Dream on hold...

[ZX4NSX]

I have wanted an NSX since they came out. I used to think I would never be able to afford one, and I'm not a young man (48). But I started making a little more $ about 3 years ago, so I started seriously saving like a maniac for a 97 – 01 black targa. So the last few years, I was obsessed over them to the point of thinking about owning one constantly, annoying family members and co-workers by talking NSX all the time, and surfing Prime daily. I have no debt except for a very manageable mortgage on a modest home. And now that I am finally in a position to buy one (saved over 30K), I have changed my mind. As much as I want one, I know I should try to take advantage of this real estate market. So I am going to put my NSX dream on hold and look for a small vacation condo (preferably in coastal FL). I will just hang on to my 91 TT 300ZX that has been my DD since 1994. There is no other car I want as much as an NSX (that I can afford). I do still want one very much – maybe in a few years.

 

[Jetpilot3]

I see the potential for capitalizing on the housing market as it might make you some additional money. I guess it all depends on how long you are willing to keep waiting?

 

[Ski_Banker]

Unless you get lucky, or do a heckuva lot of research, any condo you buy in FL will turn out to be worse investment than an NSX. :wink: If you manage to get a steal on a short sale (ie, "normal" market value today is $150k and you get it for $90k) then that would be an exception of course. That is the ONLY way I would suggest buying a condo these days, and I have a bit of a track record on this subject.

BTW, the NSX will be more fun and the repairs won't be any more than what you'll end up paying owning rental real estate.

 

[Stephen@NCAutoUSA]

I've heard foreclosures are the way to go? I don't know to much about real estate, therefore I'm wasting all my money on my Nsx.

Stephen

 

[docjohn]

How does saving 30k for a car net you a condo in S. Fl?

 

[rbilder]

That famous swamp land FL is so famous for :smile:

Actually, purchasing REAL estate is more than likely the better investment over a depreciating item like a car. Even though the market could change for the NSX.. possible collectable.

Personally the NSX is more fun... VTECH zooom than land. Real Estate has taken a hit, especially in FL and other areas. It could bounce back big.

I have heard several people sold here and purchases homes in FL. Mostly becase prices there have dropped so much AND the property tax is MUCH less than here in Nebraska... not much ocean front property here, but we have some great land for corn.

It's okay to put your dream on hold.... NSX's are fun great cars, but there are other things in life too.

Good luck and my you prosper in all that you do!

 

[ZX4NSX]

How does saving 30k for a car net you a condo in S. Fl?

The money that I was going to put down on a car, I'm going to put down on a condo.

 

[docjohn]

The money that I was going to put down on a car, I'm going to put down on a condo.

I understand that,but then you will be financing the rest/paying taxes,ect/ect.I mean saving 30 k to buy a used sports car and on the other hand buying/rehabing a Fl condo are on opposite sides of my 30k $ decission tree.I was just trying to figure out your reasoning.At least you overcame your nsx obsession,that is a good thing.

 

[TitaniumVtec]

As a former Florida home owner, please check whatever condo you look into for assessments. My mom gets hit up for a $1,000 here and $3,000 there all the time for new elevators, structural repairs (older building) deductible when roof blew off building from a hurricane, etc. Condos are cheap to buy but sometimes expensive to maintain.

Good luck!

 

[ZX4NSX]

That famous swamp land FL is so famous for :smile:

Actually, purchasing REAL estate is more than likely the better investment over a depreciating item like a car. Even though the market could change for the NSX.. possible collectable.

Personally the NSX is more fun... VTECH zooom than land. Real Estate has taken a hit, especially in FL and other areas. It could bounce back big.

I have heard several people sold here and purchases homes in FL. Mostly becase prices there have dropped so much AND the property tax is MUCH less than here in Nebraska... not much ocean front property here, but we have some great land for corn.

It's okay to put your dream on hold.... NSX's are fun great cars, but there are other things in life too.

Good luck and my you prosper in all that you do!

Thanks! I think you understand my decision. I know the NSX is more fun. And if I came across the ideal stock NSX locally, it would be VERY difficult for me not to jump on it!

 

[ZX4NSX]

I understand that,but then you will be financing the rest/paying taxes,ect/ect.I mean saving 30 k to buy a used sports car and on the other hand buying/rehabing a Fl condo are on opposite sides of my 30k $ decission tree.I was just trying to figure out your reasoning.At least you overcame your nsx obsession,that is a good thing.

My reasoning is, after saving up more money than I ever have in my life, odds are on the side of real estate versus a car in trying to use that money to put myself in a better financial position a few years in the future.

 

[docjohn]

My reasoning is, after saving up more money than I ever have in my life, odds are on the side of real estate versus a car in trying to use that money to put myself in a better financial position a few years in the future.

Fair enough.:smile:

 

[YellowHaze]

Do what you think you must, ZX4NSX. A car is NOT an investment unless you buy one to sell and not drive it.

Buying a "toy" vs. an investment property was the very decision I made when I bought my NSX. I'm 53 and was planning on buying a rental property here in California, no small financial matter. I saw the market tanking further and decided to pursue the dream you've held for so long vs. making another investment in my retirement savings.

You never know how much time you have- to live, that is. I said "screw it" and decided to do something financially unsound but satisfying to my desires. I am happy with my decision. That is something we each must make for ourselves. There is always tomorrow to buy a material thing. It's simply a matter of having the money and deciding what to do with it.

 

[ZX4NSX]

Do what you think you must, ZX4NSX. A car is NOT an investment unless you buy one to sell and not drive it.

Buying a "toy" vs. an investment property was the very decision I made when I bought my NSX. I'm 53 and was planning on buying a rental property here in California, no small financial matter. I saw the market tanking further and decided to pursue the dream you've held for so long vs. making another investment in my retirement savings.

You never know how much time you have- to live, that is. I said "screw it" and decided to do something financially unsound but satisfying to my desires. I am happy with my decision. That is something we each must make for ourselves. There is always tomorrow to buy a material thing. It's simply a matter of having the money and deciding what to do with it.

That is a very good point and one that I’ve pondered. No one is guaranteed the future that they may be saving for, so there is always the question of should you just enjoy it now.

As much as I wish it were, I know a car is not an investment (there are a couple of rare exceptions of course) -- which is the foundation of my decision.