K guys...the moment has come. I have been contemplating this idea alot nowdays.
I was 22 when I got my 01' and now 2 years later I have just 2-3 months left till I pay my baby off.
I am sort of stuck.... I want to purchase a home and am thinking of selling my baby?!?!?!

Should I just keep it and save up or maybe just bite the bullet and sell it. I really do not want to but, a mans got to do what a mans got to do.

How much is an 01' with 33k on odo worth nowdays anyway? I got it at32k so im not sure if its even worth selling?

So if you guys where in my shoes what would you do... keep it in the garage and just save for another 2-3 years or shorten the process and get rid of it?

 

Have you only put 1k miles on it so far?
Either way, sell it. A house is more important.

 

Just did some numbers with the banks a few days ago, my 01 with 39k on the clock is valued at about 27k.
A lot of people will tell you to sell the car and get the house..it is a good investment.. but if you are almost done paying the car off...I wouldn't turn around and sell it...youre so close to owning it. I would save for the house, and if after about 6 months you just can;'t save enough quick enough, then seriously consider selling the Vette.
Once you get that mortgage, it's going to be hard to get your hands on a Vette again....but who am I to say. I have no idea how much you earn and other bills. I got my vette first..did not put that much down...still paying on it..but I saved and bougth a home about 1.5 years ago.

Good luck with your decision.

 

A house is an investment. A car is a cost. Its hard but the answer is obvious. Invest in a good house sell it in a view years make some money and buy 3 vettes.

Im 19 so i dont know if u want my advice on finance though. haha

 

Keep the Vette. Find a girlfriend with a house.

 

I vote for trying to keep the vette. If you are close to paying it off than it sounds like you are smart with your money already. Many people don't even pay off cars anymore. It always seems like people are leasing or "getting tired" of their cars before they pay them off, always wanting a newer model. Just work hard, set a realistic goal and try like crazy. Think of how good it will feel to park your vette in your new house. Just my .02

 

If you've got ability (i.e. charm) I think your method wins hands down

 

I sold my Z28 when I was 22 to buy a house. Never found a way to buy a vette until I was 48. 4 kids and 2 houses later, I have no regrets.

With the market being what it is, I would save as long as I could. The housing market seems to be slowing down. rushing in and selling the car to buy now might be a mistake also. I would pay it off and start putting the vette payment in the bank for a while. Then see how the market goes. If something nice comes along undervalued, sell the car and jump on it.

 

Thanks to all of you. I guess I will just hang on to it for a little while see how the market holds up since I thrive on it being bad... if it starts to climb I wont be able to afford an appartment here in california.

I tell you all though it sure feels good to be so close till the end I have been waiting on this for some time.... maybe I will take that guys adivice and find me a girlfried with a house...that way I can spent all my $ on mods =)

 

no sorry my mistake. I bought the car for 32k and it had 13k on odo...now its got 33k so i put about 20k in 2yrs.

 

The house obviously is a better investment for your money. But, you are so close to having the car paid for, it would be a shame to let it go now. Do you have the ability to put money away each month and pay on the car? If so, continue to save for a while, then buy the house.

 

You also need to consider where interest rates are going, not just house values. And if you have had the car for two years and only put 1,000 miles on it, how much enjoyment are you really getting out of it anyway?

 

Since your that close to paying it off, keep it. Make sure you have a nice down payment, at least enough for closing costs and then buy. The market should even out before too long. Sounds like this is your toy, honestly, think it through and see how you feel. Your gut instinct will tell you. Personally, I'd keep it, you can never have too many toys!

 

The house investment will only go up, the car investment will only go down. Think long-term, not the short-term fun of having the 'vette. If its one or the other choose the best long-term investment for you. If you can afford both, that's great. If you have a family or are headed in that direction, make their needs your top priority. You will know the right time for a 'vette. Some of us waited a long time. For me, it just made it all the sweeter. The fact that you are even asking this question tells me your thinking is on the right track. Just my humble opinion.

 

You can always bet 100% financing on a house if you have good credit.

 

That's exactly what I did...and just to be fair about it when I proposed to her I laid a MASSIVE rock on her finger. We both figured it to be a win/win.

 

 

selling your vette is the easy way out. work man just work overtime weekneds nights and save, no out to dinner no bars nothing tighten the belt all the way. i did it for six months and then bought my house. sold no toys at all they were payed for they were mine to keep. once i bought my house i had no money extra for atleast a year. why furniture, frig went, needed painting, trim, tons of nickle and dime to bring it up to standards. then it all settle down now its just normal maintenance. and five years later ive bought boat new truck and finally my 01 VETTE

 

Finish paying the Vette off, it will no longer be a liability on your financial statement. Continue making at least that much in payments to a high yield savings. If you have other debt such as credit cards, do everything you can to zero them. The path you want to take is to ensure you get the best mortgage with the best possible interest rate based on a record of paying as contracted and having little to no debt.

After you find and purchase a home, you'll probably want to find a very inexpensive pickup for the constant trips to home depot and lowes. Homes cost money to keep them up and if there are projects involved they cost money too. You may find your suddenly needing an awful lot of stuff as a home-owner. Many people find themselves knee deep in it, within the first year. So the last thing you want is new car payments or any car payment for that matter. And you'll have a nice new garage for the 01 vette. Car has low miles, I'm sure it's been taken care of it and will probably give years of good service.

Recent news on the mortgage front is that many companies are tightening up requirements. That will have an effect on the market, what I'm not sure yet. But it will definitely cause some softening. Still speculation. It may have an impact on those attempting to buy more home then they can truly afford.

Money in the bank and little to no debt will put you in a much better position.

 

While I am not a fan of 100% financing, having a timely paid off car loan will certainly help in your quest for financing.