*Snaps out of a moment of reflection*

Okay for the past couple of weeks I've been going crazy on my bank account and maybe tapped into my credit card just a tiny bit, and am beginning to have those second thoughts about how much money I'm pouring into the car. Nearly 9k in parts (not including the new shortblock) for the build up so far (still need quite a bit more) and just put a nice chunk of a deposit for the turbonetics kit. Now I'm thinking, I'm just about out of cash to put into the car, well not yet exactly but I'll be pretty broke after I finish buying everything I need, and will be relying on credit for putting the built engine together. Pull and drop the motor, install turbo, I'll do myself with some help from friends and maybe my dad since he's and master auto mech.(if he doesn't curse me first, hates people who mod their cars )

So my choices go, just finish the car, be in a little debt and have fun... worry about money later. Or other plan, throw on the turbo, run conservative for a pretty long time, save money, build engine when I can pay in cash (really scared of debt )

My main underlying issue is that I'm getting a school loan for more than 100k next year and going to start Med School... I'm worried that there might be times when I'm gonna be short of money, and I'm pretty sure I'm going to be short of time (21-42 credits per semester in my program ) So yeah, its going to be, no work, no sleep, just study

Anyways, what would you guys do in my position? Seems like all my friends say build the car, who cares? but they're all idiots that drive wrx's (hate that car) and my family says I'm the idiot for putting so much money into the car. *sighs* What to do... what to do...

 

Just do what you can do for now without going overboard... You can still have the Turbonetics and whatever else you ahev purchased. Just save some money to invest in the motor later down the road. Debt is not your friend.

 

i learned about debt the hard way back in the day, now i am 28 getting my credit back over 700 now and debt free besides my car payment.

stay away, i know its fun to hook up your car, but try to do it with extra money you already have, that you dont need...

its all kinda stupid if you think about it too much, ask alan?? sooo kidding!!!

but when you smoke that 2006 corvette that pulls up to ya, it makes it all worth while

 

Debt free is the way to be. I don't buy a thing if I don't have the cash. Your still young. You have plenty of time to finish the car. Especially once you are Dr. Furious.

 

If you know you can afford to at least keep making minimum payments on the credit card, go nuts.. The best thing about credit cards is 0% balance transfer (for 12 months), so you can bounce around 2-3 credit cards, making little payments here and there without having to worry about interest. I did this on my first car, and I easily put 20,000.00+ on credit cards because I knew I could manage my money and move it all around. Yeah, I couldn't have bought a house during that time, but I was 19 and didn't have to worry about that at all. By the time I turned 21, all of the CC debt was paid off with hardly ever paying interest, I bought a new car on my own financing (credit score over 750), paid the car off in a year, bought a house and just bought the X5; all on my own credit.

Some people shy away from credit cards, but if you know what you are doing and make sure that you stick to a plan to pay them off, go for it. It is a great way to build credit, I know from experience

 

+1 on that.

but since ur going w/ the turbonetix, you can just slap that on and run it conservatively. then in a couple of months, you can build up the motor and go nuts

 

My dad once told me (who retired at the young age of 46) that he has NEVER paid a DIME of interest with the exception of his mortages to which he has owned his house since the 80's He doesnt get a debt society or those who spend more than they can afford. But one thing he did tell me was the following: In your 20's you learn and save like mad, in your thirties you accumulate wealth and as many assests as you can, in your fourties and beyond you spend time relishing your hard work with your family and what really means the most. The moral in my eyes...Let the car be.. Study your *** off and become a doctor. Because when you reach that point the G will seem like a Honda Civic in terms of what you can afford and the refinement you will reach.

 

who wants to wait until their 40 and life is half over to enjoy living? i say, start now, you could die tomorrow, be smart and have fun!

 

once again +1 for jason, totaly agree. gotta have as much fun as possible while young. you can only be young once in ur life, so make the most of it. and if at any point u screw up, you have the next 20 years or more to make it right.

 

I say slap what you have now and then save up for the rest. It will take a while before you get used to the power and then you can go big with CASH! Look at the bright side, at least you don't have to save up for the turbo kit.

 

Lolz, I think I was in nearly the same position when I was buying this car... go for it, or keep the money and trade out of the old SUV to a dinky econo car,in the end went with the G. I'm not regretting it one bit, just wondering if the money would be put to better use.

Don't get me wrong, I love my car, even with all the problems I've faced with it. I just sucks having second thoughts, because I knew I was going to run out of money to spend on the car before I finished buying parts, its just SOOOO SOOOOO tempting seeing everyone with crazy rides. I suck with peer pressure too, well at least when it comes to giving me that final nudge to go for something I already want badly. *sighs* I could tap into savings, but that would be really stupid because that's for a housing plans later on....

The responsible side of me says, the patience I have now I'll thank myself for later, but the side that want's to run the car at 20 psi and flick people off after I hand them their asses in their "souped up" cars just says Oooh look at the pretty mastercard.... *sighs*

Flip flop... fgc's got another flip flopper

I have to build, drop, tune the motor and make sure everything is gonna run smoothly before december as January I start classes and the new exhausting schedule of courses. So time is not my friend....

Isn't bouncing credit cards bad for your credit? I like mine right now, really scared to mess it up. I've heard that keeping credit cards more than 70% of the limit hurts your score?

Oh well, Thanks for the input guys...

 

Couple of questions... What happens if something bad happens and you need money? If you have equity in a home you can 'touch' or if you have some sort of savings you can 'touch' (heck even if you have a high credit card limit that you haven't 'touched') you will be able to get yourself out of jams in life.

The goal is to pay down debt, not to increase it. That $100K school loan over 15 years will be $200K+ with interest. My wife had a $60k+ medical school loan and the damn interest kills you. You'll put 3 or 4 full engine builds, turbo installs, etc... into the damn interest you'll be paying on your school loan.

Why rack up needless debt?

Also, most people building their cars are working professionals. Jorge has a house, wife and kids and a good job. Djniknala is a darn pimp. Sharif is a tuner by night and ??? by day. Point is, all of these people are working professionals who have already got themselves to a point where they are able to afford/justify this type of purchase.

I had a tough time "justifying" the Vortech purchase and thought about it for over a year.

What happens if you blow your built motor? This HAS happened before with the VQ.

 

lol funny stuff....

 

The scolding parental advice comes... hehe. That's exactly what my parents and gf said. But I definately agree...

I like to be optimistic though I've accounted for one scenario to happen, which is I blow my motor and I have to rebuild a new one, that's why I have a new block sitting in my parents garage, but heaven forbid I blow both of them. I'd have to tap into a savings account that is really for me to buy a house after I finish school, so that is something I really really really don't want to do. Or even worse put it on credit cards But hopefully that will never happen, and I hope the worst thing is I'll blow the motor in my car and have to use the built one.

That being said, I find it justified for me to fix up my car just like most everyone on here. I think my main problem is when I do something I always have the urge to go all out and maybe overboard and right now I'm standing close to the edge I think... I guess in this case it would be a character flaw for me.

I'm having a hard time figuring out where reason ends and going overboard begins....

Lol, Alan is a pimp....

 

Don't blow all your money now and go into debt. Do what you can now and when you are in a better financial position then do the rest. Be wise. Good luck.