Got my muthaf*#!@in' moneycheck..., Now what to do? Options

[Brando]

Car...
1
(IMG:http://forums.pelicanparts.com/uploads5/lfr1112664693.jpg)
2
(IMG:http://forums.pelicanparts.com/uploads5/rearview1112664743.jpg)
3
(IMG:http://forums.pelicanparts.com/uploads5/rfqtr1112664784.jpg)

So what do you guys think?
It's a nice shade of red. Has a salvage title, 2.0 S motor, has a dead spot between 3-4k, oil leaks between the heads and cylinders (head studs???). I'm going to see if I can take a look at it this weekend with Aaron.

That car, or the options above?

[TonyAKAVW]

I'm hesitant to buy right now. Interest rates are going up, mortgage rates are starting to go up. Just read an article today that for a mortgage on a 250k house, the recent increase (on an ARM) is something like $300 a month. A lot of people are/were on the edge already or buying with interest only loans. The market has slowed down a LOT recently and its possible that there will be a small dip in prices. The fact that housing prices went up 30% in a year in many areas is unrealistic. There will be a correction to the recent years' skyrocketing housing prices. Question is, do you want to get stuck in a house that you can barely afford now, have rates go up, not be able to afford it, and maybe want to get out, but not be able to? I personally think this is a risky time to buy. The correction has already started, my guess is it will continue. But like any investment its a bit of a gamble.

-Tony (also a non-homeowner)