another car vs house deposit

[danza]

8-9 months is a a fair bit longer to have to wait to buy a house/have a decent deposit. An S4 could cost a fortune in that time too, so I'd be surprised if you'd managed to actually re-accumulate the funds that soon.

So house first, car later.

 

[Matt82]

and gaz coilovers on the golf soon

 

[danza]

and gaz coilovers on the golf soon

Good stuff.

What happened to the 928?

 

[Matt82]

thats still going. consuming money slowly. on target for its deadline... now running costs on that will be eye widening

 

[Django x2]

If you could find a sensible lease deal, this is always a good option. I have a deposit for a flat which I could have spent half on the BMW I have now and owned it outright and then be left with half to put down on a house purchase which would have meant a higher mortgage.

Instead, given the fact I have a brain and realise house prices more often than not go up and car values only come down, I leased the car paid for with my car allowance and a deposit of roughly a 1/4 of the cars value (from my house deposit).

This now means I have no expense on the car and a nice sub £500 a month mortgage.

 

[Durzel]

Just to play devils advocate, if the car is something you want badly enough then it wouldn't be a terrible idea to get it now - particularly if you only intend to keep it for 6 months or so.

The problem with the "house first, nice car later" is that once you've got a house your priorities change, general expenditure goes up and you might find you aren't able to put the extra money aside to get an S4 once you've got one. Obviously you may find you are able to afford it somehow, but whos to say once you've bought a house you don't end up spending the money redecorating, or on other house-related stuff?

It's up to you (obviously), I bought an R34 GTR before putting money towards a house deposit because I figured once I got on the housing ladder I'd never realistically be able to get one, and would probably find my priorities changed once I got a house.

 

[merlin]

I put cars on the back burner for my first house, I drove around in £200 sheds for 2 years, first name terms with the RAC guy. At aged 19 whilst living at home I was driving around in a Mitsubishi Colt Turbo and then 2 years later own home and a £200 Ford Capri with no MOT.

Bought the house for £25,000 under right to buy, spent £25,000 on it and sold it 4 years later for £100,000.

Firmly in the house first nice cars later camp, patience is always rewarded.

 

[Housey]

I was lucky as I had company cars from the age of 21 and was able to buy a house and not worry to much about the car. What I would say however is you will find that once you have your first house saving for a nice car is something for years ahead not a few months in.

 

[monkey_boy]

If you could find a sensible lease deal, this is always a good option. I have a deposit for a flat which I could have spent half on the BMW I have now and owned it outright and then be left with half to put down on a house purchase which would have meant a higher mortgage.

Instead, given the fact I have a brain and realise house prices more often than not go up and car values only come down, I leased the car paid for with my car allowance and a deposit of roughly a 1/4 of the cars value (from my house deposit).

This now means I have no expense on the car and a nice sub £500 a month mortgage.

Lol at this logic. Why not just get an interest only mortgage? You'll never own the house but the monthly repayments will be low.

 

[[TW]Fox]

Car, its only £5k not as if you are blowing away £25k or something.

 

[SlyReaper]

I'd go for the house deposit. House prices are relatively low at the moment, but they won't be forever. Conversely, a car will depreciate in value. So you might find you'll be able to buy the exact same model more cheaply in a year or two anyway.

 

[*Moangroan*]

If you are unsure dont buy or spend it at the moment.

 

[Burned_Alive]

Really depends how much your house deposit is (and how much you'd be using), how much you're looking to spend on a house and how the change in deposit might affect your ability to borrow.

If you are genuinely thinking of buying soon, then the car surely has to go on the back burner? There's a lot of unexpected costs with buying a house, I'd want some contingency there.

 

[Mad old tory]

Car, its only £5k not as if you are blowing away £25k or something.

Only 5k? You have quite a warped view of money for someone of your age, that's likely to be at least a quarter of the deposit and could take some time to replace. Plus the car is gonna mean less money around to be saved and it becomes a viscious cycle.

 

[Janesy B]

£5,000 could be the difference between the house you really want and epic amounts of fail.

Lifes priorities: house, car, then everything else

 

[Phantom]

there is an S4 i want to go see this afternoon, basically the biggest thing ive got against getting is that the money ive got put aside is in this wild hope ill be able to cobble together the deposit for a place soon

the audi is only £5k-£6k but obviously is a fair chunk of the deposit ive saved for

car or house

i already have a car and tbh only want to change because im getting a bit bored of it

ive just debated that for myself last week then went out and bought both!
£35k car; £170k house
As I wait for the valuation and home buyers survey on Thursday, its safe to say I'm now officially broke

 

[Matt82]

Car, its only £5k not as if you are blowing away £25k or something.

5k is a portion of this little deposit ive got tucked away

if house time does crop up, i wont be able to just pull 5k out of thin air, add to that an S4 will have far higher running costs than my old golf, so everything indicates to leaving the money in the bank because i may need it. the house is more important than another car

i still cant stop myself from checking ebay/autotrader/pistonheads every day though

i keep trying to kid myself that its a good idea, but put simply, id be mad to get rid of the golf to start with. it is stupidly reliable, costs peanuts to run, nothing breaks and its fun.

phantom, how did you afford the car and the house? youve saved far better than i have

 

[Howard]

You ignored my question

 

[Matt82]

oh sorry, im 27, and yes i do want an estate

 

[Firestar_3x]

Estate for the dog loving person win!

Plus they look better.