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Old 11-12-2009, 01:25 AM   #1
SurfGuruJeff
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Default Another "Should I sell my STi?" thread...

With the guarantee of keeping my decent job, and having a paid off 2005 STi, I'm considering getting into a house (27 years old and single). At the same time I am also going back to business school full-time.

The cash from the sale of the STi will be the down payment, IF I decide to sell it.

My backup car is a 1974 BMW "2002"



Here's the thing... I LOVE my STi... it's been a respite for me, and I got it for a steal of a deal. So... to reitterate... I LOVE my STi.

Do I rent for now, enjoy my STi, finish school, get a better job, and THEN get into a house?

or change things up, paint a mural of the STi before I sell it and get into a house (slight fixer-upper)?
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Old 11-12-2009, 01:40 AM   #2
Rodeoflipper1818
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Quote:
Originally Posted by SurfGuruJeff View Post
With the guarantee of keeping my decent job, and having a paid off 2005 STi, I'm considering getting into a house (27 years old and single). At the same time I am also going back to business school full-time.

The cash from the sale of the STi will be the down payment, IF I decide to sell it.

My backup car is a 1974 BMW "2002"



Here's the thing... I LOVE my STi... it's been a respite for me, and I got it for a steal of a deal. So... to reitterate... I LOVE my STi.

Do I rent for now, enjoy my STi, finish school, get a better job, and THEN get into a house?

or change things up, paint a mural of the STi before I sell it and get into a house (slight fixer-upper)?
I think you know the right answer to this question.
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Old 11-12-2009, 01:57 AM   #3
i_c_the_light
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Shame that isn't the 2002 turbo. Then I would say sell the STi.
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Old 11-12-2009, 02:14 AM   #4
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screw the house ****.....
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Old 11-12-2009, 02:29 AM   #5
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always a good idea. you basically jump in the black by the amount that you save by not renting so after you sell the house back (if you do), you come out with that and the money from the sti back.

mba?
that's only a two year affair. i think you can live w/o a subie for that time, right?

that bimmer will prob get you more females too.

edit: with that said, i still live by the motto "cheap rent and fast cars" so i'd keep the sti, though it isn't the responsible thing to do, but my subie makes me very happy as yours probably does too.
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Old 11-12-2009, 02:35 AM   #6
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You can always buy another one later. You can't sell a house you are renting and its better to go to school now, buy car later then vis-versa.

I learned the hard way
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Old 11-12-2009, 02:37 AM   #7
SurfGuruJeff
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Quote:
Originally Posted by Rodeoflipper1818 View Post
I think you know the right answer to this question.
Haha, totally... Sell it, I know.

Another thing is, if I get a roommate, my mortgage would be the same as if I were just renting. Because I am looking at 2 bedroom houses.

But I would miss my STi sooooo much!

Quote:
Originally Posted by Nimbus09 View Post
that bimmer will prob get you more females too.
It's CRAZY how many compliments I've gotten in that little BMW!
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Old 11-12-2009, 04:12 AM   #8
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As was said before...

1 years of rent could really be shedding one year off of your house payments..

But i live, eat, breathe, and sleep in my car.

I look forward to having to commute back and forth from my university to my home.


If you're like me, keep the STi. If driving is just driving with you until you hit the track.. I'd say sell it.
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Old 11-12-2009, 07:13 AM   #9
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why get a house when you're single?
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Old 11-12-2009, 08:59 AM   #10
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house. now is the time to buy if you can find one. do a lot of research. i presume you will fix it and then sell it some day. look at the rest of the neighborhood to make sure it is in a place where you could get more money for it.

yea a fast car is great but a house that is yours is so much nicer. the car can come back to you later.
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Old 11-12-2009, 08:59 AM   #11
my name is joe
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i honestly dont think you should make a real financial decision like that on the internet.. especially a car forum.
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Old 11-12-2009, 09:00 AM   #12
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Originally Posted by Rxsti7 View Post
why get a house when you're single?
u find a hot date and say hey lets go back to my place. you pull up to YOUR house or you **** ass apt...you decide
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Old 11-12-2009, 09:16 AM   #13
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Plenty of time for fast cars later. Get your **** together now and and get another sti later...
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Old 11-12-2009, 09:24 AM   #14
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How much of a "guarantee" do you have of keeping your job while you take two years off for school? In my experience in the business world guarantees don't mean squat unless it's on paper and the your company has solid financials to back it up. Get you're guarantee in writing. A lot can happen in two years to you and your company. Are you going to be keeping your source of income for the two years you're in b-school? Are you going to be taking out student loans? Can you qualify for a mortgage (bankers are ultra conservative these days and without a reliable source of income I don't think you're going to have an easy time getting a loan). As for me, I'd be really hesitant about taking on a huge obligation like a mortgage without a guaranteed and reliable source of income. That's me though and I tend to be on the conservative side of things.

If it were me and I didn't have a steady income stream as a student I'd be shedding as many debts as possible before going into school. Car payment? Gone. Credit card debit. Nil. Then I'd rent for the two years I'm in school. If anything you have your source of income throughout, you save a ton of money, and come out without debt. Not a bad place to start. IMHO.
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Old 11-12-2009, 09:40 AM   #15
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Go back to school. Its always good to make more money in the future. The housing market is also low now, so its a great time to purchase a house (if you can get a loan, which is another story).
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Old 11-12-2009, 09:46 AM   #16
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Quote:
Originally Posted by gloves View Post
u find a hot date and say hey lets go back to my place. you pull up to YOUR house or you **** ass apt...you decide

Yeah, but it's a trade off.

Pull up to nice apartment in an STi.
or
Pull up to a "fixer upper" house in a BMW 2002
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Old 11-12-2009, 09:47 AM   #17
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sell the beamer and keep your sti! its paid off. then just try and work our a plan for your house (Dirty makes a good point about the housing market^^) and school. not much advice but i'd say only sell the sti if it wasn't paid off.....but if you're gonna be making more money bigfishs makes a good point too, you can get another sti later.
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Old 11-12-2009, 09:53 AM   #18
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I see two sides to this:

1. Keep the Sti, finish school, make more money then buy a house. No need to get yourself into home debt while going to school in this unstable market. And since the car is paid off it is not costing you anything (other than typical costs associated with owning any cars). Plus, that BMW may not be the most reliable set of wheels.

2. The housing market is still in the gutter and you can find houses cheap. Forecasters predict that the market is starting to rebound, so two years from now you might not be able to find the sweet deals that you can today.

Personally, I'd keep the car, deal with renting while you're in school and then sort out buying a house once you are done with everything.
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Old 11-12-2009, 10:41 AM   #19
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^ this
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Old 11-12-2009, 10:47 AM   #20
Jack
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Confusing me....you are.

You're staying in a good job but going back to school full time??? Soooo....full time work AND full time school???

I sold everything I owned to go back for my BSEE and don't regret it a bit. I literally make over 10X what I made when I took the leap of faith and went back to school.
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Old 11-12-2009, 12:12 PM   #21
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Many, many variables here are unknown...how much would you get for your STi, what kind of house could you get for the STi sale down payment, do you have cash set aside for school (no scholarships for mba students), etc.

If you are using any reason or logic in your decision then definitely get rid of the car. You'll have current and future cash in your pocket from the sale and fewer expenses (insurance, gas, maintenance). Also, if you are going to a good school chances are you'll be so busy you probably wouldn't get to enjoy that STi...it'd just set there depreciating. Then there is always the fact that when you own a home there are increased responsibilities--if something goes wrong will you have the time and money to deal with it?
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Old 11-12-2009, 12:40 PM   #22
SurfGuruJeff
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Quote:
Originally Posted by wushunut View Post
How much of a "guarantee" do you have of keeping your job while you take two years off for school? IMHO.
Well, I've been working there for almost 5 years. This year we generated the most revenue in the company's history despite the recession. Next year is projecting to easily make more.

By the way, school doesn't start until Fall of 2010!

I can go to school full-time and work where I work because it's a seasonal business (our company removes honey bee hives that have taken up residence in homes and business, and we relocate them to bee keepers). I have already done the full-time school + this job before, so I know it works... the ONLY bad timing is in the Spring, when business jumps and the school work load is high... it gets stressful, but manageable.

-I have good credit, and am a first time buyer.
-I can only get about $15k for the STi, because it's a salvaged title.
-I'm looking in the $200k-$250k range of houses (SoCal ain't cheap).

The only thing that would concern me is if I didn't qualify for enough financial aid, (not getting my MBA right now, just finishing Bachelors) student loan debt could climb higher than I'd like, but that's low interest pay later debt.

Beowulf said it kinda how I see it... get through school first, then buy a house once I have more money and a higher/steadier income. I don't know that the market will change too much in the next three years (school starts Fall of 2010 for me).
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Old 11-12-2009, 12:53 PM   #23
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If you drive that 2002, just don't count on getting laid.
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Old 11-12-2009, 12:57 PM   #24
SurfGuruJeff
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Originally Posted by MacintoshMan View Post
If you drive that 2002, just don't count on getting laid.
As opposed to the STi? I'd hate to break it to you, Big Mac, but most girls have no clue what an STi is, and ones that are in med school think I drive a Sexually Transmitted Infection.

Oh, and I'm sure owning a home looks really pathetic to chicks.... oh wait...
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Old 11-12-2009, 01:44 PM   #25
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Originally Posted by MacintoshMan View Post
If you drive that 2002, just don't count on getting laid.
If you count on your car for getting laid, don't count on getting laid.
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