R34 GT-T vs Apartment?

[SS8_Gohan]

Yes, GT-T win hands down... extreme weight advantage

anywho... it's been pretty much a full year now since deciding on a Skyline for my 2nd car, and if i had it my way i'd have my ass in a R33 since about Nov/Dec last year... but there were certain... complications. The upside is that i've had all this time to save up and only a few months away, budget wise, from entering R34 GT-T terrority (low 30k's).

But my dad has said that he'd be keen to go halves in an aparment. So half deposit, half the loan. As i'm only 19, this is where i'm gonna need ur advice guys and gals. I earn approx $1500 month NET (maybe a touch more). The type of apartments we were looking at were around $450K, so after paying deposit, i'd have a loan of about $200K for my half. But it would be an investment property, so i'd have ppl renting it. Hopefully nearly paying off the loan payemnts. So these are some options.

1. Just get a GT-T and don't have a huge loan hanging around. Cos i'd own the GT-T outright.

2. Just get an apartment... be smart, think ahead... yada yada, all that responsibility crap

3. Get apartment AND R34 GT-T, but add extra $35K onto the loan for the car and get renter ppl to pay off both. Of course i'd have to make up some difference each month, but hopefully it wouldn't be too much.

So yeah, what do ya think ppl? Cos i really have no idea and if i decide getting the GT-T i'd like to take advantage of the good exchange rate and also the decreased demand at Japanese auctions currently

cheers guys.

[(B1) MR_fanny]

option 3 sounds pretty good to me....then again im no financial advisor..haha.

[usuckpoo]

Man....

You're 19 and you're already on your way to owning a home.

U gotta have all my envy man...

take it all....

[RedS14T]

$1500p/m really isn't much. I'd gladly accept your dads offer.

Cars depreciate, housing doesn't!

These kind of investments pay off, my friend did it and he's got a 911TT & 360 Modena!

[BigDatto]

Work your ass off for the next few years, you'll have enough equity in the property to buy *whatever * vehicle you desire thru a line of credit at 4-5% rather than crippling yourself now @ P/L rates & then getting LESS than half of what you paid for a car ( in real $$ terms ). Let TVM (Time Value of Money) be your guide.

What RedS14T sez is true.... Equity Maaaaate...

[Silver-Arrowz]

Go the appartment and get a R34 GTR later.

Once you've paid off a good portion of the loan and apply for a car loan, it makes it easier.

[Gester]

I'd seriously get bother because the only difference you'd notice is the minimum repayments might be $20 a month more. Now thats not bad for a car?

Plus when you do want to go for another loan you can have equity for the next deposit plus a really good Credit rating to pretty much get anything you want. Now that's awesome

[002 NVS]

One issue is that your loan will be based on the price you are buying the unit, which will be via a valuation etc. Adding money on top of that for personal reasons eg. car may be difficult unless you get a seperate personal loan.

As a real estate agent myself i would strongly suggest getting a unit, especially with the offer your dad has given you! It will undoubtedly set you up for life!

I would suggest putting the money you had for your car in as deposit - a little for a run around, and then organise your loan with the bank as tenants in common with your father. When this is done everything wil be 50/50 obviously. Benefits are you have your dad as back up on payments etc. You will have tenants in the property and if you are buying the right property your rental income will cover repayments +/- a minor amount.

Another benefit is that you can claim any depreciation on fixtures and fittings as well as interest on the loan if it is an investment property.

Feel free to e-mail me [email protected] for further advice or if you would like to see what sort of unit/townhouse developments we have here in QLD compared to the Victorian market.

[Gester]

If his dad get's the loan which he will be as being 19 I don't think you could get one on your own, providing his dad has enough assets getting the loan increased to cover a car shouldn't be a problem. It'd be his dad that get's in trouble if he doesn't pay the repayments so in the end it'd be upto him

[meggala]

go the apartment and get a car a little later you will not regret getting an apartment or even better get a house

I bought my house 3 years it has gone up 80 percent in value in that time Now I have shit loads of equity

and can have what ever car I want in theory. makes life so much easier plus .

meggala

[Guest RedLineGTR]

property goes up..cars go down in value...after in a couple of year you'll be up for buying a gtr r33-34

[AutoTrust]

Get the car and get me to fit an alarm for you!!!! But seriously, get the apartment and when you have kids you will be in the position to give them both because of your parents and your wise decision.

[warrior_350]

All i can say is...... Spoiled little rich kid

[doxximus]

i'd say get both if u can and ur thinking of renting anyway. if not, then get the apartment 1st you'll be able to pay that off fast with rent and also save for ur car as well

im looking to buy a house near me and my work so i can rent out, good to be close by i can check up and fix stuff easy and whatnot

[doxximus]

and regaurding the loan at 19, all you need is minimum 2 years employment and/or tax return

[doxximus]

and of course the bank of choice to not be arse holes

[SS8_Gohan]

Originally posted by warrior_350

All i can say is......  Spoiled little rich kid

think VERY hard next time before you say something like that. 1, i worked my ass off in yr 11, 12 (well school basically) to get a score which i'm proud of, and i'm certain helped me get the job i'm in at the moment. Which for a 19 yr old is bloody good. Work 3 days a week, 17.5hrs in total and end up with $750 after tax a fortnight. With f*ck all expenses due to living at home, i think i'm doing alright compared to some of my other friends.

2. I got the job in April 2002, and after splurging a bit for the first few months. By the end of this month (June) i'll have saved up $20,000 plus little things like tax (and also tax from last year, but that's a long story). So before you go throwing around the "spoilt rich kid" line, maybe just entertain the thought that i might have actually worked hard to get where i am. Did u save up $20,000 by urself when you were 19?

3. Yes i am very lucky to be offered such a deal (dad) but that's due to his hard work. Came here when he was 16, all by himself, no family, worked his ass off. Worked more than 1 job on a few occassions, started his own business. That was about 10-12+ years ago, now he's expanding to a new place near Docklands. I haven't just leached off all his hard work, i've also managed to save up, to me, what i think is a pretty decent amount.

sorry, just had to get that out of the way.

Anyways. thanks so much for your input guys. Being my age, i'm finding it real hard not to go the car route. After being knocked back for the R33 it's just made me save harder for the R34 so much more. P platers and Fast cars, go hand in hand!! But thanks to your comments, i think i'm starting to see the light... but it's very much like the angel whispering in one ear, devil in the other. Plus mentioning the R34 GTR's, 911 TT's (never realised how similar they are to GTRs, twin turbo, torque split style 4wd) Modena's... i know it will pay off in the long run, but i don't want long run, i want now! j/k

[usuckpoo] just lucky to get the job i've got i guess...

[RedS14T] your friend has some impressive garage! . so he did this sort of thing? how old is he now? if u don't mind me asking..

[bidDatto] there was not a snow balls chance in hell i was going to get a P/L for a car, 12-15% or whatever it is for a p/l? don't think so... but what do u mean, "thru a line of credit"

[silverArrowz] dropping more car names... plan is, once i'm in a more full time job, outta uni... R34 GTR, no questions asked. Seems like this is a good way of going about it.

[Gester] I've only quickly gone over figures, and yeah, getting a car as well isn't going to add too much to monthly repayments but... gotta run the car as well. R34 GT-T not the cheapest of cars to run. But yeah, if i can, i'd love to go option 3. Just gotta work out whether i can do both or not.

[002 NVS]ok... first paragraph kinda went over my head

i've got a little run around at the moment... just a little 90 pulsar hatch, absolutely gutless but pretty fun to drive, at least it's manual.

What did u mean by "organise your loan with the bank as tenants in common with your father"?

One concern i do have tho.. is that if i don't have anyone interested in renting, then pretty much everything i earn will have to go to loan repayments... is it hard to find ppl to rent?

[meggala] i know that "get the car a little later" is something that i have to live with if i get an apartment/house, but loving cars so much, especially Skylines, u kinda wanna move on from the pulsar But i guess i just have to think long term for more kickass cars. So.. how much u reckon i'd have to budget to drop a SR20DE into the pulsar? she'd go alright then!

[RedLineGTR]still not 100% on the whole, "just cos the property goes up, i can get a GTR"... but i haven't sold the property yet? and i've spent all my saved up money on deposit etc? Isn't the property going up only like... paper value?

[AutoTrust]kids?? hahah, hold on. i'm trying to think ahead.. but not that far ahead! For my insurance (prosperion) i'd have to get NavTrak so unless u fit them, if i get the car, i'm sorry

[warrior_350] already responded. of all the 120% helpful comments above, u had to post urs

[doxxeh]i'd def have ppl renting. It be cool to live there, but there is no way i could afford living in an apartment AS WELL as paying it off on what i earn.

I also work at the ANZ bank, don't know if that would help things in the loan situation.

phew... i think that's all of em. Thanks again for all the help and comments, and if anyone has anything else to add.... feel free!

[Guest trancified]

Well i was relatively surprised at the response rate for question. Thought most here would put car, since this is a car forum. Well anyway I'd go for the apartment cause an apartment is somewhere u can live and depend on for the future, maybe move into a house with that equity when u hav a family. I do envy you for having this chance, hope it all goes well.

[warrior_350]

Ok what am i missing here, in your first post you said you earn roughly 1500 net a month, thats under 400 a week. at that rate theres stuffall chance of saving "near 30k" by the time you are 19, unless you dont go out and do nothing. (hence my comment, at that rate you couldnt really have done it by yourself)

But, in your reply you say that you earn 750 after tax each week (3000 a month BIG difference from what you originally said)

I'm not here to argue but your story seems to have totally changed from what you first said.

Lastly, some ppl are just too damn serious, note the smiley face i put in, means i wasnt 100% serious about it.

P.S And yes i would rate your parents paying 200k+ towards an apartment for you as being spoilt, but thats my opinion.

[G0DF4Th3R]

guys come on, it was obvious Warrior was joking, come on there was a smiley for God's sakes

howver man, go for the apartment. im ure age and i would JUMP at that chance..