car vs a mortgage
 

I have around 60 G's in the bank and im making around 3500-4K per month.


Since im still relatively young, im thinking of putting all my money into a mercedes e350 coupe while i still live at home. Is this a good idea?

or would it be better to use the money for down payment on a house/condo and do a mortgage? what would be the better choice? :D

is that even a question?

a long-term investment VS a money pit?

time to look cool is on your yacht or travelling the world, not in an e350

no offense

^ Agreed!!!

OP, read here, it might be one of the best decisions you have ever made...

www.greaterfool.ca

And by posting that link I am not telling you to buy a benz lol Though you might find you are very happy everyday driving it and might find it was worth every penny.

From a financial standpoint, the best thing you can do is avoid a car thats for sure lol 60k, go find yourself a decent investment firm and they should be able to build you a very safe diversified portfolio where you can expect to make about 6-8% per year on your money.

Edit: http://finance.sympatico.ca/home/hou...xpert/032ec59d that was just posted today lol

Cars depreciate rapidly. Don't be an idiot.

I pissed away $10,000 on my last car purchase due to depreciation. Never again.

You should put it all into a casino and see what happens.

dont listen to these guys.. blow all your money on a hunk of metal thats worth less as each day goes by and just save up again for an extra 10-15 years to pay off that house you want

thumbs up

^^^This^^^

then you get both with no concequences.

put on player i'd say, so there is no commission


:thumbsup:

i think OP just wanted some attention cuz he didn't get any last night ...

Better yet, wait for 10 or more in a row with no tie and bet tie.
8 to 1 payout FTW.

Oh yeah, $60K isn't going to get you a house. I don't even think a bank will loan you the $540K to buy a $600,0000 town house.

Oh yeah, grossing $3500 a month means the most a bank will give you is a $1200 a month mortgage payment which is around a $220,000. Plus your $60K down, your looking at most a $280,000 condo. And that is really pushing it.

How could someone young, who clearly has no common sense in regards to finances, save 16 months pay?

Go to School?

well, in theory - if you're making about $4K a month - that means you probably make about $ 50,000 gross (I might be wrong) and depending on how long you've worked at your place (banks like 3 years of income tax reports), you should be able to apply for a $200,000 mortgage (I think). and with a $60,000 down payment - I would assume you would be able to buy a place worth about $260-270K.

So comparing that to a nice car.....that would depreciate in the next few years vs a place that "should" appreciate in the next few years.

lol agree.

no one likes people who go around telling people how much they make or how much they have saved up, and all their plans to buy expensive cars and being spoiled. especially considering alot of people here probably make more than you.

however, i dont want to be mean and judge you based on your post. i am curious though, how long it took for you to save up 60g, by making only 3500-4000 a month. are you living at home for free? did someone give you a butt load of allowance when you were young? if thats the case, go ahead and buy a car and enjoy your youth. sounds like you can just live at home carefree anyway.

A 200k mortgage, with $1200 month payments, is seriously pushing it when you consider that with strata fees, property taxes, electricity, internet, cable and other household expenses a condo could actually cost over $2000 a month.

not trying to sound like a dad or anything...

but why don't you buy a cheaper used car at the same time making investment.

maybe get a used G35, and save the rest into making an investment a bit after buying a used car.

that is if you don't already have your own vehicle (your parent's car doesn't count as yours).

Rental property outside of Vancouver may not be a bad idea. If you're fine living at home still, put a lot of thought into leveraging that money or just keep saving it.

Fuck it's expensive there, one thing I'm not envious of. My mortgage is $750/month and I have a roommate paying me $500/month. Works out to about 500 each all included.

steal, hussle, sell drugs, rob parents


thats how you get $60k at young age yo

:thumbsup:

^^Anyone else notice this.

clearly...

I wouldnt blow it on a car

you should invest or keep saving since you are young and seem to be doing pretty good at that

Totally true. A rough estimate is use 33% of your gross as the max a bank will loan you.
OP's estimate is $3500-4K. If it isn't steady $4K, the bank is more inclined to use the lower number, so $1200 is close. And all this assuming he has worked at the current place for more than 3 years. Add in the things you included, it can be well over $2000 a month.

ok sorry for prematurely judging... ;[

however, in all honesty, no one would seriously post on a forum asking for advice where to invest as much as 60k. 99% of the time, these threads are started simply to show off.

If he indeed has $60,000 in the bank, someone with that kind of financial discipline wouldn't be asking a idiotic question like this. So obviously he is a troll.

However, if you are a young person just starting out in the work force. Max out your RRSP contribution then use the rest towards a TFSA. You can withdraw money from RRSP to purchase your first property, while TFSA has no penalty on withdraws.

Just because you got some cash saved up doesn't mean you should go blow it all on one thing, especially something that doesn't even have value in the long-run.

Might as well go all in on RED in roulette lol.