How did you finance your Cobra?

RedBarchetta · #1 (**permalink**) 11-30-2003, 09:16 PM

I'm now "running the numbers" and figuring this out. An SPF dressed to the nines and out the door will run $65K.

I can squeeze $10-12K out of my '93 Corvette; the rest would have to come from a home equity line of credit and February work bonus. I can't rely on any passing relatives for a booster shot (hey, I'm only kidding!

).

How did you finance yours?

Excaliber · #2 (**permalink**) 11-30-2003, 09:24 PM

Home Equity Line of Credit. But mostly because that was more cost effective than terminating some investments that are returning more than the cost of the line of credit.

BUT, if I was actually planning on taking several years (or more) to "pay off" the loan I would have "refinanced" and taken a long term traditional mortgage. That would carry a cheaper interest rate than a line of credit.

Refi or second mortage not only has a lower interest than a line of credit, it's also tax deductible!

Ernie

pgermond · #3 (**permalink**) 11-30-2003, 09:24 PM

The old fashion way - cash

Jamo · #4 (**permalink**) 11-30-2003, 09:32 PM

1. Cold Hard Cash.
2. Oil painting chosen by wife in Maui and shipped home.
3. New dining room set and china cabinet.
4. Much whining.

Tom T. · #5 (**permalink**) 11-30-2003, 09:51 PM

Jamo,

I saw some of those oil paintings while in Maui with my family last week. Wowser, that's a lot of $$$$! Obviously, I need to get back into private practice soon--I've already got the whining skills down all too well!

TT

Dirty Harry · #6 (**permalink**) 11-30-2003, 09:55 PM

I wanted a Cobra for years, but I didn't want to further stress our family's budget. SO...I mowed lawns in the summer, officiated high school basketball games in the winter, and got a second job as a security guard during spare time. The extra income bought the Cobra and, not a penny came out of the family budget. That way I don't have any guilt for indulging myself.

tddnepa · #7 (**permalink**) 11-30-2003, 10:10 PM

are there any banks that actually finance these cars? i've heard tell of financing available for hot rods... is it actually possible to get a bank loan for one?

427Aggie · #8 (**permalink**) 12-01-2003, 04:02 AM

Mine is financed through JJ Best. They will do replica's. Not the best interest rate in the world but just another car payment for 5 years. Thats the longest term they would do when I purchased mine which was fine since its getting payed off alot quicker.

Matt

Lowell W · #9 (**permalink**) 12-01-2003, 05:16 AM

Cash

On the other hand, if you're wondering how to come up with the price of admission, you don't need to spend $65K to get a very nice Cobra, or even a top-drawer SPF. Check Cobra Country for used cars, many of which have VERY few miles. IMHO, it's better to set your sights a bit lower than have a car for a short time and sell it due to the financial pinch. Consider insurance premiums, too...

klayfish · #10 (**permalink**) 12-01-2003, 05:18 AM

I'll put it this way....if I don't make the payments on the first of each month, there are two guys with a north Jersey accent that show up at my house with baseball bats.

Seriously, it was PNC Bank that graciously financed my car for me. And, as Jamo said, cost me plenty with the wife.

Steve

NeedAntiVenom · #11 (**permalink**) 12-01-2003, 05:20 AM

Red,

Cash and thirteen years of bring my wife coffee in bed got me mine.

Like JAMO, I had/have a few "interest" payments to make.

Home equity is good low cost credit - but be cautious of dipping to deep. Just friendly advice.

casaleenie · #12 (**permalink**) 12-01-2003, 07:21 AM

Cold hard cash..... for the car and I financed her diamond ring as the pay back.....

at least this way they'll only come to repossess the ring and leave my car alone....

Just kidding....

Turk · #13 (**permalink**) 12-01-2003, 07:43 AM

Buy Here-Pay Here!

TURK

RedBarchetta · #14 (**permalink**) 12-01-2003, 08:08 AM

Quote:

Originally posted by NeedAntiVenom

Red,

Home equity is good low cost credit - but be cautious of dipping to deep. Just friendly advice.

Exactly what I was thinking, too....

Cal Metal · #15 (**permalink**) 12-01-2003, 08:10 AM

A couple of things. Lowell W. is right on the $$$. You can buy a lot of Cobra for less than $65K. If you look at some of the posts I have put up on asking prices over the past couple of years, most SPFs, in good condition, bring around mid $40s. There have to be some great cars in that group.

A long term mortgage idea is probably not a good one. At $65K, you are going to lose money on this car at some point, and you are probably not going to keep it 15-30 yrs., either. This means you will probably be "upside down" in this investment (mortgage is greater than the value of the car) when you go to sell it.

I am speculating, but I would venture to say that the average time of ownership of "originally" purchased cars is around 3-5 yrs.
Even on a good car like an SPF, chances are you will take a $20K hit in three years. I doubt that you will have that much, if any, equity in the car by using a traditional long term mortgage. Most of your monthly contribution will go to paying the interest.

RedBarchetta · #16 (**permalink**) 12-01-2003, 08:14 AM

Quote:

Originally posted by Lowell W

On the other hand, if you're wondering how to come up with the price of admission, you don't need to spend $65K to get a very nice Cobra, or even a top-drawer SPF.

Lowell, you are correct. For what it's worth, I visited Dave at House of Cobras last Wednesday and told him what I'm looking for. So the word is out that I'm now officially in the market. I'd prefer to buy a titled California car. And, yes, it HAS to be red!

Junket · #17 (**permalink**) 12-01-2003, 08:37 AM

Cold hard Cash and twisting every nut and bolt on the beast along with the paint and most important not stepping to far up to the rivet window

Just more

S to the mile.
Also a lot of under standing from the better half.
Ken

427Aggie · #18 (**permalink**) 12-01-2003, 09:35 AM

Being in California is going to be different from any other state and what you will have to go through to put your car on the road.

More of the california people might be able to tell you but I had heard that unless you were the original owner of the "Kit Car" "Home Built Car" you couldn't even get it licensed for the road anymore...no idea you might only be able to get a new car.

Anyone in Kalifornia know?

matt

Turk · #19 (**permalink**) 12-01-2003, 09:47 AM

Matt,
I believe, once the car is licensed and accepted into the California DMV computer, it could be sold and traded like any car. Shouldn't be a problem.
It is the SB-100 number that is issued to the original owner that can't be traded or sold.
Once the registration process is completed using one of those number, the car has been to CHP and a valid VIN number been affixed and the smog referee station have done their thing, the car becomes a legitimate California car with California title etc.

What you do with it afterwards is your business,

TURK

Excaliber · #20 (**permalink**) 12-01-2003, 10:10 AM

I suspect the Excalbur replicas will among the very few that continue to increase in value. I know mine did, a very pleasant surprise. I may well buy it back again within the next year or so, when the current military owner ships out ("distress" sale and all that).

With only about 150 or so out there it may be hard to find one though.

Ernie