New car or home?
Hi. I have a decision to make and I would appreciate some input.
My fiancee and I want to start a family soon-ish (neither of us are in a rush; thinking in a few years) so we want to get our own place (currently renting a place). We were about to start the process by contacting a mortgage broker.
But then we noticed issues with the car and took it to the mechanic. It's old... we bought it used and the mechanic said that the amount to repair it is not worth it and we should get a new car. It is safe to drive BUT it will likely fail the next emission test (next summer) making it not drivable. I just started looking into getting a new car (sick of dealing with used car issues... and buying a used car was a headache last time), a 2012 model we can get a little cheaper this time of year before the 2013 models arrive.
But. Then I remembered that expenses count against how much mortgage we can borrow. So getting a new car now will reduce the mortgage qualification we were thinking about getting in the next few months. We want to get something in the GTA so we need to max out the qualification.
So what should we do? Get the car anyway cause it won't affect the mortgage qualification as much as I think it will? Wait on the car, get the mortgage then get a more-expensive 2013 model car?
My fiancee and I want to start a family soon-ish (neither of us are in a rush; thinking in a few years) so we want to get our own place (currently renting a place). We were about to start the process by contacting a mortgage broker.
But then we noticed issues with the car and took it to the mechanic. It's old... we bought it used and the mechanic said that the amount to repair it is not worth it and we should get a new car. It is safe to drive BUT it will likely fail the next emission test (next summer) making it not drivable. I just started looking into getting a new car (sick of dealing with used car issues... and buying a used car was a headache last time), a 2012 model we can get a little cheaper this time of year before the 2013 models arrive.
But. Then I remembered that expenses count against how much mortgage we can borrow. So getting a new car now will reduce the mortgage qualification we were thinking about getting in the next few months. We want to get something in the GTA so we need to max out the qualification.
So what should we do? Get the car anyway cause it won't affect the mortgage qualification as much as I think it will? Wait on the car, get the mortgage then get a more-expensive 2013 model car?