******WARNING OFF TOPIC MASSIVE RANT BELOW*********
Yep, I've had two friends sell their cars to fund a new house. Both have regretted it and both say they could have done it even without selling the cars in the end.
Just keep in mind, a motgage can be pushed out to 50 years (example) but a car loan can only, in most cases, run for a life of 5 years. Now comparing a house price (mean 440k in Melb) to a car price (65k for 370z), basically ur running 440k over 50 years or 65k over 5 years. Ofcourse the car loan will be a shitload more in repayments. However, add that to the home loan that makes 505K over 50 years not taking into account the interest (this is a very rough example) so at:
$440k mortgage, repayments are $733p/m not inc. interest
$505K mortgage, repayments are $842p/m not inc. interest
This isn't a hell of a lot more money per month......
Also keep in mind, I pay almost $1200 p/m just for my car loan....... So when I do buy a house this year and refinance I'll most likely be paying less for both. Hell, I even bought my car after I got engaged lol.
Just something to think about of course.... I put a fair amount of thought into my future plans as well hence this rant... but there aint any chance of selling my car unless it was absolutely positively necessary.... i.e. I'm broke and no one wants to buy my body in St. Kilda no more... I mean..... not that I've been previously doing that......
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