when to buy a new car? or build a garage?

Question

I current own a fixer upper single family home. Once it's completed I plan on living in it. It needs 25k+ in order to make it move in ready. At the Same time I've started looking at 2-4 unit propertys in my area. I'm going to need cash to get the ball rolling.

My question is when do you guys decide it's time to purchase a new car? My truck is paid for and isn't in the best shape but, it runs good and hasn't ever let me down. I have a summer car that I'd sell for 7K and the car I'd purchase would be 18-20k.

Also, I'd like to build a garage at the house I plan on living in. When can I justify spending 15k+ on something that won't be an asset?

Im torn between using my cash to finance a property or buying a new (to me) vehicle and building a garage to park it in?

Account Closed · Answer

If you have a paid for vehicle that is running well, keep driving it until it stops one day and you have to leave it on the side of the road. I agree that building a garage, if you plan to live in the house long term, is something you could justify and may, ultimately, make your house more marketable.

Why not sell the "summer car" (not quite sure what that is) because if the truck you have works in the winter, it'll probably be just fine in the summer too. And then see if you can build a garage for $7000?

As to the bigger question about whether you should do the above, or use your money to invest in real estate... only you can decide what your priorities are.

Brandon Barnic · Answer

thanks for your response Wendy! I've decided to keep saving my money to buy assets. Maybe once things get rolling I'll use the cash flow from a few propertys to pay the note on the garage and new car.( Like rich dad talks about)

as for the summer car:

it's a classic convertible that I got a smokin' deal on a few years ago. Planned on flipping it, and I've had too much fun with it to sell.

when to buy a new car? or build a garage?

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