Racer's Lounge - What Do I Do!?!?!

ahhh im at a crossroads in my life where i will make probably the most important choice with my life to date. and that is... do i sell my car? i was originally asking well over 15 and i settled with someone for 14k cash. i have a 98 ss with a tr224 and all the bolt on slp goodies you can dream of. the car only has 43k on the odometer. bought with 28k who bought it from original owner at just under like 850. original everything minus the drivetrain of course. now i just turned 18 and selling this car would leave the door open to buy myself a house with a nice 20% down payment. which will be all awesome and adult like, but i love my car. its everything ive worked for. been my dream car since i was a child... or like... a fetus. HOWEVER i also just got a notice my liscence is suspended for either 6 mo or 12 mo and so i wont be able to drive it... legally. so far i am leaning with the house purchase as thats the smartest choice... financially. but this car... EVERY SINGLE TIME i sit in it, drive it, look at it, or even think about it it brings a smile to my face. and i might go through torque withdrawls... I FUCKING LOVE MY CAR. if anything ik ill have another. but ik it wont be a ss in that same condition. that was too good of a find.

Why do you need a house at 18? Keep the car and stay at home.

House at 18? Why? How are you affording this house meanwhile losing your license?

I would sell the car unless you can afford it. The car will depreciate and the House will eventually go up in price. Later you can use the equity in the house to buy another one or a Vette in cash. Don't worry, Your 18 and have plenty of time to enjoy cars.

lol...

is this a joke?

I have a house and im 19... i'm renting it out tho. Sell your car, buy the house, rent the house, sit back and let your payment get paid!:pimp: It's like free money homie...til they break somethin.

How about...get married and then buy a house.

i was originally asking well over 15 and i settled with someone for 14k cash......selling this car would leave the door open to buy myself a house with a nice 20% down payment.

Where can you get any kind of decent house for $75,000? (assuming $14k is your full downpayment). I want to know, because I might move to that town myself. :D

At 18, I seriously doubt you'll have enough credit history to get a mortgage on your own. So I'm guessing you have a co-signer in mind?

Personally I wouldn't push myself into house debt at 18, if living with your parents is still an option. It's a lot to be responsible for at that age. And again, there's no way you'll be able to get a mortgage on your own if you just turned 18, even with 20% down.

I have a house and im 19... i'm renting it out tho. Sell your car, buy the house, rent the house, sit back and let your payment get paid!:pimp: It's like free money homie...til they break somethin.

yea but even then you can claim that stuff on your taxes when u fix it

What do you do for a living? 6 cars, just turned 18 and are now thinking about buying a house, I need to get that job!!!

What do you do for a living? 6 cars, just turned 18 and are now thinking about buying a house, I need to get that job!!!

+2 on THAT!

again... is this a joke?

that taxes on my house are prolly more that his car payment & insurance.

did i miss the free money train?

Whatever the situation is that allows you to afford a house by selling the car, go for it. Not everyone can do it at a young age but if you can, great for you!

Anyone who says to buy a house is a bad idea needs to be shot. Its the best investman you can make. It was the best thing I ever did and I was 20 when I bought my first one, made 40, 000 on it and bought twice as nice a house with the money I made. You are on the right track and in life sometimes you have to make sacrifices, sounds like you will be a very successfull person if you are already thinking like this. Cars come and go and you can get another one in the future. One thing I can't understand about allot of people on this site is how they waste, yes WASTE all of there money they make on their car. They obviously can't afford it if they are always broke from doing it.

I have a vision for my retirement, I guess thats why I invest allot of my money for it. My plan is to retire early and enjoy my life even more for longer. Work hard now and pay off in the long run. Enjoy watching my kids grown up/old instead of looking back saying what the hell did I do wrong? I see it everyday, people working over the age of 60. Not happening here :D Of course you have to draw a line and life for the moment but not saving any and spending all on a car, which is one of the worst investments ever, is retarded. Just driving a car off a lot loses value, most houses go up in value. The reason why there has been a turn for the worse for allot of financial institutions was from people taking out second mortgages constantly for cars, etc b/c they couldn't afford them in the first place. I don't know what is wrong with some people and what go's through their heads. Its sad really!

I'm 18 and have a 98 Z28 Vert for the weekends, an 02 SVT Focus for DD duties, and I just recently sold my bike. Everything I own is paid off. People often give me shit because I have many toys (not necessarily cars/bikes) yet I live at home...newsflash - an 18 year old whom works full time, a part time job, and goes to college full time belongs at home.

I, too have considered selling the Z and getting a house. I know I can't buy one due to credit history, but there are plenty of houses I've looked at that are willing to rent for a year then I have to option to re-lease, buy, or move out. Basically rent-to-own. I'll probably do a rent-to-own deal. Until I decide to buy the house I'll have a room mate, just to give a little more breathing room financially.


At the end of the day, heres what made my decision. I won't always be able to afford cars and toys for it in the manner I do now. Sure, in 10 years I'll be making say, 3 times what I am now, but I will also have 3 times the bills, if not more. Thats what comes with buying a house, getting married, kids, etc, etc. However, a house is an investment though.

What I've decided to do is keep both my cars (both are paid for) and buy myself a C5. A Vette has always been my dream car, although no C6 Z06, it'll suffice. Might as well enjoy myself now before I kick myself in the nuts and decide to get married. I'll pay it off THEN buy a house. If all my toys are paid for and I have little to no debt, theres absolutely no reason to NOT buy a house.

Whatever the situation is that allows you to afford a house by selling the car, go for it. Not everyone can do it at a young age but if you can, great for you!

Anyone who says to buy a house is a bad idea needs to be shot. Its the best investman you can make. It was the best thing I ever did and I was 20 when I bought my first one, made 40, 000 on it and bought twice as nice a house with the money I made. You are on the right track and in life sometimes you have to make sacrifices, sounds like you will be a very successfull person if you are already thinking like this. Cars come and go and you can get another one in the future. One thing I can't understand about allot of people on this site is how they waste, yes WASTE all of there money they make on their car. They obviously can't afford it if they are always broke from doing it.

I have a vision for my retirement, I guess thats why I invest allot of my money for it. My plan is to retire early and enjoy my life even more for longer. Work hard now and pay off in the long run. Enjoy watching my kids grown up/old instead of looking back saying what the hell did I do wrong? I see it everyday, people working over the age of 60. Not happening here :D Of course you have to draw a line and life for the moment but not saving any and spending all on a car, which is one of the worst investments ever, is retarded. Just driving a car off a lot loses value, most houses go up in value. The reason why there has been a turn for the worse for allot of financial institutions was from people taking out second mortgages constantly for cars, etc b/c they couldn't afford them in the first place. I don't know what is wrong with some people and what go's through their heads. Its sad really!

Ok, a house is not always a good investment. In fact if OP has a free place to stay (i.e. his folks house) then it is a terrible investment. BTW, just because your house value increases by $40,000 does not mean that it is all profit. Do you have any idea how much money you paid in interest???? Likely a good chunk of your profit was eaten up by interest on the note. 70-80% of your mortgage payment is interest in the first few years. Not to mention, real estate is typically not as profitable investment as the stock market unless you are renting it out, or flipping it. The majority of 18 year olds have no business buying a house. It is just a lot of baggage. What if he decides he wants to go to college. He will be tied down in a mortgage payment. What if he gets a job in another city?
BOTTOM LINE: Houses are good investments for people who are settled and would otherwise have to pay rent.

I'm 18 and have a 98 Z28 Vert for the weekends, an 02 SVT Focus for DD duties, and I just recently sold my bike. Everything I own is paid off. People often give me shit because I have many toys (not necessarily cars/bikes) yet I live at home...newsflash - an 18 year old whom works full time, a part time job, and goes to college full time belongs at home.

I, too have considered selling the Z and getting a house. I know I can't buy one due to credit history, but there are plenty of houses I've looked at that are willing to rent for a year then I have to option to re-lease, buy, or move out. Basically rent-to-own. I'll probably do a rent-to-own deal. Until I decide to buy the house I'll have a room mate, just to give a little more breathing room financially.


At the end of the day, heres what made my decision. I won't always be able to afford cars and toys for it in the manner I do now. Sure, in 10 years I'll be making say, 3 times what I am now, but I will also have 3 times the bills, if not more. Thats what comes with buying a house, getting married, kids, etc, etc. However, a house is an investment though.

What I've decided to do is keep both my cars (both are paid for) and buy myself a C5. A Vette has always been my dream car, although no C6 Z06, it'll suffice. Might as well enjoy myself now before I kick myself in the nuts and decide to get married. I'll pay it off THEN buy a house. If all my toys are paid for and I have little to no debt, theres absolutely no reason to NOT buy a house.

Solid decision on not buying the house. Could always put that money into a qualified investment (IRA). This has tax benifits and will take pressure of you when you are older. 2 cars is probably enough for you, but anyhow cheers. :chug:

Anyone who says to buy a house is a bad idea needs to be shot.

What an ignorant comment.

Someone who just turned 18 is rarely responsible enough to handle home ownership. For one, people at that age tend to lack the savings needed to fall back on (in case of major repairs for the house, or sudden loss of income). Not to mention, lack of stability in their future. Very few people at age 18 find a path they will actually stick to. Most will want to try some different directions to find what's best for them. Being tied down to major debt will make that nearly impossibile. If things go bad (very likely for someone that young), your credit will be trashed right out of the gate with a foreclosure before you're old enough to drink.

And as someone stated above, buying a house on credit isn't really the best investment in the near or mid-term, unless you're able to rent it for more than what you're paying in interest. Sell within a few years in today's market, and with only 20% down you'll be lucky to recover what you've paid in interest. Especially right now with housing prices in the shitter. It's not like it was in 2003, when you could flip a house in 2 years and make $50-70k in cash. The market is weak, getting loans is much more difficult, and prices continue to decline. Buy a house now, and it's value may drop by $10k by this time next year.

I would advise anyone that's looking to invest in real estate (at any age) to wait until the market bottoms out before buying. Now that's not to say people shouldn't buy homes to live in right now, if you plan to live there long term then don't be overly concerned with market changes in the short term. But if you're planning to buy in as rental property or to flip it for a quick profit in 3-5 years, now is not the time to buy. The market will continue to decline for some months to come, mark my words. Right when you see a hint of recovery, *then* make the move as an investor.

did i miss the free money train?
You and me both apparently! At 19 myself I would love to know how you are affording this house and 6 cars while being 18!?

I would buy the House. Just be lucky you don't live out here in Cali were Even a cheap Condo Cost around 350 to 400K. Its kinda hard to compete for single income people here in Cali against people from other countries that are comfortable packing six families in one three bedroom house.

it looks like some people missed that at least 3 of the cars are no longer his. ;)

Where can you get any kind of decent house for $75,000? (assuming $14k is your full downpayment). I want to know, because I might move to that town myself. :D

.

I believe its next to Tijuana or right off Oaxaca Mexico...:D

My parents house was around 85,000 cpl years ago, and it's a pretty nice house. Stuff is a lot cheaper in a small town in Illinois.

Ok Why Couldn't my parents of had money. I'm only 23 but i don't have any of that shit...And i would vote not to buy the House i did around that age and yeah i agree its to much.

Im 24, have a fiance, a house that cost more then 100k, and the car in my sig and a daily driver plus mod money.

Get rid or any and all cars minus the camaro and a daily driver, see what you can do then. If you still can't sell the camaro and get a house then save up for another camaro. Or live at home for a few more years. Nothing wrong with that if you are in school or something.

There are cars like yours and nicer then yours I am sure and have less miles, they are not hard to find :) There is one for sale on here right now even with less miles and has won at a major car show and is moded.

I doubt I will ever sell my car, you will not be able to find another one stock I bet, have only ever seen one with a rear whiper and only seen another online with factory electric fans. I have everything with 26k miles. I sold my 96 Z for it because I knew it would not be hard to get another one.

sry hadnt got on in a while, but i will clear a few more things up. i may be 18 but im not immature. im VERY smart, especially with my money. and the truck was my dads that i drove while he did his time. i did not pay for all of these cars however, just the SS, firebird, and z. and the free money train... well you gotta see it to catch it. and im facing consequences of riding that bastard too long. ive also got more money for the downpayment. definatly. at least 20%. and i was mainly looking to purchase as an INVESTMENT. i would live in it of course, and i would also rent it out to my friends and what not. 2 story house on a basement can definatly hold 2 or 3 of my friends. and im not positive on my credit but it isnt bad. ive got a few credit cards totaling around 2k one being a secured credit card with 1000 dollar limit that i max out and pay off in full every month for the past 4 or 5 months anyway. i also have a full time job at a dental company and ive been here well over a year now. its not making BANK but its good money and steady.

thanks for the help but still idk.

my friend who is 19 just recently purchased an 08 vette the thing is sweet but i always ask him why didnt he buy a house with the money (got in a settlement after someone totaled his 97 drop top auto SS. 1 of 16 i think he said, nice ride for sure) he just replies with what am i going to do with a house at 18. idk where his thinking is... but is it right? should i take the mentioned money and go put it as a down payment on a used maserati for 35k-40k instead?

and my parents dont have money. i worked for and earned all that i have.

which has been lost in translation. as i dont have 6 cars. i am current owner of 2. one being the ss and the other being the firebird. my dad has the truck and the other cars have explenations as to what happened next to them.