Selling off car / toys to buy a house?
- Thread starter Turk
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The reason this country is in the situation it is, because thinking like yours. If you go to a bank and they say, you can't afford this house, tomorrow you sell your car and have an extra 9500 for a down payment and now the bank says you can afford it. Like I said, if you are cutting it so close as to not have an extra $48 per month, don't buy a house.
i hope this gets it own thread cuz it deserves it, as well as we are ruining angus's thread...
but to get to the mortgage thing... i know plenty of people who sell some toys and gadgets to go towards a down payment for a home, not everyone has 15-35k sitting around for a down payment... oddly as that may sound. while yes, the monthly payment changes a whopping 48$ (which is a good chunk across 30 years...) the downpayment... is the big part.
but to get to the mortgage thing... i know plenty of people who sell some toys and gadgets to go towards a down payment for a home, not everyone has 15-35k sitting around for a down payment... oddly as that may sound. while yes, the monthly payment changes a whopping 48$ (which is a good chunk across 30 years...) the downpayment... is the big part.
the 48 dollars a month is the easy part though..
the hard part is coming up with the 10 grand..
not everyone is an uber-baller like you turkey.
Not everybody deserves to be a home owner, WHICH IS WHY THE MARKET CRASHED. If you can't save 9k living with your parents, what makes u think u can afford a mortgage payment every month plus everything else that goes a long with it? If the only way you can come up with 9k is to sell shit you own, then you probably can't afford a mortgage either. It's pretty basic. I'm just sick of hearing, "I'm selling my car for a house." That doesn't even make sense.
It's a moot point. Maybe I'd rather have the asset liquid than as equity in a car when purchasing a house? I'm doing just fine these days so don't worry about my ability to be a home owner.
In the end, my financial decisions do not matter in the listing of this car. IT was only stated to ensure Panda and syp that I'm not selling the car b/c there's something wrong with it.
In the end, my financial decisions do not matter in the listing of this car. IT was only stated to ensure Panda and syp that I'm not selling the car b/c there's something wrong with it.
It's a coming of age thing for many. The car doesn't just act as capital, it also consumes money just by owning it. Insurance, Sticker, Gas, and of course MODS.
By ditching a $10,000 car, he is not just putting 10K toward his house, he is lowering his cost of living, and removing temptation. He has his responsibilities in order, props to him. I'm sure when he is ready/able, he will buy something fun again.
I don't think syP gives a shit about GP's at all anymore... He sold his off quite some time again, and hardly posts.
Panda seems to be quite content bashing everything that ISN'T a GP or a LSX powered vehicle, so don't think you would have gotten anything out of him either.
*Toward Turk*
THIS is what caused a lot of the economic melt-down in the housing market, not people not 'deserving' to be home owners, it was people getting in over their heads. (Similar yes, but the point stands Angus isn't stupid, so it shouldn't have even been brought up in the thread)
Unless you are selling all cars you own, gas and insurance is going to be about the same. Stickers, obviously will be more money, but what is that, $100 more per year? The economic melt down is because people got in over their head, that's right. If you can only afford a house by selling your 10k car, then you are in over your head! Angus has already cleared up, that this is not in fact the case, but this IS what he posted in the original post.
Whenever I don't have a fun car to drive, I cut back my driving drastically, and my insurance drops as well usually $30-40 a month. I also save more money because I'm not modifying it, and there is no temptation to mod anything. I'd say on average I spent $100-200 a month on the ranger over the course of it's run after it was super charged.A wiring harness to try to clean something up, a new smaller belt to get rid of belt slip, get an exhaust leak fixed, etc, etc, it adds up. Modified cars are almost always money pits...
No argument here
I still HAVE my ranger insured because it saves me $80 every 6 months (as a 3rd car....), but if I drop the mustang to storage over winter, I'd save another $300 every 6 months....
What the fuck does that have to do with anything. Your insurance is retarded, is the problem. Like I said, can you drive all 3 cars at the same time? No you can't, and ur insurance should realize this. Insurance should be based on how many miles you put on EACH vehicle per year. I drive on average, 12k miles per year, split between 2 cars. If I drop one car, that means I now put all 12k miles on 1 car only, so the insurance I saved by dropping one car, just got added to the other car. Also the maintenance you supposedly save by dumping a car should increase on the other car due to more mileage being put on the ONE car.
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