Need help with critical decision

[Anth1990]

Hey guys. I own a S1 VY Exec which I love to death. but it comes at a price which I need help deciding on.

I've recently turned 20 and I realise I should start saving for a house. I owe around 9,000 on my car still and with this in my head everyday it seems like it'll never go away! but I also own a crappy 87 VL exec on dual fuel. so this is what I'm stuck with, do I either:

Roadworthy the VL and slowly pick at it with mods and repairs till its near new and a nice streeter, and sell the VY paying off my debt and save for a house.

OR

Keep the VY, pay it off and THEN save for a house, and have the VL chillin in my front yard...or ditch it, whichever. both choices seem to have pros and cons and I am seriously stuck.

keeping in mind I have had a massive crush on VL's for several several years now, but I am just confused. any ideas would be good haha. Cheers!

[Delish-VY]

money comes and goes mate, you gotta weigh up how reliable your VL would be...how much money would you pour into it to get it driveable, and do you like your VY? chances are you"ve already made your mind up in your head but your looking to be swayed, 9,000 shouldnt take long to pay off if u save reasonabley well but hey..everybodies different its up to you!

[liamvys]

im 20 as well.. im saving and paying of.. its up to u and ur priorities..
personally if i was u i would up my repayments.. so u pay it off quicker then save.. that way uve got a decent car that shouldn't really have any big problems.. and uc an start saving..

[vysute]

i'm 22 and paying off my ute got like 10.5 to go off the top of my head... personally i think they're a great and comfortable car, might as well just work hard to pay off the vy, sell the vl off and then start saving (it's what i'd do personally in the same situation)

[Sean880]

Saving for a property and then buying one you can afford to pay off is the best thing you can do as soon as possible.

The decision is an easy one. If you can get the VL on the road (with no debt) reliably for a few thousand dollars (but I am guessing a lot less) then do it and sell the VY.

You owe 9000 on the VY and it will continue to depreciate significantly whilst you are still paying down the debt - with interest. Sell it now and get rid of that debt. Holding debt with an interest bill on a depreciating item is one of the worst financial situations you can land yourself in.

The VL is fully depreciated and you will only need to worry about running costs. You can also save a little on insurance if you only insure the VL with/for third party PROPERTY damage - which is an absolute must have - rather than a fully comprehensive policy.

Obviously a great deal depends on being able to get the VL on the road and running reliably without spending large amounts of cash on an ongoing basis. But what ever car you run, it is going to run up a maintenance bill. You know the condition of the VL and presumably the likely costs ahead of you.

OK so you have to drive around in an old VL for a few years. So what. I can tell you now that you will not regret that once it has helped you save for and get that property.

Finally I can only say that you are a smart bloke for setting a property purchase goal and looking at the options and your finances. So good luck with it.