WEll, I would say do whatever you want the most. I do think the house would definetly be the wiser investment. I wanted a truck desperate a few years ago, and ended up waiting longer than I wanted to. In that time, I weighed what was most important to me, having a "nice" truck (new?) or getting a cheaper one (old?) and having some money. I almost went and commited myself to payments but then I met the man of my dreams and we started talking about buying a house. I then found the perfect truck. Its my 88 F150 (works for me, anyway) and it was well within my price range and left me with money to spare Spent 3,700 on the truck and we now have a house too. If I would have saddled myself with a truck payment we wouldn't have been able to get a loan for the house. My honey has a truck payment and is talking about trying to sell the "nice" (newer!) truck to find an older model like mine, just bigger. Really, you have to measure what's important to you, and not let everyone else make that decision for you. I guess the best thing to do would be to look into your future. What do you see? If you don't see yourself living in the same spot for long, then don't bother with the hassle of getting a house (and BELIEVE me, the first time IS a pain!!! If only we knew then what we know now!!!) Good luck in whatever you decide and be happy with your decision!!!

 

buy the house. I bought my house at 19. (8 years ago)2br. 2 bath paid $82,500. Sold it 3 years ago for $105,000 did nothing but live in it for 5 years, except for 1 minor roof repair that cost me less than 1 bundle of shingles to repair. took all of my "profit" from the house to pay off ALL of my debts and still had 3,000 left over.and on buying the truck, IF you really need it a slightly used one is much cheaper than new, I bought my '00 250 SD with 24000 miles on it. the powerstoke has a 100,000 mile warranty and the money you save buying used should more than cover and repairs you might need. in the 105,000 miles I added to mine I had 2 cam sensors, 2 brake rotors, and a turbo but the turbo was from sheer stupidity on my part, I can't stand to lose a race.

 

Umm - I just paid CASH for an '85 one ton ford. It was all of $1500.oo USA funds.

-Yes, it runs. It's also a TURBO DIESEL, and gets better MPG on Diesel than my F100.

I NEVER buy new trucks, preferring to take advantage of my own skills and sense of adventure.

For a commuter, I would consider a very small diesel powered car. I don't have the option at this point, so a huge truck was my venue of choice. (I have to haul some stuff)

Some considerations:

The INSTANT you drive a new vehicle off of the lot, a huge amount of depreciation takes place. It was never worth that much to me to break the "Sanitary Seal" on a vehicle. To be the one who could say "I had it first" matters little in automobiles.

Why should I be the dumb sucker who pays to find all of the little problems and have them all corrected? (He says, with quite a bit of experience behind the statement...)

Toys are nice, tools are better. All of these things can lead to a house eventually - and it better have a garage.

I can make money with a garage - and in fact I will.

It has been my goal from the beginning to set up my own shop, and after twenty years of military service I will have done that in another one hundred and ninety two days.

THINK ABOUT THE FUTURE

Because in the very near future, the things people pay top dollar for (and that I may or may not like) will be worth exactly what I pay for things. I exercise the right of choice - I drive what I want to, because I take the long view and pick and choose the ones I really like a lot.

SUMMARY:

Get the house (And as early as possible is best - the interest rate is favorable) but TRIM YOUR DEBT!!!

Dammit man - you have a lot of outgoing cashflow. LOSE IT!

It might be time to think about a debt consolidation before the interest rates go back up. SHOP CAREFULLY.

-'Nuff sedd



~Wolf

 

BUY THE HOUSE!!! Since the economy went south in the late 90's, I think it's the only thing you could have invested in that has held it's own or appreciated. It accomplishes a couple of goals: It's a great investment, it fulfills your housing needs. This is probably the best time in history to borrow money for a home. Mortgage rates are lower so you can afford more home at the same payment level. Plus, your interest is deductible, rent is not. You can use equity down the road to borrow against for things you may need.

 

It's never been truer - Real estate is a wonderful investment.
You can live in it - you can develop it - you can rent it.

Buying old places is a good thing to do (if and only) if you can do upgrades to them.

People always need places to live, and many rent because they can't handle the whole enchilada. Even if only because they are not sticking around the area.... (This is why NAVY towns have so many rentals. They make a KILLING on them)

Further info:

Most house notes are far less than what it costs to rent, and people expect that because of the upkeep.

Woe unto thee who fails in the upkeep department though - because your property will be trashed and people will not rent there unless they are on crack or something.

 

Did you notice that the people who recommend buying the house are older? Buying the house would be a very good investment. You may need to lose a toy or two and make do with a truck you don't like for a few more years. If the real estate market holds up you could have something in 5 years. The condition of the house will be a factor and maintaining it without it costing you an arm and a leg will be important.

Based on Waxy's/Greywolf's logic, I agree with it.

It just depends on what is important to you right now and for the near future.

 

When I was 20, I wanted to see the world & live life to the fullest while I was physically able.

Now Due to fact that my career didn't pan out because of so many injuries,I don't own a house.In fact, if I had attempted acquiring one back in the 70's or 80's,I would have lost it anyway.

There was a time during the 70's that a thing called the NEP showed up and wiped people off the map.

The economy was hit so hard, People just plain walked away from their houses.I would have been part of it.

But if you have a great opportunity,

I say ,go for what makes you happy

 

I only have a quistion? WTH?? I am 21, own a 15k '02 base model 150, a 91 4x4 i paid 2700 (had to get a loan and refinace truck) and am broke...andi own a car that was bought for me...

I owe 13k on my '02, 1400 on the '91, 2k on my only credit card (star card for anyone who is in the military) I only pay 350 a month in rent and bills, have a cell phone (only phone) pay storage 40 a month for my car, and not much else....and am BROKE!! where did I go wrong? you have an '02 F-250?? someone else her is 17 and has a NEW DUALLY?? where did I go wrong?? PLEASE HELP!?!?!?! And if anyone of you say your parents bought your nice new truck, that don't count.

granted i smoke, and spend over 2.5k a year in gas alone, (in the 02, jsut got the 91 that will hurt more) but my hobbies do not waste or make money...

 

Jimmy, I wondered the same thing...

Why are all these young kids buying new vehicles? I thought being young and having an older vehicle were one in the same.
It gives you more appreciation for finer things LATER in life...

 

Well, I bought my 02 new, I paid 16.5k for it, I am also in the military, and work 50 hours a week, for a salary...i WANT OVERTIME!! you hear me UNCLE SAM!! OVERTIME!!

but i paid 2750 for my 91, and my stang was bought for me by my overly wealthy grandfather (BTW, it is a 71 mach 1 stang, primer, and bought in MANY pieces, it still needs about 8gs to get it on the road, so I do not consider him buyin me a car the same as aa guy I know whose grandad bought him a ;03 Cobra, [yah the supercharger])

 

Jimmy - I take it your talking about me
I pay for the truck (mostly) on my own. True, my parents step in when needed, but for the most part, I pay for the truck. I landscape in the summer, and blow snow in the winter. And in the end, it's all well worth it.
Wanna hear something yuppie ? My uncle is hosting a 60th birthday party for my aunt, and it's being held on a 117' boat their renting for the day. If I ever had that much money, then you could call me spoiled
Seriously, I work for the truck, and its always there for me, along with my parents

 

So mike. In twenty years, we should see who is richer, just as a little test, since it appears that you do not want to go to college. I am only a year older and just a college freshman, but I will be 40K in before I get that piece of paper. I think it would be fun to see. Let me know what you think.

 

I'm im college now in fact. I'm attending a community college, majoring in Criminal Justice.
I do apologize if I sound like "I have everything, look at me", that's really not me at all. If I offended anyone, you have my apologies. I'm just trying to explain how I pay for my truck.

 

I had to chime in here. I'm 21 and just bought a house (should get the closing date this week ). Not everybody my age is ready for such a commitment, but if you are, go for it. I plan to stay in this area and the only payments I have now are for my Explorer. It is 6 model years old but with only 43, 000 miles on it, it has a ton of life left in it. I really look forward to having my own place and look forward to becoming more mature as a result (managing my my money, etc.).

Good luck with your decision

 

MBVN no i was not offended, form what i can tell by all of your post yo are a grown man and do pay for your stuff and work for all of it...