If you win $10,000 in a contest to either upgrade your house or your car, which would you choose?
Different people have different priorities. I know some will choose car, while others will choose house, so there's no correct answer. The best answer will be the best explanation for a particular choice. Personally, I would choose house because a $10,000 upgrade will stay with me longer than a car. A car depreciates fast.
House. The car is just to drive around in and, as you said, depreciates fast. For the house, it would be more enjoyable and my husband would appreciate it more.
I think that a house would better to upgrade than a car. As you said, that, a car depreciates fast. A house stays longer. My idea, however is that, I can live in the house, it provides me shelter and storage of different materials. It also provides me comfort. While the car, yes, provides me comfort, but not in a sleeping position, and it would always need gas. So I choose the house
I have a car already, so it's not a priority for me. In a house though, 10K would be put to some great use. I'd choose this option in a heartbeat.
A house is an investment while a car is a liability. As soon as you drive a car off the lot it loses up to 50% of it's value whhich you will never get back. It will also continue to depreciate in value for as long as you own it. A house on the other hand will always increase in value. Your $10K investment in improving your house could double in 5yrs or less.
Well said, I had a friend who bought a 2nd-hand Peugeot 504. He liked it very much but latter found it to be a gas-guzzler. He returned it after 3 months and was shocked when the shop only offered him RM8,000, when he had earlier paid for RM32,000.
If I win $10,000.00 in a contest I will definitely upgrade our home instead of a car. The car, you can upgrade later but the house comes first.
I would use 8,000 in my car and 2,000 to reinvest and make more out of it
I would use it on my house to improve different things. Our cars are in good shape and $10,000 would only make a small down payment with today's prices. So I would go with doing something to the house.
My home. I spend more time in my house than I do in my vehicle. I would consider any improvements to my house to be basically re-investing my money. Not to say that my truck couldn't use a little improvement...it is pretty much held together by Duct tape and prayers. But my house is much more important to me.
As far as types of improvements, I would definitely choose functional ones over decorative ones. Things to make it more energy efficient and comfortable.
I echo your sentiments. Your car depreciates as soon as you leave the dealership. For the last eight years, I've been in the same house, while I've had two different cars in that same time span. I'd pick the house everyday, all day.
A tie... Mintinfo and Sharkye11. Sharkyell actually answered the question aptly and in great detail because the question is "if you win... what would you choose?" But Mintinfo's answer would potentially help a lot of people by his reasoning and indepth analysis. 2 best answers but I can only choose one... a hard decision to make.
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I know this is an old question but I would go for car. I had to purchase a newer car a few months ago because I had 250k on my other car. I would use the $10k to pay on the loan. Then I would work on paying the rest of the loan off over the next two years (about $5,000). At the same time I would be saving up the money for a down payment for my next car.
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What would you do if you win the contest $1,000,000?still remain as a hubber?
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