If it were free, Car or House of equal value?

[Richard/SIA]

If it were free would you have a Car or House of equal value?

Lets say you saved a rich guy's life, suffering some injury which you will fully recover from in the process. :eek:

In gratitude he decides to gift you with your choice of any one car or house you like, up to $500,000.00.

He will pay for the vehicle or house in full, but will not simply give you the cash.

A condition of the gift is that you must keep it and actively use it for ten years.
You have to drive the car regularly, or live in the house.

You may not barter, sell, trade, rent, lien, or encumber the title in any way.
Only after ten years are you free to keep or dispose of the gift as you see fit.
Maintenance and any tax's are at your expense.

Which do you take, or do you just refuse the gift?

I would take the car, to me a house is just a place to sleep and life is lived while awake.
Cars are portable, I doubt I would want to live in the same house for ten years.

Curious how others would respond, and a brief reason.

 

[Brian Thompson]

I'd pick the house....It's got to appreciate in 10 years!

 

[Tom Kochtanek]

It depends...

If you are looking for an investment, go for the house. More stable over time (10 years) and you get to live in it. In most places, you can get quite a home for $500K.

If you have a house, maybe paid for, use the $500K to purchase a collectible vehicle, maybe one that will go up in value as well, and that you get to drive or show or race (or all three).

Can I use the $500K to pay off my current house? Or build my Manshed?

I'll be interested to see what others think and feel. Me, I'm kinda investment oriented. Unfortunately, $500K wouldn't solve all my financial debts... But even if I won the Lottery, I wouldn't change much (other than disappear for a bit and hire an investment advisor) and I would still drive my $50 1971 Dodge PU .

Cheers!
Tomk

 

[raymar58409]

I'd take the house, but only enough to live in with a large garage, just enough to where I could afford the taxes. Then I'd borrow $100,000 +- to buy another 58 convertible. Why? Did I save your life?

Ray

Brian, you're up early

 

[Old School]

This is easy! I'll take the car... The ex-wives always get the house....

 

[Richard/SIA]

Rules, must keep the rules in mind.

You may not barter, sell, trade, rent, lien, or encumber the title in any way.
Only after ten years are you free to keep or dispose of the gift as you see fit.
Maintenance and any tax's are at your expense.

Naturally the gift is in addition to whatever funds or home you may already have.
What you have is not addressed by the gift.

 

[Richard/SIA]

So do many classic cars.

I'd pick the house....It's got to appreciate in 10 years!

I don't see any car I would have depreciating.

 

[Tom Kochtanek]

Got it!

OK, so I can't use the $500K towards what I already have, so I'll keep my house and unfinished Manshed and put the $500K towards a rare, collectible automobile. For $500K I can't get a 1963 Grand Sport Corvette, so I'll look for an under valued L-88 Corvette from 1967. Looks like I'll be at the next Barrett-Jackson auction . I'd hate to have to pay those auction fees out of pocket...

It will be more exciting to go to the Bank and to the Grocery Store in something other than a 409 (although that's kinda fun ).

Cheers!
TomK

 

[raymar58409]

Thats even easier. Take 100g for a house, sell mine and buy a 58 convertible and not have to borrow the money. I don't want a 500G house I couldn't afford the taxes.

Ray

 

[droptop62]

A gift with strings attached, sounds a bit controlling and unappreciative of the guy who's life you saved. I'd tell him to go pound salt.




























just kidding.
I would take the house, what am I going to do with a $500,000.00 car?
I like cars but I certainly don't need one of that value.

 

[biscaynewagon]

I will take the house (of my choice within $500k value) then move in and maybe sell or rent my current house.

Because to me is a car that is value that much is useless unless we're taking a few dozen of our cars :

 

[63z11]

Easy!

500k worth of 409/z11's

 

[WENGINE]

I'd take the house move in rent what iv'e got now to pay the taxe's plus. After 10 years I'd sell it ( hopfully it'll be worth 700,000-1,000,000 by then ) move back to were I am now or sell everything and get somthing with a bigger garage. Retire and play with my car's all day everyday