supanam

iTrader: (1)

so i own a 2008 Dodge Ram 1500 Big Horn (i owe $8500 left) and a 2007 350Z Enthusiast (recently paid off).
three years ago i got a DUI and have about $5500 in fees to pay for and that's gonna start in about a month. i've worked hard to pay off all my debt and only have $1000 left in CCs. outside of that no more debt.

as i'm in the market for a home cuz i'm sick of paying $1300 (rent + utilities) for a nice place but im rarely home cuz my work requires me to travel over 50,000 miles a year...
also my work (i'm a used car buyer for two dealerships owned by my brother) - i can just demo any vehicle on the lot.

so the question. should i sell my Z and just wipe out all my debt and purchase a home? or keep her and drive her forever... i know i have the truck but i don't like getting 13.5 mpg with the commutes i do. and as fun as the Z is - its not the most functional car for a Seattle-ite such as myself. i kinda of want to go 4 door luxury.

inputs?

DavesZ#3

iTrader: (26)

Why buy a house when you're not going to use it?

Why get rid of a car that's paid for?

I think you already know the answers.

mr. sparco

iTrader: (13)

I wished my mortgage was only $1300, SoCal living costs suck at twice that. Keep the Z.

supanam

iTrader: (1)

house cuz if i'm dumping money into something i might as well own it later. the travels is only for now. it'll change in a year or so. i hate throwing money out the window on rent. and my rent is more than a mortgage AND i don't get a tax write off at the end of the year.

I don't want to rid my truck cuz i haul snowmobiles, jet skis, atvs, and occassional boat (not my toys but i borrow). and the Z i feel i can get more money for so that i can use for down payment on a home and pay off remaining debt.

while others have money in savings - but are knee high in debt (some even higher). i have exhausted my funds in everything that i worked for to pay everything off. (i made a lot of bad choices as a college student - racked up serious debt)

AngelsVQ

iTrader: (4)

bloodwings19

That is your answer. It is very easy, as much as I love my Z, priorities is #1. Go get your house now, mortgage rates will be going up soon and it will be never this low. If you want to get into the Z again, think 370z.

DavesZ#3

iTrader: (26)

See, I told you that you already knew what the answers were.

sanford

Find a roommate to pay your mortgage for you.

Swimminggerman

I rarely am at home too. I play outside a lot. Plus move around, countries and states. So no need for a fancy place to lay my head and keep my belongings. Pay off the Z, rid of the CC debt. downsize your living arrangement. stop drinking (thats a costly vice) and pay your fine for DUI (which is dumb and well deserved IMO). keep the toys, they're payed off. live simpler.

NissanZ03

iTrader: (12)

you can't get an apartment on long island for less than $1300

pcressey

iTrader: (3)

As we don't really know your true financial situation, it is a little hard to say. Since you have credit card debt, this tells me you have $0 for a down payment on a house. The DUI is going to set you back another $5,500 in fees, let alone the insurance increases.

I am thinking you are not in the financial position to even think about a house. You can always seek a mortgage advisor to see the real picture.

You mention wanting to own instead of rent... do you plan to live in this new home for 30+ years... if not, it may just be cheaper to rent in the long run. You are paying mostly all interest for the course of the loan, and the house market is up and down, and you never know where you will end up when you go to sell.

If you don't really use the Z, and it is simply for pleasure, you may want to sell it to get rid of all your debt and have some $$$ in the bank for emergencies and putting towards a down payment in a year or five.

Kimosabe

There is a fine balance between priorities and enjoying life. You seem to be head strong on paying your debts. That being said, keep the Z, you've proven your responsiblity with debt management. Enjoy your life. The rest you will manage in due time.

Romanteni

iTrader: (10)

true dat

mjk

if you buy a home without a huge down payment, then your dumping money into interest and taxes.

terrasmak

iTrader: (8)

Little time at home, i suggest buying a condo or townhouse. You can lock the doors and walk away a lot easier than a normal house. No yard to worry about, nothing much to worry about. I own a condo in case my military commitment makes me leave for extended periods of time.

zakmartin

If you're staying in Renton, then buy a condo at the Landing; they're practically giving those places away. Don't buy a house unless you're prepared to spend an extra grand on your mortgage. Cheap places around here are still in the $300k range.

The $1300 you're dumping into rent is about what you'd be putting into a 1 bedroom condo mortgage +/- association fee$.

Dump the truck and the Z and get yourself something used that you can pay for in cash if you're looking to go 4-door. Banks hate debt when you apply for home loans, especially in this climate.

KingBaby

iTrader: (3)

bluelineshooter

Renting is just like burning money. Buying is an investment. Z's are fun but you can always strive to have one again later. I vote to getting rid of debt.

jes_96

Keep everything. Quit drinking. Move to Pixburgh/Western Pennsyltucky and buy a house (my mortgage payment w/ 15 year terms is $720 a month for a 2,700 sq ft 3br house w/ garage & pool, on 2 level acres; and the taxes are only $1,600 a year); then ya got money left over for your used 550i for your travels. This is all assuming that your brother will open a dealership out here for you to work at, of course.

ZA_350Z

I sold my 350Z and bought a 370Z, then sold that to get a family car....REGRET! Now in the market again for a 350Z