I'm in point of my life where i have to choose from a house or a new car. My delima is, i need a new and reliable car to get to work in. My car is my asset, and i drive a good amount of miles. I know that it would be more wise to invest in a house because of the struggling market now but, if you dont have a car to get to work with then you won't have money to pay your mortgage. I'm still in college majoring in finance, will finish in two semester what should i do?
2007-09-12 04:22:37 · 12 answers · asked by BoiK 1 in Business & Finance ➔ Personal Finance
My personal opinion is that if you have to choose betwee one or the other, you probably don't have the capacity to do either right now. This is expecially true because you are still in school. If you absolutely need a car for work and such, do not buy a new one. Save some money and get a good reliable used car. Then make up your mind about living situation once you have finished your degree. A lot can change after you finish school.
2007-09-12 05:08:21 · answer #1 · answered by Jay P 7 · 0⤊ 0⤋
If you are a finance major do a cost analysis. See if renting and saving the difference is better then buying a home. Keep in mind taxes, maintenance, and utilities.
What ever you do don't get a new vehicle. Find a reliable older vehicle. Cars are depreciating assets.
2007-09-12 04:30:01 · answer #2 · answered by PJ 5 · 0⤊ 0⤋
A car is not an asset, not really. As someone who is about to graduate with a finance degree you have a bit to learn. While it is too simple, go buy a copy of Rich Dad Poor Dad. It will give you a basic understanding of good assets and bad assets.
2007-09-12 05:04:53 · answer #3 · answered by ralph 5 · 0⤊ 0⤋
I think you should purchase an economical car, one thats not too expensive and save some money to go towards a house. That way, you can purchase one within two years - which is when I hear the market will rise again....
2007-09-12 04:28:11 · answer #4 · answered by jessie 5 · 0⤊ 0⤋
Buy the house. You can always rent out rooms to make payments. Use tranist and scrape money to buy a used car.
House is an investment, a car depreciates in value.
2007-09-12 04:30:52 · answer #5 · answered by Celebrate 4 · 0⤊ 0⤋
Buy the home "AN ASSET" and just have the car checked out by a reliable auto mechanic that you trust!
2007-09-12 04:27:24 · answer #6 · answered by maur911 4 · 0⤊ 0⤋
One thing I know is that the value of cars only depreciate.
But the value of houses may appreciate according to the market demand.
2007-09-12 04:29:03 · answer #7 · answered by Howard Teo 3 · 0⤊ 0⤋
Get yourself a good used car. Go for the house.
2007-09-12 04:52:26 · answer #8 · answered by JB 6 · 0⤊ 0⤋
I would buy a good car! You can live in a car! But you can't drive a house. Oh, wait..I got it! You could buy a mobile home!
2007-09-12 04:28:15 · answer #9 · answered by Grants a tractor luvr! 6 · 0⤊ 0⤋
You so get a house a car u can get later. house is a places to stay, live, sleep ext.. place u can call ur own
2007-09-12 04:31:04 · answer #10 · answered by Anonymous · 0⤊ 0⤋