Am I kidding myself?

Lately ive been really bored of my current ute (AUII XR6), and cant see it being worthwhile to do anything else to it, as it is starting to get up there in km's.
So, im looking to upgrade. I will most probably trade-in my ute.

Everything about upgrading though screams a bad idea, and im having trouble committing to buying because of the following reasons:

- The ute I want is a BA xr8 - PETROL PRICES
- I drive quite a few kays to work - Again, PETROL PRICES
- The ute must be black - I LIVE DOWN A DIRT ROAD
- Im at that house buying stage, but if I dont buy the ute I want now, ill never get it. I have plenty for a deposit on a house and am too tight to sink it down a car loan. - HOUSE OR UTE? BOTH?
- Im under 25 - INSURANCE
The financial situation is fine to buy a new ute, but having both a new ute and house will make it a bit much.

So, as you can see, I have all these reasons why I shouldnt buy, but im dying to buy one before I dont get the chance again.

Basically, im fishing for encouragement and justification for buying the ute, or whether I should buy a house now and save for a ute later....
:

[stera]

No one can tell you what to do champ...

Personally, I would buy the house... I have a AUIII Futura and I know how you feel, looking at those pricks in a XR8 or GT with the nice rims and the phat exhausts that race of from the lights and you think, damn... I wish I had one of them...

Whilst your looking at that, you missing the bloke in the beat up Datson next to you, looking at your car, thinking the same thing as you about the V8...

Its human nature, to want, want, want... Especially these days... Finance companies, only too happy to hand you money... But you've heard it 100 times, cars depreciate... You buy your ute for 30-35k 2nd hand... 40-50 brand new, plus you have to maintain it... Like u said... $100 a week petrol, scratches on the black finish... Water bills, washing it everynight...

Buy a house, get someone in and in 5 years when the house is half paid for... Buy a smack bang brand new ute... And someone is helping you pay it off!!

Buy a run around and drive that during the week... That will help appreciaite your car... Change the music... Spice it up a bit... Remember how badly you wanted you car when you could have/afford it, etc... See how you go !!

My 2c !!

[plext]

As mentioned, it's your money to do with as you see fit.

However, I would be after the house. You can run around in the current ute for 2-3 more years, then most likely be able to borrow the funds for a new ute as an extension of the home loan.

[deesun]

Head says house heart says car. How about a second hand ute,still a BA then with the savings put LPG under it seeing as you do a lot of K's. Then maybe you can still afford the house.

I never thought of the idea of extending the house loan for a ute, thanks.

The ute would be second hand, and would roughly equate (maybe a bit more) to what I am paying now off my ute, however at a longer time period obviously...

I understand that the ultimate choice is mine, Im just looking for some ideas to throw around...

[agony]

Originally Posted by plext

As mentioned, it's your money to do with as you see fit.

However, I would be after the house. You can run around in the current ute for 2-3 more years, then most likely be able to borrow the funds for a new ute as an extension of the home loan.

I would be doing something along the lines of this comment, but thats me.

Originally Posted by agony

I would be doing something along the lines of this comment, but thats me.

I do like that idea. Has anyone done this before, and if so, how did it go? Were there any dramas getting the extension onto the home loan?

[pks54]

Most home loans have a redraw facility. I think all do. Anyway if you can get the house, get it. Kill the loan off in its initial stages. This will then determine if you can then do both(home/car). Even if it takes longer this way to get your car. Put extra into loan then redraw when you can to get the car. If your under 25 and can get a house, i know what i would be doing.

[Group C]

Originally Posted by hambo_12

I never thought of the idea of extending the house loan for a ute, thanks.

just remember tho mate, that if u take a 25 year loan for a house that has 20k more (for arguements sake) for a car, the interest rate will be great, but u'll be paying for the car for the SAME 25 years as the house, with interest every step of the way...

the idea that pks54 suggested is much better.
we (the miss's and myself) are going down this road ATM for a nice week-ender car for her, costing around the 20k mark, and that's after about 3 years of house payments.

something else to remember here is that if you use 20k out of ur home to buy a car, u then have to pay that 20k back into ur home. only prob. here is that if u get rid of the car some years later and sick the money back into ur home, u might only get, say, 10k for it, so u'll be 10k down on ur home, meaning that u have to pay that 10k off again.
it is for this very reason that we are looking at buying a classic (we have got the car we want in mind, and have 1 lined up, if all goes to plan) that shouldn't lose any value. if anything, it should increase in value over time.
not that we WANT to sell it later, but if we NEED to, then we shouldn't further behind than when we started.

hope that all made sense!!

[EFIwindsor]

I was in the same boat as you, it was time to buy a house with my fiancee. but i did not want to sell my car. http://www.fordforums.com.au/showthread.php?t=21641 (see thread) the compromise was to buy close to work so i can walk to workj and therfore i can save $$$ on petrol by walking to work and change my insurance to shannons special interect driven 2-3 times a week and save $$ again. you have to make sacrifices (spelling) i live in brisbane. if i spend an extra 10-20 000 on a house then i can walk to work. and intern it cost $20-30 a week repayment. i save $60-80 a week in petrol. you do the maths.inthe long run i am better off.

[b2tf]

Reece, its funny mate, I was actually thinking similar things tonight.

As you know, Ive not long bought my ute. Basically the reasoning behind it was "bugger it, Im young and I want this, and I can afford it over time". The right one came up and the rest is history.

Every time I drive it, it brings a big smile to my face. I love it to bits, mainly because it's one of the few things that I can honestly say Ive ALWAYS wanted, not just in phases - I have wanted a V8 since I first heard one. Now i have it.

In my situation, I can afford to have the ute now, and pay it off, and still be at a time in my life where it's not "too late" to jump back in and buy a house, so thats what I plan to do.

If you enjoy driving the ute, or you are pretty keen on a new one, do what I did. Run with the idea, see how far you get and see if the right ute for you comes up. If it does, sit down, do the sums, talk to the better half etc, and work out if the lifestyle of having a beaut car that puts a smile on your face every time you drive it is what you want, or if you want to go somewhere every day after work and know it's yours.

And I just noticed on your list you have insurance as a concern. Mate don't let it be a deciding factor. I am younger than you and I have full comp on the ute for a decent price, I'll send you a PM. It can be had.

But whatever you do, for god's sake DON'T buy a Black Car! :. Come spend an afternoon with me one weekend and I will show you why!

[qwigybo]

black and dirt road don't sound like a good mix, blueprint, envy, mandarin etc sound better for dirt road driving black will consume you trying to keep it clean.
i blew my house deposit buying my xr6 ute, sold the ute 6 months later and it took me another 2 1/2 years to save up for house again 6 months later have refinanced and puchased xr6t. moral of the story buy the house first then refinance it to purchase the car in a year or 2