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-   -   Buy a project for cash and no car payment or buy a "done" car with a payment? (http://www.mustangevolution.com/forum/f312/t361821/)

scottydsntknow 11-28-2014 06:25 PM

Buy a project for cash and no car payment or buy a "done" car with a payment?
 
Just curious to see where everyone is on this. For the longest time I was always of the mindset "why would I pay $2x,xxx for a car new when I could pay $x,xxx for one and make it kick the **** out of the more expensive one and not have a payment?" As I've gotten older, its reversed to "why would I put $2x,xxx into a car worth $x,xxx?"

My current goal is to pay off some stuff which is why I sold my 98GT. When I am done with said payoffs, I may find that I like not having any payments besides cell phone/cable/power etc... But I think I'll probably still pick up a $400-$500/mo payment and start with something that's already badass.

What is everyone else's thoughts on this?

And please, we are not all loaded enough to buy a brand new GT and then drop $20k to make it a 9 second ride.

Ish416 11-28-2014 07:11 PM

Buy a Fox/SN95 and LSx swap it.

Buy the car, spend like $200 on LSx swapping and everything else, then have eleventy-billion horsepower and get 30 mpg.

Or a decent 4th gen Fbody, $1,500 on heads, cam, intake and have eleventy-billion horsepower and get 28 mpg.

Or nothing for a few years and buy new/er coyote and have a nicer but slower car.

ninerone 11-28-2014 07:15 PM

I've become that way in my old age as well. With the Mustang there is a middle ground: grab a new, base model GT and then you can spend money over time making it your own. All the perky packages end up giving you things you don't mind having but wouldn't necessarily buy separately if given the option, like leather, heated seats, glass roof, etc.

I ended up with brand new 2014 GT completely base model. Literally nothing but destination fee on the sticker. I've since put a few thousand into it making it exclusively my own - not another Mustang like it. I put a little money into it here and there as I can afford to so by the time it's paid off, it'll be quite the machine.

Soccerluvr4 11-28-2014 07:16 PM

How did I know ish was going to say something like that lol


Bullitts are better than Bullets

StarzTA17 11-28-2014 07:38 PM

It depends entirely what you want out of the car. If you want a fast track car you would be better off buying a Fox body or something cheaper and doing the engine/ suspension the way you want it. But if you want a DD its likely that a 500+ HP fox body isn't going to be the best DD.

While other people just want a nice/ quick / fun DD in which case they buy a newer car and do some mods to it to make it to their liking.

While there are people who buy new cars and mod them heavily that will never be the best 'Bang for your buck' So it really depends on what you want out of the car. There is no one 'perfect car'.

Soccerluvr4 11-28-2014 07:49 PM

Buy a project for cash and no car payment or buy a "done" car with a payment?
 
Quote:

Originally Posted by StarzTA17 (Post 2131656)
There is no one 'perfect car'.


I beg to differ. If I could only have one car for the rest of my life it would be the Koenigsegg Agera R. I would DD that lmao


Bullitts are better than Bullets

Ish416 11-28-2014 08:06 PM

Quote:

Originally Posted by Soccerluvr4 (Post 2131646)
How did I know ish was going to say something like that lol

Because I am the voice of logic and reason on this forum.

Oh wait, this isn't LS1tech..

In that case, change out LSx swap for terminator swap or coyote swap.

ninerone 11-28-2014 08:58 PM

There is a perfect car. It is a 1968 Shelby GT500KR. Parked in my driveway. Next to my 2014. All inclusive.

scottydsntknow 11-28-2014 10:09 PM

I'm not so much talking about "me" per-se, just wanted to get some opinions.


Yes if I wanted a fastass third car for cheap I could find a pretty nice F body for $10k. Going to have to see where the S550s go and what the LT1 Camaro looks like, I may buy new in a few years. But it will definitely be nothing for a few years unless some sort of deal that is literally "once in a lifetime" comes along which I doubt.

rocknbronco 11-29-2014 01:09 PM

Buy a cheap older car and make it your own.

Mile high JDF 11-29-2014 01:11 PM

For the longest time I was of the buy cheap and build it mindset, but lately I've just been wanting something that I can do little mods that can net big gains (i.e. terminator, some sort of LS car). it's not that I wouldn't mind having a project car but I don't have the time for one any more.

scottydsntknow 11-29-2014 01:21 PM

I also hate not driving a car I like. I've had too many "building it to make it my own" cars that have sat for months or longer while I drive my beater around. That sucks. Nothing I would do to a GT500 or a Coyote would have it down for more than a few days at most.

If I ever was to get another older car... it would very likely be a 94/95 Cobra just like my old one (the one in my sig). I can take the entire car apart and put it back together in my sleep. Also just an exhaust/suspension/gears and a blower and right at 450rwhp.

scottydsntknow 11-30-2014 08:29 PM

Been thinking more and more about this thread... I'm having a hard time wrapping my head around a $500/mo payment for a car that is not utilitarian at all. $250-$300/mo for 3 years for a DD for my wife with a 10 year warranty ok whatever. I've always owned my Mustangs outright and never had to worry about voiding a warranty or a ****ton of insurance or anything like that. My 98GT was $20/mo to insure lol.


Honestly have started looking at rollers and high mileage V6s in good condition just for giggles. Unsure which body style I would get though if I was to do it. I just hate not having a Mustang and its not like DIY stripping/body work/repair on a shell is a lot of money anyway. I'd also love to teach myself how to spray vs paying a ****load of $$$ for a paintjob. I've seen a few ppl I work with do the cheap hanging plastic and a few box fans/filters in their garages with a good gun and it came out great.


edit: I know by the time I do it all myself it's going to be in the $20k range. However not being tied to a payment or a higher insurance premium is nice. Hell, maybe I'll just buy a F body lol.

Strange Mud 12-01-2014 08:58 AM

it is cheaper to buy an older car that someone else has fixed up....but if you do it for the love of modding it is good to do it your self.

scottydsntknow 12-01-2014 09:12 AM

I'm also done with buying cars that have "tasteful bolt ons" or "lightly modded". It needs to be stone stock or damn near stone stock for me to be interested. Something like a 24k mile 95 Cobra I recently saw that was properly lowered with an exhaust and a few costmetics is fine but that would be it. Even that 98GT I just had needed a lot of little things when I bought it because of all the mods over the years and that was one of the cleanest "modded" cars I've ever seen.

Just hard looking at what people want even for high mileage V6 S197s from 05/06. They aren't made of gold ppl...

ronnie948 12-01-2014 09:47 AM

It's not much different then building a street rod
 
First you find a car you would love to own for a very long time. (Preferably forever)

Second you will want to get the engine & Transmission / rear you really want.

Third You need a space to work on the project. You also will need tools as well as the knowledge of how to use them.

Forth You need time to work on this, You will need to learn to weld, Do body work, prepare for paint, and paint.

You can do a project at your own pace and as you get extra spendable money.
This is how most street rodders build their cars. Having some friends hanging around the garage helping you is fun and the Hot rod people have been doing it since just after WW2.

When your all finished you will have the car you always wanted. It will be worth half of the money you spent building it but your not going to sell it anyway so who cares about that?

As an alternative you can just build what they call a "RAT ROD" type of car and just spend the most of your build money on the engine/transmission/rear and good brakes. Leave the body alone.

http://i410.photobucket.com/albums/p...ps93ae92c9.jpg

http://i410.photobucket.com/albums/p...ps38efe70c.jpg

http://i410.photobucket.com/albums/p...psf6c1f996.jpg
Ronnie

scottydsntknow 12-01-2014 11:02 AM

1 Attachment(s)
Lol not looking to hot rod one out. I know my best bang for the buck is just to find a low mileage F body. If I stuck with a Mustang I would not want to deal with the 04-down chassis again. Who knows, 11/12 Coyotes might start dropping into the high $teens with low mileage in a few years.

I still think an 07-09 GT500 or any 05-09 with the GT500 front is one of the best looking Mustangs out there period and I hated the 05-09s for the longest time.

ronnie948 12-01-2014 11:13 AM

I know you go to college so you should get the point I'm making
 
It is all the same principle It don't really matter what your building or modifying. It is all the same. and all the same steps.

That is unless your gonna pay a shop to do the work for you. Then all you need is money.
Ronnie

scottydsntknow 12-01-2014 11:18 AM

Lol I would never pay a shop. If I ever get to the point where I want a fast car and can't do it anymore I'll just buy a Vette like very other old guy.

ronnie948 12-01-2014 12:53 PM

Ha ! Ha ! -- I got what you said.
 
I had a 1998 Corvette that was a great track car. I could hit 180 with it down the backstretch of Daytona. It was not so good in the infield turns but was a lot of fun.

I then got a Mini cooper John Cooper Works that was great in the infield turns but was limited to 150 MPH which sucked big time.

I now have my 3.7 V6 Mustang ,But I don't track or Auto-X anymore and it runs as fast as I need for the street.

A 2011 up Mustang 5.0 with a 3.73 rear would be the way to go for a fast accelerating car for the street. It is a hard car to beat for reliability and MPG as well as way cheaper insurance then A Corvette.

But now were getting away from your post on buying an older cheaper car and getting it your way. It is a good way to go if your planning on keeping the hot rod you build but you will never get your money back out of it if you ever decide to sell it. I have seen some older Mustangs with Ford high horsepower crate engines installed that looked like the factory put it out.

Go to enough car shows and keep your eyes open and you will find there are a few people that do what you suggested.

Ronnie

bucko 12-01-2014 01:12 PM

Well, I bought a used 2000 Ford ranger to get me around while I look for that Boss Mustang I've wanted (wife gave me a green light to buy). This ranger has patina; it looks good from 20 feet. I've enjoyed working on little things that have been pestering me about it, until lately. The heater core was leaking so I bypassed it. Now that we've had some cold weather in Central Florida, I've bought a new one to install, but found that the entire dash has to come out to replace it; about 3 to 4 hours worth of work!

V6 stang 12-01-2014 02:11 PM

Buy a project for cash and no car payment or buy a "done" car with a payment?
 
The price for the 05-09 v6's are retarded no doubt. I agree that they aren't made of gold lol. That's why the new edge GT was a much better deal.. And smokes a 4.0. Idk, I've always heard you talk about a coyote or comp orange termi. It's all about what you want. You can make a termi hella fast but they creep right under a coyote's price range and don't have all the updated stuff, and creature comforts. But, you have the termi. Which is a collectors item in it's own.

Personally, I would just get a coyote near 20k and enjoy that. Plenty for the street and even still fun at the track but has all the new updated stuff inside and out.


Yes I edit my posts a lot, auto correct likes to sabotage me!

Ish416 12-01-2014 10:31 PM

1998 Arctic White Trans Am WS6 A4 / 54k Miles / Adult Owned / $11500 - LS1TECH

/thread

Soccerluvr4 12-01-2014 11:27 PM

What I've always believed is if you really want something just be determined and buy it. If you really want it don't get too overwhelmed by the omgacarpayment. Of course you want to still be able to afford it, but when you start looking at it like you can have a cheap car and invest a lot into it or have a nice car you really want and have a car payment, you make yourself hate the options.

Scotty, lately you've been saying how much you love the 07-09 GT500..... Just get one, stop worrying about anything else and just get it. The more you think about it the more you turn yourself off to the idea.


Bullitts are better than Bullets

Rapinator126 12-01-2014 11:30 PM

^ good words
Unless you are completely indecisive on what you want to do, and always changing your mind, like me :banghead:

Sent from my SAMSUNG-SM-G870A using Mustang Evolution mobile app

Soccerluvr4 12-01-2014 11:35 PM

If you really want a car, it is what you have wanted for a long time. Then the only words you should be asking are "can i afford it?". When you start asking:
"How much are the payments?"
"What are the pros and cons?"
"What is insurance going to be?"
"In the end, how much more in interest will it be over sticker?"

You are literally just going to turn yourself away from it. Do the math to see if you can afford it with whatever your financial situation is, if you can then go for it.

bucko 12-02-2014 04:35 AM

Quote:

Originally Posted by Soccerluvr4 (Post 2133838)
If you really want a car, it is what you have wanted for a long time. Then the only words you should be asking are "can i afford it?". When you start asking:
"How much are the payments?"
"What are the pros and cons?"
"What is insurance going to be?"
"In the end, how much more in interest will it be over sticker?"

You are literally just going to turn yourself away from it. Do the math to see if you can afford it with whatever your financial situation is, if you can then go for it.

This can get a bit more complicated when a family is involved. A spouse, children, and future expenses have to be considered. When a family is involved, college tuition savings should be considered, and lets not forget retirement. I read recently that only 15% of people over the age of 55 have a savings account put away for retirement. In ten years, that's going to be a scary moment.

Sorry to be the "Debbie Downer" on this topic, but younger folks should be planning ahead.

scottydsntknow 12-02-2014 07:22 AM

Quote:

Originally Posted by Rapinator126 (Post 2133837)
^ good words
Unless you are completely indecisive on what you want to do, and always changing your mind, like me :banghead:

Sent from my SAMSUNG-SM-G870A using Mustang Evolution mobile app

This is me x1000. Also my wife. You should see us having conversations about where we want to live next...

:banghead::banghead::banghead::banghead::banghead::banghead::banghead::banghead::banghead::banghead::banghead::banghead::banghead::banghead::banghead::banghead::banghead::banghead::banghead::banghead::banghead::banghead:

Quote:

Originally Posted by Ish416 (Post 2133816)

Very nice but like... I'm angry for that guy about the crack in the dash. I don't thik I would have left the inspection station without some form of documenation that they are going to be fixing that. But yeah something like that is tough to beat $$$ wise.

Quote:

Originally Posted by bucko (Post 2133881)
This can get a bit more complicated when a family is involved. A spouse, children, and future expenses have to be considered. When a family is involved, college tuition savings should be considered, and lets not forget retirement. I read recently that only 15% of people over the age of 55 have a savings account put away for retirement. In ten years, that's going to be a scary moment.

Sorry to be the "Debbie Downer" on this topic, but younger folks should be planning ahead.

Exactly where I am coming from. Having extra disposable income is very nice and having a savings account in case something happens is freedom. Not being tied to a high car payment or insurance premium and being able to pick and choose where to spend the money on a go-fast toy is something that is very appealing to me. But so is owning one of my dream cars...

Quote:

Originally Posted by Soccerluvr4 (Post 2133836)
Scotty, lately you've been saying how much you love the 07-09 GT500..... Just get one, stop worrying about anything else and just get it. The more you think about it the more you turn yourself off to the idea.


Bullitts are better than Bullets


Yeah I know... there are TWO for sale around me that are my favorite white on blue stripe versions. One is an 07 with 24k miles for $30k with Dynatech longtubes/full exhaust, correctly lowered, VMP pulley and the RXT clutch/flywheel already done. The other is a 2009 stone stock with 11k miles for $32k. Ugh. Will have to see where I am, what my financial situation winds up being and if I make E-6 in the next 1 or 2 years.

rocknbronco 12-02-2014 09:51 AM

My great dream is to build a Terminator clone from a 03/04 GT obviously ALOT of work but I could incorporate items not available then and make more power, better handling and not ruin a classic and limited production Mustang. I did not state that earlier in this thread but that is why I would use cash but buying a non running project is a no no I have done it before and lost interest or have had to sell it below market price.

Hello 12-02-2014 10:25 AM

ever think to go towards a classic? Will always be a good looking car that turns heads and holds or increases resale value. Could potentially pick one up fairy reasonable and have a hobby restoring it or building it up to keep up with the newer cars of today.

scottydsntknow 12-02-2014 10:29 AM

Yep, been there and done that with projects too. I'm not under any allusions that I could make money or break even on a project.

As far as "ruining" a classic... I am done buying garage queens. I'll buy them to drive. I won't drive in **** terrible weather obviously where salt and crud will get all over but if its raining... meh rain isn't going to hurt anything. Just need to keep it washed regularly and condition/clean the interior.

rocknbronco 12-02-2014 10:37 AM

Quote:

Originally Posted by Hello (Post 2134011)
ever think to go towards a classic? Will always be a good looking car that turns heads and holds or increases resale value. Could potentially pick one up fairy reasonable and have a hobby restoring it or building it up to keep up with the newer cars of today.

Had a 65 and 73 and like the cars from my parents generation but like the cars from my teens and twenties. See if I had a GT made Cobra clone ruined I would feel like crap for a few years maybe but a true Terminator I would have that feeling for life.

scottydsntknow 12-02-2014 10:40 AM

I still feel bad about the 95 Cobra in my sig. Took great care of it for about 5 years, then it sat. It was still in real good shape for its age when I sold it but I just... did too many stupid things with that car. The 98 was nice but it wasn't "mine". Someone else personalized it before I bought it. Starting with a fresh template would be nice...

Hello 12-02-2014 11:13 AM

What was the reason you sold the 98? Stick with whatever mind set you had at the time as your going to feel the same way eventually if you don't.

natestang07 12-02-2014 11:14 AM

Quote:

Originally Posted by scottydsntknow (Post 2134024)
I still feel bad about the 95 Cobra in my sig. Took great care of it for about 5 years, then it sat. It was still in real good shape for its age when I sold it but I just... did too many stupid things with that car. The 98 was nice but it wasn't "mine". Someone else personalized it before I bought it. Starting with a fresh template would be nice...

Those '15s though scotty!

05 Gt Premium Performance White, flowmaster outlaws, Jlt Series 3, Bama 91r tune


10:25 PM

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