Buy a car now or invest and buy later?

uyo

newbie

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Quote from: adamstgBit on January 16, 2014, 11:01:49 PM

you're asking if you should speculate with the money you NEED, really? reeeeaallllllyyy?

no, he's asking if he should enjoy the money he can speculate with

Quote from: UnDerDoG81 on January 15, 2014, 04:35:38 PM

The car thing is, I know I dont need it. But why should I always live worse? Why not give you some nice present after all that hard work you´ve done? What if you die next year? ...l

Cubic Earth

legendary

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Quote from: adamstgBit on January 16, 2014, 11:01:49 PM

you're asking if you should speculate with the money you NEED, really? reeeeaallllllyyy?

I agree it would be pretty dumb to speculate with money you need. But did you see the picture of that ugly car? No one needs such a hideous thing. The OP said he has a 14 year old VW, which is 6 years newer than the Camry I drive around.

In general, if you can suppress you material desires and live frugally and simply, saving and investing all you can, I think it is a sure path to personal wealth and financial freedom. Most people would rather have the stuff, and have it now.

OP - good job saving so far. There are other investments out there beside bitcoin. A car obviously isn't an appreciating asset, but consider precious metals, saving for a down payment on property, or even just a boring index fund.

adamstgBit

legendary

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Trusted Bitcoiner

you're asking if you should speculate with the money you NEED, really? reeeeaallllllyyy?

Luckybit

hero member

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Quote from: tutkarz on January 15, 2014, 06:14:03 AM

You can do what you want with your cash but one thing I am telling to everybody. Keep one bitcoin at all times and never sell it (at this time). One bitcoin is enough to be rich in few years and risk of losing it is slim.

It depends on how you define rich but 1 BTC is enough for most people to retire possibly by the end of this year and certainly within the next few years. 10 Bitcoins and you've got enough that you'll probably be rich if you hold long enough.

Luckybit

hero member

Activity: 714

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Quote from: UnDerDoG81 on January 15, 2014, 05:50:36 AM

Hi,

I have a decision to make and am not sure what to do. So I already invested 50% of my cash into BTC for long term. Now I have about $20K and I need/want a car for 3 years now. I found three nice cars but am not sure if I should buy one of them now? Or better invest those $20K in BTC and speculate?

Maybe when I invest, I will lose it or if things goes well it will double in a few months and I could get the car for free. I need and want this car, there is no discussion about if it makes sense to buy a car or not.

So, what would you do? Go full (90%) BTC and speculate? Or get the car now and enjoy the ride?

Considering the timing, right about now I would go full BTC. BTC could be over $100,000 by the end of this year and you'll be stuck with a car? GET SOME BTC. It's just a goddamn car.

Wilhelm

legendary

Activity: 1652

Merit: 1265

Quote from: proudhon on January 16, 2014, 07:47:15 PM

This is an interesting question. Given the inevitable collapse of the market under the weight of all the bad news and the fact that bitcoin reached saturation and its maximum usefulness in 2013, I'd say buy a care because the money you put into a care will be worth more than the same money put into bitcoin in the long term.

You must take this seriously!

I heard you've already lost a few bets on the collapse/price of bitcoin in previous months/year Wink

.
I personally think that bitcoin has a lot of potential and still hasn't reached it's max potential. What the price will be is the question but I strongly believe it will be higher than the current price.

Note for stoopid peeps:
IT IS NOT A SURE SHOT! DO NOT TAKE OUT A LOAN TO INVEST!

proudhon

legendary

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This is an interesting question. Given the inevitable collapse of the market under the weight of all the bad news and the fact that bitcoin reached saturation and its maximum usefulness in 2013, I'd say buy a care because the money you put into a care will be worth more than the same money put into bitcoin in the long term.

You must take this seriously!

N12

donator

Activity: 1610

Merit: 1010

Sell everything. Take out all credit you can. Bitcoin is a sure source of free money. You will be a multimillionaire in 2 years. Source: log charts.

Please don't take this seriously.

Wilhelm

legendary

Activity: 1652

Merit: 1265

Quote from: 600watt on January 16, 2014, 04:36:44 PM

Get your car financed. Put the cash into btc. Vey easy to Pay back the loan.

600watt

legendary

Activity: 2338

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Get your car financed. Put the cash into btc. Vey easy to Pay back the loan.

predictbits

newbie

Activity: 17

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If your 2000 VW is still running strong, keep it. When it starts giving up, look for another car to get you by for a couple years <5k.

JimboToronto

legendary

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You're never too old to think young.

If you live in a big city you can save money and hassle with one of these:

Rygon

hero member

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Quote from: fr4nkthetank on January 16, 2014, 01:43:12 PM

Quote from: Rygon on January 15, 2014, 08:07:35 AM

Why spend your own money on a car? Buy it on credit, lol. Seriously though, with half decent credit, you can get a loan under 10% APR for a used car (or much less if buying new). If you think bitcoin will go up by at least 10% a year, you could come out ahead by keeping the money in bitcoin. Plus, there's a realistic chance that bitcoin could jump up over 100% in the next few years. Or just cash out the bitcoin to make monthly payments. All of that assumes you can take the risk that bitcoin crashes overnight somewhere in that time period.

yeah, sure, but lets say bitcoin goes down.

Now you have car payments to make, and no more savings. FUCKED.

better err on the safe side a bit there

Yeah, it's a matter of whatever level of risk OP is willing to take. The real question the OP is really asking is, "I have some real life expenses (like a car), and I want to know if I should take money out of my savings (Bitcoin) to pay for it."

And if OP is going to be in a tough spot if his savings drops to zero, then perhaps he shouldn't put as much money into bitcoin.

TrollboxChamp

sr. member

Activity: 462

Merit: 250

Quote from: inspiredinvestor on January 15, 2014, 08:36:52 AM

congrats on already having 50% of your savings in. If your young with no commitments i'd
1/3 Car
1/3 Stuff happens fund
1/3 More bitcoin

just an idea.
Please post a pic of car once you get it

This... Maybe buy some physical assets. Like gold or silver. If shit hits the fan a bar of gold will be worth a lot lot more than it is today. Bitcoin on the other hand will be a thing of the past.

fr4nkthetank

legendary

Activity: 2294

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Now the money is free, and so the people will be

Quote from: Rygon on January 15, 2014, 08:07:35 AM

Why spend your own money on a car? Buy it on credit, lol. Seriously though, with half decent credit, you can get a loan under 10% APR for a used car (or much less if buying new). If you think bitcoin will go up by at least 10% a year, you could come out ahead by keeping the money in bitcoin. Plus, there's a realistic chance that bitcoin could jump up over 100% in the next few years. Or just cash out the bitcoin to make monthly payments. All of that assumes you can take the risk that bitcoin crashes overnight somewhere in that time period.

yeah, sure, but lets say bitcoin goes down.

Now you have car payments to make, and no more savings. FUCKED.

better err on the safe side a bit there

Double-Spent

member

Activity: 74

Merit: 10

Do not take loans, don't be that guy.

Buy the car if you need it.

Invest the rest of your spare cash in BTC.

That's a no brainer.

dg2010

sr. member

Activity: 462

Merit: 250

My advice as someone who had a 120d..... don't bother. It does not have the same refinement as the bigger BMWs. Engine noise quite annoying. It's like a tractor.

I bought mine for £28k and sold it for £10k 4 years later. The depreciation is crazy. And they cost just as much as a bigger BMW to service/repair.

I don't know what the car market is near you, but my advice to go for an older shape BMW, see if you can get a 330 for half the money. That way it won't depreciate so much.

jagd

newbie

Activity: 12

Merit: 0

Buy your girl friend a nice rack.
Start walking to work.
You'll be happier while you wait. Wink

seleme

legendary

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Duelbits.com

I was offered a car for some of my BTC today

But he asked big premium so I refused.

Sindelar1938

hero member

Activity: 490

Merit: 500

Buy btc not the car

But remember life is not lived in the future alone, keep enough for reasonable needs

Topic: Buy a car now or invest and buy later? (Read 3897 times)