Is that before or after income/realestate taxes?

But what planeguy is also not mentioning is there is a big difference between a car loan and a home loan. Realestate will usually increase in value. New cars will always decrease. Even MINI's.

 

Right, that is why it is a horrible idea to buy a car before a house. A car deppreciates, Houses generally appreciate. One is a liability the other an asset. Do not go and add a liability before you add an asset. A car before a house will increase your debt to income ratio and may even bump up your intrest rate on your home.

 

WOW -- thanks for all that advice...


I have talked to my financial person and once we crunched the numbers, in the long run it will save me money to get a new/different car --

see -- i drive a lifted, big-tire wearing Jeep right now with 104000 miles on it...i spend about $120 a week (yes, a week) for gas only because of it being lifted and the bigger tires...so when we figure out me getting a new car he came up with a price range that if i stay in, will not be bad for my debt-to-income ratio...

and by getting a car that has at least 26 mpg highway (which the subaru and the mini have more) i will be saving about $3400 a year in just gas costs alone...

so that in and of itself is enough reason for me to make this change...not to mention none of this includes any maintance costs i may have because of the milegae...

see where im going? so the price range of $16000 to $17000 is the "safe" number..

on another note -- i am still searching and will let you know how it turns out -- 3 days and counting !!!!

but either way -- i will be getting a mini, if not in the next 72 hours, then sometime...but regardless -- you guys have been wonderful with all your help --
now cross your fingers that i find one... ;-)

 

I happen to know of a person selling a Mini Cooper in your price range. It's an 03 Pepper White. Don't know too much more than that, but we live on the West Coast. She just had a brand new MCS delivered by Semi from Ohio, so, I know hers could be delivered to you. I believe it's also still under warrenty.

 

I don't know where you guys live, but in Orlando housing prices are fourth highest in the nation (median price in metro O-town is $240k )...we have a 30 year mortgage for lower payments and pay 1/12 of a payment additional every month to buy the principal down, thus saving all the interest

AND my MINI is my first new car bought at 42 years old...buy a used one and enjoy

 

Well, I can tell you that most of us Bay Area Californians would be dancing naked in the streets to pay that for a home....
I don't know where SF is on the list, but it's gotta be near the top, 'cause I don't think a home in SF can be had right now for less than 500K...Now that's an !!

 

Do you live in Central Jersey? I might have seen you... Passed a woman driving a lifted Jeep a few months ago. She looked like a potential MINI owner.

And be sure to check out www.nemini.org - the local MINI group. Always looking to support owners and wannabe owners.

 

believe me I wasn't bragging! I have in-laws in Walnut Creek because of SF pricing...I am fortunate to have bought the worst house in the best neighborhood downtown years ago. FWIW they are selling (with people buying) 800 square foot condos for $400k downtown in Orlando...geesh!

again, buy a used one and wait for the AWD MINI in a few years!