Phantom Cruiser

I'm of the mindset that if you cannot pay for something with real money then you probably shouldn't be buying it anyway. I don't use credit cards anymore (learned the lesson the hard way), and debit cards are better for me since they work LIKE a CC, but the money is really in my account. Anything we purchase is done with cash money from salaries, bonus, or from parts we sell to make $$ for new parts.

Anyway, on with the post.

As we all know, car parts are expensive. The broken engine pieces lying around "post-modifying" are also expensive. We do all of our own work around here, so we at least save $$ by not having to pay some jerk to install the stuff for us. This is the only way we could have done the ZX351 by the way...

That being said, if you could not afford something...oh say....like a Supercharger* and did not do your own installation, and did not have any $$ socked away for extraneous items such as tuning....or perhaps a new engine in the event of catastrophic failure, would you TAKE OUT A LOAN to purchase said Supercharger*???? (this is in addition to already paying on the note for a newer vehicle)

I know someone who is in this situation. They have NO CLUE about cars, never work on them, and think Forced Induction in any form is something you just "bolt right up and go". And they are TAKING OUT A LOAN to buy this very expensive item.

Common sense? Buh-bye now.


What are your thoughts?


*this Supercharger is not WOMP-related...this has nothing to do with Matty!!!

Roddimus Prime

****, nevermind....hahaha jk


I do not take out loans for car stuff other than buying the car. I do have a credit card set aside for WOMP purchases because the suppliers I buy from will not accept paypal and checks take weeks to clear. I put everything on my card and then transfer the money from paypal to my bank account in time for the bill to come in.

Taking out a loan for FI is not the wisest of ideas. the interest you pay back will be crazy and you'll have a pretty high monthly payment since you wont be able to stretch it over numerous years. Most personal loans are only 1-2 years. Divide $5,000 by 24 months and you're at $210/month without ANY interest. You would be better served to take that extra $210/month and apply it to the principle on your vehicle loan. This will pay your car off significantly faster and then allow your entire car payment for mods. Also, paying off your car faster gives you more residual value in your vehicle should you decide to trade it or sell it.

I agree with you Karen. If you can't pay for it with paper money you don't need it. Wanna loan me $5?

TeamPlayers

I know a couple of buddies that have done this but it was on cars that were paid off. Im not backing this just telling what I know. If the car was paid off and I had no other bills and just wanted to build up some credit I would think about it but I probably wouldnt do it.

Phantom Cruiser

Actually, it's the parents of a teenager that are doing this. They are making the payments on the car (and the insurance) and they are co-signing on a note to buy the SC kit. What about the installation? The tuning? The heartbreak when the engine is toast and the kid doesn't have anything to drive and needs yet another vehicle to drive to get him through those tough times when the car is down?

Just not smart, IMHO. If you can't afford it, you probably shouldn't be doing it...especially something of this nature that could cost you a lot of money in repairs if done incorrectly/improperly.

Matty, if you needed $5 for a Happy Meal, I'd give it to you. I would expect you to turn a wrench on the car in return though.

kargoboy

This is exactly why I probably will not be going FI any time in the near future.
Yes, I have a car loan, but every mod I've done has been paid in cash. I'd love to have Matty's SC or Wagner's turbo kit but until I've got the cash I won't do it.
It's one thing to pay for big-ticket items like cars, houses and replacing appliances when they blow up with loans and credit cards but paying interest on mods for a money pit like a car is nuts. Unless, of course, the car is already paid for and you plan on keeping it, then maybe.
I've been through my share of financial problems over the years, mostly brought on by medical bills and crappy insurance. I never want to go though that again.
There are so many ppl out there making oh, say 50k and have have a huge mortgage, SUVs on leases and every hi-tech toy in their house was bought on a credit card. It's ridiculous.

TitaniumMSP

Kargo quote :"There are so many ppl out there making oh, say 50k and have have a huge mortgage, SUVs on leases and every hi-tech toy in their house was bought on a credit card. It's ridiculous"

The more money you make the more exspensive the toys you want get.....No matter how much you make you are always in debt so how some way.

The problem is the parent paying for the kids every single thing. I remember a few years back I saw a kid could not be more than 16yrs old pull up in a brand new Camaro Z28. I am sorry but no kid needs a car like that at such a young age. Make them work for it and if you buy them a car get something reasonable like a Protege . I did rec a car from my parents when i was a junior in HS but it was a 1987 jetta the thing was like 11 yrs old (but only had 70,000 miles and looked awsome), but I was still responsible for gas, insurance, tires, etc...
I understand you want your children to have the best but if not done right the will have no sense of responsibilty.

Anarchistchiken

Yep, my first car was a 96 dodge neon, and thank GOD it was, cause I wrecked it twice. Later that same year I busted the oil pan, ripped a tire in two, and cracked a wheel all at the same time (amateur rally racing gone bad)!

Anarchistchiken

Oh yeah, and this is a stupid idea. Smack the parents. Hard. In the mouth.

I saw a kid driving a Viper (1st gen) a few weeks ago. He was trying to show off and gunned it in a tunnell, got the *** loose, and ripped his bumper off on the wall. (by the way, just fyi Matty, this was in the Oxmoor rd tunnel by the palisades.)

alex_aha

hey, i drive that tunnel everyday and i gun it everytime i pass through it... The amplified sound makes my car sound like a wild beast... I have known teens, not in my highschool (i went to Ramsay) but in Hoover and in Vestavia that were driving new mustang cobras, vintage camaros and highly modified trucks and never thought twice about it. Since im from Mother Russia i just assumed that if you got the money to spend on your kids then friggin' do it, even though that half the teens i used to know have totaled their first and second cars...

Roddimus Prime

my first car was an 1985 ford ranger with a blown engine...my dad said "you want it? fix it" I never turned back.

scotty878

Yeah, not a good idea to do it in the first place because if you get into doing this kind of stuff, the car already become a money pit, but when you have to pay for something for a period of time, its just gonna make it worse. But its gonna cause even more problems when youve already bought the kid everything known to man, he'll never learn. He'll never live more than 20 miles away and even if he does, his bank account will have magic reappearing money which comes from mommy and daddy!

....Just not a smart idea, and it seems like the parents have a fair amount of money to do all this for the kid, why cant they just buy it straigt up...?

Phantom Cruiser

See that's the thing. They really don't have the extra cash, but their credit is "OK" so off they go with another loan. Not a very good lesson for a teenage boy, but I guess you gotta do what you gotta do, right??

Personally I would say, "you want it, you save up the money to get it" and be done with that. Of course working part-time then he would have the money saved up by fall, and by then most of the good racing season would be over!






I seriously hope that they are budgeting for repairs...been there, done that

juddz

...you don't even know how many times I have been tempted to throw a turbo kit on the old Mastercard. But then, good sense prevails, and I remember the following:
1) It makes lousy financial sense to do so
2) Mortgage, two car payments, four cats, and fiance... do I need to add more bills to the household?
3) I would NEVER get the money back... you'll never make a profit (let alone break even) on a modded P5
4) If I am going to spend more than $3000 on a car at this point, it is going to go towards the sports or muscle car. And, the "toy" car will be purchased with CASH. This involves cashing out mutual funds, which bring me back to #1.
So, you can see that I am stuck in this ever lasting cycle of temptation, doubt, denial, and enlightenment.

Phantom Cruiser

I still cringe at the thought of these last 6-or-so payments we still have to make on the not so stock fOCUS. At least we didn't take out extra loans on top of the car loan to do it!





p.s. as a side question, how much would you pay to "mod" a V6 Mustang??

juddz

...depends how much Hertz charges for the daily rate and cost per mile...j/k

Short answer: None.
Long answer: if you are going to get a muscle car, be sure to get it with the muscle. Buying a slightly rough around the edges V8 car and making improvements to it is going to be a lot less expensive than buying a cherry V6 car and converting it to an eight, IMO. And, IMO, there really is no point in doing anything with that V6. The only non-V8 Mustang worth modding, I believe, would be an old 2.3L turbo SVO (if you are lucky enough to find a good one).