How does everyone pay for there mods?
03-27-2007, 03:02 PM
#1
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How does everyone pay for there mods? Hey I was just wondering how many people here pay upfront for all there mods? If there are people that use credit cards, or loans? Like I said I was just curious. I try as much as possible to pay cash for stuff but sometime I give into my self and use the card!!
I just see a lot of people doing combos that are 10,000 + on the low end there are quite a few people in there 20s on this board how do you pull it off? I am trying to get into a house and I am 24 and I know for a fact the car will not see to many mods for a few years.
Dan
I just see a lot of people doing combos that are 10,000 + on the low end there are quite a few people in there 20s on this board how do you pull it off? I am trying to get into a house and I am 24 and I know for a fact the car will not see to many mods for a few years.
Dan
-Mark
03-27-2007, 03:32 PM
#3
I did the credit card the first time around. Now I'm still paying those off and trying to pay cash for all the new mods. I've been working OT from 2-9 three days a week after my normal 5am-1:45pm shift. Hopefully this will add up pretty quick so that I can finish my car.
03-27-2007, 03:45 PM
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Mine is a very very lowbuck project compared to most on here, but I usually spend money from side jobs on the car. Little to none of my regular wages gets spent on the car.
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03-27-2007, 04:18 PM
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Selling drugs! haha, lol
When it all started and I was throwing parts at a basically stock car, it was paid for with cash, credit, whatever I could swing at the time. By the time I needed to buy a replacement for the POS used powerdyne SC, I found a good deal on a used D1sc kit and emptied my personal line of credit account out purchasing it.
Ever since then its been income tax returns, extra money from selling my 1st house, and whatever extra cash I could squeeze out of my paychecks.
Im a 24yr old cabinet salesman, so the only time I spend paycheck money is when I get a NICE commission check.
Keeps me motivated to work harder/faster on getting sales so I can keep buying parts
Im now over 30K IN the car, including buying the car back in the beginning. But not including the parts Ive bought, used, removed, sold.
It happens way too easy... Dont even know how much you spent untill its long gone
Good thing the car's about done now... At least till I get bored with it again
When it all started and I was throwing parts at a basically stock car, it was paid for with cash, credit, whatever I could swing at the time. By the time I needed to buy a replacement for the POS used powerdyne SC, I found a good deal on a used D1sc kit and emptied my personal line of credit account out purchasing it.
Ever since then its been income tax returns, extra money from selling my 1st house, and whatever extra cash I could squeeze out of my paychecks.
Im a 24yr old cabinet salesman, so the only time I spend paycheck money is when I get a NICE commission check.
Keeps me motivated to work harder/faster on getting sales so I can keep buying parts
Im now over 30K IN the car, including buying the car back in the beginning. But not including the parts Ive bought, used, removed, sold.
It happens way too easy... Dont even know how much you spent untill its long gone
Good thing the car's about done now... At least till I get bored with it again
03-27-2007, 04:26 PM
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Pay yourself first. 401k, Roth IRA, Roth 401k, Pay for your house, pay fyour bills, family, Pay CASH only for the race car and it should be last on the list...
If cash is not available now, then I wait till it is. If that means waiting till 35 or 40 to have a fun race car then so be it.
If cash is not available now, then I wait till it is. If that means waiting till 35 or 40 to have a fun race car then so be it.
03-27-2007, 05:09 PM
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Originally Posted by Vintage Iron55
Pay yourself first. 401k, Roth IRA, Roth 401k, Pay for your house, pay fyour bills, family, Pay CASH only for the race car and it should be last on the list...
If cash is not available now, then I wait till it is. If that means waiting till 35 or 40 to have a fun race car then so be it.
If cash is not available now, then I wait till it is. If that means waiting till 35 or 40 to have a fun race car then so be it.
03-27-2007, 06:47 PM
#17
When I was younger I credit card raced and all I cared about was the car and going faster. Its a hard addiction to kick lol. these days everything is paid for up front. Big advantage to that is you tend not to change things as often and you spend more time getting the most you can out of the parts you have. Second good thing about it your perspective changes a whole lot on if something happens to the car. Absolutely nothing worst then having a credt card racer and it blows up and you cant afford to fix it because the parts you broke arent even paid for yet.
I maximize my money by doing all the labor myself and waiting for decent deals on new stuff. Even then its amazing how much you can sink into one of these to build and run one and I dont even have a 'fast' LS1 car compared to a lot of them..
Granted its easier said then done, speed is vary addictive and way too easy to buy on credit
I maximize my money by doing all the labor myself and waiting for decent deals on new stuff. Even then its amazing how much you can sink into one of these to build and run one and I dont even have a 'fast' LS1 car compared to a lot of them..
Granted its easier said then done, speed is vary addictive and way too easy to buy on credit
03-27-2007, 07:04 PM
#19
Cash, cash, cash. The only way to use credit is if you can pay the bill in full when it comes in the mail. I am on a budget (have 3 kids) and a wife that doesn't work, but is going to college for her MBA. After she gets some work experience and gets a good job, we'll be set.
