Can't pull the trigger on an s3

[seanentrust]

Well last week I test drove an s3, it was a premium plus with performance, tech and s seats. Everything I wanted and nothing I didn't. It was stickers at $49.5k and without even asking he came down to $44.5k but with taking a $5k loss on my trade I just can't justify it. Even if there was no trade the idea of a $600+ month payment kinda makes my stomach hurt. Im torn because I think about the car everyday and know it would be perfect but that payment! I'm trying to save money for a house and trying to do the right thing for once and not what I want to do. Being an adult is hard

[forbiddenbeat]

Just tell yourself you can buy yourself a nice car after you get a house. Delayed gratification is good skill. Of course, I personally suck at it, so do as I say, not as I do. ;)

https://en.wikipedia.org/wiki/Stanfo...low_experiment

[tateltot]

Good for you, sean. Focus on what's important. An extravagant car isn't.

[Cairo94507]

As tough as it is, once you own a house you can buy any car you want. You are doing the right thing.

[S3Danny]

Owning a house is way better than owning any car. If the payment on the S3 is going to delay buying a house, or make it not an option, then the right move is definitely to wait.

[will13k7]

f it, yolo.

[seanentrust]

f it, yolo.

I like the way you think

So new thought, since I can't have such a big loan amount on my credit I'm looking into a lease and then will refi and buy it out after I get a house. Still not sure but my oil light came on in my a6 again and thats making me nervous.

[forbiddenbeat]

I like the way you think

So new thought, since I can't have such a big loan amount on my credit I'm looking into a lease and then will refi and buy it out after I get a house. Still not sure but my oil light came on in my a6 again and thats making me nervous.

Just keep in mind the lease balance still counts toward your debt:income ratio. Not as large as a full loan, but still something.

If cash flow won't be an issue, go for it. My advice though would be to make sure you won't regret having that monthly payment once the mortgage kicks in. If you're unsure, maybe lease an A3 and tune it, and then switch for an S3 later?

[HurrayFive]

If I could do it over I would have leased the S3, still modified the crap out of it, then put it back to stock once the lease was up - I get bored with cars after a few years <sigh> Instead, every month I'm able, I've been making triple payments just to try and get it paid off in the next 2ish years, haha.

Have you looked at lightly used S3's? They tank like a rock the second you drive them off the lot, a year old S3 with 10K miles on it is only worth 33K in excellent condition. Mine's a P+ with every option and at 17K miles it's only listed at 29K in excellent condition (which it is), still a sad day considering I paid almost 50 for it after tax/tag/licensing.

Long story short, you're making the smart decision holding off on brand new!

[S3Danny]

I like the way you think

So new thought, since I can't have such a big loan amount on my credit I'm looking into a lease and then will refi and buy it out after I get a house. Still not sure but my oil light came on in my a6 again and thats making me nervous.

The monthly payment still shows on your credit and counts against your income/debt ratio which is key when qualifying for a mortgage.

Home ownership can get real expensive real quick. It's hard but I'd wait until 6-12 months after being in the house to make sure you'll be comfortable before starting a payment on something else. If the payment on the car is going to prevent you from getting a mortgage then you may find that you're tighter than you thought you'd be, even without the car.

[Frinkferta]

I just dropped a bunch of money into an AC unit at my house. Are you sure you want to own a home? Haha!

[seanentrust]

All good advice here and I appreciate it, I'm not concerned about the monthly payment counting against my debt/income. I'm more concerned about a $45k loan on my credit, if I lease not only will the payments be less but it will only show $20k or so on my credit. Im currently paying $2200 a month rent for a 1 bedroom condo so a mortgage payment will actually be less than I'm paying now. My main concern I need a reliable car for my job and I want something I also enjoy. I thought about an a3 but then I'll have to modify it and I want a car I can just drive and enjoy as it and the s3 is the only thing that fits that bill in my price range. In all honesty I'm not sold on buying a house yet, the market here is so crazy it just sucks to spend more in rent than for a mortgage but it's nice to also not worry about anything.

[Garzenox]

Sean,

So you have the Q5 and the A6? If so, here's what I would do: Buy the house, Sell the A6. Take the difference from the lower house payment and what you were paying in rent, along with the money from the A6. Buy a 2018 RS3 in August 2017. That way you'll have a sweeter ride for the same price as that S3 is now and you'll have the house. RS3 is probably going to start at 50K-55K base model.

[Audi_Salesman]

Now is a great time to lease a S3 the MF is low and at least over here there is a additional $1,250 rebate for leasing or purchasing.


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[JD23]

Does your comparison between rent and mortgage payments also include property taxes, homeowner insurance, and maintenance? I am also looking for a house in an area in the midst of a possible real estate bubble, and while a 30 year mortgage payment is still very reasonable, total costs increase significantly once $8-10k in annual property taxes and $2-3k in homeowner insurance are included.

[MkUrMark]

I was in a similar situation, I got the house first and S3 later. My philosophy was unless the market really tanks the S3 will be here tomorrow. Knowing my market for housing, I new I had to jump fast for the specific condo I wanted. I am happy that I did, the current condo I purchased a few months ago raised 12k in less then a year(comps show), not to say that variance won't reverse back but with latest 3 year trend its likely to hit a small plateau or raise slightly more through the years. The reality is no one can forecast 100% whats going to happen to the market, you can only monitor trends.

Something to always keep in mind, for the most part, what you want today from a car may differ in less then face lift change or generation change but a home unless you have a huge family you're gonna make a longer commitment to.

The S3 is already going to have a facelift and a slightly better haldex in the near future, while the housing market is slightly trending upwards(at least in my community), when I thought about it in those simple terms, the choice was rather simple.

[seanentrust]

Does your comparison between rent and mortgage payments also include property taxes, homeowner insurance, and maintenance? I am also looking for a house in an area in the midst of a possible real estate bubble, and while a 30 year mortgage payment is still very reasonable, total costs increase significantly once $8-10k in annual property taxes and $2-3k in homeowner insurance are included.

yes, with taxes and everything added in i could still be saving $200-300 a month. The market is so crazy here though that I'm not sure if I want to buy. I lost my last house 7 years ago when the market crashed, I was in the middle of a divorce and starting a new career and we had to short sale it, so i'm a little scared to buy with whats going on now, houses are $100-200k more than they were 2 years ago. But I know what you mean, I have a friend in dallas and he told me about your property taxes! I thought they were high here!