New Car or Buy House or Cheaper Option?
- Thread starter Lead_Head
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Associate
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I've have to say house - but having spent 4 years of my life (and money) on ours - I have a great house and the only big thing I want is a fun car........
What do they say about cake.....
What do they say about cake.....
Soldato
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I wish I bought my flat 10 years ago instead of wasting money messing around with cars
Associate
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A lot of lender's mortgage rates have gone up independently of base rates recently & most of the houseprice indices are showing falls in the 'peak' buying season.
I'd say the op would have to be a mug to buy a house atm; there's every chance of it being worth no more, perhaps less, over the next couple of decades. Especially in real rather than nominal terms.
Unless we get massive wage growth in the UK I can't see reasons for property to rise much from here.
£2,000 - E36 328i, strip it, drop it, bucket seats, set of tyres.... go have fun
It would set a pretty spectacular precedent if house prices didn't go up in a twenty year period!
We can debate the likelihood of that happening or not. However the value of the mortgage stays the same in nominal terms and therefore is less in real terms ( assuming positive inflation, which unless we do a Japan, is almost guaranteed) as inflation erodes it away in real terms.
This is before we get into rent being dead money etc. etc.
Soldato
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of course they do................ I still think he should buy one but that's not because it might appreciate.
Whilst there is probably some truth to this you are overlloking the fact that primary purpose of a house is to live in rather than make profit off of 3 or 4 decades down the line.
Not buying a house because in 50 years time you might be worse off makes no sense to me.
Personally I would have, and do have, a house. It's a bit of a no brainer. If you really want both (and you can afford to) put a smaller deposit down get a larger mortgage to cover the cost of the car and put the capital you held back from the deposit in to a savings account with a higher interest rate than your mortgage.
Associate
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Could be easier said that done given the mortgage v saving interest rates these days
Mortgage rates are creeping up just in time for my 5 year fix to end......£$^"$£^£
A house or an 'ok' car - I'd have to say house too.
If you were doing 20k miles and really couldnt cope with the discomfort of a clio or needed better mpg etc, then sure you may have to get a different car, but instead just buy something bigger.
btw fwiw my g/f has a 120d 5 door... there's about as much room (if not less) in the back of that as my civic ep3 type r. If you want legroom skip the 1 series completely.
If you were doing 20k miles and really couldnt cope with the discomfort of a clio or needed better mpg etc, then sure you may have to get a different car, but instead just buy something bigger.
btw fwiw my g/f has a 120d 5 door... there's about as much room (if not less) in the back of that as my civic ep3 type r. If you want legroom skip the 1 series completely.
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