Nowadays young adults have to choose: their own car or a place to live? Which one do you pick? Yes, both are possible at the same time if you are willing to have a heavy debt on your mind.
Sometimes you hear about people who have bought a car and an appartment at 22 years old. Unfortunately this is the exception to the rule, and maybe it’s even better that this isn’t the norm. Because if you meet this same person 10 years from now they might be weighted down by the debts they took on when they were younger. It’s much better to be carefull when you are taking on a new debt.
Of course making money and being able to live life the way one desires is important. – Chinmayi
Having a car of your own opens up the road of freedom. Want to go somewhere else last minute? Want to go on vacation by car or want to leave sooner than expected? You create all these possibilities by just having your own car. This happens both with a cheap as with an expensive car, so it doesn’t have to cost a lot of money for this freedom. The main disadvantage is the cost of having the car to your name. Insurance and repairs have a certain yearly cost, not to mention all the gas money.
Compared to owning a car owning a place to live allows to always have a place to relax where you can do whatever you feel like. You can invite your friends and family to view your place and to enjoy each others company. The main disadvantage of owning a residence is the total cost that it takes to own it, not to mention the possible repair costs.
There is no right way to go about picking one of the two. It really depends on what is important for you. Depending on the amount of money you put in your first purchase you can buy the next thing sooner or later.