Lexus88

Well... i've had my car for less than a year and it looks like i'll have to part with it soon. I've grown so attached to it, it's gonna be hard to let go and go back to a budget car. I'm going to be buying a house soon and having a $600 car payment just isn't going to work... will probably be selling the car and picking up something cheap that i won't have to make payments on... possibly a used civic or something... i can't stand the thought of having to downgrade that much, but in the end, i guess a home would be more important.... boy.. commuting just wont be as fun anymore

2slow

iTrader: (5)

Live in your car! You can find decent cars on the net for a good price.

cspec

Same here... Might have to part with mine soon.

Rash

iTrader: (1)

well, you have different reasons

hapaboy

you're getting an F?

Bichon

The home is not just more important, it's smarter. In the long run, the house will appreciate in value, while the car will end up in the crusher. Don't feel too bad about the Civic; they can be a blast to drive -- and if you continue to make the right financial decisions, you'll be back in a Lexus in no time.

Gernby

iTrader: (1)

With housing values the way they are, I don't think I would be considering such a move right now. How would you feel in a year if you were driving an old Honda Civic, and your new house is worth 20% less than you paid for it?

Brian231

I agree, and I may have to part with mine soon to offset a P.h.D program. Although it will be a little sad, I would rather do the right thing and be broke with students loans, but rich in heart helping students. The house is definitely a much better choice, you will be fine. A civic is a nice car, and I would be inclined to drive that right now over a $500 payment a month as well.

sirkfc

But just remember the old adage....

In an emergency, you can live in a car, but under no circumstance can you drive a house....

But in all seriousness... I'm disappointed that people that buy too much car than they can afford. It's not like you didn't know you might need to buy a house in the near future...

Now, when you sell the car so soon, I'm sure you'll be taking a loss overall and that could have been easily avoided, along with all the past lost payments.

Brian231

Sometimes things come up in a persons life that inevitably make one decide what is important rather than one who "overbuys!" Sure, there are people with bigger eyes than a stomach in a buffet line, but all in all, looking at the big picture represents great discipline.

gsrthomas

iTrader: (1)

I might do the same thing and sell my IS250.

I'm about to wait 1-2 years before I buy anything. I'm just waiting to see what the housing market is going to be like. I live in OC and don't expect prices to fall much. Additional $22k downpayment on a house is worth me selling the car too.

Gernby

iTrader: (1)

Seriously though, why are you trying to buy a house right now? Prices will probably drop a whole lot in the next year or two, especially in CA. Haven't you seen all the reports on TV about the "Housing Bubble"? This is a very risky time to buy.

Joneser

Its a perfect time to buy if you can afford it... It is a buyers market... there is no rsk unless it is a rough neighborhood... If you got the doh... buy! The world isn't getting bigger! The housing bubbled has basically burst... but that means serious investors jump in cause prices aren't inflated and the crappy lendors have either gotten quiet or folded altogether.
One man's junk is another man's gold.

Allen K

iTrader: (4)

+1 The only major place where housing prices are falling in CA is in the desert regions (Riverside/Moreno Valley etc...) There you can get a house that was going for 600-700k a year ago for 400. Everywhere else has fallen much less drastically.

Also, it's not like the housing market isn't going to be moving up in the future. Unless your plan is to flip the house (which wouldn't work now anyway) by the time you're ready to sell in the future you'll definitely be making a profit.

Drunkebuda

its a buyers market right now buy if you can then a couple of years prices will go back up. The economy is going down therefor housing price drops then when the economy picks back you you will gain at least 20-30 percent profit on your house then maybe you will have an IS-f or maybe even a LF-A if you make the right decisions.