How do people afford...

hellogoodbye · 07-18-2009, 01:35 PM

Im looking at getting a few things done to my z. One of them being a tt kit. for the kit + install its about 11.5k. Im also looking at rims. theyre 1-2kea. and various other mods.
overall with just the basic things that im looking to get its easily over 25k so im wondering how do most people afford this? do you guys just pay it all off at once? or take out a loan?
im thinking i should use a loan b/c i use my money for stocks but, even a 11.5k loan is roughly 250$ a month.

EDIT:
ONLY post if you think i should/shouldn't finance. its that simple. this thread IS NOT ABOUT how i make money, or how much or nething to do with that other then what is stated in the beggining of this first post.

also i do not plan on getting a tt kit for ATLEAST 6 months. i have a 3 yr warranty and id prefer to not void it. so i will MOST LIKELY get a tt kit in 3 yrs.

m4a1mustang · 07-18-2009, 01:37 PM

Quote:

Originally Posted by hellogoodbye

Im looking at getting a few things done to my z. One of them being a tt kit. for the kit + install its about 11.5k. Im also looking at rims. theyre 1-2kea. and various other mods.
overall with just the basic things that im looking to get its easily over 25k so im wondering how do most people afford this? do you guys just pay it all off at once? or take out a loan?
im thinking i should use a loan b/c i use my money for stocks but, even a 11.5k loan is roughly 250$ a month.

I'm sure some people save up and pay in cash and I'm sure others take out loans.

IMO, financing mods is stupid. Average personal loan rates are over 10%... that's just crappy.

hellogoodbye · 07-18-2009, 01:47 PM

ya wells fargo was gonna give me 13-13.5% on my loan for the tt kit, thats just insane. id rather wait and just save lol

Robert_Nash · 07-18-2009, 04:25 PM

Quote:

Originally Posted by m4a1mustang

I'm sure some people save up and pay in cash and I'm sure others take out loans.

IMO, financing mods is stupid. Average personal loan rates are over 10%... that's just crappy.

Not to mention the fact that modifying your car will pretty much destroy its value (to anyone except you).

When I buy a used vehicle I won't even consider a vehicle that has anything more than appearance mods (and only then if I like them).

I'm not at all saying that you shouldn't modify your car...just be realistic about all the consequences; good and bad.

m4a1mustang · 07-18-2009, 05:04 PM

Quote:

Originally Posted by Robert_Nash

Not to mention the fact that modifying your car will pretty much destroy its value (to anyone except you).

When I buy a used vehicle I won't even consider a vehicle that has anything more than appearance mods (and only then if I like them).

I'm not at all saying that you shouldn't modify your car...just be realistic about all the consequences; good and bad.

Agreed. It's important to keep stock parts if you can. This way you can return the vehicle to stock (or mostly stock) if/when you decide to sell.

I find it comical when people think they can get more for their modded car than they can unmodified. Some people think a few bolt-ons will add value.

Tius · 07-18-2009, 05:47 PM

to OP, i think most folks who do these insane mods like TT kit cranking crazy numbers just have boat-loads of money laying around and like others have said, this is one of their many cars and they just truly love this car. from a pure enthusiast standpoint, it would be so cool to have a 700hp monster 370z. but from a practical standpoint, if i had enough money to build a 700hp Z, i'd probably end up buying another car.

loans for mods i think is a huge financial plunder. paying ridiculous interest for a personal loan on mods that would only cause your car to depreciate just doesn't make sense. and then if you ever do decide to sell the car, you gotta go through the hassle of parting it out and whatnot. i don't even wanna pay interest on my six figure worth of student student loans, and that's suppose to be a good investment, let alone for car mods

MightyBobo · 07-18-2009, 02:01 PM

If you cant afford the cash for a TT kit straight up, you may not be the type of person who should buy one in the first place IMHO. Blow your motor/tranny, then where are you going to get cash from?

RCZ · 07-18-2009, 02:04 PM

Quote:

Originally Posted by MightyBobo

If you cant afford the cash for a TT kit straight up, you may not be the type of person who should buy one in the first place IMHO. Blow your motor/tranny, then where are you going to get cash from?

+1

Junior370z · 07-18-2009, 02:03 PM

Since I have 4 kids I figure I can sell one of them for the price of a TT, and maybe sell another for the install. That'll leave me with 2 left, I'm cool with that lol j/k!

I'll save money for about a year for the S/C kit and do the install myself.

m4a1mustang · 07-18-2009, 02:13 PM

Exactly.

Most people you see doing this are doing it to their fun car. They just have plenty of cash on the side.

This is my DD, so it's bolt-ons only for me. And I'd never take a loan out to finance any mods... it's just a waste of money.

Modshack · 07-18-2009, 02:20 PM

Don't do it! It'll be a downward spiral from there. A good friend just had to sell his Prized Mustang because he got in over his head. Used a Home equity loan to finance his Supercharger. Car's gone, He's still got the loan.. bad way to go especially now since the house is worth less than he owes on it..

.

I won't get into the "I want it now, We're the entitlement generation" thing as it may not describe you at all, but if you can't afford to pay for it outright you probably shouldn't be doing it. Times get tough and you need to sell that $25K worth of stuff, it may only be worth $5K...

m4a1mustang · 07-18-2009, 02:32 PM

Quote:

Originally Posted by Modshack

Don't do it! It'll be a downward spiral from there. A good friend just had to sell his Prized Mustang because he got in over his head. Used a Home equity loan to finance his Supercharger. Car's gone, He's still got the loan.. bad way to go especially now since the house is worth less than he owes on it..

.

I won't get into the "I want it now, We're the entitlement generation" thing as it may not describe you at all, but if you can't afford to pay for it outright you probably shouldn't be doing it. Times get tough and you need to sell that $25K worth of stuff, it may only be worth $5K...

Exactly. There are things that are fine to finance... like a home or a car. But anything else could really screw you up financially.

Spikuh · 07-18-2009, 02:48 PM

If you are having to finance the mods on your car, you should have bought a cheaper car.

frost · 07-18-2009, 02:57 PM

Quote:

Originally Posted by Modshack

Don't do it! It'll be a downward spiral from there. A good friend just had to sell his Prized Mustang because he got in over his head. Used a Home equity loan to finance his Supercharger. Car's gone, He's still got the loan.. bad way to go especially now since the house is worth less than he owes on it..

.

I won't get into the "I want it now, We're the entitlement generation" thing as it may not describe you at all, but if you can't afford to pay for it outright you probably shouldn't be doing it. Times get tough and you need to sell that $25K worth of stuff, it may only be worth $5K...

Nail on the head. Most financial experts would say that even financing a car is not a good idea, much less specific mods for a car. That's a good way to find yourself in real trouble, real quick.

m4a1mustang · 07-18-2009, 03:05 PM

Quote:

Originally Posted by frost

Nail on the head. Most financial experts would say that even financing a car is not a good idea, much less specific mods for a car. That's a good way to find yourself in real trouble, real quick.

Financing a car is totally fine if you need it. The only issue we financial experts have with it is depreciation. There's risk involved so that's why GAP insurance or a large down payment is a good idea when buying a car. If you can stay above water with your loan you are totally fine.

07-18-2009, 01:35 PM	#1 (permalink)
hellogoodbye Base Member Join Date: Jun 2009 Location: San marcos tx Posts: 41 Drives: 370z Rep Power: 16	How do people afford... Im looking at getting a few things done to my z. One of them being a tt kit. for the kit + install its about 11.5k. Im also looking at rims. theyre 1-2kea. and various other mods. overall with just the basic things that im looking to get its easily over 25k so im wondering how do most people afford this? do you guys just pay it all off at once? or take out a loan? im thinking i should use a loan b/c i use my money for stocks but, even a 11.5k loan is roughly 250$ a month. EDIT: ONLY post if you think i should/shouldn't finance. its that simple. this thread IS NOT ABOUT how i make money, or how much or nething to do with that other then what is stated in the beggining of this first post. also i do not plan on getting a tt kit for ATLEAST 6 months. i have a 3 yr warranty and id prefer to not void it. so i will MOST LIKELY get a tt kit in 3 yrs. Last edited by hellogoodbye; 07-21-2009 at 11:41 AM.

07-18-2009, 02:01 PM	#7 (permalink)
MightyBobo A True Z Fanatic Join Date: Feb 2009 Location: Las Vegas, NV Posts: 8,465 Drives: No cars; only bikes Rep Power: 53	If you cant afford the cash for a TT kit straight up, you may not be the type of person who should buy one in the first place IMHO. Blow your motor/tranny, then where are you going to get cash from? __________________ I don't own a car anymore.

07-18-2009, 02:03 PM	#9 (permalink)
Junior370z A True Z Fanatic Join Date: Apr 2009 Location: Las Vegas Age: 50 Posts: 1,024 Drives: over the speed limit Rep Power: 293	Since I have 4 kids I figure I can sell one of them for the price of a TT, and maybe sell another for the install. That'll leave me with 2 left, I'm cool with that lol j/k! I'll save money for about a year for the S/C kit and do the install myself. __________________ DON'T DO IT! ( Click to show/hide ) Stillen CBECAI-U/D PulleyGround KitSwaysSetrab Oil CoolerIchiba Rear Camber KitAgility CoiloverBerk HFCTechnosquare TuneGT-R ButtonVenaci MeshSP Performance Cross Drilled/Slotted RotorsSPC Toe BoltsBomex LipMud flapsAero Jacket Type III WingSold

07-18-2009, 02:13 PM	#10 (permalink)
m4a1mustang A True Z Fanatic Join Date: Feb 2009 Location: Northern VA Posts: 55,385 Drives: on two wheels Rep Power: 6963	Exactly. Most people you see doing this are doing it to their fun car. They just have plenty of cash on the side. This is my DD, so it's bolt-ons only for me. And I'd never take a loan out to finance any mods... it's just a waste of money. __________________ - Steve Zs & Coffee - Saturdays at 10AM in Fairfax, VA and Columbia, MD (Click the banner!) LIKE us on Facebook!

07-18-2009, 02:20 PM	#11 (permalink)
Modshack A True Z Fanatic Join Date: Mar 2009 Location: Greenville NC Posts: 2,883 Drives: 370Z Sport Rep Power: 977	Don't do it! It'll be a downward spiral from there. A good friend just had to sell his Prized Mustang because he got in over his head. Used a Home equity loan to finance his Supercharger. Car's gone, He's still got the loan.. bad way to go especially now since the house is worth less than he owes on it... I won't get into the "I want it now, We're the entitlement generation" thing as it may not describe you at all, but if you can't afford to pay for it outright you probably shouldn't be doing it. Times get tough and you need to sell that $25K worth of stuff, it may only be worth $5K... __________________ Steal my car! (SOLD)...Now Porsche Cayman S Oil Cooler DIY: Here!

07-18-2009, 01:47 PM	#3 (permalink)
hellogoodbye Base Member Join Date: Jun 2009 Location: San marcos tx Posts: 41 Drives: 370z Rep Power: 16	ya wells fargo was gonna give me 13-13.5% on my loan for the tt kit, thats just insane. id rather wait and just save lol

07-18-2009, 05:47 PM	#6 (permalink)
Tius Base Member Join Date: Feb 2009 Location: Dallas, Tx Posts: 16 Drives: 09 Base Silver 370Z Rep Power: 17	to OP, i think most folks who do these insane mods like TT kit cranking crazy numbers just have boat-loads of money laying around and like others have said, this is one of their many cars and they just truly love this car. from a pure enthusiast standpoint, it would be so cool to have a 700hp monster 370z. but from a practical standpoint, if i had enough money to build a 700hp Z, i'd probably end up buying another car. loans for mods i think is a huge financial plunder. paying ridiculous interest for a personal loan on mods that would only cause your car to depreciate just doesn't make sense. and then if you ever do decide to sell the car, you gotta go through the hassle of parting it out and whatnot. i don't even wanna pay interest on my six figure worth of student student loans, and that's suppose to be a good investment, let alone for car mods

07-18-2009, 02:48 PM	#13 (permalink)
Spikuh A True Z Fanatic Join Date: Jul 2009 Location: The Ark Posts: 2,357 Drives: '09 370z Rep Power: 21	If you are having to finance the mods on your car, you should have bought a cheaper car.

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