Welcome to the Utopia Forums! Register a new account
The current time is Thu Mar 28 21:11:29 2024

Utopia Talk / Politics / OT - What would YOU choose?
Hrothgar
Member
Sun Jun 25 02:31:04
My 1st world quandary:

I got a new job 2 months ago. For 1.5 of those months I continued working at my previous company in the evenings to help out while they hired someone new and got them trained.

Worked my ass off 14-16 hour days so I could bank 2 full time pay checks for awhile. My greedy primary purpose for this effort was a real shot for first time in my life for a car I'd love to drive.

So I now have my large down payment worth of money sitting in the bank. And I'm realizing, you know, I could just pay off my house with this. Only have a couple of years left on the house loan. That seems more responsible.

But, you only live once. I'm not getting any younger. I could easily afford the car payments on a car I really love to own/drive with the large down payment. If I pay off the house instead it will be a year or so before I save up that large of a lump sum for a car again, mostly using my previous house payment as the savings source. And like I said, I'm only 2 years from paying the house off anyhow.

So - what would you do my fellow members of UP? Go for the middle aged fun? Or put off middle aged fun awhile longer with a responsible house pay off?
Daemon
Member
Sun Jun 25 03:38:16
Fuck Trump and buy a German car.
Nimatzo
iChihuaha
Sun Jun 25 04:08:05
A couple of years left on the house is nothing and you are in no real financial risk really. You seem to be financially stable and even if interest rates go up I gather you won't be thrown out into the streets?

The car bro, the car!
Nimatzo
iChihuaha
Sun Jun 25 04:17:26
Really the way you set it up, it doesn't matter either way. You are 1-2 years away from both having paid the house off and having the car you want.

So do what your heart pleases and be happy you are plagued by such dilemmas :-)
MrPresident07
Member
Sun Jun 25 08:54:21
Pay off the house. Saves more money in the long-run.
hood
Member
Sun Jun 25 09:13:12
Do you have a car? What make/model/year? What car are you looking to buy?

How many years is "a couple more" on the house? 2? 5?

I would base my decision solely off of what your current car (I assume you have one) is. If you've got something less than 10 years old, I'd ride that fucker a few more years. Cars are always getting new tech and by 2020 you could be looking at some real sweet shit. In this scenario, I'd put half of your bonus paychecks into the house, hold onto the other half until you're getting that new car.

But more data would be helpful.
Paramount
Member
Sun Jun 25 10:18:08
Get an iMac Pro in december.

Nah seriuosly, I don't know. Follow your hearts desire. As you said, you only live once. Get the car.

But then I guess it depends on what car you have today. Maybe you can live with that car for 2-3 years while you pay off your house loan. Imagine when you have paid off your house loan and then you can get the car of your dreams. It is going to be so much fun. No house loan, all focus on da car.
TJ
Member
Sun Jun 25 10:27:02
I agree with hood mostly. More data would be helpful that is personal. How is your retirement account doing would enter into any decision of mine in the circumstances as well as if your present car is sound.

From what info you've provided and you don't need a car I would pay off the house and keep making those payments to a personal account. Instant gratifications items often turn into regrets.

I didn't retire at 53 by not spending wisely. I've been debt free for nearly 40 years and enjoying a comfortable retirement, but you are going to do what fancies you most in the end, right or wrong.
Y2A
Member
Sun Jun 25 10:37:39
Pay off the house, cars are a shitty asset.
obaminated
Member
Sun Jun 25 11:22:58
The responsible decision would be the house. The fun decision would be the car. Pick which you feel is more important to you at this time.
Mexican Crack Whore
Member
Sun Jun 25 11:32:34
Spend money on crack n hookers, u will have teh time of ur life
patom
Member
Sun Jun 25 11:45:23
The minute you turn the key and drive off the lot you have just pissed away 20% of your investment if you are buying a brand new car.

If you want the thrill of driving something wild and crazy look on line for racing driver schools or race driver experience venues.

Either way go full tilt at whatever your whim is. You only go around once and you will have regrets no matter which direction you go.
Nimatzo
iChihuaha
Sun Jun 25 11:46:15
He never said it was an investment. He want's a fancy car.
Forwyn
Member
Sun Jun 25 11:50:34
As obam said, it's fun vs responsible.

Have fun now or retire a bit earlier. Choice comes down to your personal priorities, really.

Just keep in mind the work that goes into a car, and reality vs. fantasy. Maybe you're daydreaming about driving around pretty girls, but more likely it's just a daily beater that looks nice and sits in the garage when you're not at work.
Forwyn
Member
Sun Jun 25 11:51:57
But since the OP's question was what would I choose, I hate debt, so eliminating the day-to-day stress of owing money would override the occasional Friday night looking classy.
TJ
Member
Sun Jun 25 12:26:57
You now have a difference of opinion from two older individuals retired, Tom and myself.

I have no regrets so it isn't always regrets either way even though it could be. Once you get to be our age there is no turning back the clock. Wealth accumulates over time for the majority of us.
Hrothgar
Member
Sun Jun 25 17:33:06
1- already have a car. 15 year old beater that gets the job done. Will basically run forever with 500-1000 dollars maintenance and repairs per year. It uninspiring to drive, but turn the music up loud enough and I can ignore a lot.

2- If I got the 'cool' car I would indeed use it to commute with. Difference being that I'd do the commuting with a smile on my face. I'd for sure purchase a lightly used version of the car (15k miles or under).

3- My house has exactly 1.5 years to pay off if I keep doing the monthly payments (paid a ton off fast with extra payments at beginning of loan 10+ years ago).

I think after thinking about various arguments back and forth from you guys and others I'm going to pay off the house and then start dedicating the former house payment to the new car purchase.
hood
Member
Sun Jun 25 17:51:42
Hrothgar, any specific make/model you're looking into? I just bought a new car myself, trading out my 2002 sunfire. Or more specifically, are you looking for something nice and flashy in the mid-upper range, or just a 2015 or newer thing?


I will say this, with my new car purchase:
As nice as it is to have a brand new car, get better gas mileage, have a few fancy amenities, I don't find it much more of an upgrade over my old car. But I also don't care all that much about the flash of new cars. I'd have been perfectly content in waiting another year or 2 or 3 before buying something new.
TJ
Member
Sun Jun 25 19:39:44
3- My house has exactly 1.5 years to pay off if I keep doing the monthly payments (paid a ton off fast with extra payments at beginning of loan 10+ years ago).

Excellent decision you made.
Hrothgar
Member
Sun Jun 25 20:31:46
I'm pretty set on a Dodge Challenger. The look. The engine. Really need to get a manual transmission in my life again after years of driving the shit I have lol. It would all around be fun to drive a lot. The mid range version. Sub 40k, but likely more than 30k after taxes unless I find a lightly used one that's stunningly discounted.

This one in particular I was SUPER tempted to get shipped to my location:

http://www.carmax.com/car/14278640
obaminated
Member
Sun Jun 25 20:57:45
I guess you have to calculate how much road head you are estimated to receive while operating that vehicle. If you are married I'd say less than an hour of total life long use. If you are recently divorced and or dating? Hundreds of hours from 22 year college dropouts.
Hrothgar
Member
Sun Jun 25 21:08:38
^^^ LOL
russian
Member
Sun Jun 25 21:32:27
pay of the loan, use money saved to lease the car you want. Use that to limit your tax and then replace every other year to get a newer one.
Sam Adams
Member
Sun Jun 25 22:15:18
Fuck the car, buy an airplane
Turtle Crawler
Admin
Sun Jun 25 23:25:58
Avoid car payments like a plague.

I wouldn't have cars worth more than half my annual income.

I wouldn't have cars worth more than 10% of my networth.

My cars are worth 8% of my income and 2% of my networth.
Wrath of Orion
Member
Mon Jun 26 00:12:43
"Dodge Challenger"

ffs, really? Just pay off the house and don't bother. Try again when you're interested in a real car.
Nimatzo
iChihuaha
Mon Jun 26 09:34:06
You can either live slow and die old or live fast and die young. The milage will be the same, more or less :)

The car reference aside that is applicable to most things. Quality or quantity. The rock star that dies at 50 or the acountant that lives to 98. There is a middle ground to be found, but saving money is not really fun and you only have 1 life. Also don't obsess over leaving your children a pile, presumably you put effort into making grown ups that will make their own paths.
TJ
Member
Mon Jun 26 11:21:24
Nimatzo
iChihuaha Mon Jun 26 09:34:06
You can either live slow and die old or live fast and die young. The milage will be the same, more or less :)

NO, no the mileage. :)

"There is a middle ground to be found, but saving money is not really fun and you only have 1 life."

So true, the entire world needs balance.

"Also don't obsess over leaving your children a pile, presumably you put effort into making grown ups that will make their own paths."

Balance doesn't obsess, Concern yourself with being financially stable at any age. For the average citizen it isn't about leaving an inheritance to your kids. I never want to be a financial burden on them. When you arrive at a certain place in life it is too late to consider the options that should have been realized at a much younger age.

As you say we all make our own beds(paths).
Forwyn
Member
Mon Jun 26 11:46:45
"ffs, really? Just pay off the house and don't bother. Try again when you're interested in a real car."

+1. Dodge is garbage
Nimatzo
iChihuaha
Mon Jun 26 12:33:17
TJ makes a lot of sense.
CrownRoyal
Member
Mon Jun 26 13:13:32
Be careful buying anything from FCA, the quality is often horrible and bumper to bumper warranty does not always protect you. I know several people who went through highly unpleasant and costly ordeals with FCA, basically because something broke down in their new vehicles within the first couple of years, and Chrysler did everything wrong by them, trying to dodge (ha) responsibility. I suppose many manufacturers behave this way, but toyotas do not break down nearly as often. In fact nobody has as many probs as FCA, as long as I remember, they are always last or near last in customers satisfaction. It is infuriating to buy a new car, with a warranty, take care of it properly and then fight with fuckin manufacturer over what should have been an ironclad case of paying for the repairs. The guy who did interlocking on my driveway in April told me a horror story about his six months old Ram truck, how the dealership fought him for every penny and FCA head office basically told him to fuck off. That Ram was an impressive looking beast, not unlike the Challenger that you want, even though I'm not a fan of these designs. But do be vigilant with fca.
CrownRoyal
Member
Mon Jun 26 13:21:29
You know how you know that Chrysler is shit? They often offer unbelievable deals, like, last month I saw commercials, iirc, buy any 2016 remaining FCA model with a 25% discount. Who offers such discounts?! You basically say that your product is shit, and really overpriced.
Asgard
Member
Mon Jun 26 14:08:56
Pay off the house.
Be debt-free, and save up for a car, buy it in full being debt- free. Don't go into debt.
Forwyn
Member
Mon Jun 26 14:11:20
I was leaning to the house, until he said Dodge. Now it's 100% house.
Nimatzo
iChihuaha
Mon Jun 26 15:15:31
Everyone here shitting on the doge should name a better car in that price range. I think it is only fair, shitting is easy, suggest something better you cunts!
obaminated
Member
Mon Jun 26 15:25:37
A 1985 Delorean.
Nimatzo
iChihuaha
Mon Jun 26 15:31:56
Yes, but where would you get the plutonium to fuel that thing? The Libyans are not doing so well these days!
hood
Member
Mon Jun 26 15:33:32
Better in what way?

Pick a Honda, they're all better cars. Or are we specifically looking for muscle?
Nimatzo
iChihuaha
Mon Jun 26 15:36:48
In the price range that you think is a better, around 35-40k. Since he want's a pricier car, we can go higher than Honda :P
zavyx
Member
Mon Jun 26 18:09:48
split it down the middle and do both; chunk on the house, plus a car, thats maybe not as flashy as the one you really wanted. in fact, check out those classics from the 70s and 80s. excellent value for money, and as good as a car thats only five years old.
Hrothgar
Member
Mon Jun 26 18:50:17
"real car"s are more than I'd ever, ever pay for something I want to drive a lot. You get much more up from there and they turn into collector items, not fun daily drivers.

The American muscle type cars are kind of in a sweet spot of fun to drive a lot, yet not a borderline mortgage in price.

Camaros and Mustangs would be fun too. I just like the look of those Dodges a bit more.
show deleted posts

Your Name:
Your Password:
Your Message:
Bookmark and Share