Buy a car now or invest and buy later?

uyo

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Quote from: adamstgBit on January 16, 2014, 10:01:49 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, 03:35:38 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, 10:01:49 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

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Trusted Bitcoiner

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

Luckybit

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Quote from: tutkarz on January 15, 2014, 05:14:03 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, 04:50:36 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

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Quote from: proudhon on January 16, 2014, 06:47:15 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

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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

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Quote from: 600watt on January 16, 2014, 03:36:44 PM

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

600watt

legendary

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

predictbits

newbie

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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

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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

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

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

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Quote from: inspiredinvestor on January 15, 2014, 07:36:52 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

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

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

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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

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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

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Buy btc not the car

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

Kaiji

full member

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Hoist the Colours

I was in a similar position years ago, invest my money in something or buy a car. I bought the car and after months of repairs, high insurance and bad luck I had to sell it for far less than I bought it and now have very little to show for it. It was a money sucker even though it always started. Ironically it was when bitcoins first invented and I was searching for something non-stock/bank related to invest in. Should have searched harder and discovered bitcoins.

So in your case I would say invest it in BTC even if you would lose everything. Just keep some of your money in fiat and not all in into BTC just in case things change. That way if you make a mistake you have back up money to reinvest when another good opportunity arrives.

If you buy the car make sure you have an honest mechanic check the car out before buying.

CryptoNames

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Quote from: Dafar on January 15, 2014, 11:53:42 AM

Put the 20K in bitcoin now.... buy an ashton martin or ferrari in 2-3 years

This

BitChick

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I have read many times on this board where people wish that they had NOT sold BTC to purchase a car. Taking this into account hubby (aka BitChicksHusband) just purchased a new car a couple of months ago. We paid as little fiat as possible and are now making some painfully high payments. But the goal is to just wait for a few more months, or year at the most, and there is a good chance we can just sell a few coins and pay the car off! Grin

If that does not happen? Oh well. It is worth the risk to us at this point. The car payment we can live with regardless, but it does make things a bit tight right now.

UnDerDoG81

legendary

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Quote from: Kungfucheez on January 15, 2014, 04:41:42 PM

Quote from: UnDerDoG81 on January 15, 2014, 03:58:13 PM

Quote from: RodeoX on January 15, 2014, 03:48:36 PM

50% in BTC seems very high to me man. I personally believe in bitcoins future, but it is still a highly risky "investment". People invest or speculate with bitcoin all the time. That does not make it a good idea. You could get burned here.
If you have thought about all that and still want to do it then here is what I would do.
Get the price of the car you want and exchange that much $USD for BTCBTC.
Now start your search for a good deal. If bitcoin is in a growth mode (it mostly is) then by the time you are ready to pull the trigger you should have more than you started with. Buy and keep the change. If the price starts to tank, withdraw and minimize your losses. It is risky, but this is how I buy things with BTC, and it has worked out well.

P.S. I love my Bimmer!
BMW makes the best cars in the world, IMO.

Yeah but this can always go wrong. Timing must be perfect then.

Quote from: merkin51 on January 15, 2014, 03:39:57 PM

Rather than buy outright, can you lease / hire a car? I lease a brand new BMW MSport 330d for £300 ($500) a month. It works out cheaper than buying new when you factor in depreciation, I can put more money into bitcoin now, and I get a new car every 2 or 3 years

I will buy it used. I never would buy a new car and lose 50% after 5 miles of driving.

Well first off, buying or leasing a new vehicle will always be cheaper in the long run then buying a used vehicle. Period. There is no arguing this. As far as vehicles go, it's best to avoid new cars if you have no intention of keeping that car for a long period of time, as in, it will be the car you keep for many many years. So if you are unsure of this, it's probably better to buy used.

And second, then it all depends on your situation which we have no way of knowing. We don't know how old you are, your health, your job and income, if you really need a car in the first place...it's hard to give good advice without knowing who you are as a person Roll Eyes

Your situation might be different then someone elses and it varies from person to person. In that case, the best advice is to judge yourself and decide on your own what's best for you.

It was no personal question. I was only asking, what would you do? Speculate in BTC? Or buy something you like (not need)?

BitchicksHusband

sr. member

Activity: 378

Merit: 255

I'm with the people that say buy the car on a loan and keep the money in bitcoin. You get the best of both worlds. I got my new Mercedes CLA 250 on a 1.9% loan for 66 months. By then, bitcoin should make it easy to pay off. If not, I can still afford it with my job.

600watt

legendary

Activity: 2338

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my brother sold his beloved motocycle to invest in bitcoin in may 2013.

now he could buy three new ones,!

Kungfucheez

member

Activity: 98

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Quote from: UnDerDoG81 on January 15, 2014, 03:58:13 PM

Quote from: RodeoX on January 15, 2014, 03:48:36 PM

50% in BTC seems very high to me man. I personally believe in bitcoins future, but it is still a highly risky "investment". People invest or speculate with bitcoin all the time. That does not make it a good idea. You could get burned here.
If you have thought about all that and still want to do it then here is what I would do.
Get the price of the car you want and exchange that much $USD for BTCBTC.
Now start your search for a good deal. If bitcoin is in a growth mode (it mostly is) then by the time you are ready to pull the trigger you should have more than you started with. Buy and keep the change. If the price starts to tank, withdraw and minimize your losses. It is risky, but this is how I buy things with BTC, and it has worked out well.

P.S. I love my Bimmer!
BMW makes the best cars in the world, IMO.

Yeah but this can always go wrong. Timing must be perfect then.

Quote from: merkin51 on January 15, 2014, 03:39:57 PM

Rather than buy outright, can you lease / hire a car? I lease a brand new BMW MSport 330d for £300 ($500) a month. It works out cheaper than buying new when you factor in depreciation, I can put more money into bitcoin now, and I get a new car every 2 or 3 years

I will buy it used. I never would buy a new car and lose 50% after 5 miles of driving.

Well first off, buying or leasing a new vehicle will always be cheaper in the long run then buying a used vehicle. Period. There is no arguing this. As far as vehicles go, it's best to avoid new cars if you have no intention of keeping that car for a long period of time, as in, it will be the car you keep for many many years. So if you are unsure of this, it's probably better to buy used.

And second, then it all depends on your situation which we have no way of knowing. We don't know how old you are, your health, your job and income, if you really need a car in the first place...it's hard to give good advice without knowing who you are as a person Roll Eyes

Your situation might be different then someone elses and it varies from person to person. In that case, the best advice is to judge yourself and decide on your own what's best for you.

UnDerDoG81

legendary

Activity: 2186

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Quote from: RodeoX on January 15, 2014, 03:48:36 PM

50% in BTC seems very high to me man. I personally believe in bitcoins future, but it is still a highly risky "investment". People invest or speculate with bitcoin all the time. That does not make it a good idea. You could get burned here.
If you have thought about all that and still want to do it then here is what I would do.
Get the price of the car you want and exchange that much $USD for BTCBTC.
Now start your search for a good deal. If bitcoin is in a growth mode (it mostly is) then by the time you are ready to pull the trigger you should have more than you started with. Buy and keep the change. If the price starts to tank, withdraw and minimize your losses. It is risky, but this is how I buy things with BTC, and it has worked out well.

P.S. I love my Bimmer!
BMW makes the best cars in the world, IMO.

Yeah but this can always go wrong. Timing must be perfect then.

Quote from: merkin51 on January 15, 2014, 03:39:57 PM

Rather than buy outright, can you lease / hire a car? I lease a brand new BMW MSport 330d for £300 ($500) a month. It works out cheaper than buying new when you factor in depreciation, I can put more money into bitcoin now, and I get a new car every 2 or 3 years

I will buy it used. I never would buy a new car and lose 50% after 5 miles of driving.

Wilhelm

legendary

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TATA Nano costs $3000 add Nitrous installation and rims for $5000.

you can leave the other $12k in BTC Grin

RodeoX

legendary

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The revolution will be monetized!

50% in BTC seems very high to me man. I personally believe in bitcoins future, but it is still a highly risky "investment". People invest or speculate with bitcoin all the time. That does not make it a good idea. You could get burned here.
If you have thought about all that and still want to do it then here is what I would do.
Get the price of the car you want and exchange that much $USD for BTCBTC.
Now start your search for a good deal. If bitcoin is in a growth mode (it mostly is) then by the time you are ready to pull the trigger you should have more than you started with. Buy and keep the change. If the price starts to tank, withdraw and minimize your losses. It is risky, but this is how I buy things with BTC, and it has worked out well.

P.S. I love my Bimmer!
BMW makes the best cars in the world, IMO.

piramida

legendary

Activity: 1176

Merit: 1010

Borsche

Quote from: UnDerDoG81 on January 15, 2014, 03:35:38 PM

What if it really crashes and will never come back to the actual price?

You BMW drive would have about 99.99% more chances to do that

merkin51

member

Activity: 95

Merit: 10

Rather than buy outright, can you lease / hire a car? I lease a brand new BMW MSport 330d for £300 ($500) a month. It works out cheaper than buying new when you factor in depreciation, I can put more money into bitcoin now, and I get a new car every 2 or 3 years

UnDerDoG81

legendary

Activity: 2186

Merit: 1213

Sorry for the late reply, had to go after posting this question.

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? You saved all your money for what? Is it not important to enjoy live? And who knows if BTC will not crash next year and our BTC´s will be worth cents?

I am not sure if it is clever to go 90% in BTC. What if it really crashes and will never come back to the actual price?

Actually, the car that I want is the 120D BMW Coupe in white. It will cost me $20k.

I actually drive an 14 year old Golf IV TDI wich still does his job.

Nobody knows where bitcoin will go to. If I knew, BTC will not crash any time, I would go full in BTC. But if you lose all, then you will think, why did I?

GigaCoin

sr. member

Activity: 308

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Giga

Quote from: UnDerDoG81 on January 15, 2014, 04:50:36 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?

even if u don't plan to invest in BTC further, why would you wanna get a car for $20k ? all u need is a car safe enough to get u from point A to point B, $10K is more than enough for a decent used car the rest diversify it into litecoin.

Dafar

legendary

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dafar consulting

Put the 20K in bitcoin now.... buy an ashton martin or ferrari in 2-3 years

Kungfucheez

member

Activity: 98

Merit: 10

Quote from: piramida on January 15, 2014, 11:04:11 AM

Quote from: HairyMaclairy on January 15, 2014, 05:01:21 AM

Spend 5k on the car and 15k on BTC. There are plenty of decent cars for 5k.

this. get a car that drives and put the rest in bitcoins; you will have both the car and couple dozen more coins. new cars depreciate almost as quick as bitcoin grows.

Actually, I would put half into a car, and half into BTC. You can get a really good car for 10k that will give you very few problems and will be fairly new so you won't have to worry about costly repairs or potential problems, at least not for a few years. Hell, you could even get a loan for a new car and put 10k down, and just use the 10k dollars in BTC reserves to help pay off the loan over time, also could help pay for the insurance, so you won't have to worry about that.

Or you could get the car for $10k, and not even worry about a loan, just keep your BTC reserves on the side for emergencies like repairs or paying for insurance. That way you won't exhaust all your bitcoins, have a decent car, and if the value of bitcoins goes up, you'll retain any lost bitcoins payed for repairs or insurance payments from the inflation of the coin. And if bitcoin crashes, at least you have a good car Cheesy

piramida

legendary

Activity: 1176

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Borsche

Quote from: HairyMaclairy on January 15, 2014, 05:01:21 AM

Spend 5k on the car and 15k on BTC. There are plenty of decent cars for 5k.

this. get a car that drives and put the rest in bitcoins; you will have both the car and couple dozen more coins. new cars depreciate almost as quick as bitcoin grows.

NChosting

newbie

Activity: 32

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First of all you dont "NEED" a car just like you dont need to breathe, you choose to need a car. Personally, I sold my car and invested in Bitcoins and in 2020 I will get one of those self driving Mercedes because I DESIRE one to drive me around while I look at my Bitcoins on my big touch screen listening to ice cube and 2pac.

Tzupy

legendary

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Invest in Bitcoin at the end of this bear market, hold until the top (or close to) of the next bull market and then buy yourself a luxury car.

inspiredinvestor

hero member

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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

T.Stuart

hero member

Activity: 644

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One Token to Move Anything Anywhere

Invest in Bitcoin. Buy the car in a few months time.

Lewis2

member

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If you need a car, buy a car. Investing always gets you more, but you can't drive an investment.

Rygon

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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.

BitCoinNutJob

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cars arent safe, enjoy death

kwest

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If I understand you correctly you already have $20k invested in BTC? In that case I would personally lean towards a car for $10-12k, and keep the rest of the money available for future investment opportunities and/or as a buffer for unexpected expenses.

I also never buy BTC on stagnation or rallies, only dips/crashes. So even if the next dip was at a higher price than the current one, I would buy then.. not now. Because you already have a bunch of BTC, I feel this is the best alternative. No need to rush it.

tutkarz

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Activity: 546

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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.

HairyMaclairy

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Degenerate bull hatter & Bitcoin monotheist

Spend 5k on the car and 15k on BTC. There are plenty of decent cars for 5k.

fr33d0miz3r

hero member

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Invest in BTC instead of buying a car, and buy a bike later Grin

UnDerDoG81

legendary

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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?

Topic: Buy a car now or invest and buy later? (Read 3993 times)