Because @STAMPEDE3 said so.
Do the financial gurus of SVTP maintain, a vehicle should only be bought if you own a home?
Do the financial gurus of SVTP maintain, a vehicle should only be bought if you own a home?
Renting vs owning a home and vehicles.
- Thread starter ssj4sadie
- Start date
Guessing you're referring to buying a brand new vehicle? I don't think it's ever wise to buy a brand new vehicle.
Maybe he was just suggesting one should buy a home instead of starting the ever losing battle of car payments? If so, I totally agree.
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How so?
I'm renting for first time after owning for years. Kinda like it.
I'm not fixing this, I'm not paying for that. Don't need a lawn mower or any of that BS taking up garage space.
Not for everyone I guess but I have no desire to stay in this area beyond another 10 years so I see no need to get established then have to deal with selling when I'm ready. I'll take cheap rent with none of the headaches while I save for my escape from this state.
I'm not fixing this, I'm not paying for that. Don't need a lawn mower or any of that BS taking up garage space.
Not for everyone I guess but I have no desire to stay in this area beyond another 10 years so I see no need to get established then have to deal with selling when I'm ready. I'll take cheap rent with none of the headaches while I save for my escape from this state.
No.
Nothing wrong with renting and owning a car, new or not or expensive. Now, it is weird seeing a Porsche Panamera Turbo and a E63 outside a rental but they could be transplants waiting for new construction-never asked.
Now, IMO, when you have a family, it may make sense to not have a huge car note when you have little kids and are paying rent cause you can't afford to buy a house.
Nothing wrong with renting and owning a car, new or not or expensive. Now, it is weird seeing a Porsche Panamera Turbo and a E63 outside a rental but they could be transplants waiting for new construction-never asked.
Now, IMO, when you have a family, it may make sense to not have a huge car note when you have little kids and are paying rent cause you can't afford to buy a house.
I own an apartment, but at least have the option to rent it out if I need to move or if apt. values tank.
Recent (2006-2007) real estate bubbles kind of spooked me out of home buying in the local area.
Recent (2006-2007) real estate bubbles kind of spooked me out of home buying in the local area.
Close enough.
I expected just a renting vs owning without the car part but....
At least it is in its own place. lol
Lol, thread fail. The point was never should you buy a vehicle before buying a house. The question at hand was the choice to buy expensive vehicles and carry large notes on depreciating assets, and why that's a better choice than putting that money towards a mortgage. The way OP worded it, is incredibly misleading.
A start- https://www.forbes.com/sites/johnwa...ebuying-is-a-waste-of-money-five-smart-moves/
My experience with buying and selling homes.
Many of the wealthiest populations in the world are majority renters (like Switzerland).
Best to keep this debate local (to the US) since you are then debating high taxes, income, availability, etc.
Nearly every statistic agrees that home ownership is related to higher wealth vs renting.
https://www.nytimes.com/2014/11/30/opinion/sunday/homeownership-and-wealth-creation.html?mcubz=0
http://www.ocregister.com/2017/06/05/homeowners-worth-197349-more-than-renters-census-study-shows/
https://www.forbes.com/sites/carrie...h-and-confidence-home-ownership/#191d1e4f6dc4
Great in depth reply reaffirming your position.
Homes, personal residences anyway, are most often extremely highly leveraged consumption, in a high maintenance asset with appreciation that lags other investment classes. Homes carry many risks that directly and indirectly have bankrupted more people than I know that have gotten rich off them.
But the real estate lobby is so incredibly strong and culturally this country so crazy about home ownership, IME arguing it is a waste of time. People have to convince themselves.
But the real estate lobby is so incredibly strong and culturally this country so crazy about home ownership, IME arguing it is a waste of time. People have to convince themselves.
It's misleading because you're looking at it from one vantage point. How many years should one live in a house before they break even on selling?
Unless you put a significant amount down on a house and baring any crazy booms, you are instantly upside down on a house when purchasing.
It's misleading because it wasn't the point of discussion. You purposely left information out of your initial reply as a got ya. Just like everything, if you buy smart, you're less likely to upside down in a house. I would use mine as an example, but personal stories are anecdotal vs using data points from all over that state this.
So the answer is to be upside down on vehicles that has zero chance of appreciating in value?
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