Opinions needed: my financial well being is in your hands!

[68L71]

Are you sure you will use the car enough to warrant all the money in it? I thought I would always drive my 68…I haven’t even had it out in July.

 

[turtlevette]

[It's maybe fiscal conversatism but if we look back not that long ago, a lot of people got in huge troubles because on a lack of fiscal conservatism.

I had 2 cars on payments when i was 25. It ain't no big deal. Let't take another poll to see how many of you have car payments. He's decided to allocate his call allowance between a more economical new daily driver and an old toy, instead of say shooting the whole wad on a new c6. There's nothing wrong with that.

All the trouble lately is because someone making 40K a year thinks they can afford a $400,000 house and the banks let them do it. A little money on a car is not the same thing.

I like the way the news media is telling us all to tighten our belts. The hell with that. I've always been responsible with my money. I went out and bought a Mustang in March and just wrote a check for it.

[ Would you take out a loan as a newleywed for a $10,000 stereo?

A stero is not as usefull or fun as an old corvette. Its not a valid comparison.

 

[big2bird]

[It's maybe fiscal conversatism but if we look back not that long ago, a lot of people got in huge troubles because on a lack of fiscal conservatism.

I had 2 cars on payments when i was 25. It ain't no big deal. Let't take another poll to see how many of you have car payments. He's decided to allocate his call allowance between a more economical new daily driver and an old toy, instead of say shooting the whole wad on a new c6. There's nothing wrong with that.

All the trouble lately is because someone making 40K a year thinks they can afford a $400,000 house and the banks let them do it. A little money on a car is not the same thing.

I like the way the news media is telling us all to tighten our belts. The hell with that. I've always been responsible with my money. I went out and bought a Mustang in March and just wrote a check for it.

[ Would you take out a loan as a newleywed for a $10,000 stereo?

A stero is not as usefull or fun as an old corvette. Its not a valid comparison.

Okay. For you, a $10,000 sex dungeon set up.

 

[1Michel]

I had 2 cars on payments when i was 25. It ain't no big deal. Let't take another poll to see how many of you have car payments. He's decided to allocate his call allowance between a more economical new daily driver and an old toy, instead of say shooting the whole wad on a new c6. There's nothing wrong with that.

Ok it worked for you, good for you then.
We dont know everything here, maybe he let us know just what he want us to know, maybe he's looking to get someone's approval for his project.
I dont know the kid end he's probably ok but he asked what we think soooo.

All the trouble lately is because someone making 40K a year thinks they can afford a $400,000 house and the banks let them do it. A little money on a car is not the same thing.

Youre right about that one, but what is a little money for a toy for one maybe a budget breaker for another, the same as buying a 400,000$ house.
Some can afford it but some others making $45,000 a year wont be able to do it.

I like the way the news media is telling us all to tighten our belts. The hell with that. I've always been responsible with my money. I went out and bought a Mustang in March and just wrote a check for it.

Again good for you, but the kid asked us what we think.

[ Would you take out a loan as a newleywed for a $10,000 stereo?

A stero is not as usefull or fun as an old corvette. Its not a valid comparison.

Depends on ones interest, to some an old Vette is a waste and they are ready to spend what an old Vette cost on a stereo.

 

[mrvette]

[It's maybe fiscal conversatism but if we look back not that long ago, a lot of people got in huge troubles because on a lack of fiscal conservatism.

I had 2 cars on payments when i was 25. It ain't no big deal. Let't take another poll to see how many of you have car payments. He's decided to allocate his call allowance between a more economical new daily driver and an old toy, instead of say shooting the whole wad on a new c6. There's nothing wrong with that.

All the trouble lately is because someone making 40K a year thinks they can afford a $400,000 house and the banks let them do it. A little money on a car is not the same thing.

I like the way the news media is telling us all to tighten our belts. The hell with that. I've always been responsible with my money. I went out and bought a Mustang in March and just wrote a check for it.

[ Would you take out a loan as a newleywed for a $10,000 stereo?

A stero is not as usefull or fun as an old corvette. Its not a valid comparison.

Okay. For you, a $10,000 sex dungeon set up.

HEY, I resemble that remark, I used to design and build that shit, for the 'BIG TYME' players as in BDSM< niteclubs.....

St. Andrews crosses, spinning on a trailer axle even.....St. Catheriens' wheels, lacing tables, even a ....

Guillotine.....designed with 4X safety in mind....but the loudest bang you ever heard.....

a thing we called the 'Family Entertainment Center'.....a take off from the daze of stereo/color TV built into one 6' long console, popular enough decades ago.....

it had a stretch rack on top of a cage, with a ships wheel for the rack action, a ratchet pawl, and some bars out the sides for wrist tie ups....

also a whipping bench.....and some other stuff too crude to mention....

they asked us to get into electro shock shit....not ME, I back out on that one....

met several 'Madams' and 'Sirs' over that time period.....

couple of friends still into it....

one of the guys was a leather crafter, he would make anything needed....

anything needed out of leather that is.....let your imagination abound.....

:crap::lol:

 

[greg75vette]

Wow, well this just exploded. Some good stuff here.

Yes, I am looking for opinions and different views. I did leave information out, but not to sway the vote. This is public forum, I'm not about to announce how much I make and where all my money goes and for how much. But I did try to convey that I would only go for a loan I could afford, which is about $200-250 a month. I felt this was enough info for the purposes of this thread.

I'll be honest, who would post something like this if they weren't looking for approval, HOWEVER, I knew I was among peers that also fancy their personal money pits as much as I value mine, or even higher. I knew if the idea tanked here, it wasn't a good one.

I really didn't have a reference as well with this subject. Everyone I know either isn't into cars (and ultra conservative with their money) or piss broke because they spend $20 for every $15 they make. I happen to not be either and didn't know if something like this isn't out of the ordinary.

I also never planned on this being the end all be all on the subject. More as an eye opener to different ideas and philosophies. We have all, in one way or another, have bought a vette and most of us maintain them. I knew this would be a great 'group' of people to tap on different experiences to keep these cars running. With that said, I pretty much had my mind made up before I even posted (not to do it), but it still lingered. I figured either my fears would be settled or shown to be true.

But in the long run, I'm going to avoid the loan. Currently, I'm saving independently of 'vette savings' for the wedding, but if push comes to shove, that will be the first sacrificial lamb. However, I did get the green light to search and purchase the donor engine and transmission with the money I currently have in the vette savings. I plan on keeping this swap and economical as possible (within my skill range) and document as much as I can for others to learn. Furthermore, I plan on taking my sweet time with the swap. This will be long term (~2.5 years) project that I'll work on as the money comes in.

Advantages of this approach over a loan are not many but big enough. First, if something bad happens or the wedding becomes it's own money pit, I'm not strapped or tied to the swap (because of payments). Also, there's no rush to buy an engine now, I can take my time and not feel rushed because I borrowed money. Since I'll buy materials as the money comes in, there won't be a rush from one step to the next. I can take my time and make it nice.

But as far as my opinion goes on this subject, I feel if the person can afford it, why not go for it. If I had a house, married and had the kids, why not take out a loan to do that LSx/T56 swap into a minivan :rofl:? Just as turtlevette had said, how is it different than a car payment?

But don't let any of this slow you down guys, keep the debates going. I like to see clash. Unlike most, I feel conflict breeds innovation.

 

[68/70Vette]

No knows the future, but there's a good chance of a major inflation in a few years when all of Obama's mega spending results in the chickens coming home to roost. IF you think you can stay employed for the years ahead, and IF your salary is somehow pegged to inflation, taking out a long term loan at today's low interest rates can be a winning financial ploy. The result is that in the latter years of your loan repayback, you'll be using cheap dollars. Actually, if this strategy is going to work, you need to buy something that's really expensive today and will keep pace with inflation and can be repaid with a long period low interest fixed loan. This scenario doesn't really fit into the situation of a relatively low dollar amount car renewing project, but I just thought I'd throw it out.

 

[mrvette]

How about a top flight stereo, McIntosh, all the way, for 4 grand???

got 4--12" woofers per channel, got all the shit....and amp was proven at 400 watts/channel....RMS....

wife don't like the speaker size, they are 5' tall and ~2' wide and ~22" deep, they are in like new condition, and I even have extra crossovers and drivers for them.....the woofers have been redone by McIntosh some time ago...

:friends:

 

[greg75vette]

How about a top flight stereo, McIntosh, all the way, for 4 grand???

got 4--12" woofers per channel, got all the shit....and amp was proven at 400 watts/channel....RMS....

wife don't like the speaker size, they are 5' tall and ~2' wide and ~22" deep, they are in like new condition, and I even have extra crossovers and drivers for them.....the woofers have been redone by McIntosh some time ago...

:friends:

Good choice in stereo equipment. I grew up with McIntosh. My father has been an audiophile and bought his set up in the late '70's/early '80's which is mostly McIntosh (the reel to reel is some, what I think, german brand I can't recall). He built his speaker cabinets with 15" woofers and 2(?) 6" mid range in each. The cabinets are about 3' by 18" by 20" but I'm guessing. I know they're at least that tall. Sounds pretty good, but my mother never appreciated it either. What are you going to do.

 

[mrvette]

How about a top flight stereo, McIntosh, all the way, for 4 grand???

got 4--12" woofers per channel, got all the shit....and amp was proven at 400 watts/channel....RMS....

wife don't like the speaker size, they are 5' tall and ~2' wide and ~22" deep, they are in like new condition, and I even have extra crossovers and drivers for them.....the woofers have been redone by McIntosh some time ago...

:friends:

Good choice in stereo equipment. I grew up with McIntosh. My father has been an audiophile and bought his set up in the late '70's/early '80's which is mostly McIntosh (the reel to reel is some, what I think, german brand I can't recall). He built his speaker cabinets with 15" woofers and 2(?) 6" mid range in each. The cabinets are about 3' by 18" by 20" but I'm guessing. I know they're at least that tall. Sounds pretty good, but my mother never appreciated it either. What are you going to do.

First summer job I had, bought and built a Dynaco PAS1 or 2, can't remember....with my first paycheck....Had a Esso CC....so that staked my first week of employment.....my folks had a COW....then a few weeks later bought a ST70, all kits.....then as time that summer went on...I brought home some 3/4 ply, started cutting...made my own speakers...used some British import brand 4 ~8" speakers with a horn driver per channel....bass reflex tuned the cabinets, whole thing....each box was ~3.5' tall, 2' wide and about 16" deep....this was before the miracles of MDF were understood by me...make this about '63-4 or so....

My folks were totally out of it on the tech side of shit, could care less....
by '66 I had my first car age 22....a '60 vette 283 power slide, power WINDOWS too.....open rear, what the guys called a 'chicks car'....red/black/wh........

 

[greg75vette]

Well, you officially went over my head, haha. I understood most of that, but would not be able to recreate it.

So far, my father has been surprisingly supportive of my addiction. He never used to tolerate it. I wanted a '66 Impala when I was 12 so I could fix it up by the time I was 17. Yeah, he shot it down. He was against me getting the vette siting the amount of work they are to up keep (considering he knew I was buying a weathered one and how older cars tend to be), but I think he has finally seen the light. I told him my plans when I bought the car and I got a supportive "ok,cool" but you could tell he would believe it when he would see it. He started to change his tune when I swapped out the suspension last year in the driveway. He didn't think it could be done there (found out he felt this way after I was done). Even now when I told him I wanted to go through and buy an engine, he was supportive and asked good questions with genuine enthusiasm.

And I can't say I blame him either. I think I would say the same to my 12 year son or daughter.
Did I mention I almost bought a '69 caddy from a junk yard when I was 16? That went over like a fart-filled lead balloon in church.