How did you build your car?

[Stage1]

I have never went into debit to build any of my cars .. I always did side jobs to pay for my hobbies .. Lucky for me there's a lot of things I can do to make money.. Borrowing money to build a car is just crazy to me ..

 

[W3bb3r04]

You live with your parents and have a nice car that you mod plus another vehicle. Your priorities are all out of whack imo.

The guy who is up to his eyeballs in debt is doing it on his own, not counting on his parents to support him.

I dont know if I would agree with that. Im still in college, work an almost full time job, and my parents want me to stay at home. I think it would be dumb to be on my own and be in debt living paycheck to paycheck versus waiting another year or so and being better off starting to pay for a house. IMO renting is not something that I am interested doing when I have 1200 Sq. ft to myself.

I am 21 also, not 30 or 35.

 

[BruceH]

I dont know if I would agree with that. Im still in college, work an almost full time job, and my parents want me to stay at home. I think it would be dumb to be on my own and be in debt living paycheck to paycheck versus waiting another year or so and being better off starting to pay for a house. IMO renting is not something that I am interested doing when I have 1200 Sq. ft to myself.

I am 21 also, not 30 or 35.

We all have our stories. I was stationed in Germany at 21. I see this thread as being started to look down upon someone who has bought mods with a credit card. Did I misunderstand?

For the record my car was paid off less than 3 years after it was purchased. I always use a credit card to order parts.

 

[28ONE]

When I was younger, spent my hard earned money like it was going out of style. Credit cards got me into trouble a couple of times, now if I don't have the cash, I'm not buying despite the available credit I currently have. As I've aged, spend $ a whole lot wiser.

As someone already stated, I have all the supporting mods in place and ready for the Whipple. If I wasn't getting married in August, I'd have boost!

Itching for a 5.0 but at the same time, it's nice not having a car payment. Hell, I only have 46k miles on my car.

It's a matter of priorities really!

 

[07TGGT]

Yeah, living with parents but spending money on a nice car and going out isn't right IMO.

I'm with Bruce.

 

[W3bb3r04]

We all have our stories. I was stationed in Germany at 21. I see this thread as being started to look down upon someone who has bought mods with a credit card. Did I misunderstand?

For the record my car was paid off less than 3 years after it was purchased. I always use a credit card to order parts.

I didnt see it that way but more out of curiosity. Honestly with the way most credit cards are now days, I would use them and take the no interest window to pay it off. However I dont have the disposable income to do that. I am also planning to buy a house in the next year so Im trying to keep my income to debt ratio as low as possible. I think the majority of it depends on where you are in life. No hate either way on my side. I was curious as well.

 

[BadPiggy]

I use my EBT card to pay for mods.

 

[28ONE]

I can't imagine trying to get parts living in Canada, shipping must be ridiculous!

 

[BruceH]

I didnt see it that way but more out of curiosity. Honestly with the way most credit cards are now days, I would use them and take the no interest window to pay it off. However I dont have the disposable income to do that. I am also planning to buy a house in the next year so Im trying to keep my income to debt ratio as low as possible. I think the majority of it depends on where you are in life. No hate either way on my side. I was curious as well.

When I was your age I drove a 69 Beatle. After getting out of the Air Force in 1988 I had enough to buy a 65 Cadillac for $200, lol. I didn't have the cash for a nice car until I was 27, bought a brand new 1993 Thunderbird. Wasn't able to get into a house until I was 28 and used my veterans benefits to afford it with a VA loan. Couldn't afford the Mustang until I was 42.

I'll take some of my hate back then. We all have our ideas of what is ok and what isn't and that was the point I was making. Unfortunately I did it at the expense of the OP and I'm sorry for that.

 

[07 procharger]

Oilfield

 

[07 procharger]

I can't imagine trying to get parts living in Canada, shipping must be ridiculous!

It's a pain in the DICK.

 

[black2008gt]

I pay cash for all my mods to the 5.0 even though i had to put mods on the back burner due to the house we are about to purchase. Its not worth going in debt for an item that will only depreciate with time. I live with my wife in an apartment and save around 40 percent of our income each month with proper budgeting. It also helps that she is a physical therapist.

 

[GallopingFord]

Vlad, great idea on a thread. I've pondered the idea before too.

I have never went into debit to build any of my cars .. I always did side jobs to pay for my hobbies .. Lucky for me there's a lot of things I can do to make money.. Borrowing money to build a car is just crazy to me ..

This is what I do. My main source of income goes towards my bills and savings. The side jobs I complete feed into a bit of my savings and a budget for when I go to work on something with the cars. I try to avoid using my CC, unless it is groceries, traveling and other crap that gives me those points. When I have a balance of something I owe, it drives me up the wall... credit paranoia.

However I have another question - Has anyone ever used the PayPal "Bill Me Later" option before? I've always been curious about it, but am very protective of my credit standing. I'm not asking as a reason to judge you, I was just curious to know what your thoughts on it were.

 

[Fuerte]

Learned my lesson the first time when modding cars, had a vr6 gti that needed too much work, racked debt quick since credit company's were quick to approve me. Sold it go my current Mustang still owe some on it 7k and by February I will have paid off my CC debt.

But now I only do side jobs to pay for my mods or when I want to mod lol. Main income goes to bills and saving for a house which I plan to buy in about 1.5 years. 21 live with my parents since i decided to save and pay off my CC debts.

Sent from my HTC6500LVW using Tapatalk 2

 

[Kenaizer]

However I have another question - Has anyone ever used the PayPal "Bill Me Later" option before? I've always been curious about it, but am very protective of my credit standing. I'm not asking as a reason to judge you, I was just curious to know what your thoughts on it were.

I used it to get $10 off of my front license plate bracket. I just paid off the balance right away though. I must've set it to be my preferred method on Paypal, no biggie, I just go in and pay the balance every week or so.

As far as mods, I usually use a CC to purchase them, but not if I don't have the cash to cover the price. Some times are better than others as far as having free cash that's not already designated to bills, savings, etc..

The car is financed though.

Sounds like you're on the right track. Don't worry about how others are doing it. Stick to your plan and it'll all work out.

 

[NUTCASE]

I have known a few people who mod until every last dime of money is gone. I have always tried to refrain myself from being that person.

ironically the people that mod until they can't afford ramen have the biggest tendency to end up with the broken car that does not move. While I have noticed that more reserved people who are better at spending within their limits tend to have their cars up and running more often.

my situation is unique. because of how I am set right now I have a small income job but I have benefits and other moneys that drop into my account 3-4 times a year. and it is a BIG drop that I have to make last the next 3-4 months. since my money has been like this I usually end up dropping 1k ish or more at a time and then smaller stuff on credit card.

however I can't go right for the forged block and supercharger because I have a house and two kids. So it is very important that my money last as long as it is supposed to.

Also I still owe on my car which I plan to pay off in the spring. it is going to be tough dropping that chunk of change on the loan and not mods but it must be done. otherwise a big chunk of would be mod money would be going to the bank instead of to the mods of other things for another 2 years. then multiply interest and there goes a chunk of change right there.

 

[Sonicblue_s197]

I bought my 05 gt 2 weeks after I graduated high school in 09, went straight into the oil field payed the car off in 1.5 years $26,000 . Everything paid cash minus the small things like suspension parts just to build credit, everything paid cash pretty much, built motor, supercharger, exaust, trans, rear end. With house payment, truck payment and all other things oil fields been good to me

 

[NUTCASE]

However I have another question - Has anyone ever used the PayPal "Bill Me Later" option before?

have I ever mentioned I have a devil on my shoulder that won't shut up when I am window shopping online for superchargers, shortblocks, and other very large mods.

 

[danzcool]

I think some people take the YOLO thing too seriously. You do only live once but I'd rather not live in an ocean of debt not being able to go on a damn vacation with my woman because of a damn car and the debt i put myself in for it lol

And that's kind of my point, my priorities are not your priorities. I haven't taken a "proper vacation" ever, it's just an extended weekend here and a week off to work around the house there. Going on a 10-day cruise or spending 2 weeks in a foreign country where I'll be treated rudely seems pointless to me, as it's money spent that has nothing tangible once it's over, but that's me and my priorities.

Go into debt up to your eyeballs? No. Take advantage of interest free offers and make sure you have a plan to pay it off before interest kicks in? Why not. Keep a rainy day fund that will never be tapped for car mods? Absolutely.

 

[crownaviation]

When I was a young buck, money leaked out of my wallet faster than you could see.

Now that I am older, it leaks out just as fast, but I watch it like a hawk!

Lol.. friends say I go thru money like shit thru a goose when it comes to my cars. Yes and I do regret it sometimes. I have never put anything on credit cards tho. Extra cash or it does not happen.

I have the mod disease too but it is my hobby. I do not golf, drink our use drugs so this is my fix.

I only wanted a respectable street car when I started on the vert. One thing led to another and yes $40k on parts alone can go quick. I really want a c6 z06 but telling myself I would leave it alone is just lying..

Two respectable incomes and little debt makes it possible. Just cause I could afford a house twice as big we decided not to be house broke and enjoy other things a little better. Yes I could have bought (and afford) the vette but my mod money would never have gone this far

If I could not afford a motor or tranny etc.. I would not do it