Why FTB should Resisit buying now and Save instead! explained

housesitter

Big list, here are a few.

MX5
E36 BMW (surprisingly!)
Honda CRX or civic just about an integra too
Pulsar GTiR's
200SX's

Most of the older Japanese stuff which might have rusty bodywork but the mechanicals are sound and the part scene is massive. Tuning them for the track or fast road compromise (over a daily driver) is cheap and easy to do.
Out of the list, I have Honda bias personally, but have driven most others on the list.


I'll be an organ donor one day too Just bought the mrs a moped to save driving in the opposite direction to take here to work on a morning.

pandamonia

patch3228 wrote: »

So OK you could have spent that rent money (£650/ week) paying off the mortage ... but what about the hundreds of pounds you may have lost on your property's value?

Depends on your deposit, if it is low then you will be hit by negative equity quite quickly and when it comes to remortgaging - it could prove costly over the life of the mortgage

...just playing devil's advocate

thanks for backing me up. people dont factor in asset devaluation.

Really2

pandamonia wrote: »

thanks for backing me up. people dont factor in asset devaluation.

What about doing the cost of renting for 25 years and buying now?

Asset devaluation is only a worry in the shorterm on houses, BUT it would be a mjor one for a FTB who only purchased and was looking to move in less than 5 years.

Did you not factor in asset devaluation on the BMW.;)

pandamonia

if you buy a house next year they you will not lose out at all? - again my original point

i told you that my bmw is paid for by my company so i wont lose anything, ill actualy profit since its my asset.

twirlypinky

pandamonia wrote: »

thanks for backing me up. people dont factor in asset devaluation.

I don't need to factor it in if i have no intention of selling it. If i had a large deposit i would be seriously looking for my dream home right now. I would rather risk losing a bit than keep on living where i am right now - it's crap.

pandamonia

twirlypinky wrote: »

I don't need to factor it in if i have no intention of selling it. If i had a large deposit i would be seriously looking for my dream home right now. I would rather risk losing a bit than keep on living where i am right now - it's crap.

i see your point but negative equity could hit you even with 20% deposit and if u lose your job you will lose your 20% times are uncertain so making the most important purchase of your life cant wait 1 year?

also your sig shows yours in pretty decent debt.

housesitter

pandamonia wrote: »

i told you that my bmw is paid for by my company so i wont lose anything, ill actualy profit since its my asset.

So tax evasion then.
BMW website suggests you should be paying £832 a month for the pleasure driving it. Car age dependant.

And then you're saying you own it. So it's a benefit in kind.
Sniff, sniff.

Really2

pandamonia wrote: »

if you buy a house next year they you will not lose out at all? - again my original point
.

Are you sure prices are going up next year?

What about the next 2 busts you will se as an owner?

confused31_2

pandamonia wrote: »

if you buy a house next year they you will not lose out at all? - again my original point

i told you that my bmw is paid for by my company so i wont lose anything, ill actualy profit since its my asset.

So what was the 700 pound a month you said you spend on your car a month, surely not petrol!!!!:eek:

mramra

confused31 wrote: »

So what was the 700 pound a month you said you spend on your car a month, surely not petrol!!!!:eek:

And £35k spent out of your pocket (as stated earlier). I thought the company are paying for your car?!