Downpayment for condo vs. Buy G35 or 350z

[flito ray]

one of my dreams before i hit 30 is to drive a g35 or 350z by the time i am 30. i am 25 right now but debating whether to use money for downpayment for condo or buy g35 or 350z.

what do u guys think? I ask my friends and they said if i put money for condo there will likely never be any money for g35 or 350z later so they said you should enjoy your 20's and buy the car of your dreams. I really don't want to be stuck driving a mazda 3 when i'm 30. that's so teenager! lol

opinions please.

Update: I live at home and currently drive my parents car.. no expenses

[Whitedart]

one of my dreams before i hit 30 is to drive a g35 or 350z by the time i am 30. i am 25 right now but debating whether to use money for downpayment for condo or buy g35 or 350z.

what do u guys think? I ask my friends and they said if i put money for condo there will likely never be any money for g35 or 350z later so they said you should enjoy your 20's and buy the car of your dreams. I really don't want to be stuck driving a mazda 3 when i'm 30. that's so teenager! lol

opinions please.

For most people, a place to live is a necessity and a nice car is discretionary.
A condo will likely appreciate in value, where a car definitely won't.

It really depends on your lifestyle.

[lonelydriver]

Like the above poster said, this is totally a lifestyle choice you have to make on your own.

[flito ray]

well since i have no expenses and live at home i could just buy the car and then afterwards save for a condo after. I guess I can have it both ways downpayment for condo + g35 if i save enough for both.

[Drew_W]

Are you buying the G35 here or in the States?

[flito ray]

Are you buying the G35 here or in the States?

whichever is cheaper... :D

[Drew_W]

whichever is cheaper... :D

Paying cash if you buy here?

[unleashed]

From a Financial perspective buying a Condo would be the better decision. But hey, your only young once so might as well enjoy the ride;) ;) .

[Whitedart]

well since i have no expenses and live at home i could just buy the car and then afterwards save for a condo after. I guess I can have it both ways downpayment for condo + g35 if i save enough for both.

Yes, you can do both. Just takes some disipline.
I did the house first in my early twenties, and had it paid off before I was 30.
The nice car came after that.

[flito ray]

Paying cash if you buy here?

ya payin with cash. no financing/leasing

[UrbanPoet]

A car wont do you any good financially except drain your money...
Its even a regular car is a large expense, let alone a higher end luxury one.

So i would definately go for a property and get a car that is within your means.

[M-e-X-x]

A car wont do you any good financially except drain your money...
Its even a regular car is a large expense, let alone a higher end luxury one.

So i would definately go for a property and get a car that is within your means.

+1

would you rather have the ladies come back to your PLACE and chill, or to the back of your CAR?

[Drew_W]

+1

would you rather have the ladies come back to your PLACE and chill, or to the back of your CAR?

But do you want to TAKE the ladies back to your place in a Chevy Cobalt? :P

[M-e-X-x]

But do you want to TAKE the ladies back to your place in a Chevy Cobalt? :P

wouldn't they be impressed if u had ur own place and ur own car?

although i guess u could rent and get the G35?

[Drew_W]

ya payin with cash. no financing/leasing

Then buy Stateside. By my calculations on the G35x (AWD) with Premium Package, you can get one to Canada for about $42k taxes, duty, RIV, etc...all INCLUDED. This of course provided you find someone willing to sell you at invoice, but that seems to be a piece of cake these days.

Just FYI, it's $3k more expensive to pay cash and buy the car here. This also assumes you'll find a dealer willing to sell at invoice, and that's maybe not as likely.

[UrbanPoet]

But do you want to TAKE the ladies back to your place in a Chevy Cobalt? :P

I rather have my own property (not rented) and a average car (lets say a honda civic) than a nice car +my moms basement or renting...
@ least the first one will get you somewhere in the future.

[Drew_W]

I rather have my own property (not rented) and a average car (lets say a honda civic) than a nice car +my moms basement or renting...
@ least the first one will get you somewhere in the future.

But see, you can rent a place or lease a car and noone will know it's not actually yours. Thus the illusion of luxury.

To the OP, you can lease the G35x w/premium for less than $650 a month tax in, considering the MSD deal going now. Buying it out at the end of the lease ends up cheaper than paying cash (in Canada) once you consider bank interest over the lease term which you won't earn when you pay cash.

Of course, the US is still cheaper. Lots of options. Timeline dependent. Remember in Canada there is a $2500 rebate for finance/lease and $4500 for cash.

[unleashed]

Yes, you can do both. Just takes some disipline.
I did the house first in my early twenties, and had it paid off before I was 30.
The nice car came after that.

Paying off your house before reaching 30 is pretty impressive, got any tips you could share?. :)

[enforcerviper]

I faced the same decision and bought the car. Everyone, including those much older than me, said to buy the car because later in life, you will have a million excuses on why not to buy it.

However I say this assuming you will still have enough cash left in case for a smaller downpayment if something comes up. I would not tie up more than 50% of my savings in a luxury car.

Also you could always lease it. Leasing is great because you will only pay a portion of the car. After 3 or 4 years of owing a luxury car, you can return it can buy the house. This is assuming you are still saving because your lease payment is far less than a finance payment. So when you are over 30 you can have the house and a cobalt.

How old are youÉ

[UrbanPoet]

But see, you can rent a place or lease a car and noone will know it's not actually yours. Thus the illusion of luxury.




You could lease a lower end BMW 3 series for $400/mth...
rent a bachelor condo in d/t for $1100ish/mth
this could easily be done on a $40k/yr salary (which is a pretty modest salary).
Then you can say "hey... I got my own BMW & condo guy."

But in the end you'll have nothing to show for it...

[Drew_W]

You could lease a lower end BMW 3 series for $400...
rent a bachelor condo in d/t for $1100ish.
this could easily be done on a $40k/yr salary (which is a pretty moddest salary).
Then you can say "hey... I got my own BMW & condo guy."

But in the end you'll have nothing to show for it...

That's what girls wanna see. But it's just an illusion. At the end of the day, you have nothing to your name and you're not building equity. But image is far more important for some.

[Drew_W]

I faced the same decision and bought the car. Everyone, including those much older than me, said to buy the car because later in life, you will have a million excuses on why not to buy it.

However I say this assuming you will still have enough cash left in case for a smaller downpayment if something comes up. I would not tie up more than 50% of my savings in a luxury car.

Also you could always lease it. Leasing is great because you will only pay a portion of the car. After 3 or 4 years of owing a luxury car, you can return it can buy the house. This is assuming you are still saving because your lease payment is far less than a finance payment. So when you are over 30 you can have the house and a cobalt.

How old are youÉ

The OP is 25 according to his first post. How old are YOU?

[7jai]

buy the car. pimp the ladies :)

[enforcerviper]

The OP is 25 according to his first post. How old are YOU?

27

[Drew_W]

27

Have you got a house yet or are you still working on that?

[enforcerviper]

Have you got a house yet or are you still working on that?

"still working on it". I bought the car last year and have enough money to buy a house, but can't decide if I want to jump into the unsteady market. People keep telling me to wait, but I've been hearing that since 2002.

Add the fact I'm not getting married and no steady girlfriend, and moving out doesn't seem attractive right now.

[mr_raider]

Buy the damn car! I waited, bought the condo, and when I was 32 and was ready to buy the car, I ended up buying an old fogey's car! Besides, in 10 years we'll all be driving 90hp diesel/electric hybrids at the speed limit (of 70 km/h) paying tolls every other block. Now is the last chance to get the killer car.

I assume you are employed, and debt free.

[baboo]

condo market in TO is crazy now. I think with some discipline, you can get the car first and then save enough money for a condo down payment in a few years.

But the thing is, by the time you are 30. You probably won't be as passionate towards the Z or G35 as now....:)

[torontoboyz20]

But do you want to TAKE the ladies back to your place in a Chevy Cobalt? :P

I drive an old Chevy Cobalt :(

[Drew_W]

"still working on it". I bought the car last year and have enough money to buy a house, but can't decide if I want to jump into the unsteady market. People keep telling me to wait, but I've been hearing that since 2002.

Add the fact I'm not getting married and no steady girlfriend, and moving out doesn't seem attractive right now.

Did you buy your car outright or are you financing/leasing it?

I'm on the fence about the same issue...

[Drew_W]

Buy the damn car! I waited, bought the condo, and when I was 32 and was ready to buy the car, I ended up buying an old fogey's car! Besides, in 10 years we'll all be driving 90hp diesel/electric hybrids at the speed limit (of 70 km/h) paying tolls every other block. Now is the last chance to get the killer car.

I assume you are employed, and debt free.

The IS250 isn't an old fogey's car...maybe along the G35 it is though. :P

However, I'm considering the ES350, which will mean I get the old fogey title by FAR. I am however, steering well clear of the wood steering wheel. ;)

[pitz]

With the way that housing prices are collapsing, there's a pretty good chance that you'll be ahead by purchasing the car instead of the house.

[enforcerviper]

Did you buy your car outright or are you financing/leasing it?

I'm on the fence about the same issue...

I leased it for the reasons stated above. At this point I see myself buying the car when the lease is up. The buyout is approx 26k on my IS.

If the house I buy is going to spread me "thin", then I will just return it. Until then I can enjoy it. Also if reliability goes to hell, there's no way I will keep it.

The lease also allows me more flexibility to sell or transfer in case I decided to buy the house earlier and need more money.

[GoiNGPoSTaL]

Ninety-nine percent of all cars will only depreciate in value, property can appreciate in value.

If you invest in the right property and the market is right, then in a few years sell it for profit move somewhere cheaper and you can buy the car you want.

[Drew_W]

I leased it for the reasons stated above. At this point I see myself buying the car when the lease is up. The buyout is approx 26k on my IS.

If the house I buy is going to spread me "thin", then I will just return it. Until then I can enjoy it. Also if reliability goes to hell, there's no way I will keep it.

The lease also allows me more flexibility to sell or transfer in case I decided to buy the house earlier and need more money.

Right on. With the MSD thing Lexus has going now, it drops the rate so low lease + buyout is cheaper than a finance. I'll probably go 4 year lease, see what shake out in that time frame. Leasing just affords so many options, not to mention low monthly payments. It's like a balloon finance without the usually high interest rate associated with it.

[Drew_W]

Ninety-nine percent of all cars will only depreciate in value, property can appreciate in value.

If you invest in the right property and the market is right, then in a few years sell it for profit move somewhere cheaper and you can buy the car you want.

Right, but in your mid 20s, do you want to coop yourself up in your house with a large mortgage, or get a great car and drive, see sights, maybe do some road trips and traveling, and generally enjoy life?

[frogger]

That's what girls wanna see. But it's just an illusion. At the end of the day, you have nothing to your name and you're not building equity. But image is far more important for some.

Perfect for attracting girls whose ideal of a great weekend is shopping and whose only ideal of travel and experiencing what the world has to offer is a beach, i.e. ones you hope are gone in the morning.

[ES_Revenge]

That's what girls wanna see. But it's just an illusion. At the end of the day, you have nothing to your name and you're not building equity. But image is far more important for some.

Yeah but think about the type of girls that want to see that. Chances are if that impresses them and they go out/sleep with/stay with you because of it, they'll probably leave you just as easily (perhaps for someone that has more "image" ) and then in the end you're gonna be left with no money (because you spent it all on chick(s)), no car, no girl, etc. :lol:

Honestly do not do anything just to impress chicks, it's a waste of time.

[Drew_W]

Perfect for attracting girls whose ideal of a great weekend is shopping and whose only ideal of travel and experiencing what the world has to offer is a beach, i.e. ones you hope are gone in the morning.

I'm not going to point fingers, but there are girls who want just one night, and guys that do too. All the power to them. My cousin who was a super nerd through all his school (2nd highest average in all of UofT in his graduating year) is now in NYC making big money and "making up for lost time". Doesn't seem to want to settle down, and NYC is a city where you don't have to. It's a lifestyle choice.

[Drew_W]

Yeah but think about the type of girls that want to see that. Chances are if that impresses them and they go out/sleep with/stay with you because of it, they'll probably leave you just as easily (perhaps for someone that has more "image" ) and then in the end you're gonna be left with no money (because you spent it all on chick(s)), no car, no girl, etc. :lol:

Honestly do not do anything just to impress chicks, it's a waste of time.

I was just saying in general. I agree with what you wrote here. Women are a money pit if not properly controlled, and if you have to control them, they're 99.9% a waste of your time.

[enforcerviper]

Perfect for attracting girls whose ideal of a great weekend is shopping and whose only ideal of travel and experiencing what the world has to offer is a beach, i.e. ones you hope are gone in the morning.

Well considering the OP is still living at home, he'll pickup girls in his BMW/Benz/Lexus/Audi etc.. and end up in a hotel! So "gone in the morning" is not really an issue.

[Drew_W]

Well considering the OP is still living at home, he'll pickup girls in his BMW/Benz/Lexus/Audi etc.. and end up in a hotel! So "gone in the morning" is not really an issue.

In fact, in this situation, I think it would be quite welcome. lol

[ericssonboi]

G35 cause it has a sweet exhaust note

[Applelover]

Buy the g35 first, find a chick to fall for you (a rich one), then get her to pay off your G35 and get you a mint condo. Once you own those 2 assets, dump her and attract new ladies.

[Drew_W]

Buy the g35 first, find a chick to fall for you (a rich one), then get her to pay off your G35 and get you a mint condo. Once you own those 2 assets, dump her and attract new ladies.

I want to hit you upside the head with a metal pail. Can I please?

[l69norm]

If the condo's just an investment, why not Florida? The real estate market there has already crashed and the dollar is strong now. You could sell the Florida condo in a few years and buy two in Toronto after the market here has crashed. Buy low and sell high

[frogger]

If the condo's just an investment, why not Florida? The real estate market there has already crashed and the dollar is strong now. You could sell the Florida condo in a few years and buy two in Toronto after the market here has crashed. Buy low and sell high

Sure if you have enough to put down and can secure financing. Its not the same as buying a condo in Canada with a conventional mortgage.

[ghostryder]

If the condo's just an investment, why not Florida? The real estate market there has already crashed and the dollar is strong now. You could sell the Florida condo in a few years and buy two in Toronto after the market here has crashed. Buy low and sell high

Good luck with that. How much of your investment will you have left after the IRS & the state of Florida take 40% in capital gains taxes? And while you own the place you get to pay property taxes 3 times higher (or more) than a Florida resident, and do you know how much it costs to get home insurance in hurricane country? Assuming anyone will insure you that is.

[kenchau]

The way I see it, year after year, the current model brand new car is relatively similarly priced compared to the prior year. New condo project after new condo project, prices rise and rise.

On top of that, few years from now, you'll still be able to find a good quality used 350z or G35 for much less than what you would pay for a new one right now.

It is possible though, if you were buying into a new condo project, you know one that is not even going to be completed until 2010, etc. Then you can sign for the condo now and they'll usually have the structured deposit like 5% 30 days, 60 days, and 90 days, and then the remainder of the downpayment on occupancy (i.e. 2010). But instead you negotiate your downpayment structure and do maybe only 10% or even 5% (if possible) and the rest on occupancy.

Then you'll still have good chunk of money left over for car. *shrugz*

[Asad_A203]

Down payment on Condo for sure. If you need to ask about purchasing a G35/350Z (which will never increase in value) or purchasing an asset likely to increase in value over the years; Condo is a no brainer.

I am much younger than the average G35 Driver and I only bought my car because I enjoy it (and too young to consider moving out & partially not fully understanding of the situation); but from a financial perspective it would be a wiser decision to purchase a house or a condo and drive an average car. If you really want a G35; you can pick one up for 3 years for probably around 10k when they will be more common than Honda Civics :cheesygri. You can probably do that with the value your condo gained since the purchase.

[kev604]

I bet the guy who owns his own decent place driving a hyundai gets more chicks then the guy with the G35 renting a one bedroom basement suite somewhere or living with his parents! Girls want a guy who is financially going in the right direction, that would impress a chick more then a G35!

Think about it for a moment, 4 years from now you'll be 31 years old and still living with your parents. How is that G35 going to look to you 4 years from now.
Or else you could of bought a place made 4 years worth of payments on it and had a good chunk of your mortgage paid down not to mention how much the property would of increased in value in those 4 years.

7 years ago I was in a similar situation like OP. Through savings and investments I had $50K to play with. Without hesitation I bought my first place, a 2 bedroom condo using the $50K as 25% downpayment on the property. I sold it 3 years later and made $60K. I took $30K and bought a car outright with cash. Then I took my original equity of $50K plus the money I made from selling my place which was about $30K after I bought the car and used it as a 25% downpayment on a 3 bedroom townhouse that I'm living in now. After 3 years of ownership if I sell my townhouse today I would make atleast $100K on it.
Or else I could of bought a $50K car 7years ago which might be worth $15K now!

[enforcerviper]

I bet the guy who owns his own decent place driving a hyundai gets more chicks then the guy with the G35 renting a one bedroom basement suite somewhere or living with his parents! Girls want a guy who is financially going in the right direction, that would impress a chick more then a G35!

Think about it for a moment, 4 years from now you'll be 31 years old and still living with your parents. How is that G35 going to look to you 4 years from now.
Or else you could of bought a place made 4 years worth of payments on it and had a good chunk of your mortgage paid down not to mention how much the property would of increased in value in those 4 years.

7 years ago I was in a similar situation like OP. Through savings and investments I had $50K to play with. Without hesitation I bought my first place, a 2 bedroom condo using the $50K as 25% downpayment on the property. I sold it 3 years later and made $60K. I took $30K and bought a car outright with cash. Then I took my original equity of $50K plus the money I made from selling my place which was about $30K after I bought the car and used it as a 25% downpayment on a 3 bedroom townhouse that I'm living in now. After 3 years of ownership if I sell my townhouse today I would make atleast $100K on it.
Or else I could of bought a $50K car 7years ago which might be worth $15K now!


You live in Vancouver where the cost of housing has skyrocketed. Over here in the GTA it's not exactly the same. Yes prices of homes have risen, but townhomes have not gone up 100k in 3 years.

The market in Ontario right now has slowed according to the real estate agents I do business with. The news of Ontario becoming a "have not" province has scared people from making major purchases that would stress them more than their current financial situation.

[bubble.tea]

...Add the fact I'm not getting married and no steady girlfriend, and moving out doesn't seem attractive right now.
Easy fix. Divorce RFD :twisted:.





Jokes., I know you're much too much a devoted RFD mod to do something like that :lol:.

[untaka]

I dunno ...When you start getting older 26-27 etc you don't want to be living at home. Also that won't help with the ladies if your in your late 20s and living at home. Some suggestions are good here, don't blow ALL your savings your going to change your mentality in the next few years as you grow older so be prepared, you never know you might get the nice car and then a nice lady that wants to move out with you :)

[Emancipated]

Very enviable predicament. I hit 30 recently so it's definitely a house. There aren't many 25 year olds with a G35 or Z, but the same could be said about a nice condo. That all said, if you've seen the new G35 they look like Skylines.
Tough decision.

[DeimosBeros]

If I were in the OP's situation:

1. Buy the condo
2. Throw a small house party
3. Enjoy the independent life style and all associated perks!
4. Rent the damn car when you need your fix

Good luck!

[gherikill]

well since i have no expenses and live at home i could just buy the car and then afterwards save for a condo after. I guess I can have it both ways downpayment for condo + g35 if i save enough for both.

Living at home? That is soooo teenager.

[nalababe]

Given that the car you are looking at is a low level luxury car, why waste money here? Dream higher if you need to dream. Put the money towards a downpayment.

And depending on where you live prices for houses in Toronto have gone up dramatically...in 7 years we've gone from 300k to 600+k for a small semi (. The detached we could not aford at the time for 450k recently sold with only a few upgrades for above a million. You must consider market....in the City the market is still raging...maybe not so much in the 905.

[Rekognize]

buy the condo, a car is a depreciating investment on wheels.

[gherikill]

I bought the house at 25 (mortgage) and a car at 26 with cash (not a g35).

I don't even want a nice car now since I park on the street andf have gotten so many dings and scratches. I would be even more pissed if it was a luxury car.

My next vehicle will probably be a SUV or a comfortable car that is not flashy so that I don't spend my life pulling hairs out due to all the scratches and dings.

[gheart008]

It's much more impressive to tell someone you own your own property than to tell someone you own a nice car but still live at home with your parents.

Increase your net worth; get the property.

[veryhuman]

OP, do you have any RSP savings? Buy the car now, and save towards the $20k RSP for first home buyer's plan. Waste of a perk if you dont use it.

[mr_raider]

G35 cause it has a sweet exhaust note

My parent's house has a similar exhaust note, emanating from the furnace :(

[gheart008]

You live in Vancouver where the cost of housing has skyrocketed. Over here in the GTA it's not exactly the same. Yes prices of homes have risen, but townhomes have not gone up 100k in 3 years.

The market in Ontario right now has slowed according to the real estate agents I do business with. The news of Ontario becoming a "have not" province has scared people from making major purchases that would stress them more than their current financial situation.

Even so, in the short and long run a car is GUARANTEED to go down in value while any property has only a chance to go down in value in the short run and is GUARANTEED to go up in the long run.

The market may have slowed, but it's still going up, up and up. The instant you buy the car, it's going down, down, and down, and that's pretty much true anywhere.

[romsan04]

As someone mentioned here don’t buy depreciating asset.
Lease it.
Take the rest of the money and invest it.

[silvery]

Do what i did:

Spend half on a used G35/350Z ($20-25Gs) and the rest on Condo downpayment.

I had the G35 coupe then it got flooded in the storm of '06 and the insurance paid me enough to get the 350z....sweet ride, and chicks wont know the diff btwn new and used....

[gei]

I can't believe this is a serious question.

In fact I can't believe people are still buying cars at all in this day and age, but that's a whole different issue.

Anyway, get a condo, move downtown, and forget about autos. Those are for the poor suburbanites.

Leave high gas prices, traffic congestion, etc etc, far behind you.

[VivienM]

I can't believe this is a serious question.

In fact I can't believe people are still buying cars at all in this day and age, but that's a whole different issue.

Anyway, get a condo, move downtown, and forget about autos. Those are for the poor suburbanites.

Leave high gas prices, traffic congestion, etc etc, far behind you.

Last I checked, people still value FREEDOM and AUTONOMY. The "poor suburbanites" understand that, unlike the silly downtown urbanites who are slaves to public transit...

[L7frost]

Do what i did:

Spend half on a used G35/350Z ($20-25Gs) and the rest on Condo downpayment.

I had the G35 coupe then it got flooded in the storm of '06 and the insurance paid me enough to get the 350z....sweet ride, and chicks wont know the diff btwn new and used....


this is definitely what I would do, and in fact what I plan to do in a few years after I graduate. I've wanted an Sti since I was a teenager, and hopefully I'll be able to pick one up for around 22g used, and still have a bit of money to be able to put a downpayment on some property. I was surprised it took someone so long to recommend this.


another thing with sportscars like the 350z and rx-8 is that really, they have looked the same for quite a few model years, so if you can get a used one for around 20g, who's really going to be able to tell the difference between a 2008 350z and a 2003? Plus, I think the majority of the depreciation on the car will be done after 4 years, so if you decide to sell the car after another few years, you won't lose NEARLY as much as if you'd bought new and sold it several years later

[ricky13579]

one of my dreams before i hit 30 is to drive a g35 or 350z by the time i am 30. i am 25 right now but debating whether to use money for downpayment for condo or buy g35 or 350z.

what do u guys think? I ask my friends and they said if i put money for condo there will likely never be any money for g35 or 350z later so they said you should enjoy your 20's and buy the car of your dreams. I really don't want to be stuck driving a mazda 3 when i'm 30. that's so teenager! lol

opinions please.

Update: I live at home and currently drive my parents car.. no expenses

when i was a kid, my dream was to get a E30 BMW. When I actually have the ability to get a new BMW, I bought a used Honda and sticked with it, and got a house in the burb as well. I fancy driving a nice sports car from time to time.

But I don't regret at all. I find myself too practical. I am the kind that wants to build a solid financial foundation, debt free, and buy toys in the future (if i still want them). It's not about right or wrong, but what you like.

[cayuga2305]

I bet the guy who owns his own decent place driving a hyundai gets more chicks then the guy with the G35 renting a one bedroom basement suite somewhere or living with his parents! Girls want a guy who is financially going in the right direction, that would impress a chick more then a G35!

Think about it for a moment, 4 years from now you'll be 31 years old and still living with your parents. How is that G35 going to look to you 4 years from now.
Or else you could of bought a place made 4 years worth of payments on it and had a good chunk of your mortgage paid down not to mention how much the property would of increased in value in those 4 years.

7 years ago I was in a similar situation like OP. Through savings and investments I had $50K to play with. Without hesitation I bought my first place, a 2 bedroom condo using the $50K as 25% downpayment on the property. I sold it 3 years later and made $60K. I took $30K and bought a car outright with cash. Then I took my original equity of $50K plus the money I made from selling my place which was about $30K after I bought the car and used it as a 25% downpayment on a 3 bedroom townhouse that I'm living in now. After 3 years of ownership if I sell my townhouse today I would make atleast $100K on it.
Or else I could of bought a $50K car 7years ago which might be worth $15K now!

Mind if I ask you approximately how old you were when you bought the condo?

[gei]

Last I checked, people still value FREEDOM and AUTONOMY. The "poor suburbanites" understand that, unlike the silly downtown urbanites who are slaves to public transit...

I actually own a car too... in fact I was looking at a G35 myself (although ended up getting a 3 series). However when I bought it I ALREADY owned a condo. I would have been completely foolish to pick the car if it meant I couldn't afford the condo. Heck with the appreciation I've made I could buy a couple of g35's now.

Many of us downtowners also own cars. I'm hardly a slave to public transit... I very rarely take it as most things are a short walk away. However it's nice to have a choice... and I'd happily take the streetcar over my own car anyday. When's the last time you walked to your local grocery store to pick up a few things? Sounds like it's you who's the slave... to high gas prices and the inability to walk anywhere meaningful.

[VivienM]

I actually own a car too... in fact I was looking at a G35 myself (although ended up getting a 3 series). However when I bought it I ALREADY owned a condo. I would have been completely foolish to pick the car if it meant I couldn't afford the condo. Heck with the appreciation I've made I could buy a couple of g35's now.

Many of us downtowners also own cars. I'm hardly a slave to public transit... I very rarely take it as most things are a short walk away. However it's nice to have a choice... and I'd happily take the streetcar over my own car anyday. When's the last time you walked to your local grocery store to pick up a few things? Sounds like it's you who's the slave... to high gas prices and the inability to walk anywhere meaningful.

Given I don't HAVE a car and walk everywhere, I'm unsympathetic to your argument. :)

But this ought to change within the next month or so... (and yes, I probably should spend money on a condo instead of on a car myself, but I'm going to be moving twice in the next two years, so clearly it's not yet time to buy) and I'm not looking at anything as expensive as a G35, either.

[kev604]

Mind if I ask you approximately how old you were when you bought the condo?

I was 28.

Anybody who is in OP's shoes forget the car buy the condo, you'll be thanking yourself years down the road. Buy the car and you'll be kicking yourself in a few years.

[mitsui]

if u live at home and has no expense, then u might as well get the car
u only have to pay insurance and gas...and save the rest for condo

but if u buy the condo, u need to pay utilities, transportation, food, furiture and etc....thus u save less

[bubble.tea]

..... chicks wont know the diff btwn new and used....

:lol: :D :lol:

[NLI10D]

bought my first property, a rental, with a couple of friends. the house pretty much pays for itself and in a couple of years *crossing my fingers* a condo developer will knock on the door asking to buy the property. everyday i go on autotrader to drool at my avalanche, but soon I'll be able to buy something really nice, but most likely it'll be an avalanche :cheesygri i'm 27 btw. I still qualify as a first time home buyer when i buy a house i am going to live in using my RRSP as down payment. so i thought about it long and hard, a nice avalanche or a rental property that not only goes up in price, but a possibility that a developer might buy it (corner property on a major street with 2 of the co-owners owning the house right beside it). its really nice to own a house that pays for itself hehe

[romsan04]

I was 28.

Anybody who is in OP's shoes forget the car buy the condo, you'll be thanking yourself years down the road. Buy the car and you'll be kicking yourself in a few years.

Or lease the car, buy the condo and rent it.

[mr_raider]

Have you considered that your parents may say: "this kid is doing fine if he can buy a 40K car" and then they throw you out?

[gheart008]

With the way that housing prices are collapsing, there's a pretty good chance that you'll be ahead by purchasing the car instead of the house.

I have no idea where you're getting your info from:

http://www.canadian-housing-price-charts.235.ca/canadian_housing_price_chart.htm

Housing prices go up and down. In the long run, they always go up. Collapsing? Far from it.

Car prices go down and down. In the long run, they always go down.

Not sure how you could possibly think you could be ahead buying a car instead of a house.

if u live at home and has no expense, then u might as well get the car
u only have to pay insurance and gas...and save the rest for condo

but if u buy the condo, u need to pay utilities, transportation, food, furiture and etc....thus u save less

Yes, everyone should just stay at home forever and never move out. You'll save tons!

[ES_Revenge]

Have you considered that your parents may say: "this kid is doing fine if he can buy a 40K car" and then they throw you out?

hahaha, now that would be funny :lol:

[TheCheez]

Kinda unrelated to the OP but can anyone explain why Montreal is not only so cheap but remains fairly flat?

[mr_raider]

Kinda unrelated to the OP but can anyone explain why Montreal is not only so cheap but remains fairly flat?

Housing? Are you kidding? We had the same boom the rest of Canada did, but to a smaller degree. Property values, specially on the island skyrocketed over the past few years, and only now is it slowing down. I paid 320K last year for a Condo near downtown that's barely 1500sq ft.

Remember that prices started much lower here than Toronto and Vancouver. The average price of a single family home in Montreal is now close to 400K.

[kev604]

Just wondering out loud here. Rather then leasing a G35, why don't you finance a Civic/Corolla/Mazda3 etc. Your payments will probably be less and after 3 years of payments your going to own the damn car and after that you can drive the car for another 6 or 7 years payment free. Leasing the G35 after 3 years you got nothing. I guess for some people image is more important?

[TheCheez]

Housing? Are you kidding? We had the same boom the rest of Canada did, but to a smaller degree. Property values, specially on the island skyrocketed over the past few years, and only now is it slowing down. I paid 320K last year for a Condo near downtown that's barely 1500sq ft.

Remember that prices started much lower here than Toronto and Vancouver. The average price of a single family home in Montreal is now close to 400K.

Ah ok. I was asking based on the link provided by gheart008.

[Psubs]

Have you considered that your parents may say: "this kid is doing fine if he can buy a 40K car" and then they throw you out?

That's why I only bought a $22,000 car (taxes in).

http://www.aixinc.com/autos/99E430Side.jpg


Hmmmm, buy the condo. Maybe just rent the G35 for weekends to pick up chicks. No need for crazy insurance and gas to affect you with your family car during the week.

[VivienM]

Just wondering out loud here. Rather then leasing a G35, why don't you finance a Civic/Corolla/Mazda3 etc. Your payments will probably be less and after 3 years of payments your going to own the damn car and after that you can drive the car for another 6 or 7 years payment free. Leasing the G35 after 3 years you got nothing. I guess for some people image is more important?

Financing ANY car over 3 years is going to cost lots. You need to look at 4-5 year terms usually to get more reasonable payments...

... and more importantly, you're talking econoboxes here. There are a lot of options between a $40K+ (if bought in Canada) G35 and some appalling $19K econobox...

[boyoflondon]

if u live at home and has no expense, then u might as well get the car
u only have to pay insurance and gas...and save the rest for condo

but if u buy the condo, u need to pay utilities, transportation, food, furiture and etc....thus u save less

What an analysis!! Car salesmen love the people who think the way you do .....

I would personally dump the money into property. Fcuk a car thats only going to depreciate .....

[frogger]

I recall reading in the last few years that the average purchase price of a vehicle is ~40% of an individual's annual income. Seems high to me.

[mr_raider]

Ah ok. I was asking based on the link provided by gheart008.

Those numbers probably show the greater area including suburbs. On the island itself, avergae price was 350K I believe. Also, much of the run up in Montreal was before 2005. My mom sold her duplex in 1999 for 90K. Three years later it was sold for 225K.

[Drew_W]

In the end, the OP has to do what makes him happy. If you want a nice car to go cruising or travel or something else like that, then get the car, but realize that it'll probably take you a few years to recover the money, which means a few years more living with mommy and daddy. If you can deal with that, get the nice wheels.

[jedijome]

i was facing the same dilemma a few months ago. instead of buying a g35x or Lexus is250 i settled for a cheaper mid size car and took the money i saved and put it towards a down payment. i'm kinda glad i made that decision especially with the price of gas these days and i actually really do like the car i bought instead so all is well.

my situation might be slightly difference since i actually needed a new car for work adn my old one was just too loud and uncomfortable for the drive. if you don't need a car or only use it on weekend for leisure buy something second hand or rent. if you must have a g35 get it second hand.

[flito ray]

I recall reading in the last few years that the average purchase price of a vehicle is ~40% of an individual's annual income. Seems high to me.

40% of annual income is not unrealistic since cars are expensive but worth it.

Defnitely better than riding VIVA or Markham Transit i'll tell ya that much! hah

[Drew_W]

40% of annual income is not unrealistic since cars are expensive but worth it.

Defnitely better than riding VIVA or Markham Transit i'll tell ya that much! hah

You could do that in a Yaris. ;)

[JAC]

Do you need a small penis-mobile to get laid? Get the condo.

[rems]

i was in a similar situation about 2 years ago. I opted to get an RX8 instead of a condo. The way I see it, you might as well enjoy the car while you're young. Also, you can pay off a car faster than you can a condo/house. So I financed for 4 years and by the end of the 4 years, I'll have a down payment again for the house (and probably a bigger one too).

If you get the condo first then the car, you'll have condo AND car payments to make.

[ranny3]

man I have to jump in about the rx-8 point. I had bought a used one for 25K in 2006 ... in one year they were selling used for 17-18k. Nice car but I'm only glad I didn't buy it new for 30-40k!!!

Basically if you had bought new, in 2 years there was >20K depreciation not to mention that thing sucked gas like a Hummer. If you have to have a nice car (ie fast, german, etc) get it used - it doesn't make a difference really - the 'newness' factor doesn't last long especially during winter when it's full of salt and deep in snow :)

[rems]

man I have to jump in about the rx-8 point. I had bought a used one for 25K in 2006 ... in one year they were selling used for 17-18k. Nice car but I'm only glad I didn't buy it new for 30-40k!!!

Basically if you had bought new, in 2 years there was >20K depreciation not to mention that thing sucked gas like a Hummer. If you have to have a nice car (ie fast, german, etc) get it used - it doesn't make a difference really - the 'newness' factor doesn't last long especially during winter when it's full of salt and deep in snow :)

yea I thought about buying used but from what I've read, if the engine isn't taking care of properly, then it's more likely to fail. So I opted to buy a new one to ensure that it will last. But yeah I don't care much about the depreciation since I'm planning on keeping it. And as for the mileage, I average about 11-12L/100 kms...which is about what you would get with most SUVs out there.

[mjl_toronto]

I'd get a condo and a motorcycle (if that's your thing). You'll enjoy your 'youth' a lot more with the two than having just a car.

[BartBandy]

Wow. A thread full of people who would rather have a fast car than establish some equity.

[rems]

Wow. A thread full of people who would rather have a fast car than establish some equity.

sometimes you just have to enjoy life. If you're living at home rent free, why not take advantage of that and defer your home buying a few years? Especially when there will be an abundance of condos in the upcoming years...

[dealguy2]

Both will depreciate, I'd say the car is safest given the market conditions.

[BartBandy]

sometimes you just have to enjoy life. If you're living at home rent free, why not take advantage of that and defer your home buying a few years? Especially when there will be an abundance of condos in the upcoming years...

Did you really ask why not?

1. Because you can still buy a fun (if slower) car, and establish some equity at the same time, and it more fun to drive a slow car fast than a fast car slow.
2. Because on a car like a G35, you're looking at losing >$5K per year to depreciation.
3. Because your 30-year-old self may come to loathe your 25-year-old self.
4. Because you're not 20 anymore.
5. Because when guys reach 25 and they start making some real money, pissing it away on a brand new sports car has historically been a really, really dumb decision.
6. Because while the 350Z may help get you the girl, the interior is not suited to "stretching out" with her. Neither is your parent's house.

I could go on, but I'm out of time.

[BartBandy]

Both will depreciate, I'd say the car is safest given the market conditions.

Lemme guess: People don't ask you about the market much, do they?

[KawaiiTentacleBeast]

establish some equity

You'll help your argument if you stop using that word incorrectly. The only person "establishing equity"in a real estate transaction is the Realtor.

[gheart008]

sometimes you just have to enjoy life. If you're living at home rent free, why not take advantage of that and defer your home buying a few years? Especially when there will be an abundance of condos in the upcoming years...

you have no idea what the definition of enjoying life is if you're still living at home with your parents...

[rems]

Did you really ask why not?

1. Because you can still buy a fun (if slower) car, and establish some equity at the same time, and it more fun to drive a slow car fast than a fast car slow.
2. Because on a car like a G35, you're looking at losing >$5K per year to depreciation.
3. Because your 30-year-old self may come to loathe your 25-year-old self.
4. Because you're not 20 anymore.
5. Because when guys reach 25 and they start making some real money, pissing it away on a brand new sports car has historically been a really, really dumb decision.
6. Because while the 350Z may help get you the girl, the interior is not suited to "stretching out" with her. Neither is your parent's house.

I could go on, but I'm out of time.

Why do you guys keep mentioning depreciation if you're gonna keep the car. Cars nowadays are built to last. If you're buying a car for investment purposes, then you're obviously an idiot.

When most people buy a house, it's for the purpose of LIVING IN IT. Not to make money off it. Of course a property will most likely go up in value whereas a car will for sure go down.

But that's not the point I'm trying to get at here. If you're already living at a nice home, then why not go for the luxury/sports car. And if you're having trouble getting a girl in the first place, no sports car will help you in that department...unless you want to attract gold diggers.

You talk about all these financial pros for buying a house and I agree with every single one of them. But again sometimes you just have to enjoy yourself and get some of those "wants" that you have. You can't take that equity with you to the grave...well maybe you can...just put it in your will. And if one of your "wants" is to bring home as many girls as you can, then opt for the condo/house.

Say you have $25K to put down on the condo. But opted to instead purchase the car for that amount. If you're making even $45K a year and live at home with no expenses, how long do you think it'll take you to save that $25K again? As opposed to getting a the house with a mortgage and saving $25K again to purchase the car? Unless of course you want to be making both car and house payments, groceries, property tax, insurance, utilities, etc...

[rems]

you have no idea what the definition of enjoying life is if you're still living at home with your parents...

Please do share...

I don't get why Western society frowns upon living with parents so much. There are so many benefits to it.

[kev604]

Both will depreciate, I'd say the car is safest given the market conditions.

I really hope for your own sake that you were being sarcastic.

[UrbanPoet]

Please do share...

I don't get why Western society frowns upon living with parents so much. There are so many benefits to it.

theres only so much living off your parents that you can do.
I understand 5 years after graduation or something, but anymore then that isnt cool.... Unless you have some sort of family obligation eg. taking care of parents that cant work, or are underemployed, etc..

[VivienM]

If you're already living at a nice home, then why not go for the luxury/sports car.

Because it's not HIS home? and past a certain age... living with parents is just kinda sad...

[flito ray]

Because it's not HIS home? and past a certain age... living with parents is just kinda sad...

how is it sad? I'll move out when I get married like most other ppl.

[rems]

theres only so much living off your parents that you can do.
I understand 5 years after graduation or something, but anymore then that isnt cool.... Unless you have some sort of family obligation eg. taking care of parents that cant work, or are underemployed, etc..

true...If you're just starting out then why not use them as a crutch. I believe this is the OP's current position. The way I see it, he can purchase the car now and be able to save for a down payment after those 5 years. Even after 3 years he can save enough. To me, to buy a house, I'd like a bit of job security first. After 3 years, I think you know whether you have that or not and can take the leap into purchasing a home.

[flito ray]

I don't get why Western society frowns upon living with parents so much. There are so many benefits to it.

+2

[rems]

how is it sad? I'll move out when I get married like most other ppl.

well if you're making 80K a year you shouldn't be living at home...single or not :-P

[flito ray]

well if you're making 80K a year you shouldn't be living at home...single or not :-P

who said i make 80

[rems]

who said i make 80

no im just saying...being married shouldn't be the deciding factor on when you move out.

[VivienM]

how is it sad? I'll move out when I get married like most other ppl.

"like most other ppl"?!?

[BartBandy]

"like most other ppl"?!?

Like his brothers - Wally and the Beav.

[gherikill]

I moved out of my Parents house when I was 19. There is something to be said about personal freedom.

If by most people - you mean 1st generation immigrants than sure a lot of people stay with there families until they get married. It is definitely not the norm in North American society.

Your twenties are probably one of the best times are your life where you get to explore and experiment with things with little repercussions. It is a lot harder to be yourself when your parents are in the next room seeing everything you do.

[gizmo8]

+2
+3

[gheart008]

What's interesting to find out is for all the people praising that living at home with your parents is the way to go, I'm wondering what your age is....

[dealguy2]

I really hope for your own sake that you were being sarcastic.

Not at all. Buying real estate right now would be a tragic financial move.

[romsan04]

I moved out of my Parents house when I was 19. There is something to be said about personal freedom.

If by most people - you mean 1st generation immigrants than sure a lot of people stay with there families until they get married. It is definitely not the norm in North American society.

Your twenties are probably one of the best times are your life where you get to explore and experiment with things with little repercussions. It is a lot harder to be yourself when your parents are in the next room seeing everything you do.

What a bunch of bs, if your parents are dictators and forced you to move out when you were 19, that doesn’t mean that all parents like that.

I had no limitation in personal freedom when I was 19 and living with parents.
Yes I didn’t throw orgy parties when my parents are sleeping upstairs, nor I smoked weed in my room, or party 24/7 while my parents are at home. What else did I miss?? What else I forgot to experiment with??

I was only home when sleeping or eating, I had no curfew or other stupid rules, the only thing I did, if I was going away I would tell my parents that I will be away for a week camping or hiking.

I enjoyed my life more when I was 19 living with my parents. I didn’t have to worry about bills, rent, didn’t have to work my ass off to pay for everything. Instead I was studying, working part time, hanging out with my friends, experimenting with new things……

Now please share with us how great was your time living by yourself.

[gherikill]

Parents didn't force me out. I moved away for school - could have moved back for the summers but chose not to.

I think that having to pay bills helps build character and responsibility.

Things you miss by living with parents:

-Bring any girl home without having to introduce her to the parents or be embarrassed because you were intoxicated when you met the girl.

-Freedom to make mistakes and the ability to learn from my mistakes (Drinking every night, smoking, being extremely lazy, eat whatever I want, learn to cook, have people over whenever I want)


Now I know you are going to say I can do all those things at my parents house and you are right. But the ability to do things without their knowledge is empowering and in the basic principle of having a private life.

Take your average 24 year old who has been living by themselves for 5 years and compare them to one who has been living with their parents. Who do you think would have had more life experiences? Who would you rather have a conversation with?

When I was a t Uni all of the people who commuted and lived with their parents were extremely boring and reserved - Just my observation.

[VivienM]

Not at all. Buying real estate right now would be a tragic financial move.

If you're buying it as an investment, sure, it's perhaps not the best time.

But if you're buying to live in for >5 years?

[rems]

Parents didn't force me out. I moved away for school - could have moved back for the summers but chose not to.

I think that having to pay bills helps build character and responsibility.

Things you miss by living with parents:

-Bring any girl home without having to introduce her to the parents or be embarrassed because you were intoxicated when you met the girl.

-Freedom to make mistakes and the ability to learn from my mistakes (Drinking every night, smoking, being extremely lazy, eat whatever I want, learn to cook, have people over whenever I want)


Now I know you are going to say I can do all those things at my parents house and you are right. But the ability to do things without their knowledge is empowering and in the basic principle of having a private life.

Take your average 24 year old who has been living by themselves for 5 years and compare them to one who has been living with their parents. Who do you think would have had more life experiences? Who would you rather have a conversation with?

When I was a t Uni all of the people who commuted and lived with their parents were extremely boring and reserved - Just my observation.


I've done the whole living by yourself after I moved away for a job. I cooked, cleaned, paid bills, etc... all by myself. Then, I moved back after finding another job and I can say that there isn't much difference in the whole "enjoying your life" experience. Basically I traded away some privacy for financial relief. Not to mention better cooking :-P

[smartidiot]

Parents didn't force me out. I moved away for school - could have moved back for the summers but chose not to.

I think that having to pay bills helps build character and responsibility.

Things you miss by living with parents:

-Bring any girl home without having to introduce her to the parents or be embarrassed because you were intoxicated when you met the girl.

-Freedom to make mistakes and the ability to learn from my mistakes (Drinking every night, smoking, being extremely lazy, eat whatever I want, learn to cook, have people over whenever I want)


Now I know you are going to say I can do all those things at my parents house and you are right. But the ability to do things without their knowledge is empowering and in the basic principle of having a private life.

Take your average 24 year old who has been living by themselves for 5 years and compare them to one who has been living with their parents. Who do you think would have had more life experiences? Who would you rather have a conversation with?

When I was a t Uni all of the people who commuted and lived with their parents were extremely boring and reserved - Just my observation.

i am sure you had all kind of fun by moving out and lived alone sinec you are 19,

but one question here though, assuming that your rents and payments all come from your own pocket since day 1 you moved out, may i know how much money left do you have in your account by the age of 26?


to the OP, i am 26 years old right now and i bought my G35 Coupe when i was 25.. ( so yes, i was in the exact situation like you a year ago).

i have been living with my parents since i graduated 2 years ago.. and yes, there are many downsides here such as the freedom to bring girls home and stuff. However, i have already bought two cars in my life (a Civic coupe LX before my G35) and i spend on average $1200/month jsut on chilling and haning out with my friends and i still have **** loads of money in my account that i can afford to go travelling once a year....

i am planning to clear my car loan in exactly 20months and by the time, i will own a nice G35 and i will have a fat down payment for a nice condo.


and i know.. if i had chosen to move out and lived alone right after i got out of unviersity, not only weren't i able to afford a G35, i prolly have to spend like a 3rd world country illegal immigrant given taht an average bachelor in downtown toronto can run up to $1500/month.

[M-e-X-x]

i miss the home-cooked meals, but i do enjoy the freedom living w/o parents around... i live with my older brother and pay rent...

24 y/o btw

[KawaiiTentacleBeast]

I'm glad that I have an awesome pornstar moustache and am hung like a horse, so I don't need to agonize over a crappy car or crappy condo.

The part about the 'stache is true, too.

[mr_raider]

I'm glad that I have an awesome pornstar moustache and am hung like a horse, so I don't need to agonize over a crappy car or crappy condo.

The part about the 'stache is true, too.

A mullet with that?

[15-20_God]

A mullet with that?

no, that's me.

[dealguy2]

If you're buying it as an investment, sure, it's perhaps not the best time.

But if you're buying to live in for >5 years?

Either way why not wait for prices to fall? We're talking about A LOT of money here and a HUGE commitment. Think at least 25 years if not 40 which seems to be becoming the standard.

If it's not a good time to invest (because you'll lose money) then why buy at all? Why not rent from someone who's losing money on the deal instead?

[gherikill]

i am sure you had all kind of fun by moving out and lived alone sinec you are 19,

but one question here though, assuming that your rents and payments all come from your own pocket since day 1 you moved out, may i know how much money left do you have in your account by the age of 26?

I think that living with your parents to save money is like saving too much money for retirement.

When you retire you will have a ton of money, but you won't be able to enjoy it because you are too old.

I also have friends that live at home like yourself with a huge disposable income. When they moved out they came crying back to their parents after a few months because they could not live the same lifestyle while paying real bills.

In order to have a disposable income like yourself while living on your own - you would have to be making 150K/yr.


I bought a house and car by the time I was 26, it can be done with out living with your parents.

[zydus]

However, i have already bought two cars in my life (a Civic coupe LX before my G35) and i spend on average $1200/month jsut on chilling and haning out with my friends and i still have **** loads of money in my account that i can afford to go travelling once a year....

and i know.. if i had chosen to move out and lived alone right after i got out of unviersity, not only weren't i able to afford a G35, i prolly have to spend like a 3rd world country illegal immigrant given taht an average bachelor in downtown toronto can run up to $1500/month.



$1200/month on chilling and hanging out? I dunno but in my book that doesn't sound like a very responsible thing to do.

Personally, I think moving out is all about realizing all the expenses your parents take care of and you take for granted. Paying bills on time, doing chores around the house, laundry, cooking etc are all things everyone does whether you live with your parents or not.

But when you live on your own you become more responsible. The main thing I feel, is some people like me feel like we have achieved something by being able to live on our own and pay for ALL of our expenses (rent,food,car etc). You get a sense of acomplishment.

PS. I am 23 and I live on my own and I am of South Asian heritage and I don't live like a 3rd world illegal immigrant.

[smartidiot]

I think that living with your parents to save money is like saving too much money for retirement.

When you retire you will have a ton of money, but you won't be able to enjoy it because you are too old.

I also have friends that live at home like yourself with a huge disposable income. When they moved out they came crying back to their parents after a few months because they could not live the same lifestyle while paying real bills.

In order to have a disposable income like yourself while living on your own - you would have to be making 150K/yr.


I bought a house and car by the time I was 26, it can be done with out living with your parents.

if you "bought" the house rather than "renting" it at age of 26, then pardon me for my prevoius comments. that was meant for people who intended to rent a condo and live on their own just so that they can bang girls whenever they want..

you did the right thing and i gotta give you some props here..you eithier make tons of money or you are a huge saver

however, all i am saying is that i don't see any points when people spending thousands of dollars on renting it and by the end of the day you still don't own anything..

where in my case, yes i admit that there are times that i told myself i should've moved out and lived on my own .. my parents are just so annoying and i have absolutely no freedom.. nonetheless, i see that renting a condo jsut for the sake of partying and chiling is more irresponsible than buying a nice luxur car while putting 30% of your income into your saving.


and hopefully after 2 years, i'd be able to come up with a downpayment enough to buy a nice 300K condo in downtown Toronto..

just my 2 cents.

[smartidiot]

$1200/month on chilling and hanging out? I dunno but in my book that doesn't sound like a very responsible thing to do.

Personally, I think moving out is all about realizing all the expenses your parents take care of and you take for granted. Paying bills on time, doing chores around the house, laundry, cooking etc are all things everyone does whether you live with your parents or not.

But when you live on your own you become more responsible. The main thing I feel, is some people like me feel like we have achieved something by being able to live on our own and pay for ALL of our expenses (rent,food,car etc). You get a sense of acomplishment.

PS. I am 23 and I live on my own and I am of South Asian heritage and I don't live like a 3rd world illegal immigrant.

how much you spend on entertainment per month all depends on your annual income..

if a person spends 1000/month when he is only making 1500/month then obviously he is an idiot.

i have managed to save 35% of my income (after tax) to securities and mutual funds and the rest goes to my life expense (my G35 and entertainment).. (of course by doing this i'd make sure that i have 0 debt and not owing any credit card payment).

while i could've survied with spending only $500/month, i see spending money on things as sort of "compensation" for sacrifying my freedom and personal space by living alone.

just keep in mind that when you live on your own,not only you ahve to pay for the rent (or the mortgage) but you also have to pay for your food/water/hydo and every single bill that you can think of.

as stated earlier, if you buy the condo then it'd be considered an investment (capilization) rather than expense and i'd say that's the right thign to do..
however, if you are just renting the condo (meaning that you are simplly giving away those money for nothing in return), then in my eyes that's mroe irresponsible than staying home while go balling once a month.

[romsan04]

Parents didn't force me out. I moved away for school - could have moved back for the summers but chose not to.

I think that having to pay bills helps build character and responsibility.

Things you miss by living with parents:

-Bring any girl home without having to introduce her to the parents or be embarrassed because you were intoxicated when you met the girl.

-Freedom to make mistakes and the ability to learn from my mistakes (Drinking every night, smoking, being extremely lazy, eat whatever I want, learn to cook, have people over whenever I want)


Now I know you are going to say I can do all those things at my parents house and you are right. But the ability to do things without their knowledge is empowering and in the basic principle of having a private life.

Take your average 24 year old who has been living by themselves for 5 years and compare them to one who has been living with their parents. Who do you think would have had more life experiences? Who would you rather have a conversation with?

When I was a t Uni all of the people who commuted and lived with their parents were extremely boring and reserved - Just my observation.

Where did you get money from to pay for your bills?

[Jaytee]

HEY, Im early 30s and drive a Mazda 3. :D :!:

I was in your same situation a little less then 10 years ago. I ended getting a Mercedes C coupe when it first came out. When I was early/mid twenties. I was living at home still so I was able to bank alot of money even with the car. I then bought a downtown condo in my late twenties.

If I was in your situation now, I would buy a used G35 (they are not that expensive now that the G37s are out) and try to bank as much as you can living at home for a big down payment so our monthly mortgage payments are reasonable. The condo market is over valued IMO and I think will slowly come down.

Also if you buy a downtown condo and work downtown, you wont want the G35 as much because it will feel like a waste just driving it on the weekend.

Anyway, let us know what you decide.

I really don't want to be stuck driving a mazda 3 when i'm 30. that's so teenager! lol

Update: I live at home and currently drive my parents car.. no expenses

[Jaytee]

Just a note with renting vs buying a condo.

Keep in mind that half the money you pay for your mortgage is going towards interest. If you can find a good deal on a rental it might work out better then paying mortgage interest, maintenance fees, utilities, etc if you do not expect the property to appreciate. If the market crashes (I dont expect it to) then I think you would prefer to be renting then to have bought just before the crash.

[gherikill]

Where did you get money from to pay for your bills?

I worked about 25-30 hrs a week during Uni.

[cheapmeister]

buy the condo. Forget the car, drive a beater and take the bus. A roof over your head is more important than driving in style. Nice cars are all a marketing ploy! (all cars burn gas and then they rust!).

[phomp]

what is more imporantant to you?

Looking cool, trying to show off with a cool car?

Or becoming a man and moving out of your parents home. Who wants to be 30 and living at home so they can drive a cool car to show off?

[M-e-X-x]

what is more imporantant to you?

Looking cool, trying to show off with a cool car?

Or becoming a man and moving out of your parents home. Who wants to be 30 and living at home so they can drive a cool car to show off?

thank you!

i usually tell that to my buddies, but say 35 instead of 30 haha... considering housing prices and the cars they're looking at, 35 isn't a stretch :lol:

[Qube]

Depends on your situation.

If I was starting out, I'd rather come home to a nice 900 sq ft loft with home theatre, than drive home in luxury to a relative dump.

Home first!

[mr_raider]

Depends on your situation.

If I was starting out, I'd rather come home to a nice 900 sq ft loft with home theatre, than drive home in luxury to a relative dump.

Home first!

A 900sq ft. loft isn't a dump? How much are you willing to pay for an oversized living room.

[VivienM]

A 900sq ft. loft isn't a dump? How much are you willing to pay for an oversized living room.

In Toronto there are plenty of "one bedroom" condos being built that are under 600 sq. ft.

Compared to THAT, 900 sq. ft. is luxurious.

[Drew_W]

In Toronto there are plenty of "one bedroom" condos being built that are under 600 sq. ft.

Compared to THAT, 900 sq. ft. is luxurious.

600 sq ft = closet

900 sq ft = larger closet

[VivienM]

600 sq ft = closet

900 sq ft = larger closet

Agreed. BUT to get more than 900 sq. ft. at an affordable price (especially if you're single), you have to go very, very, very far away from downtown...

[mr_raider]

If housing is that expensive in Toronto, I dare say the OP will get more enjoyment out of a 350z than a 600 sq ft condo, since larger 1000+ units may be out of his price range.

I also question the "investment value" of these paper thin built in a week condos that are sprouting up like mushrooms everywhere. I doubt they will hold their value that well over 5 or 10 years.

[crashcourse]

buy the car and enjoy it now, who's to say you won't have more money in the future for other things?

[flito ray]

buy the car and enjoy it now, who's to say you won't have more money in the future for other things?

i know wiht the condo prices crashing hard who wants to invest in real estate? i'd rather have fun with the car and just live with parents til i get married

[Drew_W]

i know wiht the condo prices crashing hard who wants to invest in real estate? i'd rather have fun with the car and just live with parents til i get married

Your expenses living on your own will be much much higher than living at home with parents and a car. FWIW, I'd lease the car here. MSDs can drop the rate on the G35 down to 1.7% on a lease. Works out better than financing if u buyout at the end of the lease, plus you can keep your cash in the bank earning interest (though not alot right now).

[beerbaron105]

i know wiht the condo prices crashing hard who wants to invest in real estate? i'd rather have fun with the car and just live with parents til i get married

most people aspire to be more successful, independant, and shun the complacent thinking, "ill just live with my parents until i get married or turn 38 whatever comes first"

[gherikill]

Why do you have to buy a condo?

Condos are ridiculously overpriced and the maintenance fees will kill you. For the 200-600 you are paying in maintenance fees you can afford another 150k on a mortgage.

[Drew_W]

Why do you have to buy a condo?

Condos are ridiculously overpriced and the maintenance fees will kill you. For the 200-600 you are paying in maintenance fees you can afford another 150k on a mortgage.

Someone should have brought this up earlier. I totally agree. It's like buying a place, maybe paying a mortgage to do so, and then also effectively paying rent to on a part of the building where your (bought) condo is located in the form of maintenance fees.

You can get some good housing in Toronto for the price of a smaller condo. It won't be in the downtown core, but at least you'll have your own place to go extreme makeover on and totally make your own.

[ml_luv]

It's funny to see this post because i went through this with my boyfriend about 4 months ago. He has a G35 that he bought November '06 and this past November he had his heart set on trading in his car and getting the G37, so we went around looking for the car but i had been thinking about buying property for while at that time. Of course i finally convince him that he should use his money for a house instead and low and behold i convinced him that it was a much better investment and we bought our house that month. Also, being 21 and his 23 let me tell you that the feeling of having your own home at this age beats having a nice car any day.

[rems]

It's funny to see this post because i went through this with my boyfriend about 4 months ago. He has a G35 that he bought November '06 and this past November he had his heart set on trading in his car and getting the G37, so we went around looking for the car but i had been thinking about buying property for while at that time. Of course i finally convince him that he should use his money for a house instead and low and behold i convinced him that it was a much better investment and we bought our house that month. Also, being 21 and his 23 let me tell you that the feeling of having your own home at this age beats having a nice car any day.

Well he already has a G35. I think everyone here will tell you (even those who say to get the car) that trading it in for the G37 would be a bad move. The OP has neither. If he had a G35 and asked if he should trade it in for the newer model or get the house, there would be no debate.

[ml_luv]

Well he already has a G35. I think everyone here will tell you (even those who say to get the car) that trading it in for the G37 would be a bad move. The OP has neither. If he had a G35 and asked if he should trade it in for the newer model or get the house, there would be no debate.

Yes understandble,
I have a saturn, i could have gotten my dream car which was the G35 or a BMW a few months ago but i decided on getting the house instead which i am quite happy with that move. I still want the nice new dream car and i will still get it because i'm very very money driven to the point where i'm working a full time job, part time and i have my own home business doing freelance make up and esthetics and it's odd but i love working and i love keeping this busy and thats why I will get my car.

[romsan04]

It's funny how people look at 20 years ago and saying that condo and condo investment is not a good one. Also why would market crash if around 200,000 new immigrants settle down in Ontario every year?? Do you see empty condos or abandoned condos??? Where all these people going to live?? In Barie or Pickering????

It was true 30 years ago Toronto had a lot of land to build houses and they were affordable at the time. Nowadays houses is way out of the reach for the first time buyer, it's either townhouse or condo. Just look at 2000sq.feet townhouses on Finch and Yonge, they go for almost $600,000, and how this is affordable I don’t know.

Today Toronto is not just a city it’s Megapolis, and to accommodate the amount of people who wants to live in it you need condos. Look at New York, 2-3 Bedroom apartments could easily cost you 600-700K, and guess what that whole sub-prime market bubble didn’t affect New York, it is still expensive as hell.

Just today I heard on the radio, that young families want to move back from suburbs to Toronto, because of increased fuel prices and commuting time.

Condo market can crush only if supply would be much bigger than demand, and even then the price could drop 10%-15% which is a lot for investors and not such a big problem for people who is going to live in them for 25 years. At the end they will appreciate anyway.

As for maintenance houses are not maintenance free either. I did some calculations, and at the end condos maintenance fee are higher then for house but not by much, may be $200-$300 a month. The amenities could worth much more than that. For example I run air conditioner 24/7 in the summer and it’s like in the freezer when outside is +40, just try to do that in the house, your bill will be huge. Same thing in the winter, it’s like in the oven and I don’t have to think how much my next bill would be. No snow shoveling or grass cutting is nice too, plus nice swimming pool is not bad either.

Investment is always a risk, there are no 100% guarantee investment solutions. Yes buying a condo as investment could be a risk in today hot market, but it can as well just go up, because of demand are still high.

Good luck,

[gheart008]

i am sure you had all kind of fun by moving out and lived alone sinec you are 19,

but one question here though, assuming that your rents and payments all come from your own pocket since day 1 you moved out, may i know how much money left do you have in your account by the age of 26?


to the OP, i am 26 years old right now and i bought my G35 Coupe when i was 25.. ( so yes, i was in the exact situation like you a year ago).

i have been living with my parents since i graduated 2 years ago.. and yes, there are many downsides here such as the freedom to bring girls home and stuff. However, i have already bought two cars in my life (a Civic coupe LX before my G35) and i spend on average $1200/month jsut on chilling and haning out with my friends and i still have **** loads of money in my account that i can afford to go travelling once a year....

i am planning to clear my car loan in exactly 20months and by the time, i will own a nice G35 and i will have a fat down payment for a nice condo.


and i know.. if i had chosen to move out and lived alone right after i got out of unviersity, not only weren't i able to afford a G35, i prolly have to spend like a 3rd world country illegal immigrant given taht an average bachelor in downtown toronto can run up to $1500/month.

And the point we're trying to make is if you didn't buy the G35, you would have an even fatter chunk of cash for your down payment, and would be that much closer to actually increasing your net worth sooner. Your car is worth nothing in terms of net worth.

[Drew_W]

And the point we're trying to make is if you didn't buy the G35, you would have an even fatter chunk of cash for your down payment, and would be that much closer to actually increasing your net worth sooner. Your car is worth nothing in terms of net worth.

So what? Who said that all there is to be gained here is net worth? If a nice car gives you what you want, go for that. A condo is going to sink your net worth with maintenance fees every single month. Unless you can somehow sell that condo for a profit more than your total maintenance fee payments, you're going to lose money on the condo as well. Plus, there's alot of interest to be paid on a mortgage.

[gherikill]

Condo maintenance costs are mandatory, house maintenance is not.

I can defer doing repairs on my house or crank the heat if I feel like it - it is about freedom of choice.

[gheart008]

So what? Who said that all there is to be gained here is net worth? If a nice car gives you what you want, go for that. A condo is going to sink your net worth with maintenance fees every single month. Unless you can somehow sell that condo for a profit more than your total maintenance fee payments, you're going to lose money on the condo as well. Plus, there's alot of interest to be paid on a mortgage.

lol, oh gosh...

[romsan04]

Condo maintenance costs are mandatory, house maintenance is not.

I can defer doing repairs on my house or crank the heat if I feel like it - it is about freedom of choice.

Well it's only partially true. If you wire something wrong and set your house on fire the insurance will not cover it and you will be stuck with your mortgage for the rest of your life. You can do only something small, if it touches the structure of the house you better hire someone professional with the license.

Hydro, gas and water are mandatory for everyone, yes you have a choice to freeze your a$$ in the winter and boil it in the summer, I know couple of ppl who do that, but I like to live comfortably and set my temperature to whatever I want and not think about my next bill.

I don't bash houses, it is not anymore about the houses, there is another choice today that is the condo, and it’s not the worst choice it just different.

[Drew_W]

lol, oh gosh...

I'm just saying for the sake of argument....there isn't an automatic answer here.

[romsan04]

So what? Who said that all there is to be gained here is net worth? If a nice car gives you what you want, go for that. A condo is going to sink your net worth with maintenance fees every single month. Unless you can somehow sell that condo for a profit more than your total maintenance fee payments, you're going to lose money on the condo as well. Plus, there's alot of interest to be paid on a mortgage.

LOL, so you are saying that the people who buy condo for investment loosing money??? Wow I didnt know that there are so many stupid people doing it.

I also didn’t know that buying your dream car could be your best decision in your life :lol: :lol:

So far the people I know who bought condo the only appreciated in 5 years enough that you can cover your interest + maintenance without any problem.

[gheart008]

LOL, so you are saying that the people who buy condo for investment loosing money??? Wow I didnt know that there are so many stupid people doing it.

I also didn’t know that buying your dream car could be your best decision in your life :lol: :lol:

So far the people I know who bought condo the only appreciated in 5 years enough that you can cover your interest + maintenance without any problem.

Don't bother, I don't think most of these people's young minds are mature enough to understand financial stability.

[frogger]

Why do you have to buy a condo?

Condos are ridiculously overpriced and the maintenance fees will kill you. For the 200-600 you are paying in maintenance fees you can afford another 150k on a mortgage.

And houses are not overpriced? They don't have higher insurance and tax costs than condos adding up to $200 a month?

Sure you could go without electricity, water, heat in the house to not pay equivalent to "maintenance" fees but the rest of us live in reality.

[VivienM]

Sure you could go without electricity, water, heat in the house to not pay equivalent to "maintenance" fees but the rest of us live in reality.

I hate to state the obvious, but condo maintenance fees typically do NOT include electricity, at least.

[pitz]

LOL, so you are saying that the people who buy condo for investment loosing money??? Wow I didnt know that there are so many stupid people doing it.


I have a friend who lost $70k on an Edmonton condo he bought for $270k and could only sell for $200k.

You could almost buy 2 nice cars for that kind of money.

[mr_raider]

So far the people I know who bought condo the only appreciated in 5 years enough that you can cover your interest + maintenance without any problem.

Previous experience over 5 years is not indicative of future performance. I'm not knocking condos, I own one, and a damn expensive one too. I'm just saying that they may not be the best long term investment. Historically, housing rises approximately at the rate of inflation, and I'm guessing condos will do no better.

This comes back to the OPs question: should I buy a car or use the money for a condo downpayment? So the choice is between a 40K car, and a 40K downpayment on a 200K condo. From what I hear, 200K is going to buy you a paper and glue 600sq ft rathole in Toronto. As such, I don't think "buy the condo" is necessarily the best answer.

If the question was: what should I do to most increase my net worth with 40K, buy a car or a condo? The answer is neither, put it in equity based investments and hold it for 20 years.

[gherikill]

I hate to state the obvious, but condo maintenance fees typically do NOT include electricity, at least.

And if they do, You will be paying maintenance costs in the range of 600-1200/month.


I like the freedom to choose what I pay for on a monthly basis.

I don't want to pay for all of the above(elevator maintenance, common room, pool, weight room, condo board and some clown at the front desk intimidating all of my guests)

If I got a separate gym/pool membership and all of the amenities that I actually use, I can assure you it will be cheaper than the monthly maintenance cost.

[mr_raider]

WTF is up with condo fees in the GTA? 600-1200? I pay 250$ for 1400 sq ft unit. Granted I have no weight room and pool or security guard, all I need is the snow shovelled before 8AM. You guys need to hire illegal Mexican labor to do your maintenance work :cheesygri

[romsan04]

And if they do, You will be paying maintenance costs in the range of 600-1200/month.


I like the freedom to choose what I pay for on a monthly basis.

I don't want to pay for all of the above(elevator maintenance, common room, pool, weight room, condo board and some clown at the front desk intimidating all of my guests)

If I got a separate gym/pool membership and all of the amenities that I actually use, I can assure you it will be cheaper than the monthly maintenance cost.

Just out of curiosity how much is your total bill including TV and gym membership?

[gherikill]

Just out of curiosity how much is your total bill including TV and gym membership?

Quickly estimating...

Gym Membership = $20 (Used to be $60 but threatened to cancel)
Elec= $70 (Includes AC in Summer)
TV= 0$ - I use rabbit ears and am downtown so I get about 20 chanells
Water = $15
Inet = $45
Heat = $100 (Will be higher next winter if energy prices keep going up)

Total = 250/mnth

[romsan04]

Quickly estimating...

Gym Membership = $20 (Used to be $60 but threatened to cancel)
Elec= $70 (Includes AC in Summer)
TV= 0$ - I use rabbit ears and am downtown so I get about 20 chanells
Water = $15
Inet = $45
Heat = $100 (Will be higher next winter if energy prices keep going up)

Total = 250/mnth

Thats cheap, now I just have to find my dream house for $600K and save an extra $200 on maintenance (and pay $1,500 more in interest) :cheesygri :cheesygri

[romsan04]

I have a friend who lost $70k on an Edmonton condo he bought for $270k and could only sell for $200k.

You could almost buy 2 nice cars for that kind of money.

$hit happens. I know a lot of people who lost a lot in stock market......

[smartidiot]

And the point we're trying to make is if you didn't buy the G35, you would have an even fatter chunk of cash for your down payment, and would be that much closer to actually increasing your net worth sooner. Your car is worth nothing in terms of net worth.

I agreed with your comment that if I hadn't bought a G35 instead sticked with my 02' Civic LX, then yes I would have even more money in hand, meaning that i could prolly get my down payment even sooner.

But for many people (including myself), we see our cars more like a toy or something that we really wanted and dreamed for since childhood. I have never thoguht of it as an investment. For me, the opportunity cost of owning a car that I love outweigh the "fun" of owning the equilvalent amount of cash in my bank accuont.

Based on your logic, people who collect expensive watches and nice LV bags are all dum*b investors because obviously the chance of them appreciating is a lot less than simply throwing money in a monthly income mutual fund.


I am sure OP is one of the car enthusiasts who see cars as nice toys, somethign that we love to have, rather than a plain transportation that'd brng you from point A to point B.

[VivienM]

Based on your logic, people who collect expensive watches and nice LV bags are all dum*b investors because obviously the chance of them appreciating is a lot less than simply throwing money in a monthly income mutual fund.

Depends. If you work in certain industries downtown, you probably NEED an expensive watch or nice LV bag to look like you fit in...

In that case, I'd argue the watch or bag is actually an investment. You're buying it to improve your career prospects.

[rems]

Depends. If you work in certain industries downtown, you probably NEED an expensive watch or nice LV bag to look like you fit in...

In that case, I'd argue the watch or bag is actually an investment. You're buying it to improve your career prospects.

Can't the same be said of owning a nice car?

[smartidiot]

Don't bother, I don't think most of these people's young minds are mature enough to understand financial stability.

I don't know how old you are or what you do for living, but you obviously misunderstand the concept of financial stability.

First of all, buying a used G35 is a lot cheaper than you expected. A used 04 g35 woudl be around 25K + tax (max 30K on the road). So basically if you can afford to shed out $1100/month (incl. insurance, gas, and $800 financing/month.) , you can pay off the car within 2.5 years since date of purchase. And going foward you will literally OWN the car which you can drive for at least another 3, 4 years or even longer depends on how you treat the car.

Where for buying a house. any 1 + 1 condo in downtown Toronto can cost as much as 300K (some of them even without a parking lot) . In that case, the downpayment has to be AT LEAST 50K (15%+) or you'd be paying extra interests in yoru mortgage during first few years.

So the downpayment of a condo itself is already 1.6 times more than the total cost of a G35, let alone the monthly matainence fee which is obvously more than the matainance fee of a G35. On top of that, buying a condo at age of 25, 26 means that you'd be basically stuck in Toronto for the next 10, 15 years . You cannot look for any oversea opportunities or else you'd lose even more money by renting out your condo to someone else. (because obvoiusly the rent that you collect from tenants cannot cover your mortgage + maintainance and it's never a good idea to leave your property unsupervised when you work oversea) While the housing/condo price is perceived way overpriced in Toronto in past 2, 3 years, the appreciation of buying a condo at this moment may not be more beneficial than simplly puting that money in the stock market (please check out today's TSX and you will know what i mean.)

[smartidiot]

Depends. If you work in certain industries downtown, you probably NEED an expensive watch or nice LV bag to look like you fit in...

In that case, I'd argue the watch or bag is actually an investment. You're buying it to improve your career prospects.

Not trying to bash you or anything. .but if the potential growth of your job is based on what watch you wear or what brand of bag that you carry rather than credentials/knowledge that you actually possess under the belt, then that's a real sad career and you should start thinking of switching ASAP.

And even if that's the case in some , say fashion industry, then woudln't owning a nice car just be the same since the chance of your clients/customers/boss sitting and seeing your car is a lot higher than visting the new condo taht you bought?

[gheart008]

I don't know how old you are or what you do for living, but you obviously misunderstand the concept of financial stability.

First of all, buying a used G35 is a lot cheaper than you expected. A used 04 g35 woudl be around 25K + tax (max 30K on the road). So basically if you can afford to shed out $1100/month (incl. insurance, gas, and $800 financing/month.) , you can pay off the car within 2.5 years since date of purchase. And going foward you will literally OWN the car which you can drive for at least another 3, 4 years or even longer depends on how you treat the car.

Where for buying a house. any 1 + 1 condo in downtown Toronto can cost as much as 300K (some of them even without a parking lot) . In that case, the downpayment has to be AT LEAST 50K (15%+) or you'd be paying extra interests in yoru mortgage during first few years.

So the downpayment of a condo itself is already 1.6 times more than the total cost of a G35, let alone the monthly matainence fee which is obvously more than the matainance fee of a G35. On top of that, buying a condo at age of 25, 26 means that you'd be basically stuck in Toronto for the next 10, 15 years . You cannot look for any oversea opportunities or else you'd lose even more money by renting out your condo to someone else. (because obvoiusly the rent that you collect from tenants cannot cover your mortgage + maintainance and it's never a good idea to leave your property unsupervised when you work oversea) While the housing/condo price is perceived way overpriced in Toronto in past 2, 3 years, the appreciation of buying a condo at this moment may not be more beneficial than simplly puting that money in the stock market (please check out today's TSX and you will know what i mean.)

I had your mentality a few years back when I was younger, and purchased the IS300. Back then of course I thought it was the best decision in the world since I always wanted that car. I was a car enthusiast, and still consider myself one now since I love nice cars and everything about them.

Now I look back and reflect on that decision, and it was the worst one I made financially. Sure I got my jollies driving it, and I still do. Would I do it again if I could go back in time? Hell no. You start maturing, your life changes, you think about moving on in life with a family etc.

You're right though, to each your own. With a decision between acquiring property vs acquiring a "nice" car, choosing the car is not a "dumb" decision, but it's not the smartest one either.

I don't need to check out today's TSX; I work in the financial industry.

With your arguments of high costs when owning property, then you should live with your parents your entire life then since that won't change. Your mentality seems to be "I have some money saved up, but not enough for property, so I'll just blow it all on a car now, then worry about the property later, knowing very well my dream of owning my own property has just become further away and not closer".

You even said yourself that to have the 15% down payment, you'd need at least 50K. So say you have 25K right now saved. You have 25K more to go for that elusive down payment. With your arguments, since you don't have enough right now, might as well spend that 25K on a car. Now your goal towards your down payment just went from 25K back to 50K.

Anyways as I said, to each your own. Maybe you don't even have dreams to own your own property one day...

Dreams of owning property >>>>> Dreams of owning a nice car
Actually owning property >>>>>>>>>> Actually owning a nice car

[Drew_W]

Don't bother, I don't think most of these people's young minds are mature enough to understand financial stability.

Just because we don't see it your way doesn't mean we're necessarily wrong. If you don't want to bother with this discussion, stop posting in this thread.

[frogger]

I hate to state the obvious, but condo maintenance fees typically do NOT include electricity, at least.

Its about 50/50%. Mine does, I pay $425 for an 1100 sq foot unit but then i'm in Mississauga not Toronto.

[gheart008]

Just because we don't see it your way doesn't mean we're necessarily wrong. If you don't want to bother with this discussion, stop posting in this thread.

I never said you're wrong so don't put words in my mouth.

Everything I've said so far is directly related to this thread and the OP's question so I am bothering with this discussion. I gave my experiences and opinion, so did you.

Should you stop posting in this thread because you don't see it my way as well as others who think the same as me? Think before you post comments like that.

[smartidiot]

I had your mentality a few years back when I was younger, and purchased the IS300. Back then of course I thought it was the best decision in the world since I always wanted that car. I was a car enthusiast, and still consider myself one now since I love nice cars and everything about them.

Now I look back and reflect on that decision, and it was the worst one I made financially. Sure I got my jollies driving it, and I still do. Would I do it again if I could go back in time? Hell no. You start maturing, your life changes, you think about moving on in life with a family etc.

You're right though, to each your own. With a decision between acquiring property vs acquiring a "nice" car, choosing the car is not a "dumb" decision, but it's not the smartest one either.

I don't need to check out today's TSX; I work in the financial industry.

With your arguments of high costs when owning property, then you should live with your parents your entire life then since that won't change. Your mentality seems to be "I have some money saved up, but not enough for property, so I'll just blow it all on a car now, then worry about the property later, knowing very well my dream of owning my own property has just become further away and not closer".

You even said yourself that to have the 15% down payment, you'd need at least 50K. So say you have 25K right now saved. You have 25K more to go for that elusive down payment. With your arguments, since you don't have enough right now, might as well spend that 25K on a car. Now your goal towards your down payment just went from 25K back to 50K.

Anyways as I said, to each your own. Maybe you don't even have dreams to own your own property one day...

Dreams of owning property >>>>> Dreams of owning a nice car
Actually owning property >>>>>>>>>> Actually owning a nice car


You seemed to defend your own statement based on my previous claim selectively.

As I mentioned before, many people (maybe not you) may not want to stay and work in Toronto for next 10 years . So buying a condo at age of 25, 26 simply isn't the best of interest among us bearing the potential opportunity of working oversea plus that housing in Toronto may or may not appreciate as much as past 10 years.


If you bought your condo 10 years ago, congratulations, i am sure the difference in fair value of your condo has certainly outweighted the maintainnace fee which you have been paying since day one. However, this may not be the case for OP had he put down a downpayemnt for a condo "today". He may not be able to enjoy as much appreciation as last 10 years. Most likely, he won't (this is not based on my assumption, this is from countless articles and columns in recent financial papers).
The avg. housing in certain areas in Toronto has dropped nearly 7% since Feb 2008. With the trend that it is moving right now, it is a no brainer to simply hold on the money in hand and wait until the housing market cools down further. Note I have never said that puttig down money for a down payment is a bad idea. All i am saying is that pure investment-wise, buying property "right now" doesn't give you the best returns compared to other investment methods.


Obviously I had no idea how much does OP have in his account the time when he started this thread. If all he got is 25K in his account, then it is not a good idea to choose neither as he would not be able to afford any unexpected expense had the car break down one day. However, in my case, i still have cash savings and securities after acquiring my G35 a year ago. So the decision to buy a G35 only "postpone" the plan of getting my own property for 1 year and 10 months . It doesn't imply that I will have to live with my parents forever or am I not planning to get my own property in the future. It is a false assumption that you made in order to justify your illogical statement.


I don't know how you categorize yourself as working in the financial industry (or maybe people from B.C. have a broader range in definiton of Financial industry.) But based on your previous statements. I would suggest you to read some more textbooks and learn some basic econ principles before you post here next time.

[gheart008]

But based on your previous statements. I would suggest you to read some more textbooks and learn some basic econ principles before you post here next time.

I suggest you do the same.

Until now, I've only given my own experiences, my opinion. You decide you want to make it more personal and make personal insults regarding my knowledge and definitions.

I'm done here.

[Drew_W]

Practically speaking, at the point he's at in his life, will the OP even get approved for a mortgage?

[D-Sisive]

a car is cheap to own

a place is not

i rather save up for a place and furnish it so im not house poor

but then again i want a nice car too, imo i would buy a used version of the car you want, its already depreciated pretty well...then later on when you decide to buy a place, sell the car and you would only lose a few grand which you can think of as a lease fee...gas+insurance+maintenance is just a way to pay for the convenience of a car

i've been in alot of ppls places where on the outside its pretty nice with a nice parked car, but inside they are house poor...ugly furniture, plastic furniture, ghetto living conditions inside cause they are payin for both car/house so nothing is left

[Flocons]

Whenever I see an elite sports car on the road, it's almost always a 40-year-old guy driving it. Sadly, there's nothing cool about a 40-year-old guy driving a fancy sports car, because it's about 20 years too late for him.

If owning the fancy car is truly important to the OP, then I say go for it. You are only young once, and time is a resource that is more precious than money. (Time is money, but money is not time.)

[VivienM]

Not trying to bash you or anything. .but if the potential growth of your job is based on what watch you wear or what brand of bag that you carry rather than credentials/knowledge that you actually possess under the belt, then that's a real sad career and you should start thinking of switching ASAP.

Go to the big office towers in downtown Toronto. The people making six figures there are certainly NOT wearing $200 suits, $50 Wal-Mart watches, $20 Stoopes briefcases, and whatnot.

Try going for an interview in investment banking, law, consulting, or whatever, dressed like a cheap car salesman. You won't get far.

And even if that's the case in some , say fashion industry, then woudln't owning a nice car just be the same since the chance of your clients/customers/boss sitting and seeing your car is a lot higher than visting the new condo taht you bought?

Depends on your job and whether you have to drive clients around.

If you're a real estate agent, say, selling million dollar properties, then yes, you probably don't want to drive a 10 year old Civic. It'll inspire VERY little confidence if somebody wants to hire you to sell their $3 million house and you pull up in a 10 year old Civic. They'll probably wonder just how few houses you actually sell...

[enforcerviper]

Whenever I see an elite sports car on the road, it's almost always a 40-year-old guy driving it. Sadly, there's nothing cool about a 40-year-old guy driving a fancy sports car, because it's about 20 years too late for him.

If owning the fancy car is truly important to the OP, then I say go for it. You are only young once, and time is a resource that is more precious than money. (Time is money, but money is not time.)

+1. Enjoy your youth while you can. There's something about a children's carseat in the back of a G35 that doesn't work.

[VivienM]

Can't the same be said of owning a nice car?

As I just wrote in the post above this one, sure, if you're in an industry where clients will see your car AND you need to convey a certain upscale image. But you need to balance that with clients thinking you're paid too much, which would hurt your business.

Real estate is the obvious example. I'm sure there are others.

[smartidiot]

As I just wrote in the post above this one, sure, if you're in an industry where clients will see your car AND you need to convey a certain upscale image. But you need to balance that with clients thinking you're paid too much, which would hurt your business.

Real estate is the obvious example. I'm sure there are others.


I really don't feel comfortable disclosing too much information about my job or my career.. .. but i happen to work in so-called the big office building in downtown Toronto and i happen to work in the investment banking (capital market) sector at one of the 5 major Canadian banks.


Don't get me wrong here. I do agree with you with the comment that people do buy nice outfit and watches to make a nice impression (which in line with my previous posts that buying a G35 isn't that bad of an idea compared to leaving a downpayment for a condo). However, the point that i was trying to make earlier is that other than all the nice blings blings that you put on yourself, if you don't possess any real stuff under the belt (i.e.: Try going to an investment banker interview without having a basic idea of asset pricing model). then, all that blings blings become bogus and same goes your G35 or whatever car that you own.

All that LV knapsack and Gucci watch should come AFTER , not before. However, nowadays society seems to stress a lot more on the exterior, appearance, rather that the real deal that one possess.

Just my two cents.

[VivienM]

However, nowadays society seems to stress a lot more on the exterior, appearance, rather that the real deal that one possess.

We've become a society of first impressions.

There are many jobs where the main screening interview is under 20 minutes. (No, not the only interview, but the one where the most people are rejected) And most rejection decisions are made in the first 15 seconds, I'm sure, based on your handshake, outfit, and general demeanor.

An inexperienced guy (to be polite) got elected president of the United States because people thought he'd be a fun good ol' boy to have a beer with. Another inexperienced guy is now the front-runner for his party's nomination for president of the United States because he gives good speeches.

Sales of Apple computers are way up, despite actual quality that's probably no better and maybe worse than a Dell, because they look good and stylish.

Then let's talk about how people's perceptions of cars DON'T match up with, say, JD Power reliability ratings.

Etc.

It's sad, I'll be the first to agree. But people seem to INCREASINGLY make serious decisions based on their first impressions of a person or thing without looking into the underlying substance.

[bmmr]

If it appreciates, buy it..

If it depreciates, rent it



Short answer , lease a car and buy a home

[rems]

If it appreciates, buy it..

If it depreciates, rent it



Short answer , lease a car and buy a home

hahaha so you want him to have perpetual car payments along with a mortgage?!?

[beerbaron105]

hahaha so you want him to have perpetual car payments along with a mortgage?!?

most people do have car payments and a mortgage...no biggie

[nalababe]

+1. Enjoy your youth while you can. There's something about a children's carseat in the back of a G35 that doesn't work.

what a load of crap. The G35, Lexus 250s/350s are not Sports cars...they are sports sedans...they are designed for people who want an upscale family car and something a little more sporty....Nothing more. They are designed for the 30-40 somethings that have more disposable income and want something a bit nicer than the camry/altima/maxima.

Same with comment about the 40s...this is for whom these cars were designed...

[xg3]

life is short.. you are only young once..

buy the car if you like cars.. buy the condos if you don't care about cars...

Just don't keep the money in the bank.. Invest or have fun.. pick one

[rems]

most people do have car payments and a mortgage...no biggie

most people don't buy both at the same time....especially when they're just starting their career.

And leasing cars when they're built to last at least a decade nowadays seems like a stupid decision (unless you can write it off for your business/work or you plan on buying it at the end anyways).

[baboo]

geez...OP....Just get the car already.....you are still young, enjoy life while you don't have to worry about bills and family...

If you like it, go get it!

If I can go back to my 20s, I would have done it....:)

[Flocons]

Same with comment about the 40s...this is for whom these cars were designed...

That's right. They've designed for aging 40-year-old men in the midst of a mid-life crisis! That's why it's important to live out your youth when you are still young... so you don't have to look silly doing it in your 40's.

[Alvito]

buy the condo, over time it will be worth it. But only if you plan on living there for a long time.

or what you can do, put the down payment on it, charge rent to some noob and use that money to pay for the condo itself.

[nalababe]

That's right. They've designed for aging 40-year-old men in the midst of a mid-life crisis! That's why it's important to live out your youth when you are still young... so you don't have to look silly doing it in your 40's.

The cars you are mentioning are far from a car that someone would have in a mid life crisis. They are every day family cars...just slightly nicer. When I go to the local daycare moms and dads are picking up their kids in these cars...the ones with the midlife crisis are driving the M series, SLK...or depending on their means, a Mustang or new Challenger/Camero type cars.

To put in perspective, two teachers with 10 years experience could easily afford a 323 and Mini S (maybe a bit less with kids). This is average everyday territory.

[channy]

what a load of crap. The G35, Lexus 250s/350s are not Sports cars...they are sports sedans...they are designed for people who want an upscale family car and something a little more sporty....Nothing more. They are designed for the 30-40 somethings that have more disposable income and want something a bit nicer than the camry/altima/maxima.

Same with comment about the 40s...this is for whom these cars were designed...
G35 has a coupe, which is tuned differently.

[navyseals]

I'd go for the G35. One reason is that once you buy a condo, you'll be paying the monthly upkeep fees which is really half or more of renting an apartment.

[VivienM]

I'd go for the G35. One reason is that once you buy a condo, you'll be paying the monthly upkeep fees which is really half or more of renting an apartment.

One suggestion: the OP should probably, even if not buying a condo, make sure he has enough left-over income to at least rent an apartment. It'd be sad to be unable to afford ANY form of moving out of his parents' house because of the car...

[nalababe]

G35 has a coupe, which is tuned differently.

So does the accord....and CTS....but these are not significantly diffent than the sport sedans...they are not mid-life crisis cars designed for mid-40's....that is my poinit...

These are cars that are readily affordible for middle-class families.

The point is that a midlife crisis car is normally one that is not practical in any way. A four seat coupe is still more than fine for a family that has a one or two young children. Now a cars like even the sky or solstace or many of the 2 seat cars...those are midlife crisis.

Now maybe out in the boonies, G35 is not a mainstream car, but here in the city....they are commonplace.

[mizer]

In your own words:

Update: I live at home and currently drive my parents car.. no expenses


That's so teenager!

Buy a used Cobalt and pay your parents some rent you lousy leech:lol:

Holy smoke - glad you ain't my kid.... still I would have brought you up differently... to be a contributor to family and society and not be a sponger.. THAT is what makes you an Adult! Do mom and dad pay your insurance too? Are you still under their policy?

Obviously the Mazda is theirs... are they teenagers?

I love the culture of entitlement of Gen Y....

[Drew_W]

To put in perspective, two teachers with 10 years experience could easily afford a 323

Yes, of course. It's barely $10k higher than your entry level Camry/Accord. Spread that over a 4-5 year lease/finance term and it's rather affordable indeed. Plus BMW heavily subsidizes their lease rates with a 2% rate on lease/finance now and high residuals, so that brings the difference in even closer to the run of the mill family sedans. Explains why there are so many god damn 3 series on the road.

[l69norm]

...Buy a used Cobalt and pay your parents some rent .. ..

+1, if you must buy a G35, buy it for your parents.

[jedd999]

OP I am absolutely in the same boat - been working and saving up some cash for a few years now. THe G35 coupe has been a dream car of mine since it came out, and now the G37 coupe is absolutely amazing. I started working full time recently and just feel that burning need to spend some $$. THe question is, do I do the "smart" thing and make a downpayment on a condo, or get the car. I test drove the G37 a few weeks ago hoping more than anything that I would absolutely HATE it and not want to get one anymore, but unfortunately that didnt happen :). BTW, I drive the Mazda3 also - got it about a year ago.

My cousin was feeling the exact same thing and we went to test drive the BMW 135 last week... he very quickly said screw the "Smart" thing to do, im buying the bimmer... :)

[VivienM]

BTW, I drive the Mazda3 also - got it about a year ago.

If you got the Mazda 3 a year ago NEW, you'll probably be losing big $$$$ trading it in or selling it this quickly...

[flito ray]

thanks guys i decided to put a downpayment for condo last week. 275,500 for a 2 bedroom in a very desirable neighbourhood

[mr_raider]

Wait till you hire a contractor for renovations. That g35 is gonna look cheap after that.

[dinb]

thanks guys i decided to put a downpayment for condo last week. 275,500 for a 2 bedroom in a very desirable neighbourhood

More likely your parents' said "You are buying a what? The hell you are, you are getting a condo and we are moving in there eventually". I know how these stories go.

[dgmorr]

one of my dreams before i hit 30 is to drive a g35 or 350z by the time i am 30. i am 25 right now but debating whether to use money for downpayment for condo or buy g35 or 350z.

what do u guys think? I ask my friends and they said if i put money for condo there will likely never be any money for g35 or 350z later so they said you should enjoy your 20's and buy the car of your dreams. I really don't want to be stuck driving a mazda 3 when i'm 30. that's so teenager! lol

opinions please.

Update: I live at home and currently drive my parents car.. no expenses

I haven't read the entire thread, but you would rather live with your parents at 30+ than drive a Mazda 3? That is hilarious, ultimate bachelor mindset....I am truly jealous.

Buy a used G35 or 350.

EDIT: I'm slow.


Wait till you hire a contractor for renovations. That g35 is gonna look cheap after that.

Yeah, I started counting all the cars I could buy with my renovations :(

[chris g35]

Ha! This thread caught my attention. I am 30 and just bought my G35 in the US, I also own my own condo.

There is alot to be saved by purchasing in the US. I would not of bought this car if I did not own my own place. Never purchase a vehicle over a home. The thrill of driving a car wears off after a few years, the thrill of coming home to a great place never does!

Link to a thread regarding importing my vehicle along with some pics:

http://g35driver.com/forums/showthread.php?t=221395

[bobby5]

I haven't read the entire thread, but you would rather live with your parents at 30+ than drive a Mazda 3? That is hilarious, ultimate bachelor mindset....I am truly jealous.
Buy a used G35 or 350.
EDIT: I'm slow.
Yeah, I started counting all the cars I could buy with my renovations :(

Look at it this way: how many days in a year do you spend in the car, vs the condo.

[careener]

Yes, of course. It's barely $10k higher than your entry level Camry/Accord. Spread that over a 4-5 year lease/finance term and it's rather affordable indeed. Plus BMW heavily subsidizes their lease rates with a 2% rate on lease/finance now and high residuals, so that brings the difference in even closer to the run of the mill family sedans. Explains why there are so many god damn 3 series on the road.

Bavarian cockroaches :lol:

[flito ray]

More likely your parents' said "You are buying a what? The hell you are, you are getting a condo and we are moving in there eventually". I know how these stories go.

my parents are in hong kong right now. they moved back 2 years ago

[flito ray]

buy the condo, over time it will be worth it. But only if you plan on living there for a long time.

or what you can do, put the down payment on it, charge rent to some noob and use that money to pay for the condo itself.

you'd like to think that wouldn't you?? Condos don't always appreciate in value look at the united states housing crisiss

[bmw_xperience]

downpayment on a condo... rent it out use the rent to cover a percentage of your mortgage. use the extras for a car.

a buddy of mine is doing that and drives a z4. so it is doable.

[fashionelle1]

you'd like to think that wouldn't you?? Condos don't always appreciate in value look at the united states housing crisiss


you'd like to think that wouldn't you?? Condos don't always appreciate in value look at the united states housing crisiss


K, first off-I stumbled upon your thread just now ( happened to type in the word "Gucci" into the rfd search forum and your thread was at the top).

After reading your post (I don't mean to be rude and all) but I will assume you're asian. Better yet, chinese? Your choice to take out 5 minutes of your time and read my comment - thoroughly.

Secondly, The United States housing crisis' are mostly due to SUB-PRIME MORTGAGE loans. The american mortgage loan system has a 25yrs, 30yrs, and even up to 50 yrs plan program. Their mortgage interest can be written off on their tax form. Now let's jump back to "Sub-prime mortgage loans" ( this is where most of the U.S housing crisis' lies within:

Subprime mortgage products make it easier for people with credit issues to qualify for a mortgage, but they come with added risks for lenders. Therefore, some of the bad apples ("people") who bought houses they couldn't afford- (and now the American Government feels sorry for them). Therefore, some other good-apples who are also effected by this have to pay their mortgages for them. The banks are suffering because of their greediness. They didn't do a thorough "background" checks on these "bad apples" to see if they could actually afford the houses they were buying. Now everybody is paying the price.

Sub-prime mortgages are not as good as Prime mortgages. Loans that compound more often, or have higher interest rates, and fluctuating interest rates are considered Sub-prime. ( This is why it's important to have a good credit score. The higher number the better. Anything 700+ is practically a near perfect score.)

American central bank is owned by the Federal Reserve System which is not owned by the United States government. Instead, it is owned by the member banks of the 12 regional Federal Reserve Banks. The shares of the member banks are publicly traded, but the shares of the Federal Reserve System are not transferable publicly.

The American financial system is - one word : broke. Hence why they sold off alot of bonds to the Arabs and Chinese, which now owns alot of capital in American banks by purchasing U.S treasury bills.

Now let's jump to our side: the Canadians:

The central bank of Canada is the Bank of Canada. The Bank of Canada is "owned" by Canada, the state. All Canadian banks are owned by Crown Corporations.

There are no publicly traded shares of stock of the Bank of Canada.

The Bank of Canada does not calculate a "profit" because it is not a for-profit enterprise.

Therefore, our banks are pretty much protected.


Thirdly, as for your main question in regards to a car vs a condo.

As much as you want to be flashy as you're still in your 20's. Once you buy a car and drive off the sales lot - it has automatically depreciate in value$. Most cars will NEVER be sold in profit margin ( this includes your dreamy g35). Only limited editions or those old muscle cars with original/restored mint parts that was back in the 1900's with low km will likely be sold at auto auctions as a collectors' item.

As for a condo: One of the best/ maybe slow - but profitable investment you can make is anything regarding to real estate ( house, condo and most of the time- even land). They will always appreciate in value.

I understand why you'd want a car right now as the car prices are cheaper due to the dollar. I can guarantee you, you can get the car now but 2,3,4 yrs down the line there will always be another better looking car (design / technology ) that you'll oogle at.

Real estate market: 2,3,4yrs+ down the line - housing market will always go up. You may look at a condo tomorrow worth $250k, but 5 years from now it may reach $300k.

Short term thinking are always pleasurable for the "NOW".
Most of the time, to secure part of your future - you should start thinking for the long-term.


Or, what you can do ( like the poster above): Buy it now, rent it out. Take the rent money pay off the mortgage and whatever is left after each month; save it up and you can get your dream car then.

BTW, I'm in my 20's as well. Like most first time car buyer buying a "new" car: You'll treat your car like a baby the first 6 months. Literally. (car washed every weekend - fresh water hand washed. covering interior carpet so it wouldn't be dirty. Giving your friend a WTH look crumbing all over the seat. Parked only close to the store if only the parking spot were wide - if not then i'd parked far and walked. Even when i parked really far - there will always be a numb-nut that decides to park right beside your vehicle when there are other 1000's of other unoccupied parking spaces that he/she didn't consider to park otherwise etc etc. Most likely everyone has at least 1 scratch/dent/diing/mini cosmetic problem. At the end of it, you'll never be there to babysit your car 24/7 - so get over it. :)

P.S: It's nice to see a guy with a nice car ( most guys who do buy nice cars are most likely broke afterwards -because they spent all of their earnings on a chunk of metal. Unless they still want to be flashy and so call "live and look comfortably": just dive in and be severely in debt and just charge up a lot of unnecessary materialistic things just to make some girls out there happy (and yet in return - you get.. what?) and CAN only pay the minimum charge when the bill arrives monthly. Hence the term: red line in the most pathetic way). Most of our unnecessary purchases we buy are bought with a promise - like " it will make you feel good, look good.. etc" The real question is: How long will that feeling last? And was it REALLY and TRULY worth it?

BUT it's better to see a guy owning a place. It tells most of us females that you're thinking securely & financially for your future. Hence good investment vs bad investment.

[mr_raider]

Real estate market: 2,3,4yrs+ down the line - housing market will always go up. You may look at a condo tomorrow worth $250k, but 5 years from now it may reach $300k.

Really? It may just hold it's value, or it may loose value. Some of these new condos that sprout up in little or no time, with questionable build qualty, may not be the best investments around.

[fashionelle1]

Really? It may just hold it's value, or it may loose value. Some of these new condos that sprout up in little or no time, with questionable build qualty, may not be the best investments around.

Keyword here is "may".

Condo value will never be the same as house value. And yes it's true that condos are sprouting out everywhere. I should be more specific and add - do the research about the builder and yes one of the main thing here is: location, location, location.

To main poster:

Seems like throughout history : Most men typically get the car first and buy the place afterward. If you're still staying at your parents house (you mentioned they moved back to HK 2 yrs ago). Then why would you consider on buying a new place when you already have a place to stay without expenses?

[flito ray]

In your own words:




Buy a used Cobalt and pay your parents some rent you lousy leech:lol:

Holy smoke - glad you ain't my kid.... still I would have brought you up differently... to be a contributor to family and society and not be a sponger.. THAT is what makes you an Adult! Do mom and dad pay your insurance too? Are you still under their policy?

Obviously the Mazda is theirs... are they teenagers?

I love the culture of entitlement of Gen Y....


my parents drive an altima and lexus es350 who said they have a mazda? And no I don't pay insurance because I'm an occasional driver and my portion is added to my parents insurance. The amount is negligible. What am I supposed to pay back my parent the $50 or so it costs to cover me?

Just so you know I have no accidents and no cliams.

Also don't paint me as a spoiled 20 something year old. I have to do chores at home and I worked my butt off at U of T getting a well respected degree. Anyway end of discussion i'm buying the condo 2 bedroom 275K in a desirable neighborhood and no my parents are not moving in (according to another poster who doesn't know me)

Get the facts right before you judge. I earned everything I have in my life. The g35 is for fun I might still buy it depending on how much i can lease it for!

[flito ray]

Keyword here is "may".

Condo value will never be the same as house value. And yes it's true that condos are sprouting out everywhere. I should be more specific and add - do the research about the builder and yes one of the main thing here is: location, location, location.

To main poster:

Seems like throughout history : Most men typically get the car first and buy the place afterward. If you're still staying at your parents house (you mentioned they moved back to HK 2 yrs ago). Then why would you consider on buying a new place when you already have a place to stay without expenses?

coz my parents home it's in scarborough and I want to live in the city where all da action iz!

[kev604]

downpayment on a condo... rent it out use the rent to cover a percentage of your mortgage. use the extras for a car.

a buddy of mine is doing that and drives a z4. so it is doable.


So where does your buddy live? In his car??

BTW, OP you made the right move in getting the condo. 3-4 years down the road you'll be thanking yourself bigtime.

[CSR]

coz my parents home it's in scarborough and I want to live in the city where all da action iz!

What action? The traffic?

[flito ray]

What action? The traffic?

no i'm talkin about the clubs and the bars downtown.

[fashionelle1]

no i'm talkin about the clubs and the bars downtown.

umm.. i think he/she was just being sarcastic.. lol... :D

Just do a thorough research on the builder/condo and always check how much will mait' fee cost on a monthly bases.

[flito ray]

umm.. i think he/she was just being sarcastic.. lol... :D

Just do a thorough research on the builder/condo and always check how much will mait' fee cost on a monthly bases.

what's a mait' fee? not familiar with that phrase

[rems]

what's a mait' fee? not familiar with that phrase

maintenance fee

[at1212b]

I think the novelty with a car will wear off after 1-2 years. Especially if you have any sort of mechanical issues or get into any sort of accident.

Basically, the condo is a hard asset and derives additional value from the location the hard asset lies on. But then again, you will be paying alot in interest and property taxes that may kill any sort of real return you will get with a condo.

I would suggest that you should go around and look at some condos, do some research, talk to people, find out more about the costs, etc. Maybe for 2-3 months, and if you don't see anything, or don't find yourself too interested, and still have the urge to buy the car (remember, better ones come out every year), then its probably the car you should go with.

[rems]

I think the novelty with a car will wear off after 1-2 years. Especially if you have any sort of mechanical issues or get into any sort of accident.


I've had my car for 2 years now and it still brings me joy every time I drive it.
Of course you will get frustrated if you get into an accident or have issues with the car. The same can be said of a condo. If you get a fire or flood, im sure you won't be too happy with that either.

[fashionelle1]

maintenance fee

what's a mait' fee? not familiar with that phrase

Maintenance fees are a monthly charges for the utilities, consistent cleaning/care, management, administration and insurance for the common areas. ( Usually, the more facilities - to name a few: (swimming pool, gym, squash/racquet court, tennis court, change room, video room, conference/party room, mini library/study room etc etc - and some condos includes cablevision) you have in a condo. The more facilities the condo has- which will translate to more maintenance fees you'll have to pay. The fees are different depending on project and home size (all depends on the sqft of your unit). Each home-owner's portion of these expenses is set out in the budget statement, which lists the percentage for which each unit is responsible.

Some Condo/apt units is under a pilot program called "Smart meters" from Toronto Hydro (each condo owners will have to pay an additional fee due to the program. Depending on usage, monthly electricity bill will vary accordingly.)

According to the Star*: it's " about educating customers as it is learning how to best present the new data to people who have never had to interact with their utility before. The current electricity rate is 5 cents per kilowatt-hour. The time-of-use rates used in the program, which are reflective of rates to be introduced next year, are 3 cents per kilowatt-hour between 10 p.m. and 7 a.m.; 8.7 cents between 7 a.m. and 11 a.m. and from 5 p.m. to 8 p.m.; and 7 cents between 11 a.m. and 5 p.m. and from 8 p.m. to 10 p.m.

The government believes smart meters will help people shift and cut back on electricity use, delaying the need to invest in new electricity generation, which, during peak times, tends to be generated from a fossil fuel, such as natural gas.

The meters are also expected to improve how the electricity system is managed, by giving utilities better information on consumption trends and instant alerts to outages and other anomalies."

Here's another website which will be helpful in regards to condo purchasing & condo fees in the GTA: http://condofees.com/

[Kian]

flito,
your friends are probably right, but only for the time being. everybody knows that buying a condo is a good investment.

[Kian]

but let us know which one you go for eventually cause G35 is very much tempting! but should u go for a condo, u may find these guys helpful
http://www.condosintoronto4u.ca as i did.

[alamshahid]

I bought a 2004 G35 coupe 3 weeks ago and I LOVE the car!!! It is amazing and so worth the money. It truely is a great ride.

That said I used to be in your circumstance 3 years ago (when I was 25) I wanted to put money towards buying a house or buy the G35. Well I put the money towards the house instead of buying the car.

My house in 3 years has appreciated enough where I can pay off my student loans, the G35 and put a little money towards another bigger home and start fresh again.