if you need more money get a 2nd, 3rd, or 4th job. every little helps, more time working less time spending

 

I concider my self the average joe builder. I've aquired skills along the way that have helped me save and make money in the automotive performance industry. My project has been an ongoing project for the last 6 years.. i just keep adding and changing things each season for a better performing setup.

I actually just sold my manifold and downpipe to someone that wanted it so that i could build one thats a little nicer and better suited for my needs.

I've spent a lot of money on my project car, but it's just that, a project car, it will sit in the garage when it's not ready & it will not be rushed, i've got a reliable daily and don't mind waiting for the project car to be done right. (take small steps and u'll get to drive it more often than not)

 

The best solution is to move up north. You put 1/2 the miles on your sweet ride, and don't want to add parts because you'll freeze your *** off. Actually my dad lets me use his heated garage, my limiting factor is school atm.

Loans/borrowing for what amounts to a hobby is plain stupid, especially when its on a severely depreciating asset. By the time you finish your loan payments, the car/parts will be worth 1/4 of the loan. The best thing to do is to buy slightly used parts, avoid bling/baller parts, or just to save up for it by not living like Paris Hilton. People don't REALLY need unlimited texting or polished valve covers, do they?

I've done everything myself, have never been in debt (school paid for 100%, no loans), and have a perfect CC score on both cards. I actually get 'paid' 2% for using my CC on school costs, and with my mom doing my taxes, I pay almost no taxes due to school write-offs. Granted I don't have a 500whp car, I've still 'finished' it faster than most people, even with school+work in the way. This year I plan to crank the boost, build a divided manifold setup, drop this setup into my beater, and go dohc. All w/o loans or a decent full-time job lined up. Luckly I get my kicks from building parts as much as using them.

 

Thanks guys!

Now I will show my buddy this thread and show him what I and many others think.

Dustin, Tony, nice hearing from you guys!

 

Doing any high HP build on a 4 cylinder is expensive. I have no idea how much money i have spent on my DSM, but its TOO much. I pay cash for everything however. Nothing like breaking parts you don't even own!

 

I just use money out of my paycheck now. I can work 1 day of overtime and make 700.00. So that's how i pay for mine. Now i can actually afford it.

in the past when i didn't have a good career, I pulled money out of my check then for the last bit put it on a CC. then paid it off. but i built my credit up way way good doing that. mY cc IS 1% So i don't pa much for interest

DONT GET LOANS

 

ive took out 2 SMALL loans for my car not because i had to just becuase i wanted to build my credit i paid the loans off way sooner than scheduled

i wouldnt recommend takin out huge loans like anothers stated and blow it up and cant afford to fix it cause there thousands in debt.

 

if you dont have money...refinance. lol.

if your in a stable job, charging parts isnt a bad idea compared to the lump sum coming outta the checking.

 

A long time ago; I charged a some cheap turbo parts around 1200$, it was stupid, I was young and I'll never do it again. I learned a lot from both ends from that mistake. Although it was ignorant, it taught me a whole lot about turbo systems and got my name out there for 'having a fast car' getting me business here and there.

Now I trade this and that, find great deals, pay for everything in cash, build, fabricate and tune my self. My buddie Jordan and I own a speed shop, lots of tools, and I have a business license. Everything helps and you really do have to be a real go getter to build a competitive turbo build on your own.

Its different having a fast 4cyl than anything else in my eyes. To me, if you have a fast v8, or bike so what. When you can get 300+hp per liter out of an econo box your doing things most of thous owners could never grasp much less achieve.

 

I bought a project car that came with a boosted setup. Never do that again. The engine blew up about three weeks after buying it. Had several problems after that, but managed to learn a lot in a short bit of time and rebuilt the motor. It has turned 30K miles now, not bad for a first time build and 17K miles boosted at 248whp.

This car has cost a lot, but I plan to run this thing into the ground. It'll probably turn into a dedicated track car down the road. I'll have a DD that I just change the oil and rotate the tires on.

It also helps to have a car paid for before starting a true project. I can't wait until mine is paid for this year.

 

I sell myself on the corner.

 

Interesting, toss me the intersection you're at tonight, I'm looking for a good time.

 

If you have good enough credit these days to actually GET a loan then why not? The banks now are really **** about who they lend money to, so if you do get approved then that means you make enough money to pay them back in a reasonable amount of time.

Its just like taking out a $300,000 loan to buy a house when you know damn well you dont make that much money in a year. You build credit to buy what you want and live the way you want.. within reasonable means of course.

If you can afford to make the payments on the loan then do it. Its good for your credit, good for the economy and most of all it'll be good for you to do 10's down the race track.

 

The difference between a mortgage and a car loan, the house will appreciate (gain value), while the car 99% of the time will do the opposite. The problem when you 'build credit' for something that you'll loose money on, you're setting yourself up for never owning anything big.

Ask a bank to use your car for equity, see what they say. They won't care it has $20k in parts on it, they'll see a $2k bluebook value and won't give you much more. A house, on the other had....

 

x2

 

Well thats obvious. I was only using a house as comparison to show that you dont need alot of money to own something nice. You just need to be able to make enough money to make your payments. People use loans to buy depreciating assets like cars/bikes/boats all the time. You dont necessarily NEED all that stuff but its nice to have.. just like a turbo kit. If you can take out loan, make your payments, and still be able to live comfortably then why not?

 

if you were living comfortably you wouldn't need a loan

 

as others said if you have the money to pay it back, then why not
but on the other hand if you take out a loan and knowing that it might be hard to make the payments then thats there mistake

 

Touche.

Then again I feel like I'm living pretty comfortably but I dont have 5-6k laying around to start another boost project.

I guess it all depends on what your projected cost is to boost.

 

if you can lose your job and have six months of saving then your good.

 

ive been working for my car last 2yrs 12k in and and still havent driven it... most my friends have anywhere from 6- 20k in their car,but they are "self employed" i wouldnt take a loan out...

 

and when ur done, you own it.