Should I buy a nice car or buy my first piece of property?

I'm 24 years old I'm still in college because I started later. I've managed to save $50,000 and I have two options.

Drop that on a downpayment on a nice condo near my college or.. Rent an apartment and buy a nice luxury car.

  • Buy out the condo and drop the 50 grand on that. Keep your current car.
    Vote A
  • Rent an apartment.. buy a nice luxury car (BMW, Mercedes)
    Vote B
And you are? I'm a GirlI'm a Guy

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Most Helpful Girl

  • Id say keep the current car and buy the condo

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Most Helpful Guy

  • Neither. If you spend it, then it means you didn't save it. Saving means not spending. You should invest it, not spend it.

    Buying a new car is throwing good money away. New cars are almost never a good investment. The only time you can justify a new car is if you place a very high value on your time. Most people can't do that. A luxury car is NEVER a good investment. That's pure spending.

    Putting the money down on a condo might be a good investment, or it might not. It should be looked at as investment though. I haven't kept up with it, but I think in most places condos are not as good of an investment as houses. If you only plan on keeping it during your time at college, then it's likely not a good investment. If you plan on keeping it as a rental property long term then it might be OK, depending on the local market.

    Unless you can justify it as an investment, and be realistic about it, then you should continue saving. Saving 50K and spending it is just as bad as saving 1K and spending it. Either way you spent it.

    In my experience, people who develop good savings habits at a young age continue saving throughout their lives. Most people who develop a spending habit continue that also. The ones who save have a nice nest egg saved for retirement. The ones who spend are still working at 65-70 and wish they saved better..

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What Girls Said 5

  • Its whatever makes u happier.

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  • A cheap car ( under $5000) and the rest on a down payment for a nice condo.

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  • Def buy the property.
    You ll only gain in this.
    It s price will always rise in time if you want to sell it later on.
    Or just rent it to someone.
    You d already have a steady income from this.
    The car s price will drop in 2 years.

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  • Buy the property

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  • What will retain it's value longer? Choose that.

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What Guys Said 7

  • Invest in the property because it will appreciate. This means, in the long term, the value of the property will increase. More importantly, you can have a roommate or rent it out, another avenue of income. A new car will depreciate and most cars are not worth the money at the end. Additionally, you don't have enough yet to throw away $50,000. When you are a multi-millionaire, then you can throw away money.

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  • Property property property, as long as it's a good area with decent schools and is not "going downhill."

    Never buy an expensive car. Drive something reliable, that's all you need.

    Mark my words man.

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  • Car is love
    Car is love
    Get a loan for an Alpha Romeo 4C.

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  • Condo, Condo is an investment, car is just a luxary

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  • Forget both of them , Think about a successful project and work on it.. by the way i have one ( very successful project idea ) but just need money so u are lucky man :D

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  • What exactly is a "luxury" car?

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  • Definitly put towards a condo if you can keep up with the payments on mortgage and don't forget that it's a very big tax deduction when you do that

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