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 Posted: Mon Mar 15, 2010 11:19 am
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Just want to know what anyone thinks as the best idea here.
Take into account, that in this situation you are
car-less,
forced to commute (via public transportation that consists of a bus, boat and multiple trains) 3-4 types a week.
in an condo with someone who you rather not be rooming with.
There's a $2,500 2003 hybrid accord. Not sure as the mileage or past repairs but I'm going to assume another 2,500 will be spent just to keep it in decent upkeep (repairs, maintenance et cetera; gas included, which shouldn't amount to much as it's a hybrid) for about 2 years.
Or a $1,200 apartment for 3 months, ultilities and food inclusive with the remaining $400.
Note; the car is a lot longer but will be viewed as a bit of a drudge as it's not all that needed with a commute ahead that cant be done with the car anyway but does provide convenience and independence in it's own way.
The apartment however is a feeling much sought after; to be a recluse that on it's own is near the epitome of independence.
My question is if either of these purchases are worth their while, or is the 5 grand better off potentially growing in a bank.
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Posted: Mon Mar 15, 2010 11:52 am
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The car sounds like it might be a pretty good deal if it's in decent shape. But cars that aren't really needed or used often can also become a burden. So whether or not it's good for you would depend on how much you would use it, whether you feel you need it, whether you could afford more in repairs if need be, etc. If it ends up needing $2,600 worth of repairs, for example, and you can literally only afford $2,500 worth then you just wasted time, money, or both.
$1,200 for an apartment can be a good deal or ridiculous depending on where you live. Where I live, apartments don't go for that much. If you're paying that much for rent around here you can expect to get a nice single family house in the suburbs. So make sure you check your local prices.
Some places also ask for first month's rent, last month's rent, and a security deposit. So you might want to check for any of those fees.
Are you sure that $400 will cover three months of food and utilities? I don't know what utilities are like where you are or what the weather is like where you are (heating and air conditioning can make a big difference), but where I am you'd probably be pretty lucky if your utility bill for three months amounted to $400 or less. Also, are you factoring in phone, internet, cable, bus fees, etc?
What happens after three months? Will you still be able to afford the place? Is more money going to come in? Or will you have to move? Is there a lease? Would you be breaking the lease if you left in three months?
If you can only afford the apartment for three months and if you don't feel that you really need the car, I'd probably just sit on the money if I were you. Because if you spend the whole amount on just three months of apartment living, it's probably going to go by pretty fast, and you'll have nothing to show for it after. If you save it until you make enough money to live on your own permanently/long-term, on the other hand, 5k can really help to get you in a good position.
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Posted: Mon Mar 15, 2010 1:25 pm
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Posted: Mon Mar 15, 2010 1:35 pm
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LorienLlewellyn The car sounds like it might be a pretty good deal if it's in decent shape. But cars that aren't really needed or used often can also become a burden. So whether or not it's good for you would depend on how much you would use it, whether you feel you need it, whether you could afford more in repairs if need be, etc. If it ends up needing $2,600 worth of repairs, for example, and you can literally only afford $2,500 worth then you just wasted time, money, or both.
Yeah that's what I'm thinking might happen. Leaning less toward the car for a bit now.
LorienLlewellyn $1,200 for an apartment can be a good deal or ridiculous depending on where you live. Where I live, apartments don't go for that much. If you're paying that much for rent around here you can expect to get a nice single family house in the suburbs. So make sure you check your local prices.
NY, Prob in the suburban part of the city or Bayonne area by NJ. Anything under 2 grand is pretty lucky even with utilities excluded.
Where is it that I can have a nice single family house in the suburbs? -drool-
LorienLlewellyn Some places also ask for first month's rent, last month's rent, and a security deposit. So you might want to check for any of those fees.
Right. Thanks, I just hope no one gets sneaky. D:
LorienLlewellyn Are you sure that $400 will cover three months of food and utilities? I don't know what utilities are like where you are or what the weather is like where you are (heating and air conditioning can make a big difference), but where I am you'd probably be pretty lucky if your utility bill for three months amounted to $400 or less. Also, are you factoring in phone, internet, cable, bus fees, etc?
All of those don't get factored in. Phone is covered by a family plan (thanks Mawmah), I don't watch tv, except for news which I get online anyway. Wifi netbook, in the cafes I frequent and in desperate situations, computer lab on campus. Unlimited Metro Card. ^-^
Anything else? Thanks for being so on point, I'd hate to let one of those skip my mind.
LorienLlewellyn What happens after three months?
Well the idea original came out as like a personal vacation. I just really want to be away and on my own for awhile. One of my friends has this notion that if I were to do it it'll raise my determination more to either get it as a constant in my life or keep it. After three months I'll probably move back as I'm told I'm wanted there anyway, I just never legitamately feel it (it's with my boyfriend, just for the record).
It's a years lease but my brother is taking the apartment after me, as it's in his name - but I insist on paying the first three months.
LorienLlewellyn If you can only afford the apartment for three months and if you don't feel that you really need the car, I'd probably just sit on the money if I were you. Because if you spend the whole amount on just three months of apartment living, it's probably going to go by pretty fast, and you'll have nothing to show for it after. If you save it until you make enough money to live on your own permanently/long-term, on the other hand, 5k can really help to get you in a good position.
There's 10k available but I want to sit on the other 5k and use that good positioning to get myself situated. That's what I'm going for as I'm trying to land a city job and already have the test lined up for May. This apartment will be from June-August.
I'm just a bit hesitant about moving on on my own and such, however much I desire it, and want as much information I can get to make a clear and firm decision.
Thank you so much for your reply.
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AlcoholicPancake Well, to look at it's past repair history and anything you may want to know, CARFAX may help you there. I've never used the site personally, but a lot of places hold it in high regard, so that must be worth something at least. That's all I can really give you though on this point, as I don't know what kind of person your room mate is, and I'm not sure about the apartment thing as I've never lived on my own. Hopefully the choice you do make though turns out to be a good one for you :3
Will this apply to a neighbor selling the car? I've heard of the site but wasn't sure if it would be applicable here.
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God-Raped-Me On first look the smart thing to do financially would be to go with a new place. A car will cost you to fix it up, should it need it, and to maintain not to mention to insure and keep legal. Then you have gas as well. I would say I easily spend $5K a year on having a vehicle. In the last 2 weeks I have only spent maybe $150 where normally I spend $200 a week on whatever comes up, food, gas, extras whatever. Like Panny here asked though, will you be able to afford the place down the road? If that is a no, then just put the money away.
Yes, I feel the car would be less appealing but it'll be around for longer if maintaining it allows it to hold up well.
I have a place to fall back on, if that's your concern. Unless you're solely saying if I am to invest in an apartment my aim should be to keep it...?
Thank you all. ^-^ |
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Posted: Mon Mar 15, 2010 2:21 pm
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Posted: Mon Mar 15, 2010 2:32 pm
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Kals is questing again!
I don't mean to pick nits here, but... by recluse, do you mean refuge? A recluse is like a hermit. A refuge is a safe place to get away from it all, so to speak.
Personally, I would put the money away. If you already have a place to live, and you don't need the car (and no one actually needs a car, but that's a topic for the IDD), it would be wisest to save your pennies until you really need them. Like if you suddenly find yourself destitute. Or if you have a medical emergency, which I hear can be very expensive in your country. Honestly, just because you have it does not mean you have to spend it. That's how recessions happen. Everyone spends all the money and all the credit they can get their hands on, then has nothing with which to pay the bills when the dust settles.
But that's just the opinion of a jaded old person living in poverty.
Check sig for details!
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Posted: Mon Mar 15, 2010 2:47 pm
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Posted: Mon Mar 15, 2010 3:00 pm
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SuchSweetSadism NY, Prob in the suburban part of the city or Bayonne area by NJ. Anything under 2 grand is pretty lucky even with utilities excluded. Where is it that I can have a nice single family house in the suburbs? -drool-
Ah, so you're NYCish area? Yeah, that probably is a good deal then. I'm upstate more, in the suburbs of Syracuse. It's a lot cheaper here than it is in NYCish areas.
Around here you can get an efficiency apartment in a not very good area with utilities included for $350 a month. My grandmother was renting her house (three bedrooms plus upstairs which could be used as a fourth bedroom, not a good area) out for $600 a month. I rented a dumpy trailer (nothing included) for $250 a month. And I'm currently renting a three bedroom house with an in-law apartment in the suburbs for $700, but that's a really good deal even around here. If I wasn't friends with the owner, this would be probably go for more like 1-1.5k a month to rent.
It's funny how different prices can be just by driving a few hours away! xp
SuchSweetSadism All of those don't get factored in. Phone is covered by a family plan (thanks Mawmah), I don't watch tv, except for news which I get online anyway. Wifi netbook, in the cafes I frequent and in desperate situations, computer lab on campus. Unlimited Metro Card. ^-^ Anything else? Thanks for being so on point, I'd hate to let one of those skip my mind.
Ok, sounds good. Hmm, I can't think of anything else assuming you have all the clothes and furniture you need.
SuchSweetSadism I'm just a bit hesitant about moving on on my own and such, however much I desire it, and want as much information I can get to make a clear and firm decision.
I'm voting for sitting on the money. 10k to get you in a good place is even better than 5k. I just don't think three months of freedom is worth 5k. I'd personally rather save it up to put towards a down payment on a house at some point.
But that's just my opinion, I'm used to things being a lot cheaper, it's not my money, I'm not in your exact situation, etc. If you think three months of freedom is definitely worth 5k, then go for it. 3nodding |
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