The exact issue I figure I'll run into if/when I do sell it. Ive talked to so many people that regretted selling their Z for whatever reason....

The Z has also been in my family for 10+ years.....

 

As oil prices go up so does the cost of living and so will the amount of people selling their homes to be able to afford their life. City homes values will increase while housing outside of the city will plummet due to the cost to daily commute to work and such. The real estate market here in Cali is flooded and not much is selling because of the LACK of money! Life as we know it is becoming very expensive and with the Alaskan pipeline that just broke don’t expect it to get better in the next couple months. I work in the oil industry and well i have studied real estate for a couple years, take what I said with a grain of salt but read this and ( http://www.lifeaftertheoilcrash.net/ ) and form your own conclusion.

 

This has been my plan for the house

Buy something thats not really expensive, and that could use a little work here and there. When I was younger I helped my dad remodel our house which included plumbing, electrical, drywall, siding, roofing, and other stuff, so I deinfately have the skills to improve the value of a house. Thats why I'm concerned about dishing one of my projects, because I know once I get a house, I will want to 'mod' it as well

 

sell them all, and pick up a cheap DD...

Buy your house, and spend the next ~10 years paying it off. Once you owe nothing on that house then go crazy on a Z or an Evo. Debt is just something you want to avoid at all costs. I havn't bought a single car with financing.

 

You are just a little bit younger than me so maybe I can offer some insight.....it seems that you have too many toys and your priorities seem backwards...

If you want that house sell the evo and the bike and daily the Z....I know what its like to have a car thats been your baby most of your driving life.....

Save up the down payment on the house that you want....and then after you get settled in for a year or two then you can decide to refi the house or whatever for the toys that you want.

Being 22 with over 20K in debt is not a good way to start....I'm not sure anyone would give you a loan in your current state.....your debt should never be close to even 25% of your total worth..

<---real estate developer/investor

 

I think the big thing here is you can not sell the EVO. It looks like you have tried. I would not take a loss on anything. So this should give you the answer. Sell the bike and the Z. I know it sucks my first car was a 280Z. Take the money from the bike and Z and refinance the evo to lower the payment and maybe even shorten the loan. The more money you can free up a month the better an experience you will have with homeownership. Good luck. Just my thoughts.

 

arn't we all lol

 

is this novel available at barnes?

 

wtf is that supposed to mean??? ROFL

What job do you have my friend??? Not everyone comes out of college with an econ degree and decides to work for beans

What do you do flip burgers?

You can laugh at me all you want I own my own house do you??? I'm 23 so it really must hurt to see people younger than you that have more money...but that's what happens when you graduate from college.

 

That's what I would do. Sell the bike and the Z, and pay the equity towards the Evo and refinance it.

 

Realistically. Once you get into a house your gonna have to be a lot more responsible financially, not that you aren't now.

Basically your gonna have utilities, mortgage, insurance, food etc. to pay for each month wich are costs not incurred on you currently ( i am assuming you live at home, forgive me if I am wrong).

When I purchase my home about 1.5 years ago I had to sell my 2003 Honda S2000 and ended up getting a used Land Rover Discovery as a daily driver for $8k. It sounds like your gonna have to sell the Z, sell the Evo and go with something with cheaper monthly payments and insurance payments. But you can keep the bike.

If you are able to afford the EVO payments and the mortgage at the same time then I would try to go that route, even though the depreciation on the Evo will continue it won't be that bad. In a couple years you might lose another $2-$3K depending on miles etc. But the major depreciation of your EVO already occurred when you bought it new and drove off the lot.

All in all tough decision but I am sure you will make the best decision possible for you financially. Good luck and hope this helped a little bit.

Jason

 

bottom line regarding loans: financial instituions charge you a lot more for borrowing than do financial markets reward you for saving. It will always be the case that having no debt is the fastest way to save money for the future.

 

Jason

Yes, helped a little bit but I'd just like to point out a few things....


I have been on my own for about 4 years now and I have had my own apartments and such. I am aware of the fact that utlities are typically a big deal of being out on your own, and they are even more cumbersom when you have your own house (IE - an apartment doesnt cost 300 dollars/month to heat in the winter) I always budget for these bills and have made a habit of paying them promptly and on time


I didnt have much decpreciation because I purchased the Evo used. I bought it for 23.5 before T,T,L and it had 21k miles on it. I now have 36k miles on it......

I am certainly able to afford the Evo + House Payment, but its a matter of me *wanting* to. If i wasnt able to afford the evo + house, i would simply choose an apartment, or work my *** off to sell the evo.

 

I would disagree just a little. I know my priorities are straight now because i want a house, but I dont owe anything on the Z that I had. And 95% of the people I know have loans out on a car. I came across what I thought was a good deal on an Evo, and I had to have a car THAT day (my Golf GTi pooped out on me and I was just starting a new job) so I purchased it




Its actually reversed around right now, anyone would give me a loan. At the time my bike loan was processed, my credit score was 740. I have 0 revolving debt, and one car payment, in addition to the motorcycle loan

 

Even though you can afford all these things together...doesnt seem like you can afford them if you want to save some cash. You never know when $hit happens and you have to save some money in case it does.