House deposit or car?

[easty-5]

Thanks folks, all of your opinions are appreciated. A few mixed opinions but the majority are what I expected to hear. I am quite fortunate that I earn reasonably well for someone my age and affording the car isn't an issue. The problem I face is whether I should buy or not, and I guess that my main focus should be getting into a house ASAP. If I start being more sensible with my entire income then we should hopefully be in a position to buy somewhere at the start of 2013.

There is always next summer I guess

[point n squirt]

I have a idea there seems to be a lot of people on hear like myself that cant afford or dont use enough their Elise enough so what we need is a SE timeshare lets say four people get it one week per month thats £2500 purchase and £500 runing costs per year. Was only kidding but now that i,ve typed that its not a bad idea if you have three good mates.

[robin]

Search for shared shed - it's been done before - never quite as easy as you would like, unfortunately, as the logistics can be complicated.

[B12ANR]

I use my Exige almost daily and have done so for the year and a half i've owned it. Not the most practical car i grant you, but certainly wakens you up in the morning ...or maybe that's just me

[scottishselise]

easty....

http://www.vx220.org.uk/forums/topic/11 ... ale-l5250/

Bargin!

[Graemei]

Have the same thoughts going on in my head as you. But settled on being sensible and house deposit most likely coming first and the money left over will be for something beastly... It's not easy though. Visiting PH is dangerous if you see something fast and well priced!

[Dominic]

Been meaning to post on this for a few days;

Simple answer is; go for the house now; car later. Then you'll have both. Go for car first, you'll end up having less to pay for the house. Even if you got a non depreciating S1 Elise, if you use the car, it will have running costs, and repairs along the way. However....

I bought my flat when I was a little older than you, then bought a Clio 172 (only brand new car I ever bought). Enjoyed that for nearly two years (till the constant break downs pissed me off); traded it in and took a big hit on it's value. Couple of cars later, I had my dream car; an elise, which I had for about a year. Really enjoyed it, but could not really afford it, especially with other stuff in life going on. Sold it, and had some bland cars for a few years, then sold my flat for nearly three times what I paid for it. I always planned to get another Lotus, but I quit my job, went self employed, bought a house, got married and got a new kitchen. Eventually, I bought another elise (which despite now being divorced I still have). My point is that I put having a home first, and it worked a treat for me. However, if you get a chance to go for it, buy wisely and get a lotus while you can, as other things in life will come along and get in the way. On reflection, from a financial point of view, I should have waited longer till I got my first elise, but I don't regret it for one minute. I had some great times with that car, and met loads of great people. What I did learn (esp when it came to buying Elise number 2) was to not go for one that was too new, that would not depreciate as much, and to get one as a weekend toy, and not use it every day for commuting.

So,... life's too short to be sensible all the time, but if you are not going to be sensible, be sensible about not being sensible!

[GBOBM]

I'm with Mckean on this one. We bought a house based on 1 salary rather than both situations if the worst happened we'd still be able to afford it.
In the meantime we have a 2nd income which is essentially disposable. We have 3cars,a horse and some nice holidays because of it.
I could have a nice house but then I'd have no money to do anything else.