To sell or not to sell??
01-04-2008, 09:07 PM
#21
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Considering that you sait the car was paid for and you arent paying anything but insurance it might be foolish to sell it. Its a tough decision. If the car is in nice shape it will still lose value no matter what especially if you mod it like you say you want to with your plans.
Personally me I would put the car back together and leave it like that. Just dont spend the money on it. Wait til you are older and more mature in your money funds (IE House, good amount in savings and getting your retirement straight) then go after your fun stuff.
Real estate is ALWAYS a good investment. Its been proven time and time again that if you buy a good house in a good neighborhood then you will get money back when you sale it.
Also you can do your own investments. If you read just a little bit and can understand what you are reading there is no reason to pay someone money for something you can do. For me Im basically sticking with mutual funds that range from conservative to down right scary. Its best to invest in the scary stuff at a young age because if you screw up then you have longer to get it back. I find it pretty fun to do it all myself actually.
Personally me I would put the car back together and leave it like that. Just dont spend the money on it. Wait til you are older and more mature in your money funds (IE House, good amount in savings and getting your retirement straight) then go after your fun stuff.
Real estate is ALWAYS a good investment. Its been proven time and time again that if you buy a good house in a good neighborhood then you will get money back when you sale it.
Also you can do your own investments. If you read just a little bit and can understand what you are reading there is no reason to pay someone money for something you can do. For me Im basically sticking with mutual funds that range from conservative to down right scary. Its best to invest in the scary stuff at a young age because if you screw up then you have longer to get it back. I find it pretty fun to do it all myself actually.
I will also save some $ on the side for the car stuff, that way I am saving AND modding the SS!
Glad I started the thread, thanks ya'll.
E
01-04-2008, 09:08 PM
#22
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Guys, I am divided on whether or not I should sell the SS or not...
The car, while fun and fast as hell, has cost so much god dam money its rediculous. I have about $6000 left in performance mods left before she is where I want her to be (a nasty street strip car). As of now the car sits in the garage stripped in preparation for a cage installation. I really just want to put it back together, part the performance parts out, put her back to stock and let her go. I think I could get $17-20,000 realistically for her as the car is IMMACULATE.
I have had the urge lately to sell it and invest the money in property, ie, a home or something of the sort, and get serious about making money over the next decade or so. This would be a GREAT head start you know!
I just hate the thought of spending another 5 or 6 grand on the thing...UGH!!
Anyone have any opinions either way? I have little or no savings because of the car, and while it is fun, I would rather invest and maybe 10 years down the road buy whatever the hell Camaro I want and mod the **** out of it with my eyes closed lolol...or better yet, my favorite, a new Z06!
What ya'll think? I'm just not sure! Anyone ever thought about it before?
Erik
The car, while fun and fast as hell, has cost so much god dam money its rediculous. I have about $6000 left in performance mods left before she is where I want her to be (a nasty street strip car). As of now the car sits in the garage stripped in preparation for a cage installation. I really just want to put it back together, part the performance parts out, put her back to stock and let her go. I think I could get $17-20,000 realistically for her as the car is IMMACULATE.
I have had the urge lately to sell it and invest the money in property, ie, a home or something of the sort, and get serious about making money over the next decade or so. This would be a GREAT head start you know!
I just hate the thought of spending another 5 or 6 grand on the thing...UGH!!
Anyone have any opinions either way? I have little or no savings because of the car, and while it is fun, I would rather invest and maybe 10 years down the road buy whatever the hell Camaro I want and mod the **** out of it with my eyes closed lolol...or better yet, my favorite, a new Z06!
What ya'll think? I'm just not sure! Anyone ever thought about it before?
Erik
01-04-2008, 09:16 PM
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Well RPM WS6 I would hope that someone really wouldnt buy a butt load of houses and expect to sell them right at the beginning of a national downturn.
Just in case you didnt know the max contribution for a Roth IRA is going up again for the 2008 year. Put away all of that 6k if you can. I just read a recent article on how only about 40% of americans are saving enough money to live through retirement. Its really sad and will only get worse once our credit card loving generation will reach retirement age.
Just in case you didnt know the max contribution for a Roth IRA is going up again for the 2008 year. Put away all of that 6k if you can. I just read a recent article on how only about 40% of americans are saving enough money to live through retirement. Its really sad and will only get worse once our credit card loving generation will reach retirement age.
01-04-2008, 10:12 PM
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Getting way off track here, but just to put the idea out there for the OP....
If you really want to get into real estate right now (it IS a good time to buy, just not to sell), you may want to consider buying homes as rental property. My wife and I are considering that at the moment. With excessive foreclosures already happening and many more on the horizon, there will be people looking to rent. But they aren't floating in cash (obviously, otherwise they'd still be in their homes), so you won't get big bucks renting to them. However, if you have enough cash (and good enough credit) to get your mortgage low enough to rent at a competitive rate, and still make enough profit to cover repairs & updates to the property when the renters leave, you'd have the option of buying into a buyers market now, making a bit of cash renting, and then selling when the market turns in favor of sellers in the future.
Just another option.
01-04-2008, 11:56 PM
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Well RPM WS6 I would hope that someone really wouldnt buy a butt load of houses and expect to sell them right at the beginning of a national downturn.
Just in case you didnt know the max contribution for a Roth IRA is going up again for the 2008 year. Put away all of that 6k if you can. I just read a recent article on how only about 40% of americans are saving enough money to live through retirement. Its really sad and will only get worse once our credit card loving generation will reach retirement age.
Just in case you didnt know the max contribution for a Roth IRA is going up again for the 2008 year. Put away all of that 6k if you can. I just read a recent article on how only about 40% of americans are saving enough money to live through retirement. Its really sad and will only get worse once our credit card loving generation will reach retirement age.
Really, would you happen to know what it is at this time?
Not to get off subject, but it is sad how many are not planning for the future! You have to start early!
EB
01-05-2008, 03:35 AM
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Sell it, then put the $6k in mods into buying a C5 Z06.
You could also put it back together, and part off some of the performance mods. You would have a car you can drive, still have fun in, cruise, etc. Plus, you can still beat down a good amount of cars...
You could also put it back together, and part off some of the performance mods. You would have a car you can drive, still have fun in, cruise, etc. Plus, you can still beat down a good amount of cars...
01-05-2008, 11:37 AM
#27
If your paying rent and would have to sell the car to buy a permanent home (5 to 7 years) then I'd sell the car. If you could keep the car and still get into the home I'd do both, that 17k is really nothing in the scheme of things of a 250k house and they don't call it "real" estate for nothing (other some people would probably disagree with that right now).
Now if you already own a home and thinking of investing 15k into a place to sell soon then I'd say just keep your car.
But I hardly drive mine and think about the potential 30k (although I'd have to part it out) in the garage just sitting there and its hard not think what else I could do with that money. But I put storage insurance on it and the only hard cost I have is about 25 bucks a month.....now if I could just stop BUYING crap for it.
Now if you already own a home and thinking of investing 15k into a place to sell soon then I'd say just keep your car.
But I hardly drive mine and think about the potential 30k (although I'd have to part it out) in the garage just sitting there and its hard not think what else I could do with that money. But I put storage insurance on it and the only hard cost I have is about 25 bucks a month.....now if I could just stop BUYING crap for it.
01-05-2008, 01:17 PM
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If your paying rent and would have to sell the car to buy a permanent home (5 to 7 years) then I'd sell the car. If you could keep the car and still get into the home I'd do both, that 17k is really nothing in the scheme of things of a 250k house and they don't call it "real" estate for nothing (other some people would probably disagree with that right now).
Now if you already own a home and thinking of investing 15k into a place to sell soon then I'd say just keep your car.
But I hardly drive mine and think about the potential 30k (although I'd have to part it out) in the garage just sitting there and its hard not think what else I could do with that money. But I put storage insurance on it and the only hard cost I have is about 25 bucks a month.....now if I could just stop BUYING crap for it.
Now if you already own a home and thinking of investing 15k into a place to sell soon then I'd say just keep your car.
But I hardly drive mine and think about the potential 30k (although I'd have to part it out) in the garage just sitting there and its hard not think what else I could do with that money. But I put storage insurance on it and the only hard cost I have is about 25 bucks a month.....now if I could just stop BUYING crap for it.
Exactly my problem lol!!! Hell I will just keep it. I was going to buy another car after the SS was done, like a vette or something, but I think a home will be next!
Thanks
01-05-2008, 03:40 PM
#30
Real estate is always a good investment in the *long term*. However, if you're looking for a short term way to make money with a semi-quick turnover, real estate is NOT the way to go at the moment.
It's a buyer's market, and will be that way for some time to come. If you buy in now, do it for the long term. Don't count on turning a quick profit in the next 3-5 years, IMO.
It's a buyer's market, and will be that way for some time to come. If you buy in now, do it for the long term. Don't count on turning a quick profit in the next 3-5 years, IMO.
Everywhere you look it says recession. This is not the time to be flipping houses, and flipping houses require capitol. A lot of capitol that you dont mind not getting back for a while. My house is worth 120k more than it was when we bought it but its now going on 10yrs since our purchase. It went up and down in value for the first 5 years how ever. Thats no way to try and make money unless you can afford to sit on it for a while. It really does take a **** load of money to flip house properly.
01-05-2008, 04:00 PM
#31
I could never imagine life without a nice car. I have my WS6 and never want to sell it. Then again...if I had to sell it for my family I would do it without question, but as long as I can afford gas for the tank and insurence...she wont leave my side.
You will never get your money back from a Hi-Perf car...but nobody can have as much joy in that car as you can knowing that your time and money have made it what it is.
You will never get your money back from a Hi-Perf car...but nobody can have as much joy in that car as you can knowing that your time and money have made it what it is.
01-05-2008, 05:53 PM
#32
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All great advise which by the way I agree with, thanks again guys!
Blanco, you hit the nail on the head man as far as flipping and all that goes. There are a lot of people who are bankrupt right now and don't know it because they bought multiple properties as investments and now they are worth less than the mortgage is for and they are not going to be able to pay for all the mortgage payments...man that sucks!
Blanco, you hit the nail on the head man as far as flipping and all that goes. There are a lot of people who are bankrupt right now and don't know it because they bought multiple properties as investments and now they are worth less than the mortgage is for and they are not going to be able to pay for all the mortgage payments...man that sucks!
01-05-2008, 09:12 PM
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$17k more on the down payment increases the chances of being approved or getting a better house by quite a bit.
01-05-2008, 09:56 PM
#34
I said if he can the house he wants without it...that 17k more down 3 years from now is not as big of deal. Of course if you can't get into the house you want without then the car is no big deal, you can always buy another.
JMHO after my experience but every situation obviously is different.
JMHO after my experience but every situation obviously is different.