Advice on to Buy or Not to Buy

ortizeg · 04-26-2009, 05:39 PM

I found pretty much what I want, a MT Chicane Yellow with Sports Package and all Floor Mats for just less than $600 over invoice ($32,589.00). I am sure I can get the price down a little more or at least get some additional options like Illuminated Kick Plates and Splash Guards if I haggle a bit.

However, this is my question. I have a nice fund saved up in the bank ($15k) and will have more by the time I finish Graduate school in three years (about $30k). The question is if I should blow it now on the car I want or save up for a house wherever I get my job.

BTW I currently drive a 2007 Honda Civic EX, which I'll be trading in. The best offer I've gotten is $13k, but I haven't gotten it appraised at the dealership I found the car I want, I'm hoping I can at least get $14k for it, since I have about $5k left to pay it off.

Thanks!

Bibimbap · 04-26-2009, 06:23 PM

To be honest, if I were in your shoes.

Buy a used 04-05 350z

Have the rest of the money for a nice down payment on a house. Strike while the iron's hot.

Diversion · 04-26-2009, 06:27 PM

Edit: Greetings from Jacksonville! We're all neighbors in this thread so far..

Uhh yeah, don't buy a car before you buy a house, especially when this might be the only chance to get a nice house for an amazing price. I just bought a beautiful home 3 months ago for a STEAL.. I made it a point to buy a house before a nice car. I made a promise that said House before Car.. and now I have BOTH and glad I bought the house first.. TRUST US ON THIS BROTHER!

Don't even buy a used 350Z.. Save up enough cash to throw a 20% downpayment on a house to avoid paying for PMI (private mortage insurance) which will save you another $100+ (probably more) a month in a mortage payment. Saves you more money in the long run for your future 370Z!

Good luck!

-Div

DA-MAN · 04-26-2009, 06:32 PM

It's a buyers makert and I am sure you and get a much better deal on a house compared to car.

Good Luck

dad · 04-26-2009, 07:36 PM

Keep the Honda, and keep saving the money, and graduate. You'll have no regrets!

SoCal 370Z · 04-26-2009, 08:05 PM

I am with everyone above. When I attended graduate school I had no life. In fact, I think my car oxidized during that period. School—house—car.

frost · 04-26-2009, 09:15 PM

Buying a car is cool and fun, but buying my house changed my life. I wouldn't worry about a car.

juan05 · 04-26-2009, 09:34 PM

buy the house first you hve a nice honda house prices are a steal. my parents just bough a 400 k house that cost 900 k...thats 500k off the price it was in 2005..i live in palm beach by the way..but yea dude get the house...

RDGR12 · 04-29-2009, 05:58 PM

Yea, buy the house while the prices are low. I can only imagine how much equity your house will have when real estate market goes back up again.

shabarivas · 04-29-2009, 06:40 PM

meh prices are gonna be low for a year or so... the car wont be too much if you trade the civic in ... dont dip into your funds just yet.. if i were you... I would pick up the Z trade in your civic and put maybe 5k more down from your fund. Finance like 10-12 k and your payments will be low. Come a year or so... pay off the rest of the Z and invest the rest in the house...

Anatoray · 04-29-2009, 07:17 PM

It's true that it is a buyer's market, however, it may not be by the time he graduates in 3 years; it's just too hard to predict that far. Having said that, however, that makes it more important than ever to save up for the down payment on a house, because it will be sizable, and there isn't as much room to negotiate on that as with the price of a car.

As for the buyer's market, it should really be titled "Buyer's market for people with money," because even with prices lowering and loans getting low percentages, down payments are up. My friend got his house a year and a half ago with a 5% down payment. My cousin is looking at houses where he might relocate, and they're asking for 20% down payments. ******* ridiculous.

WooZ · 04-30-2009, 12:18 AM

Yeah, listen to all those guys. I also bought a house first and am now saving for the car of my dreams (hopefully 370Z). You'll be so glad you got the house first. And besides by that time Nissan will have the 390Z (or whatever Z) out and you'll have a better car than we did.

04-26-2009, 05:39 PM	#1 (permalink)
ortizeg Base Member Join Date: Apr 2009 Location: Orlando Posts: 6 Drives: 2007-Civic EX-Blue-M Rep Power: 16	Advice on to Buy or Not to Buy I found pretty much what I want, a MT Chicane Yellow with Sports Package and all Floor Mats for just less than $600 over invoice ($32,589.00). I am sure I can get the price down a little more or at least get some additional options like Illuminated Kick Plates and Splash Guards if I haggle a bit. However, this is my question. I have a nice fund saved up in the bank ($15k) and will have more by the time I finish Graduate school in three years (about $30k). The question is if I should blow it now on the car I want or save up for a house wherever I get my job. BTW I currently drive a 2007 Honda Civic EX, which I'll be trading in. The best offer I've gotten is $13k, but I haven't gotten it appraised at the dealership I found the car I want, I'm hoping I can at least get $14k for it, since I have about $5k left to pay it off. Thanks!

04-26-2009, 06:32 PM	#4 (permalink)
DA-MAN Base Member Join Date: Apr 2009 Location: Dallas, TX Posts: 24 Drives: Blue Nissan 370Z AT Rep Power: 16	It's a buyers makert and I am sure you and get a much better deal on a house compared to car. Good Luck __________________ Nothing in life is to be feared. It's only to be understood - Marie Curie

04-26-2009, 07:36 PM	#5 (permalink)
dad Grand Prix of Endurance Join Date: Nov 2008 Location: Tennessee Posts: 3,476 Drives: Mulsanne Straight Rep Power: 25	Keep the Honda, and keep saving the money, and graduate. You'll have no regrets! __________________ We can do without any article of luxury we have never had; but once obtained, it is not in human nature to surrender it voluntary.

04-26-2009, 08:05 PM	#6 (permalink)
SoCal 370Z A True Z Fanatic Join Date: Feb 2009 Location: US of A Posts: 2,842 Drives: Answers Rep Power: 33	I am with everyone above. When I attended graduate school I had no life. In fact, I think my car oxidized during that period. School—house—car. __________________ ( Click to show/hide ) Why I NEVER say NO to the Panda Lou Fusz!!!

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04-26-2009, 06:23 PM	#2 (permalink)
Bibimbap Base Member Join Date: Dec 2008 Location: Dania, FL Posts: 148 Drives: 04 S2000 Rep Power: 16	To be honest, if I were in your shoes. Buy a used 04-05 350z Have the rest of the money for a nice down payment on a house. Strike while the iron's hot.

04-26-2009, 06:27 PM	#3 (permalink)
Diversion Enthusiast Member Join Date: Apr 2009 Location: Jacksonville, Florida Posts: 393 Drives: 09 370Z Silver/Persi Rep Power: 284	Edit: Greetings from Jacksonville! We're all neighbors in this thread so far.. Uhh yeah, don't buy a car before you buy a house, especially when this might be the only chance to get a nice house for an amazing price. I just bought a beautiful home 3 months ago for a STEAL.. I made it a point to buy a house before a nice car. I made a promise that said House before Car.. and now I have BOTH and glad I bought the house first.. TRUST US ON THIS BROTHER! Don't even buy a used 350Z.. Save up enough cash to throw a 20% downpayment on a house to avoid paying for PMI (private mortage insurance) which will save you another $100+ (probably more) a month in a mortage payment. Saves you more money in the long run for your future 370Z! Good luck! -Div

04-26-2009, 09:15 PM	#7 (permalink)
frost Retired admin Join Date: Dec 2008 Location: Winterfell Posts: 106,613 Drives: Your Wife Crazy Rep Power: 0	Buying a car is cool and fun, but buying my house changed my life. I wouldn't worry about a car.

04-26-2009, 09:34 PM	#8 (permalink)
juan05 Enthusiast Member Join Date: Apr 2009 Location: west palm beach Posts: 372 Drives: nismo 370z black. Rep Power: 16	buy the house first you hve a nice honda house prices are a steal. my parents just bough a 400 k house that cost 900 k...thats 500k off the price it was in 2005..i live in palm beach by the way..but yea dude get the house...

04-29-2009, 05:58 PM	#9 (permalink)
RDGR12 Base Member Join Date: Jan 2009 Location: San Bruno, CA Posts: 90 Drives: An Old Beater Rep Power: 16	Yea, buy the house while the prices are low. I can only imagine how much equity your house will have when real estate market goes back up again.

04-29-2009, 06:40 PM	#10 (permalink)
shabarivas A True Z Fanatic Join Date: Apr 2009 Location: Sacramento, CA Posts: 2,188 Drives: 370z MB 6mt Rep Power: 914	meh prices are gonna be low for a year or so... the car wont be too much if you trade the civic in ... dont dip into your funds just yet.. if i were you... I would pick up the Z trade in your civic and put maybe 5k more down from your fund. Finance like 10-12 k and your payments will be low. Come a year or so... pay off the rest of the Z and invest the rest in the house...

04-29-2009, 07:17 PM	#11 (permalink)
Anatoray Track Member Join Date: Mar 2009 Location: Kentucky Posts: 794 Drives: 09 BLK 370Z Rep Power: 17	It's true that it is a buyer's market, however, it may not be by the time he graduates in 3 years; it's just too hard to predict that far. Having said that, however, that makes it more important than ever to save up for the down payment on a house, because it will be sizable, and there isn't as much room to negotiate on that as with the price of a car. As for the buyer's market, it should really be titled "Buyer's market for people with money," because even with prices lowering and loans getting low percentages, down payments are up. My friend got his house a year and a half ago with a 5% down payment. My cousin is looking at houses where he might relocate, and they're asking for 20% down payments. ******* ridiculous.

04-30-2009, 12:18 AM	#12 (permalink)
WooZ Base Member Join Date: Jan 2009 Location: Bay Area Posts: 116 Drives: An Auto Auto Rep Power: 16	Yeah, listen to all those guys. I also bought a house first and am now saving for the car of my dreams (hopefully 370Z). You'll be so glad you got the house first. And besides by that time Nissan will have the 390Z (or whatever Z) out and you'll have a better car than we did.