Dream car or a House?

Question

I'm at a point where I need to decide whether to buy a $60k Lotus or a house first. To be honest this car isn't practical and is basically a two seat racer made to be used mostly on the race tracks, but it's my dream car and I'm willing to wait a few years before buying a house.

What would you do?

Answer 1

You should get a house instead of a Lotus because I would rather sleep in a house than in a car.

Answer 2

If you actually HAVE $60K to buy a LOTUS, geez.. PUT it toward the downpayment on a HOUSE and forget the lotus for a while.... here's why. Right now, it is a BUYERS' MARKET--which means LOTS of homes available and not enough buyers so sellers will offer good incentives for you to BUY--even lowering the prices on homes DRAMATICALLY...now is the time to get good BARGINS on a home. If you wait a few years, the markets change often and radically and you could be screwed out of a good deal if you wait....and pay $15,000 - $100,000 more for the same house you could get right now.... Everyone has a "dream car"..... mine is a candy apple red mustang convertible... and I KNOW I'll never get one no matter how much I want one ----there were priorities and a $60K car like you said is UNPRACTICLE if it's only a 2 seater, probably won't last 10 years and will be WAY too expensive to insure AND pay for repairs after the warranty is gone... GET A HOUSE!!!

Answer 3

Buy the car if you don;t ever really want to own a house. You'll be down 60 K and that's not too easy to save up again. Lotuses are pretty cool cars but I think ya gotta go with the house! Get a smaller house and in a few years get the car. if the real estate market picks up, take out an equity loan then get a lotus..... Good luck!

Answer 4

First of all...Lotus is overrated.
Secondly, i would recommend saving the money. Cars do nothing except make you feel better. Go for the house, then once you put your down payment (it's a great feeling) wait a couple of years and then buy the lotus. It's as simple as that. If you drop 60 k on a lotus now, you are throwing your money.

Go for a BMW 550

Answer 5

House. With a garage. You'll have a comfortable place to work on your car, and unless you have a shitty homeowner's association, no one to tell you when and where you can and can't work on it. Also, it will be easier for you to park more than one car. AND you could securely park that Lotus.

Get a house, then buy a cheap MR2 or Miata to use until you can afford that Lotus. (The MR2 would probably be better preparation for it, I think)

edit: Wait until you think the market in your area has bottomed out. Interest rates may still drop a bit more if the economy slows down, too.

Answer 6

Buy the house. The car will depreciate, and you cannot live in the car, especially since it is a Lotus.

What you could do is put $30,000 down on the house, and then use $30,000 to purchase a nice new car, like a V6 Accord or a slightly used BMW 3-Series.

Answer 7

Go for the house dude. Cars are nice but you cant sleep very comfortably in a lotus or live out of it. Go for the house and then you'll have a place to put the lotus when/if you get it.

Answer 8

Buy a house first! After all it is a better investment. Cars depreciate in value as you know. I understand your dilemma because you really want that car, but it would definitely be wiser to buy a house first, and buy the car a few years later. Good luck!

Answer 9

Buy a house. A house payment is like putting money in the bank. The car will only depreciate. Besides, you can't take a shower easily in a car. But you can in a house.

Answer 10

Dude- you know the house is much more sensible and it would build equity. As soon as you drive off the lot in the lotus you will love 10K..