What would you do if you were me?

[stevenscamaross]

As some of you know I was a previous 03 cobra owner before some a-hole pulled out and totalled it. I took the money I had in the car and started placing it in 5 month cds that have been yeilding great rates. I took $3,000 of the money and bought a 2003 Hyundai Accent with 5k miles on it to get me around. I have been saving every penny I have since I started working at age 16 so I have a decent amount in my bank account. Fast foward to now..


I just turned 25 and am graduating college next semester while still living at home.. :nonono: My parents are cool with me living here but it's just time to do my own thing.

I have been looking at houses all around my area but prices are high unless it's in some shitty area. I have two options at this point:

I can
a.) Buy a 1,300 - 2,000 sq ft house and remain driving around in the Hyundai (I won't be able to afford both a nicer car and a house)

b.) I have found some condos that have a 1-car garage that I would be able to buy another cobra and still make the mortgage payment.

What would you do in my situation?

 

[hulkmeister]

I would take option b. Make sure it's either a comp orange or a mystichrome cobra!:coolman:

 

[LIGHTNING LARRY]

Buy the house. You can always buy another Cobra later.

THE HOUSE!

 

[Dusten]

buy the bigger house. I would much rather have a nice pad to live in, than a nice car to drive. The house will appreciate, the car wont

 

[sick03cobra]

house....
cobra later

 

[CleanCobra]

The house for sure.

 

[stevenscamaross]

That's what I figured as well. Thanks for the advice.

 

[lizardbreath]

Buy the house and then later down the road refinance and get a vette.

 

[ford fanatic]

Chicks dig a nice cobra, but they dig a nice crib even more. Go for the house, you'll be sorry later on if you don't.epper:

 

[poopnut2]

Buy an Escalade and live in that.

 

[VFOERSTER]

Chicks dig a nice cobra, but they dig a nice crib even more. Go for the house, you'll be sorry later on if you don't.epper:

^^He has a point...

 

[T-Bolt]

Normally I'd say get the house, but it looks like housing prices are going to collapse soon. If it isn't in a neighborhood you want to live in, keep saving and keep the crappy car.

 

[timpryor]

house it will do nothing but increase in value. granted yeah having another cobra would be badass, but..........i'd still buy the house

 

[SVT Lurch]

Buy the house and a fox body. :thumbsup: All the benefits of a house, and you get to satisfy the need for speed.

 

[wvmystichrome]

I agree with L.L., Buy the house. Homes are long term investments that most of the time reap rewards of many types. Cars depreciate over time unless you are lucky to find a Competition Orange or Mystichrome Cobra in cherry condition. HA HA. Seriously though the home is the best option. My dad always told me buy a home and property. Once its paid for as long as you pay your taxes its yours. That holds true unless the government wants it to improve the local economy and condems it. My wife and I bought our first house and spent every single extra cent we made to pay it off in 5 years. Now mind you we ate our meals at either her parents or mine. Also the cars we drove were not the best but they got us where we wanted to be. Plus you can make the house suit you and nobody else can have one "exactly" the same.

 

[Destro03]

Normally I'd say get the house, but it looks like housing prices are going to collapse soon. If it isn't in a neighborhood you want to live in, keep saving and keep the crappy car.

+1

 

[Emin]

Buy an Escalade and live in that.

:lol:

 

[tony281sc2]

I'd get the Cobra and the condo. Everyone says how the house will go up in value but so wont the condo. Cobra > Hyundai.

 

[harry gilbert]

Neither a house or a car is an investment. Check with a financial advisor, but after paying interest, taxes, and maintenance, you will just about break even on home ownership. Of course, it's better than renting.

If I were young again, I'd buy a cheap multi-unit fixer-upper, live in one unit, rent out the others, and write off the costs of fixing it up. Then flip the unit.

 

[Smokey1226]

Buy the house. You can always buy another Cobra later.

THE HOUSE!

Nuff said!