How do people afford...

hellogoodbye · 07-18-2009, 02:35 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, 02:37 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, 02:47 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

MightyBobo · 07-18-2009, 03:01 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?

Junior370z · 07-18-2009, 03:03 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.

RCZ · 07-18-2009, 03:04 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

m4a1mustang · 07-18-2009, 03:13 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, 03:20 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...

arcticreaver · 07-18-2009, 03:28 PM

buy things only you can afford.

m4a1mustang · 07-18-2009, 03:32 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.

spearfish25 · 07-18-2009, 03:47 PM

If you start financing mods, you might as well start financing Xbox games and groceries too.

Spikuh · 07-18-2009, 03:48 PM

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

frost · 07-18-2009, 03:57 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, 04:05 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.

frost · 07-18-2009, 04:18 PM

Quote:

Originally Posted by m4a1mustang

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.

Rapid depreciation

What's the rule on downpayment? Isn't it something like, 15-20%?
I think financing is okay if done right, but as with all credit, people abuse it. As we have seen in other threads, we have kids in here living with their parents purchasing Zs. Many better things to spend money on than a new car.

07-18-2009, 02:35 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 12:41 PM.

07-18-2009, 03:01 PM	#4 (permalink)
MightyBobo A True Z Fanatic Join Date: Feb 2009 Location: Las Vegas, NV Posts: 8,465 Drives: No cars; only bikes Rep Power: 52	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, 03:03 PM	#5 (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, 03:13 PM	#7 (permalink)
m4a1mustang A True Z Fanatic Join Date: Feb 2009 Location: Northern VA Posts: 55,385 Drives: on two wheels Rep Power: 6962	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, 03:20 PM	#8 (permalink)
Modshack A True Z Fanatic Join Date: Mar 2009 Location: Greenville NC Posts: 2,883 Drives: 370Z Sport Rep Power: 976	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, 02:47 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, 03:28 PM	#9 (permalink)
arcticreaver Track Member Join Date: Feb 2009 Location: Arcadia, CA Posts: 769 Drives: 2009 Z34 7AT PG Rep Power: 924	buy things only you can afford. __________________ http://www.facebook.com/arcticreaver - FaceBook http://www.linkedin.com/pub/sam-yang/a/832/325 - LinkedIn Profile

07-18-2009, 03:47 PM	#11 (permalink)
spearfish25 A True Z Fanatic Join Date: Mar 2009 Location: Naples, FL Posts: 4,117 Drives: to work Rep Power: 1856	If you start financing mods, you might as well start financing Xbox games and groceries too.

07-18-2009, 03:48 PM	#12 (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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