Well about 2 months ago I bought mods for the vette and as of now I am still saving to get them installed. My situation is I have some credit debt I really want to get rid of asap and it is hard because at the same time I am trying to save to get my mods installed. Let's just say both are going slowing since I am splitting the money 2 ways. My question is should I put my parts up for sale and try to get back about 90% what I paid for or should I keep the parts for a year store them in my closet and knock out my credit debt. I think being so young I really got caught up in owning the vette. My heart wants to get the parts installed asap but my brain is telling me to get out of debt.

Currently the mods I have sitting in my house are:

ADS4 Cam kit w/ dual springs and titanium retainers and crank bolt and front seal and chromoly push rods all from Advanced Dyno
LS6 Intake Manifold
LS6 Oil Pump
TR55 NGK Spark Plugs

I still want LT headers w/ x-pipe and ls2 heads. Or I could just throw in what I have now along with LS2 heads, or wait a whole year to get all my parts.

My pay check is not huge as I am just a A1C in the military. So my thoughts are torn between the two and just looking on here for some good advice from the older crowd whose been through a lot more than I have and could pass on some wise decision making advice. Anyways thanks for reading.

 

I look at things this way, the parts will always be there, and debt will grow with interest.

I would keep the intake, plugs, and the oil pump, those are all things you can do yourself in a days time. There are alot of write ups on how to remove and re install intakes, etc.
Pay off your bills and you can sell the rest and buy again later. Then you will probably be able to afford more after the debt is gone.

 

You are buying parts for your car when you are in debt? WTF?

Or are you in debt because you bought parts for the car?

Either way, if you think you can buckle down, transfer the balance to a credit card with 0% interest for 12 months. Do the math so you get it paid off in 12 months or less and in the mean time the money you "save", get your stuff installed.

 

 

This really doesn't have anything to do with Corvettes. It has to do with managing your money and your life.

Sell the parts and pay your debts.

My suggestion: Once you can afford luxuries, THEN buy them.

 

Get your finances in order first and clear off the debts

 

You are not going to get 90% of what you paid for your parts. If you could get 90% I say sell the parts, but I think you'd be lucky to get 75% of what you paid. When people buy parts 2nd hand they want a deal because there isn't going to be any kind of warranty. I've bought and sold parts both here and on ebay and you are lucky to get 65% to 75% unless the part is unusual or rare. You probably shouldn't have bought all those parts but since you did I think it would be foolish to take a big loss selling these parts only to buy them again in a year or so. And quit trying to save for the install at the same time you are trying to pay off your debt. Most likely you are paying interest on this debt so the longer it takes to pay it off the more it's going to cost you. Keep the parts, pay off your debt first, and then save for the install.

 

 

 

 

What you need to do is get rid of the parts for now, and then get rid of your debt. After you have a clean slate and ONLY THEN you can start your mods again. And you'll enjoy them more without wondering "how am I gonna pay for this". So sell the parts for now and breath easier.
Good luck

 

Good advice above.
You should have cash in hand for mod money.
Good luck to you.

 

Tough to give advice but having been in the military for nearly 35 years, one piece of solid advice is don't get into debt that you can't manage. Your Commander has a lot of say over what would happen next unlike a civilian. It wouldn't be pretty. An AC1s pay check is not huge.

The good news is you see the problem and you're thinking it through with maturity. I'd say whats done is done. Work off the car but don't make it worse by adding to the debt. Two things to ponder;

What happens if you get an unexpected PCS
What happens if you are sent TDY for a year?
What happens if the mods go wrong and you need $$ to fix it?
What if you hit a major expense on the car?

One may fix your problem but you wouldn't be driving the Vette, the others may leave you stuck.

I'd say keep the parts if you'll take a loss but hold off until you have the money to see them through. It'll be worth the wait in the end.

You probably wanted me to say go ahead and fit them but JMHO

 

I'm sure if you take a loooong deeeep breath of fresh air, your common sense will tell you the correct answer to your question? Good luck, Bob.

 

Thanks for all the advice and no I am not in debt due to buying the parts I paid cash for everything. This debt is prior debt when I was younger and did not know what I was doing at the time. Now I am trying to fix my mistakes I made, just glad everyone helped me out. Thanks everyone!

 

My advice to you would be to put the parts in storage for a year and get your financial house in order. I promise you from personal experience you will never get 90% for your parts, especially with the current economy and the general trend in the C5 market.

When you get your financial situation straightened-out then I would do mods. IMHO, I would only do mods on a cash basis. I would not go into debt to do them.

Good luck.

 

I believe you just answered your own question. That's the smart move.You can enjoy a Vette for a lot of years, you won't enjoy debt for very long!

 

i have decided that selling the parts would lose to much money that I already invested. My wife even got mad at me because she said I would be wasting my money. So I have stuffed them in the closet for the long haul. I know once all my debt is paid off I will enjoy my Vette a lot more and also be able to buy what I really want. This is why I came to the corvette forum for advice, such nice people here who actually care.

 

^^Smart move!!

With your financial concerns addressed you will enjoy the vette even more.

 

You have chosen wisely