Super sad Day...
Thread Starter
Melting Slicks
Joined: Jul 2004
Posts: 3,277
Likes: 32
From: Mission Viejo California
Super sad Day...
As if it wasn't sad enough with the thread earlier....
Guys, I love my car but I'm torn between owning a house or condo and the car for the time being. I may have to sell my car to come up with the down for my house because I can't save enough, quickly enough to get anywhere.
A question for you guys. Should I sell the blower setup separate from the car or sell it all as one? There's well over $40k in parts in my car not including the cost of the car. The blower setup is almost new and is probably worth in excess of $3,500 to the right buyer. Pulling the blower setup wouldn't take more than a few hours.
Guys, I love my car but I'm torn between owning a house or condo and the car for the time being. I may have to sell my car to come up with the down for my house because I can't save enough, quickly enough to get anywhere.
A question for you guys. Should I sell the blower setup separate from the car or sell it all as one? There's well over $40k in parts in my car not including the cost of the car. The blower setup is almost new and is probably worth in excess of $3,500 to the right buyer. Pulling the blower setup wouldn't take more than a few hours.
Safety Car
Joined: Apr 2001
Posts: 3,525
Likes: 2
From: Houston TX
Damn, they are dropping like flies around here.
With regard to with / without the blower, it is very tough to get much additional for the modded parts on the car. It may prove advantageous to remove the parts that can be sold seperately and return the car to stock (if that is even an option).
I feel for your loss.
Aaron
With regard to with / without the blower, it is very tough to get much additional for the modded parts on the car. It may prove advantageous to remove the parts that can be sold seperately and return the car to stock (if that is even an option).
I feel for your loss.
Aaron
Thread Starter
Melting Slicks
Joined: Jul 2004
Posts: 3,277
Likes: 32
From: Mission Viejo California
Well, I won't be gone too long. I'll be back to f/i but for the time being, I'll need to sell the car to help with my down payment. Darn 20% down these days!(I'm young; I know traditionally it was always like this) Work is going good; it's just hard to come up with such a large lump sum.
Probably in two years I'm going to try to start working on a class car and go racing. It may not be fancy but it'll be fast. In the mean time I'll still be surfing the forums trying to learn something new.
Probably in two years I'm going to try to start working on a class car and go racing. It may not be fancy but it'll be fast. In the mean time I'll still be surfing the forums trying to learn something new.
Melting Slicks
Joined: Jan 2002
Posts: 3,293
Likes: 79
From: Jackson MI
Selling off a few parts would cover part of a down payment. But if you are planning on buying the parts again then you are better off keeping the ones you have.
You can always do what I did. Get a 20% mortgage to avoid PMI, then get a second mortgage for 15%, then you only have to come up with 5% + closing costs. That is if you didn't wrap up closing costs into the loan to make things easier.
I've done this with every house I've bought and it works out pretty well. Just remember, there's no point getting a house with a nice garage if you don't have a nice car to work on
You can always do what I did. Get a 20% mortgage to avoid PMI, then get a second mortgage for 15%, then you only have to come up with 5% + closing costs. That is if you didn't wrap up closing costs into the loan to make things easier.
I've done this with every house I've bought and it works out pretty well. Just remember, there's no point getting a house with a nice garage if you don't have a nice car to work on
Le Mans Master
Joined: Dec 2002
Posts: 5,270
Likes: 3
From: Seattle Area WA
My Vette is parked in a garage hundreds of miles away, as a result, my savings went from slow growing to fast. (I'm back at school as a graduate student (and the car is in storage, I didn't feel like moving it across the country), getting paid to go to school, but not much...) Its all about eliminating the unnecessary expenses and pinching every penny. It sucks at times, but I know if it was here it would be a financial drain that just isn't necessary. Perhaps you can keep your car, but keep yourself from spending money on it. Good luck with your decision.
Last edited by USAsOnlyWay; Aug 15, 2008 at 12:59 AM.
Drifting
Joined: Nov 2003
Posts: 1,637
Likes: 2
From: Honeoye Ny
Don't feel bad bud. We all have to do it. My corvette hasnt moved on it's own in 2 years. But im writing to you from my new house. A very nice new house over a lake that cost me $200 less a month to live then whenI was renting.
I jsut had to sit on the bench for a few while all my buddies had the fun..
But it gets worse- once your in your new house you cant stop the construction to make it "YOUR HOUSE"
Im building a new manufacturing/testing facility out back in what appears to be a freaking shalerock/gravel pit. Talk about sucking me dry!
- Heyman, want a flagstone sidewalk? get a shovel,some beer and come on by!
I jsut had to sit on the bench for a few while all my buddies had the fun..
But it gets worse- once your in your new house you cant stop the construction to make it "YOUR HOUSE"
Im building a new manufacturing/testing facility out back in what appears to be a freaking shalerock/gravel pit. Talk about sucking me dry!
- Heyman, want a flagstone sidewalk? get a shovel,some beer and come on by!
Le Mans Master
Joined: Oct 1999
Posts: 6,366
Likes: 34
I am in the middle of accepting on buying a house. this is some seriously stressful stuff. I also have to relocate as my job is moving.
I have been saving money for a very long time. the plan was fix up the c4 into a super vette, if I could not get 100% financing on a home, then that money will be a down on it. well the days of 100% are over, so I have to drop the engine mod money as a down. I will be stuck with a non running C4 for a while. oh well. there will always be time later for this.
if you look into more info on the perks of owning a place, the taxes you get back might make you feel better. they are for me. I just need to find another free hobby for a year or so. lol maybe collecting rocks.
I feel you pain. I was looking over my parts and wondeing if I would have to sell. I am also the reverse of BTF... renting, I was banking a lot of money every month. those days are over.
I have been saving money for a very long time. the plan was fix up the c4 into a super vette, if I could not get 100% financing on a home, then that money will be a down on it. well the days of 100% are over, so I have to drop the engine mod money as a down. I will be stuck with a non running C4 for a while. oh well. there will always be time later for this.
if you look into more info on the perks of owning a place, the taxes you get back might make you feel better. they are for me. I just need to find another free hobby for a year or so. lol maybe collecting rocks.
I feel you pain. I was looking over my parts and wondeing if I would have to sell. I am also the reverse of BTF... renting, I was banking a lot of money every month. those days are over.
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Le Mans Master
Joined: Oct 1999
Posts: 6,366
Likes: 34
is this 20/80?
because it adds up to 40% I am very confused on what you are doing.
there are some guys that will take 3% down as well.
As for closing costs, I asked the seller to pay for it, after all, it is a buyers market right now.
Pro
Joined: Jan 2001
Posts: 526
Likes: 0
From: Sierra Madre
As if it wasn't sad enough with the thread earlier....
Guys, I love my car but I'm torn between owning a house or condo and the car for the time being. I may have to sell my car to come up with the down for my house because I can't save enough, quickly enough to get anywhere.
A question for you guys. Should I sell the blower setup separate from the car or sell it all as one? There's well over $40k in parts in my car not including the cost of the car. The blower setup is almost new and is probably worth in excess of $3,500 to the right buyer. Pulling the blower setup wouldn't take more than a few hours.
Guys, I love my car but I'm torn between owning a house or condo and the car for the time being. I may have to sell my car to come up with the down for my house because I can't save enough, quickly enough to get anywhere.
A question for you guys. Should I sell the blower setup separate from the car or sell it all as one? There's well over $40k in parts in my car not including the cost of the car. The blower setup is almost new and is probably worth in excess of $3,500 to the right buyer. Pulling the blower setup wouldn't take more than a few hours.
in the end; you are making the right choice. it is always easier to buy a car versus a house.
btf is correct though; once you buy a house, it's a never ending story of home improvements. my wife hates it when i go to home depot; she calls me "tim, the tool man taylor". i can't seem to walk out of there without a new tool.
i just put in some bamboo flooring in my chino house.....the sad part is that once you finish one project; there is always another one....but definitely worth it....there is nothing like saying you own your own place...i am now starting on my bathroom (placing tile, a new vanity, and sink)....let me know when you need some help; i probably have the tools you need.....
good luck; we all have to make sacrifices once in awhile. it's called character building....just wait until you get married and have children....everything becomes secondary....
one last thing; to answer your question; I think you would have a better chance of moving the car with the modifications in place.
glenn
Last edited by GM_96LT4; Aug 15, 2008 at 07:49 PM.
Safety Car
Joined: Apr 2004
Posts: 4,532
Likes: 7
From: Lahaina Hi
I would say forget the house.
With prices right now ,they will go lower.You are in Costa Mesa,Just buy one of the houses in repo on Iowa street.My first house was at 1830 Iowa street and I paid 18,500 for it .I would hold off and get a cheaper house.I think I counted atleast 5 houses in Mesa Verde last week that are repos.
.With prices right now ,they will go lower.You are in Costa Mesa,Just buy one of the houses in repo on Iowa street.My first house was at 1830 Iowa street and I paid 18,500 for it .I would hold off and get a cheaper house.I think I counted atleast 5 houses in Mesa Verde last week that are repos.
Melting Slicks
Joined: Jan 2002
Posts: 3,293
Likes: 79
From: Jackson MI
I saw this one on ebay. Its your basic clean, low mileage, supercharged, rebuilt automatic car. It ended up going for $8,600. That's really sad, even in this market. Perhaps ebay is not the way to go to reach good buyers.
http://cgi.ebay.com/ebaymotors/ws/eB...m=180275966227
Thread Starter
Melting Slicks
Joined: Jul 2004
Posts: 3,277
Likes: 32
From: Mission Viejo California
Yeah, I saw that car on ebay. That's actually where I got my car years ago for a steal. Well a steal to me because it had everything there but needed a ton of work.
Anyhow, 80/20 financing is tough to do today because not many people are doing 2nds and they are at a really high interest rate if you can find one. All loans are confirming now too. It's much different than the days of old.
I'll probably sell the kit off the car and try to keep the car. By using the money from the kit I can pay off the car and thus qualify for more home. Also, it's not that much work since I've had the kits on and off more than a half dozen times over the last few years. Once I get some cash down the road, I'll be back with a turbo or F1r.
Thanks for the input guys. This has been a great place to learn and I'll still be here kicking around outlandish ideas.
Anyhow, 80/20 financing is tough to do today because not many people are doing 2nds and they are at a really high interest rate if you can find one. All loans are confirming now too. It's much different than the days of old.
I'll probably sell the kit off the car and try to keep the car. By using the money from the kit I can pay off the car and thus qualify for more home. Also, it's not that much work since I've had the kits on and off more than a half dozen times over the last few years. Once I get some cash down the road, I'll be back with a turbo or F1r.
Thanks for the input guys. This has been a great place to learn and I'll still be here kicking around outlandish ideas.
Le Mans Master
Joined: Oct 1999
Posts: 6,366
Likes: 34
Yeah, this was my plan till I found out no one will do it anymore.
