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06-16-2009, 09:43 AM
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CC Member
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Join Date: Jun 2005
Cobra Make, Engine:
Posts: 3,077
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Not Ranked
So there is an argument to be made that it really doesn't matter in which direction you pi$$ your money -- it's still pretty much gone regardless
Not necessarily. I am confident if I listed my SPF for sale for $30K I would sell it in hours. If I listed for $40K may take a couple days. If I listed for $50K, maybe a month, for $55K maybe all summer. As you can see a Cobra does retain value. The last one I bought for $28K and sold for $37K in 7 hours. In reality the opportunity cost for my SPF is only $33K. This is based on the fact that the funds that I sold to buy the SPF are worth substantially less today.
Quote:
Originally Posted by patrickt
If the goal is to make money, buying a Cobra on credit ain't the way to do it.  If the goal is to just have fun with a Cobra while you can, then by all means buy it on credit. Yes, you are pi$$ing money away on interest -- that's absolutely undeniable. But more people than not would probably say that just buying a Cobra with cash is pi$$ing money away.  So there is an argument to be made that it really doesn't matter in which direction you pi$$ your money -- it's still pretty much gone regardless.  |
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06-16-2009, 10:06 AM
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Half-Ass Member
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Join Date: Jun 2005
Cobra Make, Engine: ERA #732, 428FE (447 CID), TKO600, Solid Flat Tappet Cam, Tons of Aluminum
Posts: 22,017
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Not Ranked
Quote:
Originally Posted by madmaxx
In reality the opportunity cost for my SPF is only $33K. This is based on the fact that the funds that I sold to buy the SPF are worth substantially less today.
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OK, so I could say that " but for the fact that I bought my ERA, I would have purchased GM Bonds, thus the true cost of my Cobra is next to nothing." You get an A+ for creative thinking.... |
06-16-2009, 10:13 AM
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Banned
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Join Date: Oct 2003
Location: Yorba Linda,
CA
Cobra Make, Engine: SPF w/392CI stroker
Posts: 3,293
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Not Ranked
Sometimes you just have to follow your heart. We don't live forever...some things you end up doing just because. If you can swing ANY purchase and not hurt the family finances, then why not go for it? Just have an exit strategy (i.e. selling what you bought for X for only Y). If the exit strategy is realistic and you can deal with the lumps associated with it, then why not? It's part of the cost of the experience.
Staying on the sidelines is not living. Be smart and intelligent about it, have a plan, and stick to it.
-Dean
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06-16-2009, 10:36 AM
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Half-Ass Member
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Join Date: Jun 2005
Cobra Make, Engine: ERA #732, 428FE (447 CID), TKO600, Solid Flat Tappet Cam, Tons of Aluminum
Posts: 22,017
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Not Ranked
Quote:
Originally Posted by RedBarchetta
Be smart and intelligent about it, have a plan, and stick to it.
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Isn't that the Fidelity "Turn Here" ad? That SOB never did get his Cobra becuase the woman yelled at him to " stay on the line." Waitaminute... "have a plan" is Dennis Hopper -- now he'll tell you to buy the Cobra. Yessirreee, no doubt about that.  |
06-16-2009, 11:52 AM
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CC Member
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Join Date: Jun 2005
Cobra Make, Engine:
Posts: 3,077
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Not Ranked
If it was creative thinking I wish I would have known at the time, I would have been better off buying 10 spf cobras a year ago as compared to what the account is now worth.
Quote:
Originally Posted by patrickt
OK, so I could say that " but for the fact that I bought my ERA, I would have purchased GM Bonds, thus the true cost of my Cobra is next to nothing." You get an A+ for creative thinking.... |
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06-16-2009, 12:03 PM
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Half-Ass Member
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Join Date: Jun 2005
Cobra Make, Engine: ERA #732, 428FE (447 CID), TKO600, Solid Flat Tappet Cam, Tons of Aluminum
Posts: 22,017
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Not Ranked
Quote:
Originally Posted by madmaxx
If it was creative thinking I wish I would have known at the time, I would have been better off buying 10 spf cobras a year ago as compared to what the account is now worth.
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No, if you had known at the time then you would have called up your broker and said "Bennie, I'm feeling lucky -- everything I got goes in to Put Options." Had you done that, you would now be in a position to invest in a real Cobra. |
06-16-2009, 12:18 PM
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CC Member
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Join Date: Jun 2009
Location: Dallas,
TX
Cobra Make, Engine: Hurricane HM1002, 427FE
Posts: 3
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Not Ranked
Financing
Thanks for the input.
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06-16-2009, 12:19 PM
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Half-Ass Member
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Join Date: Jun 2005
Cobra Make, Engine: ERA #732, 428FE (447 CID), TKO600, Solid Flat Tappet Cam, Tons of Aluminum
Posts: 22,017
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Not Ranked
Quote:
Originally Posted by mkuhlwein
Thanks for the input.
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Nicest thing anybody's said to me all day.  All week, in fact. |
06-16-2009, 12:22 PM
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Senior Club Cobra Member
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Join Date: Feb 2007
Cobra Make, Engine: KMP 539, a Ton of Aluminum
Posts: 9,592
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Not Ranked
Quote:
Originally Posted by patrickt
Nicest thing anybody's said to me all day. All week, in fact. |
How do you know he was referring to you? |
06-16-2009, 12:22 PM
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Half-Ass Member
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Join Date: Jun 2005
Cobra Make, Engine: ERA #732, 428FE (447 CID), TKO600, Solid Flat Tappet Cam, Tons of Aluminum
Posts: 22,017
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Not Ranked
Quote:
Originally Posted by RodKnock
How do you know he was referring to you? |
Yeah, you're right....  |
06-16-2009, 01:52 PM
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Banned
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Join Date: Oct 2003
Location: Yorba Linda,
CA
Cobra Make, Engine: SPF w/392CI stroker
Posts: 3,293
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Not Ranked
Quote:
Originally Posted by patrickt
Yeah, you're right.... |
We're glad you figured out that one on your own.  |
06-16-2009, 01:54 PM
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Half-Ass Member
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Join Date: Jun 2005
Cobra Make, Engine: ERA #732, 428FE (447 CID), TKO600, Solid Flat Tappet Cam, Tons of Aluminum
Posts: 22,017
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Not Ranked
Quote:
Originally Posted by RedBarchetta
We're glad you figured out that one on your own. |
On the other hand he could have been thanking me personally for all the effort I've put in on this thread. |
06-16-2009, 02:19 PM
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Senior Club Cobra Member
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Join Date: Feb 2007
Cobra Make, Engine: KMP 539, a Ton of Aluminum
Posts: 9,592
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Not Ranked
Quote:
Originally Posted by patrickt
On the other hand he could have been thanking me personally for all the effort I've put in on this thread. |
Yes, I'm sure the OP truly appreciates your effort towards answering his question about financing options for his Cobra purchase. |
06-16-2009, 02:51 PM
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CC Member
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Join Date: Jun 2005
Cobra Make, Engine:
Posts: 3,077
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Not Ranked
LOL!!!!!!!!! and how true.
Quote:
Originally Posted by patrickt
No, if you had known at the time then you would have called up your broker and said "Bennie, I'm feeling lucky -- everything I got goes in to Put Options." Had you done that, you would now be in a position to invest in a real Cobra. |
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06-16-2009, 03:50 PM
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CC Member
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Join Date: Jul 2006
Location: Darnestown,
MD
Cobra Make, Engine: ERA 289FIA, 289 stroked to 331, 392 HP
Posts: 478
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Not Ranked
When I bought my Dodge Durango, I refinanced the house, got a lower interest rate and the payment was well within our ability to pay. I just figured out how much more I had to pay to pay off the truck in 2-3 years and the interest was tax deductible. When I bought the Cobra, I took out a second on the house. Because we'd been in the house so long, my new payment was still well within our income, in fact we could probably still have made the payment with only one income. Interest was 5.5% and tax deductible. I still think both were worth it so I could drive it now rather than waiting. If you can afford it finance it.
Because I took out the second when I ordered the car, I had the money available to make the progress payments when they were due. In between the money stayed in fixed investments making approx 4% so my net was 1.5%. By writing off the loan interest and claiming the earned interest, my net was still around 1%.
Hagerty... They won't insure the cars, but you telliing me they'll finance them?
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06-16-2009, 03:56 PM
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CC Member
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Join Date: Mar 2008
Location: Mountain View,
ca
Cobra Make, Engine: SPF2914 Sunset / Titanium
Posts: 233
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Not Ranked
Hagerty... They won't insure the cars, but you telliing me they'll finance them?[/quote]
Hagerty will now insure only CSX and Superformance cars (maybe Kirkham as well, I didn't check). The were picky about high horsepower driving experience. I am not sure if they will only finance those brands as well or not.
Andrei
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06-16-2009, 04:05 PM
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Stolen Avitar
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Join Date: Oct 2004
Location: Brunswick,
GA
Cobra Make, Engine: BDR 1311 428PI
Posts: 3,044
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Not Ranked
Quote:
Originally Posted by patrickt
Waitaminute... "have a plan" is Dennis Hopper -- now he'll tell you to buy the Cobra. Yessirreee, no doubt about that. |
Yup, right after he smokes that next doobie. Dennis Hopper giving financial advise is akin to Kieth Richards doing ant-drug commercials. 
To answer the OP, I took out a loan using one of my other toys (1970 Boss 302) as collateral with my credit union (USAA.)
Steve |
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