House deposit or car?

[rossybee]

House prices is moot because of the current uncertainty and volatility of the Market.

I bought my last house in '99, and sold it in '07 for more than 3 times the ca$h. Yay! I thought but then it got ploughed into my current house. I earn more now than I ever have but my current steeds in no way reflect that.

I think personal circumstances, not just finances, determine the car/house balance, such as having kids (less use of a 2 seater), working away from home, etc etc etc.

The whole subject is massively subject to interpretation, and personal preference, so ultimately it's your (her) decision

[j2 lot]

Never ever buy a car with the expectation of making a profit or even breaking even. There is a strong possibility that an S1 will hold its value or appreciate but it isn't maintenance free and how much will your other half or her folks resent you spending that months saving on a service or unexpected repair.

[jen]

Alan and I bought our first property together, in Aberdeen, then bought the elise once we decided we could afford it (4 months later!). Luckily the flat was brand new so didn't need any work done. Why don't you just wait and see how it goes....if you're lucky, you might find a house or flat that you both love, in the right area and it may be cheaper than anticipated so you have a chuck of money left over for a bigger deposit for a car..... I think my point it, don't jump in with both feet yet, keep doing what you are doing then when the time comes you can reassess your options. Don't let the £ signs in the bank tempt you!!

[scottishselise]

Also, I wouldn't say you're first property needs to cost 180k in order for it not to be a dump. Plenty for less than 150k not in crap areas, obviously more if you are willing to "sacrifice" the convenience of not being too near town center.

Quick search as I am interested whats on market myself: http://www-s.aspc.co.uk/cgi-bin/public/ ... FB#picture

http://www-s.aspc.co.uk/cgi-bin/public/ ... FB#picture

http://www-s.aspc.co.uk/cgi-bin/public/ ... FB#picture

http://www-s.aspc.co.uk/cgi-bin/public/ ... FB#picture (parking space and gated area)

http://www-s.aspc.co.uk/cgi-bin/public/ ... FB#picture

http://www-s.aspc.co.uk/cgi-bin/public/ ... l#pictures

Good luck - market seems quite reasonable at the minute.

[Andy G]

With a vx costing /s1 costing £6-7k it's not going to take long for you to get one at your current saving rate.

However argueably, it's a good time house wise if you are buying.

Take some time to work out what you really want and try to avoid saddling yourself with too much debt car wise. Do it well and you should be able to come somewhere between the Mcape/everyone else!

I have very little patience so appreciate your dilemma . With the summer now in full flow Elise/vx220 prices will have most likely peaked for the year?? Perhaps not a great time to buy one??

[steviej]

I am of the opinion that although houses are not selling , the prices have not dropped any, or certainly not enough to kickstart the market, point being that if you are interesed in a property there now is the opportunity to make an offer and gauge the reaction as is done south of the border rather than offers over and closing date scenario that has been the norm up here, more like buying a car if you like, then the 'money saved' could be turned into a car deposit possibly.
Buying with your head and not your heart is a good piece of advice to getting on the property ladder as your first house although very special is not likely to be a 'keeper'
My 2p only

[campbell]

^ This could be the sharpest bit of advice yet.

(apart from McKean Mils & Boon, natch... )

[woody]

Compromise? Get the car and invest in a cheaper place you can rent out?


Otherwise, get the house, but like the Ape says, don't max out on it.

[pete]

Once upon a time we weren't having children.

We bought a house that was perfect for us (but no garage). Over the next 6 years we bought 2 new Elises, a motorbike, an Impreza and saw the world (well all the bits we wanted to Oz, 'Nam, Chile etc etc). We completely re-did the house. Had quite a nice time.

Then we had a baby, sold the house and bought a much bigger one. Then we sold the Elise, not because we had to but because we wanted to. Stopped the holidays (see baby) stopped going out (outgrown it).

If we'd bought a bigger house at the start and stretched ourselves we would be richer now with a smaller mortgage. But we wouldn't have had the trips, wouldn't have made the friends and wouldn't have had the fun.

I still have an Elise (of sorts - it's Neil's old one and have you any idea how he treats cars?) and we still are lucky enough to have enough money to do everything we want to do. Yes it would have been more sensible financially to buy a bigger place at the start, we didn't do it not because we couldn't afford it but because we didn't want to get a mortgage on both of our incomes in case one of us got a better offer .

You only live once and I've trekked in Patagonia, chartered a boat with friends and sailed round the Galapagos, spent a month in Oz and met a lot of lovely folk and been to a lot of weddings all over the world in the back of it all.

I know others on my wage who bought at the top of the market and had a nicer house than us but spent most evenings sat in it.

I'm almost agreeing with McApe. Life's too short and if you can afford for your finances to be a balance you should take advantage of that rather than sinking them all into one thing (IMHO).

pete

[Modena Scotland]

FWIW we are both 23 (well I will be in a few weeks) and live, quite happily, at her parents house and pay minimal rent. We have no debts and will be looking to buy a place in Aberdeen - £160-180K. I

PS
I have a fookin huge house and a few cars

I have an even fookin huger house and a few cars.

Good on you Tut!



When I was 23, I was at uni, playing computer games and riding bikes everyday. Most of the money I earned was spent on holidays, computers & bikes. Really enjoyed doing what I did. I know most guys don't agree but if you don't get a sports car you want now, it could be too many years before you can buy one.

Life is about choice.

[kerryxeg]

Caveman basics still apply in this order - Food, Shelter, then things that make life worth living.

It's not the most exciting way to exist, but everything in moderation is more sustainable than blowing all savings on something that will inevitably loose money. The great thing about being young is that you will generally earn more money as your experience level increases, so the fun part will come (and it's much cheaper when your a couple of years older).

So buy the house you want, and a car that you can afford - shop wisely and it can still be fun, then in a couple of years when you've had a nice reward for working hard you can go out and treat yourself.

[campbell]

Oh and at the risk of really putting the cat amongst the pigeons, Easty...have you started your pension yet?!?!?!?

[robin]

McApe is, of course, right. Except when the currency is about to disintegrate - then holding cash/investments becomes a liability and holding debt turns out to be the smart move. I have zero debt - was thinking of mortgaging the house and buying some assets simply to hedge against the imminent crash! I was thinking that post-sterling-apocalypse the new SC elise was surely going to be worth something in whatever the new currency turns out to be ...

Cheers,
Robin

[B12ANR]

I would normally be telling you to go for the house with no reservations. But being young and happy with your current accomodation does change my opinion on this though, and i would go for the car and enjoy it while you continue to save. You can always part ways with it when you're ready to commit to a mortgage.

Good luck no matter what you decide!

[dirkpitt]

hummm.....i would say, you’re in a lucky situation at 23 years, as i was too busy partying to even care about mortgages and what not.....but, later i too was at home and saving that kind of money and when i passed my test really wanted a car so i had 7 grand saved...i spoke to the old man and he said ok buy the car and save up again simples......so, i did just that. However i was single and had no other commitments at the time and lived with the old dog and he was okay for me to go ahead.. ..

so, I think the number one thing is to have a chat to your folks and explain the situation and see if they are happy with it then go ahead....yet, i suspect, that they will, say that you need to discuss with the girlfriend as you are a joint venter now and a home for her and you is much more important than a hankering for a car….

two bulls on a hill

baby bull say's to papa bull...."dad, lets run down there and fcuk one of those cows"

papa bull say's ...."NO, son lets walk down and fcuk them all"

I guess the moral is be a little patient and all will be yours…grasshopper