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In the situation where you own your car completely and are looking at buying a house its probably not too bad depending on whether or not the distance you travel in a week is large enough. If you trvel 10 k's in a week, swapping to a corolla may save you $5. Big deal. If you a driving 200k's a week, then the difference is obviously greater.

Another thing to take into account is that if you keep the line, will you be able to avoid the temptation to keep spending money on it. EG: Will you be able to keep driving it as is for 10 years or will you not be able to resist putting on a bigger turbo, new set of rims, or whatever else you would like to do to it.

If you dont own your line and are still paying it off, then you got a completely different situation on your hands. The repayments are going to make a significant dint in your free cash and paying off a mortage these days isnt cheap. So thats when you need to seriously consider changing cars.

It really depends on your ongoing costs of having the car.

Is the car going to cost you $400 loan repayment + $200 extra in fuel + $50 extra in insurance + $100 in mods per month? $750 per month?

Or is it only going to be $50 extra in fuel + $50 extra in insurance? $100 per month.

There is a sizeable difference and depending on your income, what your mortage repayments are going to be, etc, will really be what you should be looking at as to whether or not its a viable to hang on to your line while buying a house.

In the situation where you own your car completely and are looking at buying a house its probably not too bad depending on whether or not the distance you travel in a week is large enough. If you trvel 10 k's in a week, swapping to a corolla may save you $5. Big deal. If you a driving 200k's a week, then the difference is obviously greater.

Another thing to take into account is that if you keep the line, will you be able to avoid the temptation to keep spending money on it. EG: Will you be able to keep driving it as is for 10 years or will you not be able to resist putting on a bigger turbo, new set of rims, or whatever else you would like to do to it.

If you dont own your line and are still paying it off, then you got a completely different situation on your hands. The repayments are going to make a significant dint in your free cash and paying off a mortage these days isnt cheap. So thats when you need to seriously consider changing cars.

It really depends on your ongoing costs of having the car.

Is the car going to cost you $400 loan repayment + $200 extra in fuel + $50 extra in insurance + $100 in mods per month? $750 per month?

Or is it only going to be $50 extra in fuel + $50 extra in insurance? $100 per month.

There is a sizeable difference and depending on your income, what your mortage repayments are going to be, etc, will really be what you should be looking at as to whether or not its a viable to hang on to your line while buying a house.

If you drive 10ks a week, do you really need a car?

And yes if you dont own your car outright, forget the mortgage.

If you drive 10ks a week, do you really need a car?

And yes if you dont own your car outright, forget the mortgage.

I probably only rack up about 30k's a week in my car. Its usually driving to and from the train station before and after work. Other than taht its only occasionally when I go out.

Still wouldnt get rid of my car. Public transport as much as it would still get me along the same trips is largely inconvenient.

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