So poll time pay off vs mod who does what - Ford Mustang Forum
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post #1 of 104 (permalink) Old 11-27-2012 Thread Starter
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So poll time pay off vs mod who does what

Just wondering who likes to just make there monthly payment and take the extra money to mod or do you like to pay off the car as fast as you can then mod . Just wondering I'm young and in hindsite I wish I soul have just paid the car off as quick as I could've hell I spent like 7k in mods lol but then I wouldn't have the car I have today. So what do you all do and why . Just thought this would be a infesting thread


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Pay for the car in CASH,no interest to pay,leave the car stock,it is worth more that way and you keep the warranty that you paid for,that is a win win way to go for me.My car is not a D/D it is just my garage queen toy,I love my 2011 Kona blue Mustang GT,no trade or for sale for me.

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post #3 of 104 (permalink) Old 11-27-2012 Thread Starter
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I'm going to venture to say more then half of us can't do that with my job as a cop il never be able to

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12 5.0 white A6 stormtrooper 18x9 18x10 amrs borla s types tru fiber 3in cowl , gt500 spoiler, mmd louvers now to performance and suspension
11 5.0 black on black 6mt comfort package , bama tune, airraid cai, elenor scoops, side scoops, gt500 wing, speeddawgs shift knob gb. Vortech blow - sold
2005 V6 grabber blue , elenor hood wing scoops , foose rims 18x9 18x10 , Bama tuned, dual exhaust. Sold
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Pay the car off. I put $10,000 down on mine then carried the payment for 18 months before paying it in full. If you can swing it then it's better to have the car paid in full and put the money in your pocket every month.
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Paid full in cashiers check, than mod away! Thats what i did, im only 18 lol

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Quote:
Originally Posted by 5.0 Coyote View Post
Pay for the car in CASH,no interest to pay,leave the car stock,it is worth more that way and you keep the warranty that you paid for,that is a win win way to go for me.My car is not a D/D it is just my garage queen toy,I love my 2011 Kona blue Mustang GT,no trade or for sale for me.
This ^^^^

I feel like a lot of people who just plain can't pay cash for their cars are fooling themselves/are underwater/should rethink their priorities.

That said pay off>>>>>>>>>>>>>>mods.

-2012 Grabber Blue GT 6M Premium w/ Brembos, Glass Roof, HID security pkg, Rear Camera, 401a, FRPP GT500 Axle-backs, Front Pioneer TS-D6802R speakers, JHR bracket, Bondra clutch extension.
-1986 Mazda RX-7 GX - Fast Mirage 16" Wheels, Sumo Firenza 205/60R Tires, slotted brakes + performance pads. Otherwise factory stock.
-2008 Mazda Mazda3 GT Sport - Stock, 5MT.
-2004 Volvo XC90 T5 - Comfort pkg, safety pkg.
-1995 Infiniti G20 - Sold, Pioneer head unit, lighting mods, miss it dearly.
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In todays world and market, I'd sure pay off the current debts and work on the future ones. Lots of people really aren't saving for the more important things in life.
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post #8 of 104 (permalink) Old 11-27-2012 Thread Starter
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I personally am putting 10k down on next car and financing by no means can I not afford car I just don't have 25 k laying around to dump at once. I have no problem doing monthly payments and I usually put money aside and they way it went last time it went all towards mods an not payments lol I'm sure there's tons like me on here where are they ! Lol

Current
12 5.0 white A6 stormtrooper 18x9 18x10 amrs borla s types tru fiber 3in cowl , gt500 spoiler, mmd louvers now to performance and suspension
11 5.0 black on black 6mt comfort package , bama tune, airraid cai, elenor scoops, side scoops, gt500 wing, speeddawgs shift knob gb. Vortech blow - sold
2005 V6 grabber blue , elenor hood wing scoops , foose rims 18x9 18x10 , Bama tuned, dual exhaust. Sold
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Quote:
Originally Posted by moto111 View Post
I personally am putting 10k down on next car and financing by no means can I not afford car I just don't have 25 k laying around to dump at once. I have no problem doing monthly payments and I usually put money aside and they way it went last time it went all towards mods an not payments lol I'm sure there's tons like me on here where are they ! Lol
If you don't have the money to dump on it at once, you can't afford it. It's that simple. Some of my closest friends are in your position and I tell them the same thing. Mind you, those aren't Mustang GTs.

-2012 Grabber Blue GT 6M Premium w/ Brembos, Glass Roof, HID security pkg, Rear Camera, 401a, FRPP GT500 Axle-backs, Front Pioneer TS-D6802R speakers, JHR bracket, Bondra clutch extension.
-1986 Mazda RX-7 GX - Fast Mirage 16" Wheels, Sumo Firenza 205/60R Tires, slotted brakes + performance pads. Otherwise factory stock.
-2008 Mazda Mazda3 GT Sport - Stock, 5MT.
-2004 Volvo XC90 T5 - Comfort pkg, safety pkg.
-1995 Infiniti G20 - Sold, Pioneer head unit, lighting mods, miss it dearly.
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post #10 of 104 (permalink) Old 11-27-2012 Thread Starter
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Lol il have to disagree with you I've had my car for 4 years never missed a payment and now have excellent credit. Guess just depend on your job situation if you have a stable job what's wrong with payments. Just playing devils advocate lol I personally have no problems with payments because I haw all my money planned out to which bills to pay. Although when I get my 5.0 after reading this il probably just double payments instead of Doing mods

Current
12 5.0 white A6 stormtrooper 18x9 18x10 amrs borla s types tru fiber 3in cowl , gt500 spoiler, mmd louvers now to performance and suspension
11 5.0 black on black 6mt comfort package , bama tune, airraid cai, elenor scoops, side scoops, gt500 wing, speeddawgs shift knob gb. Vortech blow - sold
2005 V6 grabber blue , elenor hood wing scoops , foose rims 18x9 18x10 , Bama tuned, dual exhaust. Sold
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Please.

Congrats. You paid for your car in cash. Quit talking down to everyone else. The only debt I carry are my car and home... No other debt. My degree is paid for too. I make great cash and I save a huge chunk of it for retirement, and so does my wife. What we CHOSE to have is disposable income for nice things in our house, travel, and a paid for private education for our daughter. Paid for in cash.

Every time a discussion like this comes up you try to roll through like the Pope, bro. Quit turning it into a pissing match and making everyone else out to be broke. Because you're wrong. There's more than one way to skin a cat. There is an acceptable amount of debt to carry, and it varies from one person to another.


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post #12 of 104 (permalink) Old 11-27-2012 Thread Starter
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I just know my personal life as a cop I only make 50k a yr and buying a car outright is never in my future which is acceptable . Hell putting down 12k is a huge deal to me that's half the car. And of I double payments which will only be 230 a month il come out all right and with a car I never want to Get rid of. Unless the 15 is a 500hp breathing fire gt then maybe lol

Current
12 5.0 white A6 stormtrooper 18x9 18x10 amrs borla s types tru fiber 3in cowl , gt500 spoiler, mmd louvers now to performance and suspension
11 5.0 black on black 6mt comfort package , bama tune, airraid cai, elenor scoops, side scoops, gt500 wing, speeddawgs shift knob gb. Vortech blow - sold
2005 V6 grabber blue , elenor hood wing scoops , foose rims 18x9 18x10 , Bama tuned, dual exhaust. Sold
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Amen Nova Mike.

OP, I too work for the government and if I used some people's logic, I'd never be able to be happy or have what I want because I can't pay cash for it.

I'll bet some of the Billionaires on here have paid cash for their house too.

My dad always paid cash for his vehicles, when he was still working, making over 100k a year he could do that. When he retired, he was no long able to drop 30-40k down in one shot on a new vehicle anymore (we'll he could have, but that would have put a serious hurt on his savings) so he started making payments for the first time in his life. He found out it wasn't so bad after all, as long as one doesn't bite off more than they can chew.

I could have paid cash for a pos, or made payments on a Mustang. I'm making payments on a Mustang and judging by my expanding waistline I still eat pretty well, too


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Quote:
Originally Posted by Elite_Deforce View Post
If you don't have the money to dump on it at once, you can't afford it.
I disagree. Unfortunately, life revolves around credit. It's perfectly fine to take out a loan for a vehicle. The issue is when people try to buy more car than they can afford by stretching payments out as far as 72 or 84 months (or farther...)

What's worse is when somebody has a very long term car loan then spends the "extra" money on mods to the car. Not only are they ridiculously far underwater with a ridiculous loan but more than likely putting themselves even farther underwater by making (sometimes ridiculous) modifications to their car that kills the resale value.
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Yup...it all depends on your situation.

In my case I could have paid for the car in cash, but I didn't want to because I wanted a large chunk of disposable income if needed. Instead, I talked to my bank and asked what kind of deal I could get. I told them straight-up that I was shopping and the lending organization that offered the best deal would win my business. There's more to that story (I've thrown a lot of business at several banks in the past 20 years), but to make this short I ended up putting down $10K (I received $12K, in a private sale, for a 5 year old car that was also modded heavily); the rest was financed at 1.1% interest. That deal was too good to pass (for me) so I took it.


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