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  1. #1
    Veteran Hi-Po's Avatar
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    Big dilemma - Car or House?

    Alright, I have been having this problem for the last 7 months or so. I have a little over ten grand in the bank. I have been saving money for the last year or so. I have a car payment, insurance and a phone payment I make every month. So I am saving alot of money right now. A few months ago, I was inch's away from buying a 05 GTO. I was told by many people that I was being irresponsible. That I should not be spending my hard earned money on a toy. That I should buy a house and have a good investment. I totally agree with that, BUT, I NEED some Horsepower in my life. So, I have been searching for house's, but that is just alot to get into. Im looking at Trans-am/Birds on autotrader lately, and I have been coming across some good deals.

    Like this one, http://www.autotrader.com/fyc/vdp.js...000&cardist=28

    I think I could put 6,000 of my own money and take a loan out for the rest. I wouldn't wipe my bank account out, and I would have a bad ass car.

    What do you guys think? Should I be a typical 21 yr/old and buy my car? Or be uber-responsible and keep saving for a house?


  2. #2
    back 'n better than ever Kjz99z28's Avatar
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    Sure, the car is more fun.. but how long are you going to be okay with not having a house? I think house is a much better decision, but yeah, we don't all do the most responsible things. If you can't deal with the not having horsepower thing, I definitely recommend getting an ls1 for a while instead of a newer (more expensive) GTO. Then maybe you'd get HP and a house sooner than if you went the other way.

  3. #3
    Impounded eddierox's Avatar
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    no brainer ... a home ...

  4. #4
    Veteran Hi-Po's Avatar
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    Quote Originally Posted by Kjz99z28 View Post
    Sure, the car is more fun.. but how long are you going to be okay with not having a house? I think house is a much better decision, but yeah, we don't all do the most responsible things. If you can't deal with the not having horsepower thing, I definitely recommend getting an ls1 for a while instead of a newer (more expensive) GTO. Then maybe you'd get HP and a house sooner than if you went the other way.
    yea, I wouldn't be buying a Goat. Going with a Trans am if anything.

  5. #5
    Giant Dicks Car Club Zapper2003's Avatar
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    I'm in the same situation to a point, Hi-Po. I've got some land coming to me free of charge, however, once I get it, I've gotta get the ball rolling and get some work done to it (sewer is the first and most important part). It all boils down to money in the end. Blech.

  6. #6
    Compulsive F bomb dropper sgt0704's Avatar
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    it's up to you.. are you married? what kind of car payment do you have now? is it a lease? what kind of money do you make? would you be better off getting rid of the car you have now for said trans am? even with 10k, for a house, you need to keep saving. they recommend at least 20% down.. and i can agree. unless you're in the military, or can score a deal, where you're not paying extra fees for not having that much down, etc.. then you need to save boo koo cash.

    how much do you know about real estate? there's money to be made, but the market is declining right now. so the market, once it stops dropping, will be great for you to buy a house, cause then you'll make money on it once it starts going up again.

    but at 21, do you have a steady career, or just a job? are you sure that bfe michigan is where you want to live? there's a lot that goes into buying a house, and you can really loose your ass if things go bad. there's property taxes, along with everything else that comes along.

    oh, and intrest rate is compouned.. which means you're not paying 5% of the 100k you owe over the life of the loan, you're paying 5% of the 100k you owe EVERY MONTH. so in all reality, you're paying more than tripple than the house is worth, if you were to keep it for 30 years. again, another reason a bigger down payment is worth it...

    i would keep saving, get rid of the car you have now, and find a decent 98-02 TA. they can be had for 7-15k. depending on mileage, condition, age of the owner, the knowledge they posses, etc....

  7. #7
    Compulsive F bomb dropper sgt0704's Avatar
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    and make your $150-$200 a month car payment..

  8. #8
    down with the lot lizards blackhawk01's Avatar
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    man i'm kind of in the same situation as you except I am 18. I have a very good job with plenty of benefits that can allow me to save a buy a house no problem if I really tried. I live with only my dad and I have no problem with it at all my dad is cool as hell to live with. But some people have been saying well you could save up and buy a house BUT.....I want a Trans Am lol. So I mean...do you self a favor..be happy...you got a few more years to live at home right? buy the car!!

  9. #9
    Senior Member JonB's Avatar
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    Quote Originally Posted by sgt0704 View Post
    it's up to you.. are you married? what kind of car payment do you have now? is it a lease? what kind of money do you make? would you be better off getting rid of the car you have now for said trans am? even with 10k, for a house, you need to keep saving. they recommend at least 20% down.. and i can agree. unless you're in the military, or can score a deal, where you're not paying extra fees for not having that much down, etc.. then you need to save boo koo cash.

    how much do you know about real estate? there's money to be made, but the market is declining right now. so the market, once it stops dropping, will be great for you to buy a house, cause then you'll make money on it once it starts going up again.

    but at 21, do you have a steady career, or just a job? are you sure that bfe michigan is where you want to live? there's a lot that goes into buying a house, and you can really loose your ass if things go bad. there's property taxes, along with everything else that comes along.

    oh, and intrest rate is compouned.. which means you're not paying 5% of the 100k you owe over the life of the loan, you're paying 5% of the 100k you owe EVERY MONTH. so in all reality, you're paying more than tripple than the house is worth, if you were to keep it for 30 years. again, another reason a bigger down payment is worth it...

    i would keep saving, get rid of the car you have now, and find a decent 98-02 TA. they can be had for 7-15k. depending on mileage, condition, age of the owner, the knowledge they posses, etc....
    I agree

    Not sure on all of your situation but a house is a good investment. I'm assuming your living at home with parents since you have no rent listed. So this is another reason to get a house, eventually you will have to move out and why pay rent its a total waste of money. If you have a house you can get people to move into with you and usually its cheaper than renting and you have a much bigger place with a yard and garage. I say keep saving and get a house, 10 years from now you will be very glad you did. Another thing to remember is if you do ever end up renting it makes it alot harder to save money for a house trust me I know.

  10. #10
    Member 01WS6475hp's Avatar
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    Simple buy the home if you can .Why because the sooner you get your home the sooner it will be paid for.I bought my first home at around 23-24 years old with a 5000.00 down payment,now I am 44 and my new home will be paid for in 3 years and it was just appraised at 200,000.Of course this all depends on what kind of deal you are getting on the home and if it is in a good area for resale down the road if you decide to move or whatever.

  11. #11
    Veteran Hi-Po's Avatar
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    I have a career. I work at Caterpillar as a mechanic. I have plans of moving up the food chain, and have boss's trying to get me there. I make $18 an hour, full benefits.
    Since I live in MI, I have to deal with the winters. I cant drive a rear wheel drive car around all winter. So the Grand Prix stays for now. My car payment is 236 amonth. With ZERO % interest on my loan. It would be a great DD. Its not a lease.

    Not married.

    Housing in michigan is dirt fucking cheap right now. Worst economy in the USA. So, If you have a decent paying job, you can make some money on buying a house.
    I cant leave my family, and start over somewhere else. Plus, I have established myself At Cat. I don't wanna go to another Cat, and have to start building my name there all over again.

    Shit, Why cant I just be rich?

  12. #12
    Veteran Hi-Po's Avatar
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    I dont know much about real estate.

    I just got approved for a 150,000 dollar loan threw quicken loans. I didnt take it, Im just not ready to buy a house just yet. Its such a big responsibility, and not something I wanna take lightly.

  13. #13
    Member dlmeadows's Avatar
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    metallic pewter
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    I say buy a house that has a price about 15K under appraisal then get the loan for what the house is worth and buy both

  14. #14
    Compulsive F bomb dropper sgt0704's Avatar
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    again, i'd keep saving as much as you can.. and are you sure you may not get transfered if you move up the chain? maybe they need a supervisor in Yuma, or something?? the desert requires no winter car.

  15. #15
    Veteran Hi-Po's Avatar
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    Quote Originally Posted by sgt0704 View Post
    again, i'd keep saving as much as you can.. and are you sure you may not get transfered if you move up the chain? maybe they need a supervisor in Yuma, or something?? the desert requires no winter car.
    I could transfer anywhere in the USA. But, like I said, I dont really wanna leave family. Later on down the road, when I have my name completely built at Cat, then I will transfer somewhere. But thats years and years away.

    Damnit, I have this guy at work who just rides my as about never spending my money. Buy that GTO!!! buy a quad, buy a bike, Just buy something! Its an everyday thing for him to rag on me for not buying that GTO. I wish I didnt think so much and just bought that fucker. Or bought a trans am.

  16. #16
    back 'n better than ever Kjz99z28's Avatar
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    Quote Originally Posted by Hi-Po View Post
    I could transfer anywhere in the USA. But, like I said, I dont really wanna leave family. Later on down the road, when I have my name completely built at Cat, then I will transfer somewhere. But thats years and years away.

    Damnit, I have this guy at work who just rides my as about never spending my money. Buy that GTO!!! buy a quad, buy a bike, Just buy something! Its an everyday thing for him to rag on me for not buying that GTO. I wish I didnt think so much and just bought that fucker. Or bought a trans am.
    It's good that you think more than that though.

  17. #17
    Junior Member BOWTIE_BULLY's Avatar
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    dude you can sleep in your car, but you can drive your house to work
    take it how you wanna

  18. #18
    Veteran Hi-Po's Avatar
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    Maybe ill just buy a motor home and mod the fuck outta it???

    Sound like a good idea?

  19. #19
    Compulsive F bomb dropper sgt0704's Avatar
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    Quote Originally Posted by Hi-Po View Post
    I could transfer anywhere in the USA. But, like I said, I dont really wanna leave family. Later on down the road, when I have my name completely built at Cat, then I will transfer somewhere. But thats years and years away. Damnit, I have this guy at work who just rides my as about never spending my money. Buy that GTO!!! buy a quad, buy a bike, Just buy something! Its an everyday thing for him to rag on me for not buying that GTO. I wish I didnt think so much and just bought that fucker. Or bought a trans am.
    again, those "years" down the road, should be used saving the cash..

    Quote Originally Posted by BOWTIE_BULLY View Post
    dude you can sleep in your car, but you cant drive your house to work take it how you wanna
    but a house has the potential of netting you some cash. a car, not so much...

    Quote Originally Posted by Hi-Po View Post
    Maybe ill just buy a motor home and mod the fuck outta it??? Sound like a good idea?
    fuck yeah.. and then you can get a hauler for the trans am to put on the back.

  20. #20
    Veteran Hi-Po's Avatar
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    Looks like most people are leaning towards the house.

    I am too, I just want both.... Now.

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