So ladies and gents, I'm curious how do you pay for your poison? To make the polling more accurate, here is each choice more clearly defined.
CASH: You save up the money for your mods and purchase them outright, either with cash or check. Once the purchase is made, you do not owe any more money. If you use a credit card (to order something off the internet for example) and pay the bill off completely at the end of the month, then choose cash.
CREDIT: You purchase your mods using a credit card and pay the balance off over time.
LOAN: You borrow the money from a lending institution (bank), friends or family.
cash, I believe if your really want somthing its worth the wait. besides i have enough medical bills, plan to burn them for warmth this winter while saving for FI.. almost there yes!!!
Im just curious, For all that voted cash for mods-- did you wait till you had enough cash to pay for the Z outright ???
Nevermind, I'll shut up already i'm kicking a dead horse. You guys are right paying interest on credit cards is rediculous. But if a credit company offers EVEN money for a prolonged period, I say go for it if you are responsible enough to pay it off in full before interst kicks in. In my case it was 6500 0% for 18months, so I maxed that b**** out and paid it off before any interest. I am 27 and have paid less than $100 in interest ever to a credit card, just be responsible guys and gals.
Im just curious, For all that voted cash for mods-- did you wait till you had enough cash to pay for the Z outright ???
Nevermind, I'll shut up already i'm kicking a dead horse. You guys are right paying interest on credit cards is rediculous. But if a credit company offers EVEN money for a prolonged period, I say go for it if you are responsible enough to pay it off in full before interst kicks in. In my case it was 6500 0% for 18months, so I maxed that b**** out and paid it off before any interest. I am 27 and have paid less than $100 in interest ever to a credit card, just be responsible guys and gals.
**** Danimal, sounds like you'd have been better off finding a woman you hate and giving her a house.. lol
Anyways, I'm a cash only guy. Basically, a credit card for me is used for two things - Buying **** over the internet, and buying food/stuff while traveling (takes care of conversion rates and I don't end up with a ton of Rand or Euros or Loons that I can't do anything with..) I don't buy anything I can't afford. Using this strategy actually allows me to afford more stuff in the long run. I can't stand people who are quick to swipe the card on **** they don't need, and end up deep in debt and cry how poor they are. STOP spending other people's money.
well i voted other but SHOULD have voted for CASH because credit cards are nothing but trouble and my kryptonite which is why i don't use them except for emergencies.
I would never have owned a Z still being married! if i do re marry she WILL have a job! If i can carry my own im sure that there are women out there who can do the same.
I don't have "mod" money....two in college, four car payments, etc. I will though at some point....eventually my money will be mine. I see a light at the end of the tunnel (I hope anyway, but I bet it never ends).
Can someone change my vote response?
After reading and thinking...we do cash / credit pay off every month.
I'm sleep deprived, so I wasn't thinking correctly.
We modded the Lightning and the Z before we owned either. We knew we would have them forever. We insured the L for the bolted on parts so in case it was totaled or stolen everything would be covered. We were pretty lucky to come into some $$ just when we had the mod bug for each vehicle.
Long story short:
We charge nearly everything to get the points for it. Pay it off every month and start over!
Cash for little parts -- belts, bolts, etc.
I have been contemplating whether I should reply regarding this, but I guess I will give it a try...
As a general rule, yes, that is completely sane, but let me briefly explain my situation.
I borrowed 20k for 5 years at 5% to buy my car. That is pretty much exactly halfway done now, so I owe about 10k still(significantly less than I have put into modding). Right now, I very literally have no living expenses. I have a full scholarship to attend school, and actually I usually end up with a few hundred bucks a semester left over to pocket. Most of the money that I brought in before I had a car payment, and the remaining money I can bring in now I put straight into my online portfolio. I have been more of a trader than investor for the past couple years, and have managed to bring in at least 10% fairly consistently. (Then again, every once in a while you own Apple when they announce the I-phone and it nearly doubles your investment in slightly more than a month!)
So, what that means is that I could pay the car off this afternoon if I wanted to, but I am actually being more productive doing it as I am. What that also means is that the only significant amount of money I have ever removed (to pay for the turbos) was almost entirely accumulated interest from the 2 years prior to pulling the trigger.
Just food for thought, I hope this makes sense. I personally do not think I am all THAT stupid, but maybe it's just me ; )
:cheers:
i rarely use cash because i get too many points for makin big spends on the credit card. i pay it off soon after and i get twice the benefits, the points, AND the mods no matter what the cost lol tho then again no expenditure has been over 2grand since im not pullin off some FI project or so
Fear not, when this is paid off in 2 years I'll start on something else. Probably an Evo9, to be realistic, but I will look very hard for an r33 GTR first. Z will get completely gutted to be the track baby...
i couldnt decide to choose cash or credit because. i give my dad cash and he pays with credit car. unless i go to a shop then i pay cash. $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
I'd like to say I just pay with cash, but I don't have enough self control. :doh: So I sometimes put stuff on credit.
However, I now have a case of putting "mods" on loan. :doh: I bought a 1986 NASA Porsche 944 spec race car package (donor car with all parts -- a DIY) with part of a home improvement loan. I know it's not the smartest move in the world, but I just didn't want to wait any longer to get involved with W2W racing and it was a great deal.
I tried whoring my body out for mods, but after it took nearly 4 years to save up enough for an intake... I've since reverted to more conventional means.
I sell money, so I have a different view of it. Cash equals cash flow. I may go a couple months without any ash, then make $30K, then starve for another few weeks, etc. etc. If I did not use debt, I would not be able to eat. I have paid the mortgage with the other mortgage, for months, and I have also made over $40K in 5 days. In my eyes it's all the same, as long as you pay it back. If you don't then you need to buy a truck or something, then you need to give up a pound of flesh to a guy like me. Failing to use credit is a more deadly mistake than carefully abusing it, if that makes any sense at all.
LOL ... off topic.. but i was at a party last weekend and these dude made it rain (throwing money in the air for those that dont know)... then dude picks the cash up.. doesnt that defeat the whole purpose of making it rain?.. ehhh
back on track
lucky for me, my expenses are less than a third of my monthly income.. so i after i pay my car/loans/rent i have enough cash to play with..
but dating multiple random women doesnt help either...
:headshake:
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