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.

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.

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

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?

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.

+1

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.

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..:eek:.

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...

buy things only you can afford.

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

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

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

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.

Rapid depreciation :D
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. :tiphat: