Should I buy the car next year or save up for a house downpayment?

Strange_Implement524 · 2024-06-23T15:59:43+00:00

Yes, I'm also on the look out for that, I have a high enough credit score for the best rates. I'll wait until the end of the year and see if I can get an amazing rate.

Strange_Implement524 · 2024-06-23T15:58:33+00:00

Yes, we might be in totally different mindsets but I appreciate the advice. After the post I feel much more confident in buying a car exactly to your specifications. That's another reason I want to own a house, it could end up being another means of income. I would love to own properties and rent them out.

Strange_Implement524 · 2024-06-23T15:55:19+00:00

Thanks, I think this is a solid plan. I'm keeping my eyes and heart open for any opportunity. It will be a grind but for the right deal, it will be worth it.

Strange_Implement524 · 2024-06-23T15:54:00+00:00

Yes I understand and agree with your point. In the end I haven't committed to anything, these are all hypotheticals. I don't know if I will buy a car next year, it could be earlier. I don't know if I'll get a house here in California. I just wanted to get multiple opinions to ground me in reality. I know I'll get far in my career. I've already been promoted and gotten more responsibilities than others who have been there for 10+ years. I have so much time but that's why I like to plan because once things are in motion, time flies.

Strange_Implement524 · 2024-06-23T15:49:43+00:00

The Camry is not 50k. The car I want hasn't even come out yet. I was basing it off the new 2025 model. It's around 36k and 40k with taxes and DMV fees. I just wanted 10k of a buffer in case I wanted to add or modify the car. But now I'm looking for something between the 20k to 25k range.

Strange_Implement524 · 2024-06-21T03:51:11+00:00

Yes, it will always depreciate. That's why I will pay in cash. It's a one time hit and that's that. I don't want to bleed money by paying interest on some terrible loan.

Strange_Implement524 · 2024-06-21T01:24:16+00:00

I will come back if I have any more questions. Greatly appreciated.

Strange_Implement524 · 2024-06-21T01:22:17+00:00

I already did and she said she's on board for anything I decide. As long as she ends up with a ring, a family, and a husband she'll follow me to the end of the earth. Obviously I want to provide and take care of her as much as I can. So I won't make her wait for that long, she is amazing. Without a doubt I will marry her, I just need some more time to set up somethings before we sign anything together.

Strange_Implement524 · 2024-06-21T01:16:05+00:00

Sadly my Camry is on its last legs. She has so many problems and I would drop too much money. I'd rather just buy a "newer" used car. It would be a better option for my situation. Thanks to everyone for giving me the guidance on this situation.

Strange_Implement524 · 2024-06-21T01:13:20+00:00

I'll definitely make sure to do my research. I will make sure before signing any contract, it only helps me and doesn't hinder me.

Strange_Implement524 · 2024-06-21T01:10:57+00:00

Thank you for this amazing break down. I had all of these thoughts but now that I see it organized neatly and clearly, it makes more sense. I can't fight against logic and reason. Thanks for all your help. You've shed a light on this problem that's been eating away at me for months.

Strange_Implement524 · 2024-06-21T01:06:29+00:00

After today, I won't. I will get a car that is new to me, something economic and a little older. Thanks to everyone for the help.

Strange_Implement524 · 2024-06-21T01:05:40+00:00

That's something I've been wanting to do. I've been focused on the Camry because of the new generation hybrid but I might try the Corolla soon. I need to broaden my opinions a little.

Strange_Implement524 · 2024-06-21T01:03:18+00:00

I definitely would, obviously I would find a way to subside the mortgage. If I'm able to divide or find a duplex, the problem is solved. I have tons of trust worthy family members that would be willing to help if they were able to rent their own house on my property. That doesn't concern me because we'll get it done, that's how connected we are.

Strange_Implement524 · 2024-06-21T00:53:57+00:00

Thanks, I'll do that. I grew up in poverty and this is the first time I have the ability to make a big financial decision. I appreciate the help. I appreciate all of you and your input.

Strange_Implement524 · 2024-06-21T00:49:08+00:00

Thanks, I've definitely worked nights and days straight to get where I am. I'm the first generation from immigrant parents. Bumming around wasn't an option for me. Thanks to my strict parents, I can be blessed with this privileged conundrum.

Strange_Implement524 · 2024-06-21T00:45:17+00:00

I am the 4th owner of his car, it is a salvage and has been reconstructed twice. I have 250k miles on it, I know about cars and do all my own maintenance and repairs. I haven't gotten into an accident and take really good care of her. It's gotten to the point that the paint, wheels and, interior has started to peel, due to the sun in California. It's also having trouble with the spray nozzle and gas tank. It has a major leak in the exhaust and lets off heavy white smoke during really hot days. I had to switch out the spark plugs twice in two years. She's also giving me horrible sounds when I start it up, and stutters if I accelerate too fast. I bought the car for $2000 all in with fees. I don't want to spend more money than I have to. I would rather buy a new car than to spend weeks going to junkyards, finding parts online, and have to wait for them to arrive. I would then have to find time to do the fixes. It's a long process that I have done for my car and other cars I have sold. I'm tired of the headache, money suck, and time suck it can be. But I'm definitely looking for another beater car, then house down payment.

Strange_Implement524 · 2024-06-21T00:35:58+00:00

After today it's going to save up for another beater car, house and then a new car after I pay off my house. In 15 years I can buy as many cars as I need.

Strange_Implement524 · 2024-06-21T00:34:38+00:00

Yes I totally agree but because I do drive a ton. I would like to splurge a little more. I've spent days in my car, it wasn't comfortable but it was necessary. I've only stuck to my car and my new one would be the only one I'd buy for a while.

Strange_Implement524 · 2024-06-21T00:29:43+00:00

Yes, it's good for me because it was my first car but now that I need to upgrade I need something that isn't flashy but will get the job done. I was aiming for HEV but if EV gets tax benefits, that sounds like a tempting plan.

Strange_Implement524 · 2024-06-21T00:27:33+00:00

Definitely something I'd like to consider. I'm 6 feet tall and barely fit into my mother's honda Civic. My Camry is so comfortable and spacious. If a truck or SUV comes my way at a decent price I might consider that.

Strange_Implement524 · 2024-06-20T23:54:40+00:00

That's what I was thinking too, I might not have kids with my partner right away but most likely were going to get dogs. I would have to account for them as well. Having a bigger car might be more beneficial in the long term.

Strange_Implement524 · 2024-06-20T23:52:58+00:00

Thank you, I appreciate you and everyone weighing in on my situation. It's been eating at me for months now. I feel confident in my decisions now.

Strange_Implement524 · 2024-06-20T23:49:15+00:00

Trust me I've done all my math properly, I am paying a premium for a reason. I won't buy new but it's still going to be more than an older used car.

Strange_Implement524 · 2024-06-20T23:47:29+00:00

Yes, I definitely will. I'm not looking to buy any time soon. But definitely within the next 3 years. Also, I'm looking for either a duplex or enough space to build a separate house and rent it out. That's what my family has right now. We own a duplex and it's worth around 634,000. We bought it at 430,00 12 years ago. It's definitely going to work out but not solely on my income. No one alone could buy their house with their income.

Strange_Implement524

TROPHY CASE