Well, there are a few threads about what to buy so I guess I'm in the same situation too. Here's my situation....

Living with parents (technically), 2 kids (3 and 1.5 yrs old) and another one on the way. Owns a Scion Tc, Acura RL, Lexus RX330. Neither of them have 3 rows of seating and with another baby on the way, wife and I have been thinking.....get a minivan (she wants one), SUV (i want this instead) or a house of our own. Our budget for a minivan/suv is $30-35K.

Minivans we're considering....

---2010 Sienna w/ sports package (older generation is )
---2006-2009 Odyssey (don't like the new style with that thunder theme)

or

SUVs...

---2008-2010 Highlander w/ 3rd row
---2007+ Pilot w/ 3rd row
---2007-08 Acura MDX

or

---a 4 BR, 2 BA, 2.5 garage house around $250K.

Your input would be greatly appreciated.
Thanks in advance!

 

I'd suggest buying condoms.

Really though, if its getting crowded at the parents house then its time to move on. Buy the house.

 

Another vote for the house. You can fit 3 car seats across the back of the RX. Its not ideal but friends of ours have 3 kids and a 98 CR-V so it can be done.

 

You know what you need to do. Get rid of the RL or TC and then get a house.

 

This is really the only time where I'd say the stability of home ownership is worth forgoing a car ...

You have a wife and kids ... Your family will be much better off with your own place.

 

home. sell one or two of the cars.

 

thanks for all your inputs. my realtor said this is the best time to buy a house! maybe he's right after all! if we do buy a house, i'll most likely sell the Tc and keep the RL and RX. i love my RL too much to let it go and the wife needs AWD for snow so the RX stays. i can fit 3 car seats in the RX but it's a very tight squeeze. i guess that'll have to do it for now if a house is in the horizon!

 

House first.

Also, OP's wife is a smart woman in preferring a minivan to an SUV.
A mid-level Sienna w/o leather should be less than 30K, and a used Ody would be even less.
If you're getting the van, sell the RX, then sell the Scion and keep the RL if you don't need 3 vehicles.

 

House is the best investment... should go up in value

if you need a car I would go with a pre-owned odyssey

 

I say house as well, but make sure you do your research on all the typical value criteria for houses. Good location, schools, cheapest one for the neighborhood, good for your commutes (if any)...

But ya, a house is a good place to put your family, and typically a good place for your money.

Is there a chance to get both a minivan and a house? Cars may go down in value, but minivans have the most utility....you could end up using it for a long time.

 

There are seats specifically made to be placed 3 across available, and probably a good idea if needed.

Another option? Can you sell one of the RL/RX and Tc and use the money to get the minivan? Are they old cars?

 

you can wait on the house, home prices are still falling. get rid of 2 cars and get a minivan.

 

I'd say sell 2 of the cars, get a used minivan or something and get a house or some type of home of your own. Cuz if you can afford a $35K vehicle you should be able to afford some type of rent or mortgage. I would think...

 

I say get the house shooot I'm 21 and I'm trying to get me a house instead of renting

 

House...forget about the cars......on the other side do not get yourself in an unbearable mortgage.....be comfortable...

Remember, houses do not always go only up in value...they can come down too at least temporarely...however nothing beats a car when it comes to truly flushing money down the toilet....

Get your own roof over your head....

 

I agree with the others that have stated that a home should be the first priority. That being said, you also seem to be weighted a little too heavily on vehicles for someone that doesn't yet have their own home. I think it would be advantageous to reduce car ownership to a minimum at this time. It's not just the price of the cars themselves, but the additional insurance, fuel, and upkeep. Purchase something that serves your needs and nothing more.

Build a war chest. Move to a cash position and start looking at homes. The American market is still hugely depressed and may drop further. Be prepared to purchase, but don't jump at the first home that comes along either.

Once a home is purchased and you're building equity, cars and other items you want/need will be easier to obtain.


Terry

 

Okay YOU should probably buy the house given your age and situation You're not exactly a 22 year old kid fresh out of college with no job or money.

 

edit, question answered

 

you're right! 3 cars is major headache in terms of insurance, maintenance, and fuel. also, we don't really need the 3rd car so one of them have to go. luckily, i don't have any payments on them.

the decision to live with parents was to save some money so we can buy a house in the first place...but sometimes wants overpower needs.

will definitely start looking for houses this new year! looks like that will be one of my many new years resolution.

 

hahaha...i get that all the time from my parents! sometimes i still believe i'm only 18!

 

I'd at least move out and rent a house, but a person in your position might prefer to own. There are advantages and disadvantages either way and also depending on your local real estate market.

 

Another vote for the house. Um you, wifey, and almost 3 kids living with parents=must be a bit crowded. Save money, sell one of the cars, buy house. Then worry about what car you want.

Priority here is shelter even if have to cram three car seats across the rear seat of your Lexus.

 

If your wife works and your parents help with day care, that is one expense that may go up if you move out. I still think you should get the house, though.

 

If you were to do a trade of the RX for a Volvo XC90, lets say, you would have the best of all worlds:

1. AWD
2. 3 row seating
3. SUV like utility
4. The safest vehicle you can buy (it is a Volvo)

Oh, and trade both the Tc and the RX. Reduce your insurance and payments. But most definitely buy a house for your growing family.

 

House

 

I'd also have to recommend a house, particularly as buyers are in the driver's seat.....pardon the pun. Then, go for a 3G Honda Odyssey.

 

Definitely get a house. There are some really good deals in our area, sometimes I with I didn't have a condo so I'd be able to just buy something now. Where are you going to be looking?

 

A house. In many cases you can end up with a lower mortgage payment than what it would cost to rent the same house.

 

Get the house.

Then see what kind of a van you could get by trading the tC and the RX. But, I think the RX should be ok for now...

You could also consider getting the house and then trading the tC for a higher mileage Sienna.

 

Did you ask your parents? I am pretty sure they would go with house too but maybe not

 

i spoke to my parents once awhile ago about moving out and buying my own place. they loved that idea..thinking they can downsize also after our little family moved out.

 

i'm leaning more towards staying in the New Berlin area or Brookfield, Menomonee Falls, Greenfield, Greendale area. which area are you located at?

 

It seems to have been decided, but buy the house! Don't listen to people who talk about not hitting the bottom yet. VERY FEW people have ever been able to make money by buying at the bottom and selling at the top. If you buy a home and stay for a while, the "bottom" will be the last concern. The thing we should all have learned from the housing market fiasco of the last decade is that a house should not be a way to make money. I'm not saying you can't make money. In fact, you almost certainly will, but it also functions as shelter and a significant tax write-off. If your house loses 20k in the next year, you don't lose a penny until you sell. Be smart, buy the house and enjoy the privacy (if that's even possible with three children!). Good luck man!

 

how did you make 3 kids with your parents residing in the house?

 

If you wanna keep the RX for the AWD capabilities in the snow then go for a AWD Sienna. That way you can ditch the RX and tC for the van.

But house first. That tC needs to go though.

 

Any which way we can!

 

Obviously it's an overwhelming favorite towards the house. I bought mine 2 years ago and was glad that I did. Housing near me did not drop from that point (recent appraisal for a refi showed an increase of about 4%, but that does mean nothing because it's only worth what someone else would pay for it).

Anyway - appreciating assets should always win over depreciating assets, although hopefully you can keep that free childcare when you move out.

 

I'm up in Cedarburg. I like this area. 25 minutes from downtown but it feels like it's own little area and has developed quite a bit in the last 5 years since Costco opened in Grafton.

 

What does "technically living with parents" mean?

 

It means he should get his own place.