I guess I'm just too financially conservative, I wouldn't finance something like that.

 

You guys could really afford to pay closer attention. He clearly states he has the cash to pay for it up front, yet people keep telling him to save up and pay cash.

its all about being smart with what you do. I even financed a bicycle once, and would absolutely do it again.

 

you only live once

go for it

 

Question for the OP

The car you'e interested in installing the blower on --
is it your pristine, low mileage (9,000 mil) Z06 that you feel is worth $28K mentioned in some of your other threads ?

 

I use free money all the time also, not usually to the tune of 7to 8 grand.
That's $450 a month over 18 mos. I think all we are saying is be careful..really. In my case I'm glad I paid cash because my motor did not last 18 months on the supercharger. It would have sucked to think of paying off a loan over time or all at once, on a broken car. Something about the money being dished out after it broke would have somehow made it worse IMO.

 

I wish you were around here when I start getting these ideas in my head and I get a hell of a lot of them and in the long run usualy regret it. I had the supercharger idea a while back too and I think it might have been you who recomended against it which I truly appreciate and after this last reply to the other fellow if I had any more lingering thoughts about getting one they are now gone. And again I'm 69 and still learning. Thanks again

 

I guess I should rephrase part of what I just said. With a supercharger you actualy CAN put 10 lbs. of XXXX in a 5 lb. bag but most likely it's still gonna be a big mess in the long run

 

I've been wondering about that one myself. $28,000 plus another probably $10,000 time it's all done and then what's it worth even if it survives. I doubt if there are many around that would want to pay any where near what would be needed to keep the loss down.
Bottom line is no matter how we look at it is {if you want to play you gotta pay} and then it's just a matter of how much and for how long am I willing to pay

 

Amen, Debt is Debt no matter what form of paper or plastic, or need for tax breaks is used to create it. Keep it simple and possibly be able to retire {DEBT FREE}someday, That's why so many well educated people with good paying jobs can't anymore. Some things can't be helped but cars and big houses is probably what hurts the most.

 

Please don't take offense to this but just about everybody who has ever gone through bankruptcy, been incarcerated or made other poor decisions has used that phrase, myself included

 

x2

 

I remember when I asked advice on whether or not I should buy a supercharged Z06 that popped up 8 hours away from me, (good price but with zero documentation about any of the work done or history of any kind), I was met with an overwhelming NO, no, NONO, hell no, don't do it etc...

Worst part was after leaving a deposit on the car blind, and paying for a train ticket that left at 7am, I wake up from a horrible nightmare at 5am, where in my dream I purchased the car and it died and fell apart right after buying it....I woke up sweating and feeling like id made a horrible mistake.....but I was like f$%^ it, I'm already halfway in might as well go all the way now.....

It was a very tough call but I pulled the trigger anyways and its been an amazing car to me for the past year and I'm very thankful I didn't let it slip away.

My theory is you cant always play it safe, at some point you have to go after things you want, and take a calculated risk.

If hes happy to dump money into his car, knows the work involved and can get it at 0%, I still say go for it

 

but would it have sucked more than dropping $7500 cash then not being able to use it at all?

$450 a month is less than a new corvette payment would be, and it's much easier to liquidate $5-6 grand than 50 grand to finish paying off the loan if need be, and if he already has the money then it doesn't even matter, he could post the complete kit for sale for $4500 and use the cash in the bank to continue paying until it sells.

 

But he IS asking about financing it and probably has no idea what he's getting into with other yet unknown expenses with an installation like this even if he does it himself {which is doubtful}, repairs, tune ect.
I don't think we even know if the car is free and clear either at this point.
I in no way mean to be trying to ridicule this person weather he is a young pup or a fellow old mongrel like me.
Moneywise for wanting a supercharged Vette wouldn't it be much easier and deffinately cheaper just to trade it for one already completed. A persons own mechanical ability should be at least 50% of this decision alone on something like this and we don't know that either at this point and of course tools and a place to work on it.
I just feel he is a younger person and has good taste, we already know that because he obviously has a nice Vette and made a good decision with getting it, {could have been a ricer} and probably pretty inteligent from his answers here.
Life changes fast especially with young people, his job situation, family situation, health situation or just his interests alone can and probably will change alot before this financing will be paid for and then he probably won't be able to get a house with this extra debt he might need by then, if he doesn't have one now, still unknown at this point.
This whole thread is based on a lot of unknown facts and assumptions.
That being said though, one post he did want to try to get $28000 for the nice low mileage car, more than likely owes some on it hence trying to recoup some loss, again assumed. That alone on a supposedly pristine car like that I definately wouldn't get into something like this on and take a chance on driving customers away from an already higher price than others in this class.
Now 1 day later the person is thinking about supercharging the car now obviously with borrowed money since he has started the Thread asking about financing it so that's a known.
The ones of us here are not trying to knock the guy and we kind of feel the realities of what is going on because we are most likely the Old, Bald, Fat guys everybody talks about but we are also Fathers, Grandfathers and some Greatgrandfathers and watched ourselves, kids, grand kids, neighbors kids and co-workers make stupid financial mistakes for the past 50 or more years and some of us still keep making them ourselves.
In the 60's the financial system wouldn't let you get yourself in the shape you can get yourself into today literaly overnight. And thankfully so because a lot of us wouldn't be where we are today. You had to have collateral meaning free and clear assets to cover a loan or a Co-signer. You could still get up to your *** in debt and most of us did at one time or another but you couldn't get too far in because the system wouldn't alow you to without more colateral or again the co-signer who by now had the courage to say no this time {usualy a well meaning Mother or Father.
This usualy was on a car with a 3 year loan in most cases for like $1500 -$2000 and by the time we paid it off we learned and half the time so did the co-signers it was a bad idea but we modded them up then too and lost our asses even worse but we all said during this period it must be ok because everybody else is doing too.
If worse came to worse they would just come and reposess the damn car, come in take the furniture out from under your *** if you didn't make the payments [This is True Too} but you changed your way of thinking about financing, no interest, no money down, pay later, or whatever they called it then.
But you could get yourself pretty well financialy straightened out in just a few years just using common sense you learned from that point from getting hemrohids sitting on the bare floor since the couch was gone and flat feet from now having to work if you were lucky enough to still have the job. And that is really a big gamble on creating debt today.
Somebody please tell me the benefits of being jobless today unless you have something else going for you or you like the Welfare or whatever else they call it now lifestyle.
Now and since the 70's the game has changed and you can get yourself so far in debt so fast and cause so many problems for yourself and your family that you'll never be able to straighten it out,$250,000 home with nothing down ect. and meanwhile your kids are learning this new way of handling money too and guess who's gonna be the first one to have to bail them out? And we're not talking $1500-$2000 now either.
Yes there's Bankruptcy and people seem to make out on that because somebody else is paying the bill, you and I for everybody else in the form of higher prices and interest rates. The length of the loan and a million other things helped create this situation too.
Again I'm one of the old and just High School educated ones but I've thought this way since the early 70's when I realized I never had **** while I had just a car payment alone {Debt} it kept me from getting a house for 12 years but I learned and mainly from my old Uncle who only went to the 5th grade who lived in the days if you didn't have it in your pocket there just was no other way to get it period the way they had to live in those Depression Years.
Now it's 50 some years later and I've been pretty much retired since 2004, 69 now and have been just working Seasonal Maintenance six months a year for the Nat. Park Service about $23,000 plus Social security which I got at 66 and have been able to live fairly comfortably since then with the lifestyle I've adopted. Don't get me wrong, I still buy a lot of really unneeded junk but pay for it as I get it, not later than next months charge card bill. Those alone ruin people by the time they're 20 because there's no one there to stop them and they don't even know what they're doing to themselves yet. But everybody else is doing the same thing so it must be ok again.
By contrast I work with lots of guys my age and younger people too all of them believing in the low interest loans, house refinancing, home equity for more loans and ect and these people seem to agree this is the way to go because again {Everybody Else is Doing it Too so it must be OK}.
But none of them can retire yet, will never own their home and some are into the Reverse mortgage thing, Big mistake also in the long run. All this easy money low mortgage, nothing down good deal things are designed for them to make money, not you or they wouldn't be offering it.
I'm probably gonna **** a lot of people off here but a lot are going to agree too. You can learn other things on Forums besides car information.

But this way of thinking allowed me to be able for me with just my limited income to buy my 2003 vert last year $18,600 with just a check and buy junk a couple times a week on Amazon and still feel comfortable doing it and still debt free. If I was about 20 at that time I bought the 2003 I probably would have let them talk me into a new C7 that day and they would have done the paperwork necessary and gotten all the needed approvals but I would have hated myself and the car for the next 7 years if I live that long if I'd allowed myself to go in that much debt for the damn thing..
That debt situation could all change tomorrow but if it does I'll be in a lot better shape to deal with that situation if it pops up without owing another $10,000 on a Supercharger I shouldn't have bought because I didn't know any better and no Old Baldl Fat Fart told me not to do it.
Our Old Farts are already gone now and we have taken their place but thankfully I learned that all you really need to know is,{You Can't Put 10 lbs. of XXXX in a 5 lb. bag without eventualy making a mess.
The mess might not happen for a while but I can assure you and anyone else it surely will, it's just a matter of how soon and who's gonna clean it up!
Well I'm done running my mouth. This is just a subject that I feel so strongly about and try to get my Kids and Grandkids to see the truth that having uneeded debt is not the way to go and you don't need a degree in accounting to prove it. Just a 5 lb. bag.
Our Govt's National debt alone should prove that.
Happy Motoring, Semper Fi, God Save the Queen and Don't Get Any On Ya!

 

I've agreed with your advice, mostly, up to this point. Nobody is financing a NEW Corvette for $450 unless they have a very substantial down payment. A new USED Corvette for $30k or less? Sure.

 

Very well said. That's what a financial advisor would say.

 

Yeah, that's what I said $450 a month is LESS than a new corvette would be

 

As other stated, many people finance their performance parts because shops like us and some of our vendors offer interest free financing for one year. So that's one more year that you could have that money making you money elsewhere.

Not much different than credit cards, I make a lot of money each year from my credit cards, some people find themselves paying a ton of interest and losing big money each year. All depends on how savvy you are with money.

 

I recently traded in my wife's paid off car on a new to us used one. Haven't bought a new car in over 20 years. I put as much as the dealer would allow ($5K) on a CC to get the points - could of paid for it on the spot. Paid the card off immediately (almost) so the new one is now paid off and I picked up 2X (10,000) CC points to use later. Just depends on your situation. I've done stupid stuff in the past. Remember financing a new Toyota truck back in the early 80's for something like 21.5% interest (thanks Jimmy Carter).

 

I would love to have those interest rates again. I was getting 15% interest on a money market savings account.
Trump should put Paul Volker in charge of the Fed again.