potential nsx owner...need advice

[aluminiumdream]

hi fellow prime members. I am a new Prime member but some of you may already know me as the guy who checked out the Nsx at Autoforum....but i wanted to introduce myself to the entire crew. My name is Chris, i live in Ontario, Canada and about two years ago i started to get the "new" car itch. with summer coming, i always get that itch to buy something i can cruise around in. As a child i always wanted a Delorean. i fell in love with the car after seeing Back to the future and the idea of owning a stainless steel car was really cool. But then all of a sudden my path towards buying one did a 180! I was at the local beach strip, where many of us men like to go to show our cars or just hangout and talk. well off in the distance i see what i have not seen in many years. An NSX! A black NSX. Now in my entire life i have only seen two, so to seen one that day made me fall in love with it all over again and The Delorean became just a childhood dream again.

Two years ago, i landed a great job working for Magna international as a tool maker. For those of you who don't know what Magna Int. is responsible for, they manufacture automobile parts. Everything from frames to interior....basically they make everything. Within these two years i worked a lot of overtime...so much i had no time to spend it. I don't indulge in drinking like a fish and i am a minimalist so most of this money was banked. It also helps when you live at home. Most of my friends have recently moved out into their own places, but me i still live at home.

So here is the scenario. I am 30 years old, have saved a lot of money and want to buy an NSX before i get a house. the money i did save was to go towards a down payment...but now that the auto industry is in the tank, i feel buying a house during this time would be alittle crazy. I would not want to own a house during an unstable time and chance getting laided off or possibly loosing my job. So should i take a portion of my savings and buy an nsx......then ride out this recession by working and saving for another year? or should i not buy one at all? I really want one and i feel if i don't get one this year i probably won't be able to afford one till my house is paid off. I have no debt and don't intend to have debt except for a mortgage. what do you guys think? NSX this year.....or a house and no NSX next year?

 

[tosugrad]

IMHO buy the house first. It builds equity, credit scores, and you need a place to live, anyways.

 

[curtsr]

I agree with OSU Grad, but Buckeyes think alike.

Life's a long road and you've got plenty of time ahead to aquire toys. Take care of business first and enjoy the benefits later. You are fortunate as the current economy favors people and companies in a good cash position. The home is the better long term play, IMHO, as long as you don't buy too much house.

Your parents paid me to post this...

 

[Floyd]

I'm not hi in the middle or round on both ends and I must also put in a vote for the house. Not only is it actually an investment and will make the purchase of the NSX easier in the eyes of any bank it will also give you a safe place to put it at night.

 

[Jetpilot3]

Can't believe I'll say this but...

GET THE NSX FIRST. I'm 32 and there is no better feeling than knowing you own your first sportscar and NSX outright. You have your whole life to buy a home. In my case now that I've bought the NSX all my money goes into saving for our home when we return to Canada.

Yes, the home is the more responsible purchase in the long term (make sure that it is the next major purchase and don't hold off too long as the housing prices in Ontario are dropping as I understand it).

Carpe Diem.

 

[jtower]

I agree with OSU Grad, but Buckeyes think alike.

this buckeye is going to disagree. i say get the car for two reasons:

1. nsx prices have plummetted in the past six months. what would have cost $50k at this time last year is probably $35k now. who knows, they might drop even further.

2. should you be unlucky enough to lose your job (and anyone who works in automotive has to consider that a very real possibility) you can sell the car a helluva lot easier than a house.

so if you *really* want an nsx and can afford the car you want without going broke then by all means pull the trigger. the housing market isn't going to show any significant improvements for at least a year so you have plenty of time to make that happen as well.

 

[tosugrad]

this buckeye is going to disagree. i say get the car for two reasons:

2. should you be unlucky enough to lose your job (and anyone who works in automotive has to consider that a very real possibility) you can sell the car a helluva lot easier than a house.

Really? Have you tried to sell a car in this market?

Sure its easy to sell anything if its for sale less than the others out there. Houses and cars are the same way.

 

[bfrank1972]

I say buy the car - you gotta live and you'll likely take less of a loss on the car than you will the house at this point.

 

[curtsr]

Aluminum, who else lives with you?

 

[jtower]

Really? Have you tried to sell a car in this market?

Sure its easy to sell anything if its for sale less than the others out there. Houses and cars are the same way.

yes, as a matter of fact i have, in the past eight months i've sold a m3 sedan, e30 track car, and mazdaspeed3 daily driver. sure i had to price them lower than i would have a year ago but thanks to the soft market i was able to buy replacements cheap so it's a push. and if i absolutely had to i could sell the nsx tomorrow. with a house selling to anyone but a wholesale cash buyer (who will never give you more than 40-50% of market price) is gonna take at least a few weeks if not a couple of months.

 

[MontrealR]

my personal opinion; I would buy the car. At the age of 30, I'm sure that you have plenty of time to purchase a house and wait out the recession. At a later/older age, I think you will be driving the NSX less and less, and especially with kids/family in the future, the amount of time you will spend driving the NSX will be considerably less than the amount of time you will be in your family SUV/sedan....might as well enjoy life and reward yourself with something you REALLY want just my $0.02

 

[NSX GT]

Given the current economy, if you buy a house now, you'll be getting a great deal. However, keep in mind that the prices will continue to drop unless someone bails out the foreclosure market. Worst case situation: If you get laid off and go into foreclosure, you will lose everything you have saved. (Hopefully this never happens to anyone)

In either situation, both will be depreciating for a while, but a car is far less damaging to your pocket book.

+1 MontrealR. As you get older and have a family, you can forget about driving the NSX. This car will cause arguments with your spouse.

Life's too short, "enjoy the ride"

 

[curtsr]

I know all about getting it now before you get married- that's definately got merit. Now that I've got 2 sons moved out and one more to go, maybe I'm thinking about when I get to run around naked all the time like the great thespian Terry Bradshaw in "Failure to Launch"?
Or maybe not, just thinking out loud. Figures I'd be the only one thinking about his folks on Prime. I'm sure I'm not the only one thinking about running around naked though...

 

[nsxot1c]

Given the current economy, if you buy a house now, you'll be getting a great deal. However, keep in mind that the prices will continue to drop unless someone bails out the foreclosure market. Worst case situation: If you get laid off and go into foreclosure, you will lose everything you have saved. (Hopefully this never happens to anyone)

In either situation, both will be depreciating for a while, but a car is far less damaging to your pocket book.

+1 MontrealR. As you get older and have a family, you can forget about driving the NSX. This car will cause arguments with your spouse.

Life's too short, "enjoy the ride"

x2.

Buy the car outright for cash, enjoy it a year or 2 and save some more for a house. When the economy turns, jump into a huge payment and responsibility such as a house. If you want to live elsewhere while owning an NSX than your parents home, rent a house, rent a condo, or rent an apartment. Enjoy things such as a car while you're young...

 

[jbum]

These kinds of questions are all personal and there is no "best" answer.

It's really up to you. If you are the kind of person who looks at "value" and "financially wise" and "investments", you should really go for the house.

But it's the opportunity cost of not having the car of your dreams versus having made a financially correct choice. Only you can put a price tag on either thing.

Do you really need a house? Are you married or looking to be soon? If you're going to stay single for a while, there is nothing wrong with buying a car first. Besides it's a small purchase compared to a house (well at least in California).

Life is great because of the little pleasures and the NSX is one of them... ask yourself, can I live without it for a few years (or several). Can you live without a house for a while?

I myself bought a low priced '93 nsx in my late 20's because buying a house in the bay area was out of the question with its inflated housing prices. I also did not have a need for a house... just thought it would be a great investment for the future. Maybe it was a good decision not to with the market crash

Regardless of what you decide, you'll be happy with it I'm sure.

 

[aluminiumdream]

Thanks for all the advice guys. I really appreciate it. I love this car and I have decided that if i have the money to buy it outright, i will go for it. For a year i have been going over in my mind why i should and shouldn't buy it. LOL! At the end of the day i keep day dreaming about driving it on a sunny day with the windows down. I also picture coming home after work, washing it and sitting with a cold beer and marveling at how damn beautiful it looks.

I have to admit that a house is a better investment. As a teenager i remember lots of older co workers, friends and even uncles telling me to enjoy life while you are young. I never understood fully why...but now that i am 30 i understand that the clock keeps ticking and the sun keeps dipping past the horizon so i have to buy this now or i will never understand what its like driving and enjoying a nsx as a young and healthy man. Thanks soo much guys. I hope in the next three months i will post pics of my nsx.

 

[jbum]

Thanks for all the advice guys. I really appreciate it. I love this car and I have decided that if i have the money to buy it outright, i will go for it. For a year i have been going over in my mind why i should and shouldn't buy it. LOL! At the end of the day i keep day dreaming about driving it on a sunny day with the windows down. I also picture coming home after work, washing it and sitting with a cold beer and marveling at how damn beautiful it looks.

I have to admit that a house is a better investment. As a teenager i remember lots of older co workers, friends and even uncles telling me to enjoy life while you are young. I never understood fully why...but now that i am 30 i understand that the clock keeps ticking and the sun keeps dipping past the horizon so i have to buy this now or i will never understand what its like driving and enjoying a nsx as a young and healthy man. Thanks soo much guys. I hope in the next three months i will post pics of my nsx.

Glad you made a decision... either way you can't lose. Enjoy the NSX. It's an addicting hobby of a car.

 

[Tupark]

Thanks for all the advice guys. I really appreciate it. I love this car and I have decided that if i have the money to buy it outright, i will go for it. For a year i have been going over in my mind why i should and shouldn't buy it. LOL! At the end of the day i keep day dreaming about driving it on a sunny day with the windows down. I also picture coming home after work, washing it and sitting with a cold beer and marveling at how damn beautiful it looks.

I have to admit that a house is a better investment. As a teenager i remember lots of older co workers, friends and even uncles telling me to enjoy life while you are young. I never understood fully why...but now that i am 30 i understand that the clock keeps ticking and the sun keeps dipping past the horizon so i have to buy this now or i will never understand what its like driving and enjoying a nsx as a young and healthy man. Thanks soo much guys. I hope in the next three months i will post pics of my nsx.

that's beautiful...

 

[tosugrad]

I also picture coming home after work, washing it and sitting with a cold beer and marveling at how damn beautiful it looks.

Not to YOUR house, apparently.

Will you even have dedicated garage space at your parents? The winters are long and cold up nort, ya?

 

[aluminiumdream]

whats beautiful? the nsx or what i wrote? anyhow, yes i have a garage to store it in. i just have to find a place to put my other toy. I may have a friend willing to give up his garage for the winter. If i can't find a place for my other toy i may end up selling it. i will have to decide whether its worth selling or not.

 

[Bram]

Chris, So you made up your mind, that's is great...just let me know when you are ready to visit Port Stanley


Bram

 

[MC36]

I'd have to vote for the house (can't believe that I am saying this). Prices are at or near the bottom for homes and it is a buyers market, especially if you are a first time buyer. If you have cash in hand and are viable for the banks you can get a better interest rate.

There will be time for the car later. I have a friend that just rented an apartment for $1100 a month, ouch! That is crazy giving someone that kind of money each month for an apartment. I have a feeling car prices will be low for some time so get the house an then the car. That is what I did and have no regrets.

Good luck!

 

[aluminiumdream]

Good point, but I'm the kind of person that chooses to pay off a house before any wild purchases. So if i were to get the house i wouldn't have an nsx till the house is paid off or close to it. Plus i still have no idea what the final outcome will be for the auto industry. My company deals with GM a lot so if something bad happens i could be out of a job or laid off for some time. So for me to buy for the sake of the "buyers market" philosophy, i could end up screwing myself in the long run. Owning a house is one thing, being able to make payments is another.

 

[curtsr]

...At the end of the day i keep day dreaming about driving it on a sunny day with the windows down. I also picture coming home after work, washing it and sitting with a cold beer and marveling at how damn beautiful it looks.

Not to YOUR house, apparently.

+1
Sorry for piling on but that was funny, Buckeye...

 

[jayjjee]

At least NSX has some great resale value.
so whenever you decide to buy a house and need some $$$ for down payment, you always can sell your NSX (is it a bad idea? )
BTW, this is the market for buyers not just houses but cars and everything else. So good luck finding one