How to pay for it

lumpy3339 · #1 (**permalink**) 08-03-2010, 05:13 PM

Hello all I have a question and if you feel I am prying or it is none of my buisness I appologise and please ignor the question. I have been saving for a ERA 289 to build but to save all that money is taking a lot of time. So my question is how do most people pay for their cars? I do not have a problem barrowing but who will loan for a "kit car". I want to put some sweat equity and pride into building the car so do not want to buy a finished car. Any sugestions would be appreciated. thanks

mrmustang · #2 (**permalink**) 08-03-2010, 05:34 PM

Quote:

Originally Posted by lumpy3339

So my question is how do most people pay for their cars?

Keep saving and buy it for cash.

Bill S.

madmaxx · #3 (**permalink**) 08-03-2010, 06:16 PM

Enough said, close post.

Quote:

Originally Posted by mrmustang

Keep saving and buy it for cash.

Bill S.

392cobra · #4 (**permalink**) 08-03-2010, 06:26 PM

Quote:

Originally Posted by mrmustang

Keep saving and buy it for cash.

Bill S.

Yep,pay cash.

They run better and are faster when they are paid for.

Figure out what the monthly payments would be to borrow the amount you lack at this time.
Put at least that amount in saving each month until you have the amount you need. Withdraw it and pay cash.

RON N BKFLD · #5 (**permalink**) 08-03-2010, 06:50 PM

These cars are toys, not tools.........same as above, CASH ONLY!!! Ron

dlampe · #6 (**permalink**) 08-03-2010, 06:58 PM

To be redundant, pay cash. Never, ever finance your toys.

Ibr8k4vetts · #7 (**permalink**) 08-03-2010, 07:03 PM

I had a personal loan for part of mine....But it took so long to get my car I had the load paid off before I got the car.

mr bruce · #8 (**permalink**) 08-03-2010, 07:22 PM

personal loan, read the forums, plenty of people die before they ever get their cars done or buy one, life is short , live like there is no tomorrow.

FIA-ERA · #9 (**permalink**) 08-03-2010, 08:19 PM

Well the only way I was able to do it was to find a project car that needed some love. BUT, I only bought when I could and it took a LONG time! I also bought bits and pieces over the years before I even had a Cobra, yes a little weird but it worked. I bought a Harrison expansion tank 5 years before I ever even had the Cobra but it was the right part at the right price. In fact my wife was the only one to ever say "don't get rid of all that Cobra stuff you will get one some day"!

BUT at the end of the day, still pay cash for it! Never finance a project! I learned that the hard way! I would have had a 66 Shelby Road Race Clone with ALL the right stuff if I just kept doing it with out credit cards and such!!!! Good Luck!

jhv48 · #10 (**permalink**) 08-03-2010, 08:29 PM

Write a check!

Dangerous Doug · #11 (**permalink**) 08-03-2010, 11:22 PM

Cash. If you don't want to dole out the whole enchalada, then you can build it in phases like I did. I bought the standard kit from ERA with some choice options, and then saved my dough until I had enough for the next phase. It takes a while, but after four years I was able to build my Cobra, paying cash all the way while staying underneath the spousal financial alarm system, and now I have a gorgeous black 289FIA to show for my efforts. I still have my phase build spreadsheet around somewhere, so PM me with your email address if you'd like a copy.

I opted for the 289FIA as I realized I wanted a small-block Cobra, and this helped keep some of the cost under control.

DD

tkb289 · #12 (**permalink**) 08-04-2010, 12:38 AM

Under most circumstances I would say pay cash, or as suggested above, buy it as you build it.

However, as was also pointed out ... life is short so don't wait too long.

Another way to look at it would be how much money do you want to have tied up in rolling stock (cars). Maybe have a more modest daily driver and put the difference into the Cobra fund.

Also look for a car that's already built, you can save a lot of money that way too. Downside is, if you really have your heart set on an ERA 289, there are not that many cars that come up for sale ... but eventually they will, you just need to be patient and jump on it when you see the right one.

Best of luck and don't give up!

tboneheller · #13 (**permalink**) 08-04-2010, 06:02 AM

I used the money from the sale of my wife's car to pay for mine. She was soon my ex-wife. I guess you could say that I got a new car for my wife. Best trade I ever made.

patrickt · #14 (**permalink**) 08-04-2010, 06:14 AM

RodKnock and ERAChas were kind enough to pay for my car.

Z-linkCobra · #15 (**permalink**) 08-04-2010, 06:51 AM

I bought an unfinished E-M kit. Its been in the works now for about 2 yrs...I have about a year to go. I pay cash for mine and try really hard to not take anything out of my day job pay. My brother and uncle both own garage door companys. If I go work for them during the weekend it pays about 100.00 a day. If you look around town and out on the back roads...scrap metal is everywhere. Scrap steel is bringing about .08 per lb. or 160.00 a ton....its not hard to find a ton of scrap steel. I do just about anything. i am blessed that I have a good job and am salary payed. If i take a day off to do some side work i still get paid...you have to weigh that in as well. Dont take a day off to go make 60 bucks when youll make more than that at work.

I also do everything myself. With the exception of some of the peices i have made by the water jet guy...i make most of my own stuff. I do my own body work...my own chassis work...everything. The parts you need are only a small...very small percentage of what you will spend on a car. If I had to pay the labor for someone else to do it...I couldnt afford it.

Pay as you go...when its done its done.

Gene

Z-linkCobra · #16 (**permalink**) 08-04-2010, 08:25 AM

Another good way to make extra money without a whole lot of back breaking work....pallets. Down here pallets used to be good money. The market kind of died because it got flooded with people buying and selling pallets. Before that though you could buy pallets from companys for about 1.00 to 1.25...take them and sell them for 3.50 or 4.00 a peice. Call some of the pallets compnys and see what they are paying for pallets. If it's somewhere in the 4.00 range then go out and find pallets. I used to make 250 to 300 a weekend hauling pallets. The wife gets a little pissed about the extra work time...splugre a little on her now and then and she will see the benefits.

If you can read a manual and decifer what it says....installing lifts is a good little side job. Talk to your local Snap-on guys,mac tools, matco. They sell lifts that need installing. That pays about 500 a pop to install lifts more on a 4 post. Notice I capatolized Snap-on and not the rest...I used to be a Snap on dealer...lol.

Just some thoughts

Gene

Excaliber · #17 (**permalink**) 08-04-2010, 08:46 AM

My buddy bought a really cheap replica that needed a LOT of work, but at least it ran. He was tickled, I was happy for him. Over the years he's continued to up-grade it as the money became available and today you wouldn't recognize the car as being the one he bought some years ago!

Buy used, buy incomplete, fix, repair, scrounge and trade for parts along the way.

...myself I paid cash but I recognize not everyone can do that and Mr.Bruce makes a valid point, life is short.

patrickt · #18 (**permalink**) 08-04-2010, 02:24 PM

Quote:

Originally Posted by Excaliber

...and Mr. Bruce makes a valid point, life is short.

It's even shorter if you're broke because you pissed away your money on a toy you couldn't afford.

Seriously, Lumpy3339, if you are having trouble saving the money to buy an ERA outright then you'll most assuredly have trouble servicing the debt that it takes to finance it. If you've got a wife and kids, forget it. Trust me, I'm doing you a favor. Turn back now. Don't look at these cars again.

If you're a bachelor, with no one other than yourself to support, then that's another story (I'd still say "No, pay cash" but you could probably twist my arm and get me to yell "uncle" on that and let you go ahead and borrow the funds.)

RodKnock · #19 (**permalink**) 08-04-2010, 04:05 PM

Quote:

Originally Posted by patrickt

It's even shorter if you're broke because you pissed away your money on a toy you couldn't afford.

Seriously, Lumpy3339, if you are having trouble saving the money to buy an ERA outright then you'll most assuredly have trouble servicing the debt that it takes to finance it. If you've got a wife and kids, forget it. Trust me, I'm doing you a favor. Turn back now. Don't look at these cars again.

If you're a bachelor, with no one other than yourself to support, then that's another story (I'd still say "No, pay cash" but you could probably twist my arm and get me to yell "uncle" on that and let you go ahead and borrow the funds.)

"I-HATE-SPF-BDR-FFR" is Patrick's garage alarm code. Steal his for free. Just PLEASE fix the roll bar "situation."

Without seeing your bio and financial statement, I'd say we can't answer your question. Cash or leverage could be OK...depending.

jams · #20 (**permalink**) 08-04-2010, 04:11 PM

I took out a low interest loan against one of retirement accounts to finance most of it. Some of the lower cost items I bought as needed with cash.

I have a theory.....as you same more and more money it exponentially increases the possibility of you needing it for something unexpected like a new furnace or roof.