Question for you guys

R3VO3VOM · Aug 24, 2004

Well I have been doing alot of thinking lately and other financial moves actually I am getting ready to buy a house for the first time with my g/friend of 6 years. So I am thinking about selling the stang although I love it to death and it was the car I wanted for many many years I have had fun with it and I realize what would be more important to me at this time in my life and that is a house. I realize I am only 23 years old an will have pleanty of time to drive nice cars. So I want to down grade, and was thinking about getting an 04 ford focus why because they're cheap and good on gas and I am sure my insurance would go down all in all I think I would save an extra 200 a month and plus wouldn't want to modify it cause its just a focus so save money there also. So why do I want to do this0

A. Because It will make money easiear to pay for my 1800 dollar a month mortgage.

B. I also just bought new wheels and tires for it and I feel that it was a mistake at this point and would love to be able to get out of the 2400 dollars I spent on them.

So, my question is

Do you think $13,000 dollars is too much for my GT
it has a flawless body and aftermarket wheels and tires and the other mods are in my sig. 59,000 miles and is in just about perfect condition

Thanks for the help.

slapper · Aug 24, 2004

Well, since you asked a question of us, I've got some advice.
Forget about the car for right now, if you sell it to reduce your debt:income ratio or not, and buy the Focus or not is really irrellevant to the bigger question at hand.
I would NEVER buy another house with either spouse or friend or family or significant other, etc! I would not buy anymore property with a housepet on the title!
IF YOU ARE NOT MARRIED AT THIS TIME, YOU WILL REGRET IT IF THERE IS ANYONE ELSE ON THE DEED TITLE OF YOUR HOUSE BUT YOUSELF.
Sorry, but I've lost too much equity over the years with others who decide that they now want to move, or buy something else, or borrow against the house to pay for parental health concerns, or some other BS. Wait! I know!
We can borrow against the house, take out a second, and blow it on an expensive vacation. That way when the offspring approach us for $$ for higher education, we can say we're broke.
You don't know me over this board posting, but take my advice!
If you don't qualify by yourself, then buy something cheaper, or save up.

hotboy1966 · Aug 24, 2004

slapper said:
If you don't qualify by yourself, then buy something cheaper, or save up.

what he said

stang976 · Aug 24, 2004

slapper said:
Well, since you asked a question of us, I've got some advice.
Forget about the car for right now, if you sell it to reduce your debt:income ratio or not, and buy the Focus or not is really irrellevant to the bigger question at hand.
I would NEVER buy another house with either spouse or friend or family or significant other, etc! I would not buy anymore property with a housepet on the title!
IF YOU ARE NOT MARRIED AT THIS TIME, YOU WILL REGRET IT IF THERE IS ANYONE ELSE ON THE DEED TITLE OF YOUR HOUSE BUT YOUSELF.
Sorry, but I've lost too much equity over the years with others who decide that they now want to move, or buy something else, or borrow against the house to pay for parental health concerns, or some other BS. Wait! I know!
We can borrow against the house, take out a second, and blow it on an expensive vacation. That way when the offspring approach us for $$ for higher education, we can say we're broke.
You don't know me over this board posting, but take my advice!
If you don't qualify by yourself, then buy something cheaper, or save up.

he is absolutely right. i have seen it happen so many times its not even funny. i am scared to death because when i move out next year, due to my bad credit i might have to have my GF help me out (hence adding her name to the deed). i love her to death and all but i still "put up the wall" when it comees to protecting my future and assets,

stock50LX · Aug 24, 2004

At 23, the changing fortune of relationships is likely in the beginning stages. I agree with the advice above. Sell the car if you wish (I doubt you'll get what you want, though), but don't tie yourself to a girlfriend in such a manner. It might just as well be a marriage contract. If you've been with this gal since you were 17, one or both of you will someday wonder what life would be like with another, since any experience with "others" has been minimal. That was free advice, I am not even going to charge for that.

R3VO3VOM · Aug 24, 2004

all under control guys I was thinking the same thing but I qualified for 250k on my own so Im going on the title and the miss gets to help pay for it if she wants to live there. And yes we are getting married when she finishes college.

Now that the relationship advice is out of the picture can we get back to my first question.

wythors · Aug 24, 2004

I just finished cleaning up the mess that buying a house with a girlfriend of 6 years created. DON'T DO IT!!! Even if her name isn't on the paperwork, if you have lived with her for more than 6 months and shared expenses you are involved in what is know as a meratricious (sp?) relationship and she can sue you for half of the value accrued during your relationship. Very bad mojo.

R3VO3VOM · Aug 24, 2004

Well it's a gamble I realize but it wouldn't be any different if we were married it just makes it easiear that we are not. Whats the difference we've been together for 6 years seems like we're married I am tired of living in stupid apartment and throwing my money away. So maybe I have to split everything with her but atleast I will have something to split with her as oposed to living in an apartment and me not having anything now. It's really the only option for me now we are getting married and if we divorce we divorce it sucks and it can cost a lot but im willing to take that chance I think our love is strong enough to make it throughout our lifetime. Thanks for trying to tell me otherwise guys but I am already set on the decisions I am making with my future and relationship. I have done pretty damn good so far for myself.

hicalibrbulit · Aug 24, 2004

Enough of the Oprah stuff, forget the stang, are you selling your Avatar??

lamrith · Aug 24, 2004

$1800 a month is a bit steep, especially with interest rates at thier lowest point in like 30+ years. How damn much is the house??

I will also agree, don't put anyone on the house unless they are your spouse..

saleenster · Aug 25, 2004

lamrith said:
$1800 a month is a bit steep, especially with interest rates at thier lowest point in like 30+ years. How damn much is the house??

I will also agree, don't put anyone on the house unless they are your spouse..

Totally agree with Larry..$1800 a month is alot of coin! I would think most of us would struggle with that type of payment each month, and looking from the outside in, unless you make over 75k, it might be tough making that payment each month after you find out that garage, cable, water, electric, etc are due each month as well....nonetheless, good luck, as owning a home is a great thing

Hugger2371 · Aug 25, 2004

First off, congratulations on getting married after she gets done with school. Second, sounds like a lot of guys got burned by women in this post. Since they got to voice their opinion, I will now voice mine. You only fail because you let yourself fail. The problems guys have with women is their own fault. They chose the women they were with and knew what they were getting into. I got married when I was 20 and have been happily married for three years now. BOTH our names are on the deed of the house. If you are going to marry her, do what YOU think is right, not what a bunch of guys in some forum say. As a used car dealer, I would have to say that gettingthe price you want for the car may be a bit of a challenge. It is a 1999 GT right? I would say post it in as many places as possible and talk it up a lot. Good luch, Dan.

My_Little_Pony · Aug 25, 2004

Steve, if your pre-approved for 250K using your current credit report....that would mean you can keep the Mustang....unless your trying for higher?? I know you mentioned insurance and all, but they factor that into your debt to income ratio when applying for a mortgage (most of the time).

Also, being pre-approved at 250K would not equal $1,800 a month payment.....unless your rate is like 8%!!! At $250K you should have a payment of no more then $1,500.....but, then again what do I know....I only do loans for a living!!

3rd thing being (I think you know what it is). I have lived with my girlfriend for almost 3 years now...we have rented a couple apartments and thought about buying a house....I said "no" to the house idea (jointly). I totally agree with you, about getting the mortgage under your name and she pays half A wise woman (my mom) once told me...."write up a contract, if she loves you enough, she will sign it. The worst thing that could happen is you guys stay together forever and never need to use the contract" So, my thoughts are, write something up stating what would happen IF you two broke up/divorce and then sign it. That's just my .02 cents!!

As for the car, if you think it is absolutely not possible to afford the Mustang, then get the SVT Focus...

slapper · Aug 25, 2004

Pre-numptual agreements can be declared void in courts now as easy as opening a can of tuna.
They really don't amount to much of anything now-a-days.

R3VO3VOM · Aug 25, 2004

Ok here's the deal the house payment will not be a problem for me I make enough for the house and my car I am just thinking it's about time to move on from the stang for a while I want something cheap for a while, while I settle in and start pouring thousands into the house because I know thats what happens when you move into a house you want to do this and that and so on and so forth. So it would be nice to have a cheap car payment so I have the extra cash lying around for the house for the time being.

Kevin:
Yes it would be about 1500 if I did 30 yr fixed I am doing the 80/20 first at 5.5 and 2nd at 8.5 so for principal and interest we're looking at about 18?? or I can do interest only at 15 something. By the way what are your fees at closing?

Also I wish I never stated anything about the house or girlfriend these are choices I want to make for myself not having someone else that don't know me my relationship and financial situations giving me advice from their screw ups. If I screw up I screw up but as far as I can tell there are going to be no screw ups. I just wanted advice on if you think I can get 13 for my car or not and I thank those of you who did give me your advice on that.

My_Little_Pony · Aug 25, 2004

Fair market on your car is $12,950....at least that's what NADA says. Right now with the way the market is going with cars and everyone switching to Hybrid cars....I would shoot for $12,000 with all the mods.

Good luck, I tried to sell my car and that was a pain in the ass. So, I decided to keep it!! Now with the blown engine makes it a little difficult to sell...LOL

stock50LX · Aug 25, 2004

You might think about a small truck. They are very practical for homeowners. I use mine constantly. It sounds like you are bit tired of your car. That happens. For most of us, ownership is a dynamic process. We are either changing (upgrading) the car; or, once that process ends, thinking of selling it. I quit racing and modding when I was your age. You can always come back to it and avoid the mistakes you made the first-time-round.

R3VO3VOM · Aug 25, 2004

stock50LX said:
You might think about a small truck. They are very practical for homeowners. I use mine constantly. It sounds like you are bit tired of your car. That happens. For most of us, ownership is a dynamic process. We are either changing (upgrading) the car; or, once that process ends, thinking of selling it. I quit racing and modding when I was your age. You can always come back to it and avoid the mistakes you made the first-time-round.

YOU NAILED IT exactly what I was thinking. I also thought about a small truck but fortunately My company has a big f250 truck that I am welcome to use at any time. Its basically mine to use.

slapper · Aug 25, 2004

stock50LX said:
You might think about a small truck. They are very practical for homeowners. I quit racing and modding when I was your age. You can always come back to it and avoid the mistakes you made the first-time-round.

Cue-Ball · Aug 25, 2004

I think that if you really sit down and figure out all the costs, you won't be saving much by selling the Mustang and buying a Focus. Sure, it'll use less gas. But i bet the insurance won't be much cheaper, if at all (newer car). Also figure in how much you're going to lose on the sale of your car, and how much you're going to pay on the new car after interest, and you're probably getting pretty close in price.

Getting a newer car to save money rarely works, unless you are talking about a huge difference in mileage and a LOT of miles driven.

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