!!!!!!!!!!!!!!!!!!!!!!!!READ ME FIRST!!!!!!!!!!!!!!!!!!!!!!!!
 

*I'm 23, turning 24.
*I have been in a steady full time job with an IT company since I left Highschool. I love my job and where I work.
*I am making about $35000 Australian Dollars (AUD) (USD$17500) per annum
*I have a car worth about AUD$7000 (USD$3500).
*I have about AUD$10,000 (USD$5000) in savings.
*My parents want me to save for a deposit on a investment property.
*I want to buy a new car with a price range in the vacinity of about AUD$20,000 (USD$10,000)
What do you think I should do? On the one hand, I know that investing in property is a smart thing to do. It is good for my future and the future of my family.
On the other hand, you're only young once, and getting a new car would be oh so much fun!!

buy the house.
if Aussie land is anything like here house prices are going through the roof. where I live they have gone up 40% in the last 2 - 3 years.
I have just bought mine with my gf and a month later, it has gone up in value 15 thou and it is not even built yet.

What type of investment property are you talking about? A house,a rental property,commercial investment, an empty lot, etc.. If your planning on buying a house,I think that's worth more than a new car.My house is payed for and I drive a piece of shit.If I had bought a new car when I wanted one instead of my house,I would still have a mortgage and still be driving a piece of shit.Atleast now I have the option of buying a new car or not if I want. My advise..do what you want to do.

Go for the realestate.
We have two eight year old vehicles, and wouldn't trade them for having our own driveway to park them in.

Time for a raise, maybe?

a new car for 10K US?

pretty limited choices...

yes, you are young - go for the ride...then increase your income and go for the investment property

My advice is go for the property. The best advice my father ever gave me was that you can never go wrong with owning land. I suppose it depends on the type of property you'd be buying. If it's a house you plan on living in then I would say do it. You can always borrow from the bank for a new car down the road once you established your good credit through a mortgage. If you are planning on buying in order to rent it out I would still do it but I would be much more cautious as then you are dealing with the potential expenses of bad tenants. You are young yet and seem to be doing well with a good job and all so enjoy it and the fact that you have the ability to do something like this. And, if you go for the property this young then think how much sooner you'll have it paid off! Good luck either way.

A person needs, at least in the US, $1 million in savings to be able to retire and have at the very least a CHANCE to be self-reliant. Start doing things that are good for your future now, because that's the only way you'll have a relaxing one when it comes. I doubt you WANT to work until you're 70/75.

Buy the land !
Far too many reasons to list but you can have a nice new car at any point in your life, and money invested will always come back to you.

cars come and go... all they really do is bring you from point a to point b... and they depreciate so quickly.

go for the property...it will appreciate and you'll be in a good position later to buy a car. you may not the other way around.

Property.

As far off as your retirement seems, this fact makes the property an even better choice.

Drive a beater now and laugh as your friends drive beaters when you are 50 while you retire early.

For me it was always easy to buy the little things that aren't all too expensive but hard to save for those big ticket items. And a house is the biggest. Sounds like you have a good start saved on a down payment to the house and that's the road I'd choose to put my money aside for. You have a car, a new one is a luxury, not a necessity. You are probably rented your place to live because you do not own -- better to built equity in your home rather than built up someone else equity in their home.

House! Since you already have a decent car.

Get the house. Is your car broke? Does it get you where you need to go without breaking down inbetween? If not, put the money into the property. Besides, what good's a fancy car's gonna do ya if ya don't have a phat pad to go with it? :)

Get the house first ..You'll be glad you did....

eh, you're only 24! get the car. it doesn't sound like it's a REALLY expensive car anyways, and if the one you're driving is a piece of junk, it may be worth it, just to avoid repair costs.

I absolutely agree. Investing in the house is the best option. It'll pay off in the long run.

I'd agree with the house. If I have a car that is running great, thats all I really care. It'd be great to have my own driveway, my own house... my own...period. ;) You have a car so nothing is killing you to get another one just yet, I think the house would be better in the long run.

House! Invest in your future...

Get the car later when you get a better paying job.

I dont really need to ad anything else other than to look at the poll results. Good luck.

think about it this way: The Car is a wonderful toy. A house is essential. and if it is an investment, then you really should go with that.

the car will not be near as cool if something goes wrong in your life and Mr. Repo comes to get it.

plan it out. sounds like you're doing great.. but i know two people who were set for life and are no everything but bankrupt.

keep your options open. if all goes well, do the car. you deserve it!

House....It'll appreciate in value,,, the car won't.

house first man! house first! trust me on this one, you'll thank me later. (and all the other people that have suggested you save up for the house too). :-)

The second you drive the new car off the lot, it begins to lose value.
The second you sign the mortgage papers, your house (usually) begins to gain value.

You figure it out!

I've never even had a car, and if I did, all I'd care about was if it got me from point A to point B. So, to me it would be a much more valuable investment to go with the property than buy the car. But even if I was dying for a new car, the long lasting security you'll get from investing in the property now far outweighs the advatages of buying a new car, when you already have one. Good luck with your decision! :)

go for the realestate...

I bought the car thinking it would be great, and it's nice don't get me wrong, but I would have prefered the house... You get that out of the way early and you'll get the car later.... Trust me, you're not that old.

Many thanks to the people who voted and gave the advice! Looks like I'll be going house hunting in the not too distant future!
To the one person who voted for me getting the car....I know exactly how you feel man!!!!

one way to think of this is to see that the house will increase your worth later while the car will decrease it, you can buy a lot more cars later with the money you get from the investment in the house

heh @ vote results so far...

def. get the house dude, is totally the responsible thing to do, and will be much more satisfying in the long run.

good luck :)

Go for the property. If you pass up an opportunity to make money you will never recover from it financially.

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Suviko: I have a GF, but am not ready to move out yet. My plan would be to buy a house/apartment and let the rent pay off the mortgage while I live with the folks.....