I pick your second idea. Sell the car, and get a cheap apartment with a buddy or two and keep expenses down. Dont buy a house until you have acquired solid financial assets (income-generating real estate properties, stocks, bonds, etc). The only way someone your age should have a $30k car is if it is 100% paid off, and the car is only worth a small percentage of the liquidation value of their combined assets. Oh, and dont buy a house yet. Thats another black hole of debt you dont need to be in quite yet.

 

sell it

HOUSE > EVO

 

You can sleep in a car, but you can't drive a house!

 

You shouldn't have bought the car if you're making 45k in a year IMO...but anyway whats done is done

Just sell the car--car shouldn't be prioritized in life

 

I make 40k pay for rent, car payement, gas inusrance on 2 cars and still have money left over for fun,mods and vacatin. Budget.

 

i honestly cant see how you cant afford it, yes the payments your paying a quite high, so is insurance and gas. but i make about $30,000a yr at my current position. and i can afford, all my car payments, insurance and maintenence. so basically the only thing that is stoping you is your parents they want you out so they can make a "naked Room" lol. Do what you think is best man.

 

+10000!!Pay off the car then buy the house!!

 

ahhh i feel your pain man i could of financed an evo but i got the darn oz instead so i could get my stuff straight first. i got to school but i work a ton too to pay for the car and once i move back to dc my rent is going to be absurd.

you definitely have the right attitude. you'll feel a million times better when you are doing everything on your own and the future isn't too blury. plus look at it this way, you'll have something awesome to look forward to

 

KEEP the car, dont mod it, keep it under the warranty, drive it like a normal car, then this car is the same expense as any other vehicle.

I make 3,200 a month 38,000 a year? and make 550.00 payments im 23 and live with parents because its CHEAP in california a house is expensive to get and a lease in an apartment is a waste of money, if both you and your parents feel the same way about leasing (a waste of money) since its not an investment, id reconsider living at home for a little while longer.

45 k at 23 is not bad. Ive seen college grads making 10-12 an hour doing some measily job. Ive thought the same way you thought, just continue progressing in live via education and your job and you will see yourself overcomming the big financial mountain.

Is owning a 30+ vehicle wrongful at the rate of income you currently bring in? No! just dont make a habit of expanding your debt to fit your income, as long as you have medium-low debt your fine. I deal with it and I find myself saving 1000-1500 a month even with all my expenses. So think about it.

 

Sell the Evo and get a used car and move out NOW

 

Buying a house is not always a good idea, but if that make you save then go for it. Well, you need a place for you own anyway so it doesn't hurt. A year from now is probably the best time to buy.

Obviously you're spending too much on the evo. I've heard a story of a guy in Viper forum that he has never made more than 50K a year. The guy keeps putting half of what he made into mutual fund and drive one car. Then in his 30s he realized he has networth more than a million (partly due to the stock boom). He decided to reward himself a viper which is tiny to his networth. Evo is not a collectable car so you're looking at losing $ every month, there's always the next version that's better and faster.

You are young; start saving early is always a good idea. Your current potential is not only your monthly pay, it's also all the "spare" time that you have, put it to the right use.

 

If you really love it, then...

1.) Wait a while..Pay extra to principal and get your loan down.
2.) Before you move out.. Refinance for a lower monthly payment
3.) Learn to cook
4.) Stop going out to eat.
5.) Find a room mate or two and it'll make things cheaper. (rent is a waste of money and the less you pay, the better)

 

House appreciates in value.
Evo will never appreciate unless some crazy reason it becomes a classic in 50 years.
You would also get a tax break after finally itemizing your tax return being a homeowner.
There is almost no financial benefit in renting an apartment.
There would be several exciting sportscars coming up in next two to three years.
Save your money.
You made the right decision in my opinion.

 

Buy a house, forget everything else, you can get a new car later. It was my best move at 22 years old at 25 its still the best thing I did.

OH and never waste your money on a apartment, buy at least a condo, preferably a house! Renting makes others rich from your money, owning gives you huge tax breaks, and appreciates in value. I would sell your evo now, and save a year and buy a good starter house.

Also get RELIABLE friends to rent rooms in your house, if you do it right it will be cheaper per month then an apartment for them, and if you do it right they can pay most if not all of your rent for you allowing you to pay the house down quicker.

Just get a good reliable morgatge copany without crazy fees and APRs.

 

Sell the car! I don't think $45,000 is enough to buy a $35,000 car. Save your cash and watch the housing market because it's going to tank in a lot of areas. If you have cash ready you're going to be able to swoop down and pick up something at a reasonable price. I bought my house in 1988 during the last real estate bubble. It's in an upscale area outside NYC. Two years later I couldn't give it away and it took another eight years just for it to come back to what I paid for it. I saw people picking up some real bargains because they were both patient and prepared.