House or Dream Car?

[Hummer]

I always remember my parents telling me I couldn't live in a car whenever I would encourage them to buy an expensive car when going car shopping. Well now I'm thinking about it, I could technically live in a car, but it would just be difficult. If I had the money to buy either a house or my dream car, I'd buy the car especially if I already had a place to stay but it just wasn't my own house.

So I'm asking you guys, if you had enough money to buy a dream car or a house which one would you pick.

BTW: You do have a place to live, but you do not own it.

[katie ta achoo]

I would definitely pick the house. Having somewhere nice to live > having something nice to drive around in. I mean, my friends have cars, they could pick me up from my fabulous mansion. :)

I really don't quite understand the people who live in a CrapShack but have $100k+ Mercedes, Hummers, etc. Two very, very polar opposites.

[PlaceofDis]

house certainly.

the car's value will degrade over time. pretty fast actually.
the house will only grow in value.

[Mav451]

Honestly, even if I was a car fanatic, I would choose house. A car can be a hobby, or a requirement to get to work. OTOH, you live and sleep in your house. The house wins without question.

[dornoforpyros]

A house is a much more sound investment. You need a place to live, so you might as well be paying a mortgage instead of rent.

[Danger! Will]

HOUSE!!!! You friends can always pick you up. Plus you can entertain in your house...not so much in a car unless you are buying one of those Mormon Assault Wagons AKA Suburban.

[furcalchick]

unless you are on the move all the time and won't be in one place for more than a few days at a time, i would go for a house. but something seems tempting in getting a big car and living in it for a while and explore.

[iGav]

the car's value will degrade over time. pretty fast actually.

Depends greatly on the car.

I was reading about this very subject in this months CAR magazine only 5 minutes ago.

But still... I'd have the house.

[heehee]

As much as I like cars, I have to pick a house. It most likely will not depreciate in value like a car, unless you buy a Ferrari and not drive it. Drive a nice car when you have a house of your own.

[ITASOR]

I would pick the house. Your car can get destroyed in a couple seconds in an accident, but houses usually don't have that happen, unless there's a bad storm or something...in that case, build your house where there aren't any storms. :D

[Cassie]

House. Buy a beater car if you need to get around.

[puckhead193]

depends, do i have a wife, kids. i would split the money... get a smaller house, and the less expensive model ie. instead of the lexus LS460 L hybrid at $125,000 i would get the LS460 standard wheelbase and a condo.

If i had to choose. It depends on where i'm living. Am I renting an apartment or renting a room....Also what car would i be getting?
The house is a smarter decision but the car would probably be more fun ;)

[epochblue]

Probably a house. It's a little more difficult to get the house into a head-on collision :)

[SMM]

It sounds like you have enough money for a down payment on a house, or expensive car, right? Or, are you cashing the whole transaction out? If the former, each monthly payment is going toward something that is gaining value, or losing value. The mortgage interest is tax deductible, so you will benefit from that every pay period. It will also allow you to itemize and take advantage of other tax benefits. The interest on your auto payments are not deductible - you loose twice. If you have enough money to cash both out, salute!

[xfiftyfour]

This conversation came up between my fiance and me a few days ago when he was eating Burger King and saw that one of the prizes was a maserati - his dream car. He argued that he'd keep it if he won it, and I argued that that would be dumb, considering he could sell it, buy a $30k car outright, and still throw $70k into a savings account for us.

Honestly, I cannot fathom anyone choosing to buy that expensive of a car, unless they're filthy rich (I'm talking millionaires). Even winning the car for free and keeping it seems like a silly decision unless you're already grown and old - with a house, kids put through college, no debt, plenty of savings for retirement. Otherwise.. why? To show off? For your ego? To pick up babes? If you choose the car when there are better and smarter ways to spend that money, then I think you need a confidence check.

There are more important things in life.

I would pick the house. Your car can get destroyed in a couple seconds in an accident, but houses usually don't have that happen, unless there's a bad storm or something...in that case, build your house where there aren't any storms. :D
Haha - did you ever see the one video.. of the $3 million or some ridiculous number car get destroyed? It was for a movie scene, and the actor (it wasn't his car) crashed. :eek: It's bad enough that it wasn't his car (who knows what the repercussions were), but god.. could you imagine if you had your life savings tied up like that?

Just another argument to support my answer. ;)

[yg17]

Haha - did you ever see the one video.. of the $3 million or some ridiculous number car get destroyed? It was for a movie scene, and the actor (it wasn't his car) crashed. :eek: It's bad enough that it wasn't his car (who knows what the repercussions were), but god.. could you imagine if you had your life savings tied up like that?

Just another argument to support my answer. ;)

That would be Eddie Griffin in the Enzo. I think it's only (only....heh :rolleyes:) about half a million.

[xfiftyfour]

That would be Eddie Griffin in the Enzo. I think it's only (only....heh :rolleyes:) about half a million.
heh - oh, well I thought it was even more than that, but no matter - still a ridiculous # for a frickin' automobile. Honestly, even I was WAY loaded, I'd still spend at most about $50k on a car.. I just can't even relate to the desire to spend $100k+ just to get around.

Maybe it's a guy thing?

[Hummer]

heh - oh, well I thought it was even more than that, but no matter - still a ridiculous # for a frickin' automobile. Honestly, even I was WAY loaded, I'd still spend at most about $50k on a car.. I just can't even relate to the desire to spend $100k+ just to get around.

Maybe it's a guy thing?

I absolutely love cars, old and new alike. I believe its a guy thing . Turn to any channel made for men and you'll see cars glorified.

[Koodauw]

I said the car, but it all depends on the situation. If you lived in a nice apartment, and moving into an equally nice house would cost you more than you can afford, why not go for the car? Then you could save up for the house.

It depends on the situation really, a house is a much better value, but a car would bring me greater utility at this point in time.

[devilot]

Maybe it's a guy thing?I believe its a guy thing. I don't. I'm a woman and I can relate to wanting an exquisite car. Actually, I can relate to collectors, too. It just so happens that most of my so-called "dream" cars aren't as pricey. :p

I said the car, but it all depends on the situation. If you lived in a nice apartment, and moving into an equally nice house would cost you more than you can afford, why not go for the car? Then you could save up for the house.You've got it backwards, toots.

As others above have noted, with a house, the mortgage payments you're making aren't essentially being thrown away (versus if you're renting, that money is just being flushed away). Not to mention the tax benefits (more potential money saved), not to mention, you can rent out the other rooms in your house which could even not only make up for the mortgage you'd pay, but could be more than that meaning you'd actually profit (thereby allowing you to put more money away as savings).

No matter how you look at it; if you're ultimate goal is to end up as a homeowner and car owner, regardless of the home or the car, it makes no sense to give up the opportunity for a house for a car.

I mean, seriously, short of that fan-shaped island in Dubai, we're not getting more land. Land = wealth. I'd say 90% homes will only appreciate in value and maybe 1% of cars can do that and not nearly at the same rate (meaning, a house and property's value can increase each year whereas even the rarest vehicles will likely take at least five- ten years to "appreciate" into true collector status).

[Dr.Gargoyle]

I mean, seriously, short of that fan-shaped island in Dubai, we're not getting more land. Land = wealth. I'd say 90% homes will only appreciate in value and maybe 1% of cars can do that and not nearly at the same rate (meaning, a house and property's value can increase each year whereas even the rarest vehicles will likely take at least five- ten years to "appreciate" into true collector status).
In long term I think you are correct. However, in short term I think it is a bad idea to invest in a house/condo right now. Real estate prices have been dropping in several areas and there are signs that indicates the house prices might drop quite a bit more all over US. Real estate isn't as secure as one might believe it is.

We had a real estate crash 15 years ago in Sweden. People reasoned that property prices wouldn't fall. Lo and behold, they did. On the average about 50%. Unless, you have paid off at least 50% of the house price, the bank could foreclose the loan, since you basically don't have any security for your loan. (always read the fine print). If they do and resold your house at market value, you would basically lose everything you had put into the house and still owe money to the bank.

That said, I generally think it is a much wiser idea to invest in a house and THEN refinance it to get a car if you are so inclined. Just not right now...

[Cindynjgirl79]

a house for sure! give me a crap car any day. for me i don't have a dream house, more like a dream apartment,in london, in earl's court, living in sin with nice british boy who smokes and drinks as much as i do. maybe a cat and dog. i don't think about this much at all.

[Dr.Gargoyle]

a house for sure! give me a crap car any day. for me i don't have a dream house, more like a dream apartment,in london, in earl's court, living in sin with nice british boy who smokes and drinks as much as i do. maybe a cat and dog. i don't think about this much at all.
add a big pile of money to your dream... Real estate in London is a bit pricey.

OT: the number below in your sign puzzles me. Care to enlighten me?

[Cindynjgirl79]

add a big pile of money to your dream... Real estate in London is a bit pricey.

OT: the number below in your sign puzzles me. Care to enlighten me?

i know 200 pounds per sq. foot in central london which is 400 us. nyc is 100 us per sq foot, but i hate nyc.


the numbers are fom lost

[Dr.Gargoyle]

i know 200 pounds per sq. foot in central london which is 400 us. nyc is 100 us per sq foot, but i hate nyc.
Well, in a dream you can have anything you wish for so knock yourself out...
I prefer NYC over London myself, but I guess that is just matter of taste. But I give you that London certainly smells better in the summer. :p

[Cindynjgirl79]

Well, in a dream you can have anything you wish for so knock yourself out...
I prefer NYC over London myself, but I guess that is just matter of taste. But I give you that London certainly smells better in the summer. :p

and london much safer, better men, great music scene, drinking in the streets, so much cleaner than nyc any season and only half hour flight to amsterdam. just some of the reasons i love that town!

[jng]

CAR

Just wanted to be different.

No, but seriously. I don't want to settle down for a while so buying a house would be silly, no? So if I had the money for my dream car right now, I'd take the car.

I think it really depends on your situation. Most people are of course not that mobile, so house would be better choice for them.

[Chef Medeski]

If you want a city with an amazing night life, clean, and affordable rates. Its all about Montreal! They were selling some newly created apartments downtown 139k for a 3 and half. Pretty sick price if you ask me! I don't even need all that space and I want. Its hard to find anything in the same locale for that price so....

Plus you get all the benefits of Paris, London, and only 5hrs drive to NY or like 1 hr flight. Only place to be I say!

[Dr.Gargoyle]

and london much safer, better men, great music scene, drinking in the streets, so much cleaner than nyc any season and only half hour flight to amsterdam. just some of the reasons i love that town! In that case I suggest you move to continent directly, everything here is within driving distance. Why live on backwards island in the atlantic sea where they don't know how to drive on the correct side and where the main culinary contribution is fish n chips? :P
*bracing myself for the attack...*

[Koodauw]

You've got it backwards, toots.

As others above have noted, with a house, the mortgage payments you're making aren't essentially being thrown away (versus if you're renting, that money is just being flushed away). Not to mention the tax benefits (more potential money saved), not to mention, you can rent out the other rooms in your house which could even not only make up for the mortgage you'd pay, but could be more than that meaning you'd actually profit (thereby allowing you to put more money away as savings).

No matter how you look at it; if you're ultimate goal is to end up as a homeowner and car owner, regardless of the home or the car, it makes no sense to give up the opportunity for a house for a car.

I do agree that investing in a house is a better way to maximize your wealth, however, I look at it from a point of maximizing utility. It all depends on the situation.

For me, a nice apartment, plus a dream car would be better than owning an average house and an average car, regardless of the financial sense it make to own a house.

[iBookG4user]

Definitely the house, sure my dream car would be nice (Top of the line Porsche :D), but I would much rather have a place to live then something to drive in.

[furcalchick]

I do agree that investing in a house is a better way to maximize your wealth, however, I look at it from a point of maximizing utility. It all depends on the situation.

For me, a nice apartment, plus a dream car would be better than owning an average house and an average car, regardless of the financial sense it make to own a house.

there's actually some groups out there that say home ownership isn't and shouldn't be the end-all for everyone. think about it, when paying rent, you're basically taken care of as long as you follow the agreement, no need to do plumbing in case the toilet breaks, etc. and if you don't plan on staying long in an area, renting makes more sense as you can leave rather quickly if needed and you won't be throwing money away to the bank (assuming your regular house payments). some of them actually think that a 100% home ownership rate will be bad news for many groups, particularly the 20 somethings and the elderly.

and renting doesn't just mean living in an apartment complex. it could mean renting a home as well. i'm just putting in some counter arguments that should be at least considered instead of just assuming that homeowners are somehow superior to renters (not accusing any here of that), and there are other ways to invest that are actually safer right now than home-owning.

[furcalchick]

Definitely the house, sure my dream car would be nice (Top of the line Porsche :D), but I would much rather have a place to live then something to drive in.

you can live in your car, but you can't drive a house. ;)

[iBookG4user]

you can live in your car, but you can't drive a house. ;)

Well I have two legs ;)

[Cindynjgirl79]

In that case I suggest you move to continent directly, everything here is within driving distance. Why live on backwards island in the atlantic sea where they don't know how to drive on the correct side and where the main culinary contribution is fish n chips? :P
*bracing myself for the attack...*

sorry i can't attack u! i'm anangolphile, can't do it.hey u don't like the uk it's cool with me. if i had the money i'd be there in secs. love the uk, i like the us. that's it.

oh and i hate nyc as much as i hate rome.ewwwww

[cycocelica]

A dream apartment on the Upper West Side of Central Park in NYC. Like that will ever happen, but then again it is a dream house right?

[true777]

House, hands down.

[Counterfit]

I don't need a house, just a huge garage with a sleeping bag. :D

But since I absolutely love driving, I have to say car.