Get a Cayman S or a House?

[FC]

Speechless. (http://www.caymanclub.net/topic.asp?whichpage=1&TOPIC_ID=5499&FORUM_ID=1&CAT_ID=1&Forum_Title=Cayman+Chat&Topic_Title=Get+a+Cayman+S+or+a+House%3F)

[JST]

Speechless. (http://www.caymanclub.net/topic.asp?whichpage=1&TOPIC_ID=5499&FORUM_ID=1&CAT_ID=1&Forum_Title=Cayman+Chat&Topic_Title=Get+a+Cayman+S+or+a+House%3F)

Well, now might not really be the best time to buy a house. But it's probably not the best time to buy a Cayman, either.

[stuka]

Well, now might not really be the best time to buy a house. But it's probably not the best time to buy a Cayman, either.

Caveman sucks.

http://www.6speedonline.com/forums/showpost.php?p=701013&postcount=60

Well, I would be curious to see what all those people that told us that we were dumb for not buying a house in LA right now because "what about building equity? it'll be a soft landing" blah blah have to say next year this time.:rolleyes:

Granted it will probably take a few years for this ARM and 0 down crazy market to bottom out.

Yeah, first time buyer with 90K annual income can afford 600K home, my foot.:rolleyes: :lol:

[John V]

Caveman sucks.

Another brilliant statement from stuka, what a shock.

[FC]

Back to topic.

I just could not possibly think of getting a Cayman while renting an apartment if doing so would no longer allow me to buy a house. It's nuts.

Holding out for better market conditions is one thing, but having the purchase of a home being dictated by the purchase of a sportscar is ludicrous to me.

I'm amazed as our income has gone up, just how much money we set aside for what I consider priorities (expenses, retirement) before I get a sniff at what's left-over. And how can I not use that left over to pay off other debt or improve our house first before dropping it into a car?

I have a nice enough car. To replace it with Cayman-like car ($-wise), I feel I'd have to have PLENTY of disposable income.

Let me just put it this way: When the CLK430 first came out, there was a review on it where they mentioned the average (or median, can't remember) income for the typical CLK430 buyer (55-60K car) was ~$150K. At the time (I was 18) I was surprised as to how much people who bought a car that expensive made.

Now I am surprised the other way around.

Granted, I'm sure the average buyer of a CLK was older and with a lot of assets and little debt not a young person with high income/low assets, but still.

[John V]

For me the decision was easy. Rent for my 1-br apartment (and not a super nice one at that) was $1000/mo. My mortgage payment is $1240/mo (though at the time I bought it I had PMI so it was $1430/mo). It was a no-brainer to buy a house.

Because I bought in 2003, it ended up making a lot of sense. If I were in the market for a first house now, I'm not sure buying would even be possible, but that doesn't mean I'd buy the Cayman instead. I think I'd start putting money into investments so when the market cooled a bit I'd be in a better position to buy a house.

[Rob]

Fernando, move to southern california, have your wife hang out with the gold diggers on the beaches or in the beautiful people areas, spend some time in both yourself, and then you will understand that your beliefs are misguided and you should buy material things to impress strangers RIGHT NOW and your wife will ask you why you are still driving that old, beat up POS when you could have a cayman. What's not to understand?

Unfortunately for me, I never qualified to get past the door of the beautiful people places, so I have a house. lol

[clyde]

Well, I would be curious to see what all those people that told us that we were dumb for not buying a house in LA right now because "what about building equity? it'll be a soft landing" blah blah have to say next year this time.:rolleyes:

Granted it will probably take a few years for this ARM and 0 down crazy market to bottom out.

Yeah, first time buyer with 90K annual income can afford 600K home, my foot.:rolleyes: :lol:Blanket "this is a bad time buy a home" statements are just as absurd as the "this is a great time to buy a home" statements were a few years ago. There are a lot of other factors to consider in addition to where prices are today compared to their peak and where they appear to be headed.

The only time that price really matters is when you buy. Sometimes, it matters when you sell, but not always.

[stuka]

Because I bought in 2003, it ended up making a lot of sense. If I were in the market for a first house now, I'm not sure buying would even be possible, but that doesn't mean I'd buy the Cayman instead. I think I'd start putting money into investments so when the market cooled a bit I'd be in a better position to buy a house.

Right, I agree. Stockpiling cash is what I would do in that guy's shoes TODAY.