2007-02-06 17:51:38 · 16 answers · asked by lilbagel21 2 in Business & Finance ➔ Personal Finance
Definitely a house first. You can get a used car but still in good condition that will suffice until you have the adequate funds for a new car.
2007-02-06 17:54:21 · answer #1 · answered by answer 2 · 2⤊ 0⤋
It depends on what you need more. If your car is giving you so much problem that you know you will put in a lot of money to fix it in the future, and you can't afford that, then you should buy a new car (for car financing cost is more predictable than car repair cost). Buying a used car that is only slightly used is actually the smartest thing to do because new car lost its value very quickily the moment it become used. Home mortagage is a big and long term commitment. Before you buy a house, think about how you can handle the situation if you lost your job. Do you have enough money reserve to pay for the mortgage? Is there someone who can lend you money to cover your mortgage for a while? etc..Make sure that you have that safety blanket before plunging in. Whether you should buy a house depends also on the housing market in the area that you're looking at. But in general a house is something that will appreciate in value over a long period of time, and a car is something that will depreciate over time. Long term investment wise, a house is always better than a car. And I am emphasing 'long term'. If you're thinking about short term, you need to be careful with buying houses, for prices of houses (in US) may still be coming down in the next year or so.
2007-02-07 02:09:54 · answer #2 · answered by tax_question 1 · 1⤊ 0⤋
I would never buy a new car, get one a couple years old. If you have a car pay it off and buy the house. The younger you are when you buy the better off you will be when you get older. Providing you can afford it now. Now is the best time to buy property, they are giving houses away.
2007-02-07 01:56:33 · answer #3 · answered by trans am ws-6 2 · 1⤊ 0⤋
It depends on the market. In California it has gone down for a couple of years, but should stabilize. (We hope) The house may not be a great investment yet. A NEW car is never a good investment. You can save a lot of money by purchasing one that is about three years old. I just happen to have a great truck for sale....
2007-02-07 01:56:32 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Something not yet considered here is if you plan to finance that car you should know that a car loan will reduce your credit score, making it slightly more difficult to acquire a mortgage at the best rate possible. A quarter point added to your mortgage rate equals thousands of dollars extra over the years!
The house is by far a better investment over the car.
2007-02-07 03:06:29 · answer #5 · answered by Ethan 3 · 1⤊ 0⤋
buy a house for good investment..cos the market value will go up when later u want to sell it..if u buy a car..the price will go down when u sell a second hand car..
2007-02-07 02:00:32 · answer #6 · answered by Anonymous · 1⤊ 0⤋
Depends on you brother! But you should buy a house first. A place to live is the nicest thing you can get. Remember your house is your palace.
2007-02-07 02:03:44 · answer #7 · answered by Enigmatic A 5 · 1⤊ 0⤋
The house would be an investment, the car would not.
2007-02-07 01:54:53 · answer #8 · answered by Anonymous · 1⤊ 0⤋
Depend on your priority. I will suggest that if you dint have a house go for that as land prices will increase but due to technical advancement car prices may decrease.
2007-02-07 01:56:09 · answer #9 · answered by Sammy76 2 · 0⤊ 1⤋
Buy a house, it's a great investment that will grow. Buy it while you can afford it!
2007-02-07 01:54:59 · answer #10 · answered by Sabrina J 3 · 1⤊ 0⤋