I have a bit of a dilema on my hands.

I desperately (spelling) want an S3 mk2.I have enough money in savings for the VRT (I will be buying in England). Just a matter of getting a loan to buy the car (probably not the best time to look for a loan !!!! but how and ever). For the record I am very happy with my own car at the moment.

Now the other part of the dilema. I am 26 & still living at home. And I want to buy my own place soon.


So should I go for the S3 or scrap that idea and concentrait (spelling again) on buying a place and keep my car.

any thoughts on this one ???.

Thanks,
Graham

 

Fixed the title for you.

Why you hell bent on a MK2 S3? why not buy a mk1 S3 and remap it for a fraction of the cost?

There is no competition between a car and an apartment i.e deciding weather to buy an apartment or a car is a silly argument in my eyes.

 

get the s3 and buy a small caravan and move out of home to the driveway

 

QUOTE (duffpassat @ Oct 11 2009, 10:01 PM) <{POST_SNAPBACK}>get the s3 and buy a small caravan and move out of home to the driveway
What he said

 

Honestly this is bad time to do both, I would rent an apartment and buy a reasonable car.
Real estate will continue to drop in value for at least another 6 months by my estimate, so no reason to buy anything right now, just rent and enjoy the freedom.

 

Fuck the S3 , cars are such a waist of cash. Now is a great time to buy a property

 

Graham.

Go for the car.

what is another 2 or 3 yrs delay in buying a house?

if you don't live your life now, get a house and become a mortgage slave, you may never get the chance to own what seems to be your dream car.

in many ways you need to ask yourself that fundamental question: will i remain where i am for the next 5 yrs, let alone 34 + paying back a mortgage when i may not have a job in 1 year even?

could never bother buying a house myself. almost did 3 yrs back and man am i glad i never went ahead with it.

the idea of paying back that amount of money just does not appeal to me.

way i look at it is this: find a nice house, with reasonable rent, spend a couple of years in it and then, when you get bored, find somewhere else and move to it.

i don't see renting as waste money, in fairness its' more an intelligent move as it means that i can get up and leave whenever i want and not worry about job losses, failure to meet mortgage repayments, reposession, or deciding that after 3 yrs that the place i did buy was a major bore and no amount of expansion or changes would ever make it any better.

find a good sized bungalow with large gardens in the countryside away from built up areas with a garage to rent for a few years, get that car and maybe when you get bored with that in a few years and if you are still in a secure job, then purchase a ball and chain mortgage around your neck

of course it's a matter of personal ideology and opinion on what or how each person views house purchasing or renting. some would disagree with renting, others would agree with my thoughts.

Still, when you pay only E650 a month for a house that has 4 bedrooms, a diningroom, main kitchen, smaller kitchen, livingroom and garage with a spare room and loo on top of 2 sprawling gardens, life couldn't be any better. So why buy, pay approx E1500 to the bank each month when an easy going landlord is happy to sign 5 yr contracts to keep you there for only E650?

so go get that car!

 

QUOTE (Shane @ Oct 11 2009, 10:01 PM) <{POST_SNAPBACK}>Fixed the title for you.

Why you hell bent on a MK2 S3? why not buy a mk1 S3 and remap it for a fraction of the cost?

There is no competition between a car and an apartment i.e deciding weather to buy an apartment or a car is a silly argument in my eyes.

Thanks for fixing the title. As for an S3 mk1. You can pick them up cheap for sure. It's not really the power I am after it's just I prefer the m S3 mk2 in terms of styling, the alloys, the falt bottom steering wheel, bucket seats etc. I have an A3 (the same model as S3 mk1) so i don't think i would be moving up in terms of changing the car. Also i think the S3 mk1 is starting to date in my opnion. To be honest I just love the S3 mk2 over the mk1.

 

QUOTE (Ray @ Oct 11 2009, 10:10 PM) <{POST_SNAPBACK}>Fuck the S3 , cars are such a waist of cash. Now is a great time to buy a property

I agree with you on the best time to buy a place and thats another part of the dilema. Because if the encomy (SPELLING) picks up again and gets some legs underneath it and the housing market picks up again I probably won't be able to afford an apartment.

 

QUOTE (Ray @ Oct 11 2009, 10:10 PM) <{POST_SNAPBACK}>Fuck the S3 , cars are such a waist of cash. Now is a great time to buy a property

The property market isnt going to recover any time soon. In fact prices will continue to fall for at least another year, anyone who tries to tell you anything differently probably has a vested interest in the market.
You are young and live at home, go out an buy what you want and enjoy yourself, you are a long time dead.

 

If you dont mind renting and paying someone elses mortgage the rest of your life then do as a member suggested.

Personally Id look to buy, getting a mortgage is going to be hard enough at present (my mate struggled to get a small loan (for a car) recently and he and his wife both have well paid jobs) so every penny counts. Its a complete buyers market out there and if you have the cash you can play proper hardball with sellers/builders and get the place you want. It may fall for another 6 months but it simply cannot fall forever, you just need to choose the point you feel is right for you to enter the market.

Car wise, the S3 is a great car but you will lose a huge amount fairly quickly if you dont mind it though?

 

I'll not tell you what to do but...

Cars always loose money where as property can increase when the market picks up.

I think your daft considering a car with the property market the way it is.

 

QUOTE (mikerd4 @ Oct 11 2009, 10:35 PM) <{POST_SNAPBACK}>Car wise, the S3 is a great car but you will lose a huge amount fairly quickly if you dont mind it though?

I know I will lose an awful lot but that does not bother me. I do tend to keep my cars for a long while.

 

QUOTE (audi_nut @ Oct 11 2009, 10:46 PM) <{POST_SNAPBACK}>I know I will lose an awful lot but that does not bother me. I do tend to keep my cars for a long while.

Sounds like your mind is made up

 

Given current market I'd hold off buying just for the moment. Watch the market and find a few areas where you would like to live. Dont get too greedy but be ready to snap a property up when it fits your pocket.

As for rental, unless desperate to leave home, pocket the money towards your new pad.
As for car, providing it doesn't block your mortgage capacity, buy whatever appeals.

Nice problem to have, good luck with whatever you decide.
(series 2 S3s are becoming chip as chips so I'd buy one over a series 1)

 

QUOTE (mikerd4 @ Oct 11 2009, 10:49 PM) <{POST_SNAPBACK}>Sounds like your mind is made up

OH I WISH IT WAS !!!. I'm far to sensible to make a decision that quick

 

QUOTE (mikerd4 @ Oct 11 2009, 10:35 PM) <{POST_SNAPBACK}>If you dont mind renting and paying someone elses mortgage the rest of your life then do as a member suggested.

He lives at home with his mum and dad, so he is hardly paying someone elses mortgage.
If he has to borrow the money to buy the S3 then he is unlikely to have enough for a deposit on a place at the minute so he wont get a mortgage.

 

Another factor to I have not got an insurance quote for an S3 MK2. So that could be a answer in some way are form.

 

QUOTE (Red Diesel @ Oct 11 2009, 10:55 PM) <{POST_SNAPBACK}>He lives at home with his mum and dad, so he is hardly paying someone elses mortgage.
If he has to borrow the money to buy the S3 then he is unlikely to have enough for a deposit on a place at the minute so he wont get a mortgage.

I was commenting on him renting a place as suggested by a poster.

Getting the loan as mike said would damage his ability to get a mortgage and dent any saving for a deposit. If he really really wants to buy in future then eventually (ok Im no expert) the slump has to stop and whilst it wont exactly go mad again it will pick up.

My own choice would be get mortgage approval, study where you would like to live and sit and watch it until you feel ready/able and comfortable to enter the market, then when you are drive the best deal you can and dont worry bout shite talk from agents etc

 

The slump will only stop when the economy picks up, that isnt going to happen in the short term.
Of course he has said that he is going to borrow the money to fund this purchase, that may be more difficult than he thinks. A mate of mine needed €25k to buy a car, he owed the bank €15k at the time, but had enough to cover the loan as he had just sold his car. I told him to clear the loan as he would have no problems getting the €25k once he cleared his outstanding loan. Sadly I was wrong and the bank would not lend him the cash, that was about 6 months ago, they told him to see how things were after Christmas. I dont think the banks have got any more generous in the mean time.

 

QUOTE (Red Diesel @ Oct 11 2009, 11:18 PM) <{POST_SNAPBACK}>The slump will only stop when the economy picks up, that isnt going to happen in the short term.
Of course he has said that he is going to borrow the money to fund this purchase, that may be more difficult than he thinks. A mate of mine needed €25k to buy a car, he owed the bank €15k at the time, but had enough to cover the loan as he had just sold his car. I told him to clear the loan as he would have no problems getting the €25k once he cleared his outstanding loan. Sadly I was wrong and the bank would not lend him the cash, that was about 6 months ago, they told him to see how things were after Christmas. I dont think the banks have got any more generous in the mean time.

As stated my mate wanted a small loan for a new car, he and his wife have very good solid jobs and he eventually got the loan but he was made to wait 2 weeks and told he may not get approved.

I know they are much tougher but I was shocked, I remember going in and asking for 6k and being told they could give me 20k there and then and more if I wanted it but it would take a day or two!!!!!!!!!!!!!!

How times have changed

 

THankfully times have changed. Cash is king again.

 

QUOTE (mikerd4 @ Oct 11 2009, 11:21 PM) <{POST_SNAPBACK}>I know they are much tougher but I was shocked, I remember going in and asking for 6k and being told they could give me 20k there and then and more if I wanted it but it would take a day or two!!!!!!!!!!!!!!

How times have changed

Totally off topic but does anyone remember how you could get instantly approved for an overdraft from an ATM? When you think about it now it sounds ludicrous (spelling)

 

A lovely choice of car to be fair...
Presumably you are paying a few quid at home? I would weigh it up as follows:

1: Stay at home, pay the few quid into the house and buy your S3.
2: Rent a room in a house/apt somewhere and buy a slightly cheaper car. (this gives you the "social freedom" and a new motor)
3: Look for a property to buy and apply for the mortgage etc.

As I bought my gaf just before the bubble burst, I can see some serious bargains out there in property. It all depends on how happy you are with staying at home for another while... If you are, then go for it. Personally if I were in your position I would take the 2nd option above... Just for now! If you were to wait a few more years, your insurance would be that bit cheaper which would help with fuel costs

. Also, in "the current climate" I would have to consider job security etc so taking out a loan on an S3 might backfire if (God forbid) your circumstances were to change. And if that were to happen and you were renting a room somewhere you would always have the safety net of moving back home. Thats my 2 cents anyway! Good luck!

 

That S3 is gorgoues

. But it's Cork reg I would like an Dublin reg one. That car is actually pretty close to the car that i want but with the RS4 type bucket seats.

After sleeping on it for one night my head say's go for the apartment but my heart say's go for the car !!!. No surprise there

The more I think about it's a bit a stupid thing to do. But on the other hand I don't wan't to look back and say Damn i could have had an S3 !!!. and on the other hand i dont want to look back and say what I was thinking buying that car when i could have had an apartment. I hate been such an netural person !!!.

There is another way I could could buy both. Buy the car out of my own money ie from my savings account for the VRT and pay for the actual car with my current account (that i use on a daily basis ). Then look at the affordable housing scheme for the apartment. My job is very safe unless I decide to quit it. But it's not the best paid job in the world and I was thinking about doing something else which might mean either going back to college or starting a new job with lesser pay but with better prospects. I have only got myself to blame for this beacuse for the last couple of months I have been daily looking at Pistonheads/Autotrader for the cheapest S3 and working out the VRT.

I don't know it's all down to me in the end & my decision.

Admins can you close the poll for me.

Thanks,
Graham