What would you do in my situation with $5,000
Registered User
Joined: Jan 2005
Posts: 282
Re: What would you do in my situation with $5,000
Pay the car off. There is nothing worse than putting parts into your car, breaking your only mode of transportation, and still making a car payment.
Do like me, pay your car off then have fun. I'm 21, in college, and still live at home with the same income as you. As you can tell by my sig I have a decent amount into my car (And that doesn't count the bolt-ons that I have at home waiting to be installed).
Just be prepared to not have a car when you break it. I'm going on 3 weeks now waiting for my car. My tranny was being rebuilt and I'm still waiting on my Mcleod clutch to come in lol.
Do like me, pay your car off then have fun. I'm 21, in college, and still live at home with the same income as you. As you can tell by my sig I have a decent amount into my car (And that doesn't count the bolt-ons that I have at home waiting to be installed).
Just be prepared to not have a car when you break it. I'm going on 3 weeks now waiting for my car. My tranny was being rebuilt and I'm still waiting on my Mcleod clutch to come in lol.
Registered User
Joined: Aug 2002
Posts: 2,325
From: BC
Re: What would you do in my situation with $5,000
Again... Pay of the car!!!
Your two options are:
A) Pay off Car, Save $5000 for what you want to do after.
B) Spend $5000 +interest on your car loan + Spending $5000 down the road for payments and to recoup that $5000 that you could save RIGHT NOW + the extra Gas + Repairs from those mods you want to do.
I don't see how its a hard decision....
Patience is the difficult thing, but it pays back so much better!
Your two options are:
A) Pay off Car, Save $5000 for what you want to do after.
B) Spend $5000 +interest on your car loan + Spending $5000 down the road for payments and to recoup that $5000 that you could save RIGHT NOW + the extra Gas + Repairs from those mods you want to do.
I don't see how its a hard decision....
Patience is the difficult thing, but it pays back so much better!
Thread Starter
Registered User
Joined: Apr 2004
Posts: 386
From: Fresno, Ca
Re: What would you do in my situation with $5,000
Yeah but why wouldnt a new 12 bolt, built tranny, gears, and a converter be a good choice? I'd be strengening the main things that will break the soonest AND getting performance at the same time!
Registered User
Joined: Aug 2002
Posts: 2,325
From: BC
Re: What would you do in my situation with $5,000
Its not so much that its not a "good choice" but rather whats the better choice. If your justificaiton is to prevent things breaking, I would look at it this way. if its going to break, wait for it to break and replace it with something much better that meets your longer term goals (ie the Conver, tranny or the gears).
Because your car is paid off you'll save up enough to do each of those very quickly anyhow.
Say your engine decides to blow up, you'll not only be still 7500 in debt, you'll have to take a loan out to pay off the rebuild, and it'll take you MUCH longer to pay all of that off as well, than if you had paid off the car first, then saved to do all the parts when you have the money.
Because your car is paid off you'll save up enough to do each of those very quickly anyhow.
Say your engine decides to blow up, you'll not only be still 7500 in debt, you'll have to take a loan out to pay off the rebuild, and it'll take you MUCH longer to pay all of that off as well, than if you had paid off the car first, then saved to do all the parts when you have the money.
Thread Starter
Registered User
Joined: Apr 2004
Posts: 386
From: Fresno, Ca
Re: What would you do in my situation with $5,000
True. The only problem I have with that is it's my daily driver, so waiting for things to break is not really beneficial to me. My parents have already had to drive me around when i got my heads/cam in my previous car. They're not going to be so nice if this car breaks down. I think I'm either going to just pay off the car (most likely) OR do the 12 bolt with gears/tranny/converter
Registered User
Joined: Aug 2003
Posts: 1,669
From: Houston, Tx
Re: What would you do in my situation with $5,000
Originally Posted by 93redBirdMan
some guy on my local forum just told me that the best thing for me to do with the money is drop an LS1 in my car, hahahahahaha
dude a cammed, heads, and blower car will spank any ls1
Banned
Joined: May 2003
Posts: 6,661
From: LA (lower Alabama)
Re: What would you do in my situation with $5,000
Originally Posted by GreenDemon
Pay it off. You'll sleep better. Plus, you'll save money in the long run without that interest the bank's making off you.
What he said
The interest alone will probably "make" you $500.00+.
Banned
Joined: Apr 2000
Posts: 1,444
Re: What would you do in my situation with $5,000
As much as I'd love say "blow it on HP"
Pay it off.
Then use the money you would have spent paying it off (over time) to buy toys and beer. (or pay bills if you are so inclined)
Pay it off.
Then use the money you would have spent paying it off (over time) to buy toys and beer. (or pay bills if you are so inclined)
"Who needs food and utilities? I just bolted on 10hp!"
Registered User
Joined: Apr 2004
Posts: 1,013
From: dalton Ga.
Re: What would you do in my situation with $5,000
Honestly, You CAN NOT buy all the mods you want for $5000 (or even close really). The motor alone will cost in excess of $5000 if it's built right. When you break down the cost for each individual piece you need.........that money will be long gone before you even get close to being able to drive it. Pay it off.
