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05-02-2013, 11:10 AM | #23 |
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I don't see the financial difference between paying the car before buying the s/c or buying the s/c after the car is paid but I see a big difference in having the s/c right now instead of in 3 years!! Carpe diem my friend!!
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05-02-2013, 11:36 AM | #25 |
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What is the interest rate on the loan? If you are beyond the 50% mark most of your payment is going towards principal not interest like the beginning of the loan. If you were fresh into the amortization of the loan I would say pay down the loan. It would save a lot of money as you have now accelerated the amortization schedule.
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05-02-2013, 11:38 AM | #26 | |
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is this pre-owned system your new Gen 2? and should i worry that its pre-owned and future issues to look out for? obviously this is a good deal
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05-02-2013, 11:44 AM | #27 | ||
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4% on $55k for 6yrs (3yrs left)
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05-02-2013, 12:44 PM | #28 | |
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2. Car was running great before he took it off so there shouldn't not be any issues with the kit being second hand. |
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05-02-2013, 12:50 PM | #29 | |
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I know that I can't take it with me, but I also plan on living for another 45 years and not working for at least 25 of those. If you want to have a car payment for the rest of your life, then perhaps you may need to work for the rest of your life to afford it. I say pay off the debt first.
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05-02-2013, 01:00 PM | #31 |
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I am still mystified that people finance a depreciating asset over 6 years! How much interest is being paid over the life of the loan?!?!
There are people who pay off homes in less time with certain income properties cash priced below the cost of a military sales E93.
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05-02-2013, 01:05 PM | #32 |
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05-02-2013, 01:08 PM | #33 | |
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Where did I say anything about buying a more expensive car? My logic was, hes right side up 15k. Either way he is spending the money so what difference does it make when he spends it? He can wait 3 yrs and then get a SC. Or he can buy a SC now and pay the car off over 3 yrs as he had originally planned to do when he bought the car right? If you finance a car for 3 years then you knew it was a 3 year commitment to begin with. Clearly he put some big money down to be 15k right side up, so why does he need to put more down to be "smart".
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05-02-2013, 01:13 PM | #34 | |
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Yep, if he is not going to borrow against the equity in the car than +1
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05-02-2013, 01:14 PM | #35 | |
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You don't even know if he has some kind of investment someplace else, I don't think you can judge what his life will look like just by looking at his car payments! I have car payments not because I have to , because I prefer, that does'nt mean I will need to work for the rest of my life! Maybe you just wanted to plug that you paid your M3 cash!! |
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05-02-2013, 01:32 PM | #36 | |
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05-02-2013, 01:55 PM | #37 | |
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there is ZERO wrong with taking out a loan at a low rate that allows you to be more flexible with the cash you have on hand. i could pay off my car, but have a 1.9% interest rate and have made much more with my investments over this time. nothing wrong with financing as long as you have at least 20%+ down on the car or are paying cash for the car. OP : do what you want, but id suggest driving an SC'd car first to make sure it will meet your expectations, and then determining how much value the mod has to you at that point. Last edited by Black Gold; 05-02-2013 at 02:03 PM.. |
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05-02-2013, 02:05 PM | #38 | |
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This. I think buying a $80-90K car in cash is foolish....unless ofcourse you have 2 million in the bank for just such purposes. Wouldn't you rather have that money earning 5-10% interest? Especially when loan interest rates are so low(mine is about 2.6%). This is one of those threads where you'll get totally differing opinions anyway......conservative/have NO debt or live a little & do what makes you happy NOW. Ultimately, it's up to you and what you can "afford" and what makes you "comfortable". I've known people that saved every penny, had no debt, retired at 55, and a week later dropped dead. No thanks, not for me. I say live a little......ofcourse, i'd never put my family in "jeopardy" over a car. This doesn't apply to all of you, 1 %ers on here ofcourse PS: I just SC'd my car last week and I still owe on my car.......and I don't regret it a single bit! Last edited by Tim B.; 05-02-2013 at 02:08 PM.. Reason: adding |
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05-02-2013, 02:12 PM | #39 |
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You should take out loans now and turn it into assets as inflation will likely be higher than your loan rate.
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05-02-2013, 02:16 PM | #40 | |
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the reason why this is so attractive to me is the price with being that since i budgeting $13k for the SC...i could be saving half that to put towards other things?
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05-02-2013, 02:20 PM | #41 |
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THAT ^^^^^^
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05-02-2013, 02:21 PM | #42 |
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Now that is a tough one my man. I have had both and I would not go back to Gen 1. If you have the cash and were prepped to spend 13k I would go Gen 2. It is much better, in all aspects.
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05-02-2013, 02:22 PM | #43 |
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bro you already know what id say...SC that thing!!! but id wait a lil bit there are already a good amount practically being given away...just think once the F80 comes out i think that guys will be parting their E9Xs out to trade in...just my opinion brother
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05-02-2013, 02:38 PM | #44 | |
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- Gen1 level 2 will make about 30-40 whp more than the gen 2 level 1 - The Gen 2 Rotrex will allow for upgrading if you decide to go level 2 or 3 in the future. -Gen 2 level 1 and level 2 do not come with meth. -Rotrex blower is smoother with a better top end . |
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