for a house/condo. I am still currently looking for a home by the way. Don't forget the tax credit that's up in June I believe.

My advice, if you can do both great. But understand you may not qualify for a home loan if you have a car payment. Truthfully get the house. Settle in and see if you can afford the car payments later. Otherwise you'll be wishing you had a home for your car.....I DO! I can't find a home fast enough.

Having said all that, I wouldn't blame you if you got the car first.....

[SleepWarz]

Originally Posted by 2010SLVRBULIT

Prioritize:

1)Girl
2)House
3)Camaro
..

So the girl can have half the house and take the car?

No wai, reverse that list!

[SilverIce1]

Sleeping in the Camaro is difficult at best. No room for a washer, dryer, fridge, or big screen TV. Buy the house.

[PAUL SS]

Originally Posted by 2010SLVRBULIT

Prioritize:

1)Girl
2)House
3)Camaro
..

1) Girl = wife = children
2) House
3) Camaro = later.


You don't need to spend $40,000 on a Camaro. You can even get an SS for way less than that.

[WhiteCrane]

I chose Camaro, knowing i will be able to save and buy a house in a few more years.

[StealthMan]

Now is one of the best times in recent years to buy a house for all of the obvious reasons....housing market crash, low mortgage rates...definately buy the house first..then the Camaro.

[4thGenRocks]

HOUSE

[glambert1]

get the car now , if you dont you probably never will you dont need any money at all to buy a house