phwang20

Bought all of my toys first and building my home now. It wasn't due to a financial reason, just choice. There's a lot of smart financial decisions out there, but at the end of the day, you have to do what makes you happy. Any way you cut and dice it, the car is the worst investment possible, so I agree that having other investments first is a good idea. Kudos Justin for owning a P car at 23. At the same time, I understand w/ what Rick is saying... the thread is a little on the obtuse side. I still like chiming in though... does that make me obtuse? Hmm..

johnnyiv

Without a doubt. Own some property first. I bought a house. Sold it. Bought a bigger house (family). Bought an X5 (wife) , bought a Montero (trips to home depot), bought a summer house (family again), then, but most importantly bought the pcar.....clearly saving the best for last.

Hell had I bout the porsche first, I would likely felt no need for everything else! The houses' main functioning seem to be a resting place for the pcar.

DonW-Cape Cod

First house then Porsche, then 2nd Porsche, then 2nd house. 2houses, 2porsches

djantlive

Although SF prices are high, NYC and few other places can be much higher. You can get a condo for 500-600k in SF bay area, maybe even a townhouse. However, the market is not appreciating much and rent is still dirt cheap. You may be better off renting for another year or two.

For those that live in 5000 sq ft house -- why do you need such a big house anyways? 2000-3000 sq ft is plenty for a family of 3. beyond 4000, i think it's just excess.

washington dc porsche

I own a house and rent out apartments. I think owing a home or at least a condo is more important than a p-car. If you wait to own a home you could be paying $1m for that same $800K house and miss out on the $200k of apprieciation.

johnnyiv

Nothing..... your a rennllist member. You vacariously have thousands of pcars.

Pugnacious P

Screw cars and houses.....

BUY ART!!!!!!

johnnyiv

Usually, the larger the home, the higher the value of the home. In a market of resonable appreciation, the higher the value of the home the higher the return on the appreciation! One good reason to own a larger/more $$ home. IMHO.

1999Porsche911

Property tax can eat away at alot of your appreciation depending on where you live. In DC and surrounding states, the tax rate is virtually non existent compared to the Chicago area. A $1,000,000 homes in NC will cost you about $10,000/year where as the same home out here will cost in excess of $25,000 a year.

bdronsick

A decent 964 can be had for less than a new Camry, and is 80% as much fun as any Pcar on the road. Pay cash for an old 911 while you rent, then step up to financing a late model after you close on your first real estate deal. Good luck with the taxes though, per message above.

RaceCarDriver

Buy the house first. It you still want a porsche I'm sure you can find an older one in a lower price range. House usually appreciate, that 800k house will cost 1 million if you wait another year or two.

I should talk, I had four cars including two corvettes (that's one of the reasons I bought my first house, needed a big driveway) whenI bought my first house. But that house doubled in value and that allowed me to move up to my second house which I had built, then that house doubled in value.

Cars only depreciate. Buy the house now and next year get your dream car.

gravedgr

My wife's parents are getting older and aren't very mobile. Couple that with the fact that her mom has had open-heart surgery 3 times and is on kidney dialysis and we planned that at some point they would probably have to come live with us. So we got something big enough for us to have a full family and entertain on the upper two floors, and still have a full basement with bedroom, bathroom, living room, and kitchen for her parents.

Plus is was a great deal. The subdivisions on either side are about 1000-1500 sq.ft. smaller and $100-200k higher.

P-Car fanatic

When I first moved here I shared my wife's POS 95 jeep cherokee with 250k miles for 14 months until i had got the ring and house purchse out the way

thats why when she heard the new exhaust, instead of bitching about mods she just looked at the chunk of carbon on her hand

Andy (Atlanta)

I own 13 houses. 1 primary, 1 vacation and the rest are investment. I am a firm believer in using OPM to finance my P-car habit. The down side is being a landlord and having a full time job can be a PITA.

pl

13!