Quote:
Originally Posted by Hawkeye
You do realize that owning is cheaper than renting right? Nobody is going to charge you less in rent than they pay to own it. If you think you can rent an equal living space for cheaper than you can buy, you found a fool or you are missing costs.
Also, when you buy you get infinitely more equity than if you rent.
For the OP - When I was younger I would have said go for it (I did) but now that I have gotten wiser I say use the $$ for something else until you can buy the car without having to ask if you can afford it. Mine worked out well, I was car poor for a few years, but I still own the Z 12 years later and love every minute of it. I got lucky with no major maintenance, but I also bought new so I had less risk as well (free maintenance for a majority of the loan period)
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Owning vs renting. Either can be cheaper
But I find most people compare a mortgage payment to a rent payment and say owning is cheaper
My experience is that all items need to be added up
1. Weekly trips to Home Depot/ Lowe’s for lawn and house stuff
2. New roof every 15-20 years
3. HVAC replacements
4. Water heater replacements
5. Washer and dryer replacements
6. Mental happiness (no price for this one). Some people have to own to be satisfied
It is very important for all financials to be added and factored into monthly payments. Not just the base amounts.
I owned from age 23-44
I have now rented for the last 4 years and I have to say I am enjoying it now.
Each to their own