Car or house???

House, no question. You can buy another car later .

 

You are indeed fortunate to be in either position Lee.
At 20 I was driving a Morris 1000, didn't have a house til 32 and got my 1st Big F was last year at 52.
I agree with Tony the house is the clever option, but won't be half as much fun!

 

Well as you have bought it now I think it would be silly to sell straight away. Why don't you keep it for a few months, get your F car fix, and sell it April next yr just before the summer. The market for F cars probably isnt that good with winter looming and christmas / new year approaching.

The property market isn't about to make spectacular gains in the next 6 months so you will still be in good shape to buy then. That way you have enjoyed a Ferrari for a while, now have a house, and can start saving for the next Ferrari you will own a couple of years later!

 

Whatever your decision, you need to leave yourself plenty of free cash for living a playboy lifestyle at 20 (or perhaps you've already factored this in, and your just rich). Its no good just having the car if you can't also park it outside China White without morbid fear of it being scratched. It spoils the experience. Similarly, there is no point buying a house at 20, when you could be spending the money getting laid, smoking weed and generally partaying ........ ha ha ha just my opinion speaking from experience being myself a 26 yr old who spent ALL his savings on a car at 22 !! Don't listen to me..

Ade

 

However much i'd LOVE a 308 or similar now, i think its best to wait a few years until i'm in my mid-20s at least.

If you buy the house now, you'll have probably made a fair wack in a few years and the equity could buy a Ferrari out right.

Or you could buy/keep the Ferrari now, and in 2/3 years time it'll be worth less, you'd have spent money on car and your rent cheques will be lining your landlord's pockets and now yours

 

I reckon you got it right Ade.

 

keep the ferrari till april as they sell for more money then buy a house spoke to steve p says you can have the 15th of so you can go to silverstone in the car

 

such a liar isn't he!

I say enjoy the ferrari for a while, get nice birds with it, sell it in spring for a house

 

I'm sorry to hear that you feel that old he he

As a contractor, in reality I think you shouldn't feel the pressure as much as you have a marketable skill (or you wouldn't have got the job, right?), the one big sustainable benefit I've found personally of contracting is reduced commitment to a firm and/or project and much more personal freedom. If you feel 30 your letting it get to you (IMHO), relax and enjoy earning more than your peer group without letting it alienate you.

Now GO drive that Ferrari.... and forget the stupid house


Ade

 

Lee!
I don't believe you've just got the car and are already thinking of selling. Shouldn't you have been asking us this question two weeks ago? :-/

Unless something really unexpected happens - if you buy a £100k house now, in a years time it will in most cases be worth at least £110k. If you go waving cash under enough people's noses at this time of year when the market is slow, you may pick up the same £100k house for £92k, making even more money. If you get one that needs a little cosmetic work, you'll make even more.

Your car is going to be worth at best the same as you paid for it in a year's time.

Why don't you put a deposit on a new build, bought early off plan with a 12 month build or something, so that for only the cost of the deposit, you have a property gaining money at the market rate but held at today's fixed price. When completion time comes, either sell the car to finance it, or rent the house out to finance the motgage... or just sell it straight away and move onto another one.

That is the best way in my humble opinion to get a foot into the property market if you don't want to fully commit just yet.

 

I can't believe I just read that

 

I remember when I was a 24 yr old Ferrari mechanic, and a young guy came in and bought a TRossa for the exact same amount I just paid for my house...about 55K. I had mixed feelings, thinking "what kind of goof am I to buy a house", and "what kind of goof is he"

His TRossa is now worth about 35K, and my old house is now worth about 135K.....

BUT, I've now sold my house and I own a 512BB.....and I rent property!

Couldn't be happier about the situation I'm in.

 

Lee, i told you should have bought a Fiat X1/9 while you mulled things over!!!!!

 

Thats dads for you!!!!!!!!!

 

Lets work out a deal on some discounted houses with your dad and we can work out a deal on a very nice 355 !

James