Move out or get a car! Which? And discuss...

[silverwex]

Ok, so its your first time doing both - you can only choose one, which will it be...?

a) Move out into your own apartment

b) Get a car and insurance

Both have advantages and disadvantages but which would you choose?

 

[Lifeforce]

Own place by far. It's freedom to get away from your parents place. First step into becoming a man.

 

[Skel]

I disagree. Get a car, get a job...drive to your job save money for a place to OWN. Renting is for people who like to spend money on nothing. Renting is the biggest rip off.

 

[Paradox]

I had this discussion with a friend of mine the other day. He had $3,500 and he had to decide wether to buy a car or to move out of his mothers house.

I started out by explaining to him that you can't spend this money twice and that he had to choose.

To make a long discussion short we decided that the best thing to do would be to move out.

Pro's:
Freedom
Privacy
Better bachelor circumstances(girls,girls and girls)
Opportunity for development (emotional, spititual)
Power---over your domain. Clean if you want, eat when you want. Drink out of the milk carton if you want.


Con's:
No more free ride.
Have to do your own chores--cleaning, laundry and cooking
Have to develop financial independence
You have to pay every month or you are out.

 

[Not Quite There]

Originally posted by Skel
I disagree. Get a car, get a job...drive to your job save money for a place to OWN. Renting is for people who like to spend money on nothing. Renting is the biggest rip off.

got to agree with you ther,e if you save up that little bit more and are able to afford a mortgage for a house, in the long run you will be ina far bette rposition.

once you got that intitial deposit for a mortgage, get a place with a few bedrooms, rent them out and you will soon make the money to buy a car or another house.

 

[BrotherAP]

Originally posted by Skel
I disagree. Get a car, get a job...drive to your job save money for a place to OWN. Renting is for people who like to spend money on nothing. Renting is the biggest rip off.

You can't buy a house overnight without having a career - I recommend getting your own place before committing to a 30 year mortgage. You can walk places, use public transportation for further trips, and still work and save money for a car (and, eventually, a mortgage).

You can rent a place and get some roommates to save a ton of money.

 

[Climax]

Rent = NO NO!!

Originally posted by Skel
I disagree. Get a car, get a job...drive to your job save money for a place to OWN. Renting is for people who like to spend money on nothing. Renting is the biggest rip off.

Agreed... money for rent gets u nowhere, a car is at least somewhat of an investment, so u dont lose ALL your money, AND u end up with SOMETHING, rather than that money going straight into someone elses pocket and u still now OWNING anything from all the money you just spent. If I were you, I would get a job, save up and then when u have enough for a bond on a house, then buy a house, so that you are actually getting something with your money, rather than borrowing someone's house at a very high rate.

Another option is to maybe look for a room mate or 2 and save some money THAT way too. But I would NEVER NEVER NEVER EVER RENT a place out... thats as good as throwing your money away IMO.

My 2c


Laterz...

 

[Skel]

I bought a car, paid it off in 5 years while working and living at home. By doing this i saved moeny and built up my credit. With my credit I bought a 80k dollar condo(not much) with no money down. So at 21 I had a job, a car paid off, and my own condo with the mortgage only being 583 dollars a month which is basically less than what you would pay for rent around my way. So over 6 years I earned equity on the condo i bought and further built up my credit. Ater 6 years my condo was worth 130k (not including the equity i made)dollars which I sold, bought a much much nicer condo and dont regret it at all.

 

[silverwex]

wow, thanks for the replies guys, this is turning into an interesting thread.

yeah id love to move out and be independent but if you got a car you can take off anywhere you wish on a whim...

Have to do your own chores--cleaning, laundry and cooking

I think id actually enjoy this! when my parents go away i actually like cleaning and doing my laundry! weird i know but it makes me feel good! i just hate when they TELL me to do it...

 

[silverwex]

btw its this ***** thats made me consider getting a car...!

http://www.carzone.ie/usedcars/inde...00&InsertPeriod=&ResultFormat=&submit=Find+>>

 

[undesputable]

Originally posted by Skel
I bought a car, paid it off in 5 years while working and living at home. By doing this i saved moeny and built up my credit. With my credit I bought a 80k dollar condo(not much) with no money down. So at 21 I had a job, a car paid off, and my own condo with the mortgage only being 583 dollars a month which is basically less than what you would pay for rent around my way. So over 6 years I earned equity on the condo i bought and further built up my credit. Ater 6 years my condo was worth 130k (not including the equity i made)dollars which I sold, bought a much much nicer condo and dont regret it at all.

Very nice.... when did you start working?

To the original poster....just buy a cheap car(look for reliablity tho...honda is good for that). I found this really nice car thats good shape for $1900 and it looks like a year old. I got my parents to pay for it cash and is in my moms name so i cant say is my car, but im going to be using it... and im working now so im going to be paying it off to my parents so when i move out the car can be in my name and actually own it, and since it was so cheap i think im going to have it paid off in about 6 months or something. Im 17 and im planning to stay home for about 3 more years so i can work and build my credit and save up just like skel did and get my own place... Around here theyre pretty cheap so im thinking i can get a nice apt for less than $45k. My moms friend was actually selling a nice apt for $25k in resonable condition and ok location.

Start small and build your way up.... An apt thats worth around 25k and a car thats 1900 aint much i know, but if you have your own car and your own place halfway through college or before you finish, youll be waaay ahead, bc most graduates finish and theyre already in deep debt that they will probably never get out of. After college and after you get a nice paying job, invest in things that will be profitable to buy other things, and once you have enough money coming in from those investments to provide for all your living expenses, THEN you can start thinking about getting a $200k house and a nice car.

 

[Ken785]

Originally posted by Skel
I bought a car, paid it off in 5 years while working and living at home. By doing this i saved moeny and built up my credit. With my credit I bought a 80k dollar condo(not much) with no money down. So at 21 I had a job, a car paid off, and my own condo with the mortgage only being 583 dollars a month which is basically less than what you would pay for rent around my way. So over 6 years I earned equity on the condo i bought and further built up my credit. Ater 6 years my condo was worth 130k (not including the equity i made)dollars which I sold, bought a much much nicer condo and dont regret it at all.

80k for a condo?? where do you live??

I KNOW....you dont live if CALIFORNIA probablu someplace like utah or something huh?