Is It Easier to Afford An Expensive Car in Cali???
- Thread starter Ry
- Start date
I know that. I think anyone that buys a car that is expensive enough to be a down payment on a house is a fucking idiot.
D-Locc, save your response, I know what you're gonna type and I agree with it.
Anyway, the point of this post is not living with your parents and owning a car, its more about if cars are more affordable to those of you that live in Cali assuming you dont have a fucking crazy mortgage payment.
D-Locc, save your response, I know what you're gonna type and I agree with it.
Anyway, the point of this post is not living with your parents and owning a car, its more about if cars are more affordable to those of you that live in Cali assuming you dont have a fucking crazy mortgage payment.
A car is by far considered the worst investment ever, because 99% (guess, probably wrong) percent of cars don't increase in their value. You go and spend $30,000 on a car, and two feet out of the dealership parking lot it's now shot down it's value to like $25,000. Yet, you still owe the bank the full $30,000 plus interest. And interest on $30,000 after a six year loan probably brings that balance to around $40,000, if not more depending on the interest rate. Knowing how people in the streets are, you've also added rims, systems, and performance upgrades to bring your grand total to like $50,000 - $60,000. So by the time you're done paying off that loan, you've spent $60,000 on a car that even with all of the upgrades, you'll go to trade it in for another car and the dealership will probably give you less than $10,000 total for everything.
But, homes on the other hand almost always increase in value. You spend $200,000 on a home and 5 years down the road you can sell that shit guaranteed for more than $250,000. I know people that spent like $100,000 on homes and came up selling that shit for like $275,000. So, the smart thing to do when choosing between a home and a car is to invest in a home. Unfortunately most folks from the streets could care less what the smart thing to do is, they just want to floss.
But, homes on the other hand almost always increase in value. You spend $200,000 on a home and 5 years down the road you can sell that shit guaranteed for more than $250,000. I know people that spent like $100,000 on homes and came up selling that shit for like $275,000. So, the smart thing to do when choosing between a home and a car is to invest in a home. Unfortunately most folks from the streets could care less what the smart thing to do is, they just want to floss.
I live out in PA so the cost of living here is a lot cheaper. I stayed in a 2 bedroom apartment and paid $375 for rent. Next year I'm moving into a 1 bedroom apartment for $600 a month and I consider that a fucking lot of money. But everyone out here drives pretty shit cars. Everybody here tries to move out of their parents house first, considering a brand new BIG 4 bedroom house on an acre of land in the suburbs costs less than $200,000. Anybody you see in PA driving around a nice car at a young age, its pretty much a lock that mommy and daddy bought the car for them. The cost of living here is so low that in order to have a really nice car, you need to have a really nice job.
