Need opinions
11-05-2008, 06:10 AM
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Alright so I have a dilemma that I want your opinions on even though I?m sure I know what everyone is going to say. I am going to be getting enough money in the next 6 months to cover the mods that I want to get done to my car with a no interest loan. What are you opinions, please any wisdom by anyone would be good.
Option A: Do mods that I want, i.e. body kit, rims, exhaust.
OR
Option B: Pay down my car loan and cut about a year and half off of my loan?
I know the reasonable and intelligent thing to do is pay down my loan but is that really worth it? Thanks everyone.
Option A: Do mods that I want, i.e. body kit, rims, exhaust.
OR
Option B: Pay down my car loan and cut about a year and half off of my loan?
I know the reasonable and intelligent thing to do is pay down my loan but is that really worth it? Thanks everyone.
11-05-2008, 06:18 AM
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Originally Posted by PhiNally' post='712869' date='Nov 5 2008, 09:10 AM
Alright so I have a dilemma that I want your opinions on even though I’m sure I know what everyone is going to say. I am going to be getting enough money in the next 6 months to cover the mods that I want to get done to my car with a no interest loan. What are you opinions, please any wisdom by anyone would be good.
Option A: Do mods that I want, i.e. body kit, rims, exhaust.
OR
Option B: Pay down my car loan and cut about a year and half off of my loan?
I know the reasonable and intelligent thing to do is pay down my loan but is that really worth it? Thanks everyone.
Option A: Do mods that I want, i.e. body kit, rims, exhaust.
OR
Option B: Pay down my car loan and cut about a year and half off of my loan?
I know the reasonable and intelligent thing to do is pay down my loan but is that really worth it? Thanks everyone.
A couple questions ...
Option A: Can you post pics of your current car?
Option B: What's the interest rate on your car loan?
11-05-2008, 06:23 AM
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Well, you do what you feel is right but if you cant afford the mods, dont do it. IMHO, if you need a loan to do them, you cant afford them. This approach to personal finance is one of the contributors to the financial mess this country is in. Keep in mind, this is just my opinion. Do what you feel is right for you.
11-05-2008, 06:25 AM
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I was actually about to say - neither. Although it depends what APR are you paying on your car loan right now.
Car is a depreciating asset, and if your loan has relatively low APR, then paying it off is just trowing money on air. Sure, you'll pay a bit more in the end, but if you can put $$ in a CD of sorts or a Money Market acct, you'll be better off. Adding mods would be more satisfying - but most mods do not add any resale value to the vehicle, unless you'll find a buyer that wants EXACT same mods and willing to pay for it. WIth the exception of probably, M-Tech kit, the chances you are going to find a buyer that wants exact same mods are very slim.
Keep the money, invest them wisely, and you'll be glad you did........
Nah! Mod the car! :-)
Car is a depreciating asset, and if your loan has relatively low APR, then paying it off is just trowing money on air. Sure, you'll pay a bit more in the end, but if you can put $$ in a CD of sorts or a Money Market acct, you'll be better off. Adding mods would be more satisfying - but most mods do not add any resale value to the vehicle, unless you'll find a buyer that wants EXACT same mods and willing to pay for it. WIth the exception of probably, M-Tech kit, the chances you are going to find a buyer that wants exact same mods are very slim.
Keep the money, invest them wisely, and you'll be glad you did........
Nah! Mod the car! :-)
11-05-2008, 06:25 AM
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My Ride: 2009 Alpine White e92 M3
I've thought about that opt b too, but when I found out e60.Net, I told to my self " ah what the heck, I'm gonna get my mods done sooner or later, why not do it now" gl with your mods, get the rims 1st.
11-05-2008, 06:34 AM
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Ok so let me clear a few things up. This is a loan but it is expendable cash that is meant to be spent. I already have a very valuable portfolio that I contribute to and obliviously it would be good to invest more but?. I am just coming into this and I can afford to do anything I want with it. My APR for the car is 4.9% I really am only saving $1,600 if I pay it off early. I just wanted to clear things up that I am not a moron spending cash that I do not have. With this I can do everything at once rather than just doing things piece by piece.
11-05-2008, 06:38 AM
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Originally Posted by PhiNally' post='712869' date='Nov 5 2008, 11:10 AM
Alright so I have a dilemma that I want your opinions on even though I?m sure I know what everyone is going to say. I am going to be getting enough money in the next 6 months to cover the mods that I want to get done to my car with a no interest loan. What are you opinions, please any wisdom by anyone would be good.
Option A: Do mods that I want, i.e. body kit, rims, exhaust.
OR
Option B: Pay down my car loan and cut about a year and half off of my loan?
I know the reasonable and intelligent thing to do is pay down my loan but is that really worth it? Thanks everyone.
Option A: Do mods that I want, i.e. body kit, rims, exhaust.
OR
Option B: Pay down my car loan and cut about a year and half off of my loan?
I know the reasonable and intelligent thing to do is pay down my loan but is that really worth it? Thanks everyone.
11-05-2008, 06:40 AM
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The car looks like ass because of the hit and run I was in on Saturday. But it is black sapphire 545i with 5% ceramic tint all the way around, black grills, and tinted tails that I got from JR ie lokoloko, thanks buddy.
11-05-2008, 06:47 AM
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Originally Posted by PhiNally' post='712894' date='Nov 5 2008, 09:40 AM
The car looks like ass because of the hit and run I was in on Saturday. But it is black sapphire 545i with 5% ceramic tint all the way around, black grills, and tinted tails that I got from JR ie lokoloko, thanks buddy.
Suspension, M-tech kit (or wheels, depending on which ones you have now) would be the top ones on the list.
11-05-2008, 06:59 AM
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My Ride: Original E60 Spec:
530i - Silver Grey Out, Black Dakota Leather In, Navigation Pro, Voice Command, HiFi Audio, Sports Package, Premium Package, Cold Weather Package w/ Heated Seats, Style# 123 Alloy Track Wheels, Auto AC, Power Front Seats, Active Turn Xennon Headlights,
Mods:
OEM M-Tech Front Bumper, OEM M Side Skirts, OEM M5 Rear Bumper, M5 Trunk Lid Finisher, M5 Style Mirrors, Custom Hamann Style Splitter, Custom Hartge Style Diffuser, RD Sport Boot Spoiler, LCI Taillights, Bruce Miranda's V4 LCI Retro Cables, 6000K Xenon light Bulbs, Xenon White LED License Plate Lights, 8000K HID 9006 Fog Lights, Akalius� Front Headlight Euro Overlays, Matte Black Kidney Grilles, E60.Net Clings, Debadged, Llumar Tinting "Micro Edged, 15% Rear 35% Sides,
Engine Mods:
Custom Magnaflow Quad Exhaust w/ Eisenmann Stamped 3� Tips, RPI Scoop (Red)
Added Electronics:
V1 Equipped (Hardwired), OEM Alpine CD Changer Retrofit,
Shoes:
SOLD-20" Staggered Vertini Hennesey Rims, Falcon 452's Tires-SOLD
New Shoes:
19" VMR 710 Hyper Silver, General Exclaim UHP 245/35/19 Front-275/30/19 Rear, Gloss Silver Caliper Paint Job DIY
^_____________
Retired
______________
Took Delivery 10/26/2009: LOADED! E60 M5 Silverstone II/Black, Active Seats, Comfort Ventilated/Heated Seats, HUD, Brushed Aluminum Trim,
Originally Posted by mhs525' post='712893' date='Nov 5 2008, 11:38 AM
Option C: pay something extra toward your car loan and get the mods over time as you can afford to pay cash. Half the fun of modding is researching, dreaming and choosing what to do next. If I do everything at once that I want to a car I get bored with it and start looking for my next car, and that costs TONS of money
Win Win situation.