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To buy a car or real estate - which ought to come first?
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www.giantquicksales.com
#1 Posted : Saturday, April 02, 2011 5:37:30 PM
Rank: New-farer

Joined: 3/12/2011
Posts: 13
Location: Spring Valley, Nairobi
Which would rather buy first?
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For Sport
#2 Posted : Sunday, April 03, 2011 2:19:06 PM
Rank: Veteran

Joined: 12/23/2010
Posts: 1,229
www.giantquicksales.com wrote:
Which would rather buy first?


Did land first. Have never regretted it.
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manuPK
#3 Posted : Monday, April 04, 2011 12:37:02 PM
Rank: New-farer

Joined: 2/16/2010
Posts: 92
Location: Nairobi
I'm looking at real estate first......the car will be one of the rewards from that investment.
Entrepreneurship is a cognitive bias. They can’t teach it to you.
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sihingwa
#4 Posted : Monday, April 04, 2011 1:20:22 PM
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Joined: 9/29/2010
Posts: 216
Location: Kenia
Simply a chicken or egg story? I bought a car wit the very first loan I took. My subsequent loans have been for land. I think the sequence does not matter...
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Njung'e
#5 Posted : Monday, April 04, 2011 1:34:43 PM
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Joined: 2/7/2007
Posts: 11,935
Location: Nairobi
sihingwa wrote:
Simply a chicken or egg story? I bought a car wit the very first loan I took. My subsequent loans have been for land. I think the sequence does not matter...


What do you mean?....A car is a liability and not an asset.....land is.....You don't believe?.Put a cart before a donkey and ask it to push!
Nothing great was ever achieved without enthusiasm.
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sihingwa
#6 Posted : Monday, April 04, 2011 1:43:08 PM
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Joined: 9/29/2010
Posts: 216
Location: Kenia
Njung'e wrote:
sihingwa wrote:
Simply a chicken or egg story? I bought a car wit the very first loan I took. My subsequent loans have been for land. I think the sequence does not matter...


What do you mean?....A car is a liability and not an asset.....land is.....You don't believe?.Put a cart before a donkey and ask it to push!


Depends on whether the car is used to facilitate my business / work (a tool) or used for leisure (expenditure)
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For Sport
#7 Posted : Monday, April 04, 2011 3:48:59 PM
Rank: Veteran

Joined: 12/23/2010
Posts: 1,229
sihingwa wrote:
Njung'e wrote:
sihingwa wrote:
Simply a chicken or egg story? I bought a car wit the very first loan I took. My subsequent loans have been for land. I think the sequence does not matter...


What do you mean?....A car is a liability and not an asset.....land is.....You don't believe?.Put a cart before a donkey and ask it to push!


Depends on whether the car is used to facilitate my business / work (a tool) or used for leisure (expenditure)


Taxi? car hire? or what dyou transport in your car?
As pointed out, land appreciates. Your car depreciates in value. Sequence does matter. A car loan is funny (being polite here) in the sense that you pay based on the value of the car at the time you're taking the loan. By the time you're done paying off that loan, the car has seriously depreciated (irrespective of what use u put it to). Land on the other hand will have appreciated in value at the end of the loan period.

I would rather take out a loan for land, than for a car.
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XSK
#8 Posted : Monday, April 04, 2011 4:02:48 PM
Rank: Veteran

Joined: 12/8/2009
Posts: 975
Location: Nairobi
For Sport wrote:
sihingwa wrote:
Njung'e wrote:
sihingwa wrote:
Simply a chicken or egg story? I bought a car wit the very first loan I took. My subsequent loans have been for land. I think the sequence does not matter...


What do you mean?....A car is a liability and not an asset.....land is.....You don't believe?.Put a cart before a donkey and ask it to push!


Depends on whether the car is used to facilitate my business / work (a tool) or used for leisure (expenditure)


Taxi? car hire? or what dyou transport in your car?
As pointed out, land appreciates. Your car depreciates in value. Sequence does matter. A car loan is funny (being polite here) in the sense that you pay based on the value of the car at the time you're taking the loan. By the time you're done paying off that loan, the car has seriously depreciated (irrespective of what use u put it to). Land on the other hand will have appreciated in value at the end of the loan period.

I would rather take out a loan for land, than for a car.


@all

Economic sense dictates that you start with land as it will appreciate. However any can do! In any case depending on how much loan one can take, they can do both at the same time. Its simply as stated by Sihingwa - chicken and egg story allover. This would be different if we assume that the intial loan is the only money you will ever handle in your life and that you life depends on it. In this case forget about the car.
You will know that you have arrived when money and time are not mutually exclusive "events" in you life!
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bwenyenye
#9 Posted : Monday, April 04, 2011 4:08:25 PM
Rank: Elder

Joined: 5/24/2007
Posts: 1,805
Mimi najipenda. The love of self drove me to get a car first!!!One time I used to live in a very funny place. Once it rained heavily then then the mat shukishad me outside the estate gate. Kumbe the stupid watchman had fungad and I had to use a gate on the opposite side. Nilitembea na mvua.... when I got there, believe you me the gate was flooded na pia imfungwa. We had to climb over the gate then splash into four feet of water. Hapo na hapo, niliamua kujipenda and kujinunulia gari. That was a very stupid decision anyway but I love my peace of mind.
I Think Therefore I Am
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For Sport
#10 Posted : Monday, April 04, 2011 4:10:09 PM
Rank: Veteran

Joined: 12/23/2010
Posts: 1,229
@ XSK...only that the more loan, the more interest one pays.
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