I am a Meatpile in training

Meat buys an Odyssey
I buy an Odyssey

Meat leases a 335i
I lease a 335i (Meat, got it today, came in early...that was one fun drive home )

Meat goes interest-only on the mortgage
I'll go interest-only when I build the house

Teach me more

 

werd.

 

Do you have shingles on your bunghole?

 

So, either one of you liking the Odyssey?

 

More Meatpile in financial stuff terms than health terms. I'm also not shrinking or going grey quite as rapidly, but my gut is expanding more quickly.

The Odyssey is FANTASTIC. It's the easiest thing in the world to drive, effortless. I've hauled more stuff in that, more kids and in-laws, and bikes and stuff than would seem possible.

The BMW is radically different, but having both really feels like having the best cars made in the world, each perfect for their function.

 

The wife and I are expecting our second child next May and I've started noticing the Odyssey and Siennas around town. Always said I wouldn't do it but it just seems so practical, especially when relatives come to town.

 

On the surface that doesn't sound like a good idea now but I am sure I am wrong.

 

He's probably still paying principle payments on his own, unless he's not planning to be in the house very long. That's just my guess though.

 

Odyssey is great - I got mine after hauling 2 kids around AND my in-laws were in town and we had to have 2 cars on trips... very annoying.
Once I got it, I realized I should have gotten it long before. SOOOO many conveniences, good performance and easy to drive (doesn't feel AT ALL like driving a boat), etc.
Sienna is identical to me, if you have a Honda or Toyota already, that alone would probably drive me to one over the other (just to stay with one dealer/support team/etc.).

Interest only is good ONLY if you have they money to afford that house regardless and are strong about investing extra money instead of increasing your lifestyle to match the extra cashflow... If you meet that requirement, then you end up, after 10 years, with more money in the bank than you would have made principal payments, and you have had more interest payments for greater tax deductions. The risk is that the interest rates skyrocket before you can refinance to ANOTHER interest-only loan. It's all about opportunity costs, tying up money in paying down the house doesn't gain you anything, CASH invested in the market grows in value and can be used to pay off the house whenever you want... Ideally, have enough money in fairly liquid investments that allow you to pay off the house, then this is a very low risk way to increase your net worth.

 

That's kinda what got me thinking about it. Taking 4 adults, 1 kid and five suitcases to the airport on Sunday was a pain. If we get one, we're going to try to just pay cash because paying interest on a depreciable asset just seems so wrong on any level.