Quote:
Originally Posted by fast5
Thanks so much for this comprehensive reply. Really appreciate the advice. Also, congratulations on the milestone.
No trouble as of yet with my current car, aside from the fact that I'll be moving cities for an indefinite period of time and the shipping will cost me nearly $2k - a new development I've been thinking about. My car is probably worth $2-4k more than the debt on it, depending on how it's sold.
Just to clarify my earlier statement, the $200 incremental payment includes the increase in insurance.
As for my savings, I recently calculated it and I have around 1.5 years of living expenses in liquid assets.
You're totally right, I've been looking at opportunities to buy a house or a condo. However, at least in the markets I'm in, it seems like the low interest rates are supporting home prices along with the limited amount of supply. Any thoughts as to when the distress will start to materialize in home values?
Anyways, as an alternative to shipping my car or overextending myself on an M240i, I found a '16 M235i online for $24k. My main concern is that it's not CPO and I'm not familiar buying from a private party. Any thoughts on this?
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Interestingly enough, the real estate market has not felt the full effect of COVID yet...which I believe is yet to come.
People need to start running out of money first. Once unemployment starts running out, we will be seeing it.
For the time being, Im willing to bet that most mortgage activity is in the form of refinances currently..so home values will not be falling immediately.
However, COVID has created previously unheard of unemployment rates. The odds are that a certain % of the workforce will not be returning to their usual job, or to any job at all as they look for work.
its also possible that the government will step in and create some kind of preventative foreclosure measures to stop 2008 from repeating..so I wouldnt be banking on falling property values to find a deal anytime soon.
bringing this back to car discussion..I prefer the 240 over the 235. The B58 engine is worth the extra money. I came from a 335 so I didnt want another N55.
My personally, I'd pass on that. Some guys wouldnt feel the same way.
If you're gonna spend the money on a depreciating asset, get what you want, not a compromise
