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Classic car loans grrrrrr....

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Any car is a horrible investment, unless it's a GNX.:biggrin: Nonetheless, so long as you are not financing too much, I see no problem at all with financing a toy. I say live your life NOW not later. Sometimes credit can let you do that. Just DO NOT get carried away. One thing at a time.:smile:
 
Another way to look at it is, what is the value of the car after you pay off the loan? I'd say an 87 GN/T would hold its current market value very well and probably should go up again when the economy gets better. Go buy a new car and you will take a huge hit on value by the time you pay off the loan or want to trade for something else. If an 87 GN/T is not a toy, then it will still require maintenance, more than a new car would and you'll need cash to keep it running. Forecast the expected costs of used + maintenance vs new and its higher depreciation and you'll have your answer financially. Then try to put a price on the fun of driving a turbo regal. You only live once. And advance auto here now delivers parts to your home, if you don't have a second car that would help get you back on the road easier when you are halfway fixing something and break something else when the GN is up on jackstands.
 
usetaboost said:
what's wrong with financing a toy? How's it any different than borrowing money to buy a fully loaded luxury car or a truck with a bunch of aftermarket ad ons? Back when I was REAL broke I was taking loans out for 20+ year old cars. Seemed to work out fine. I took a loan out for my truck that has a bunch of add ons. I've put a little money into it AND I drive it every day. As far as spending thousands of dollars on a repair, people do it every day in this country while they're still paying a monthly payment. Repair shops don't do work for free and not everybody does transmission swaps and engine swaps in their own vehicle.

Who cares about interest on a personal loan. 12% doesn't amount to crap. Look at all the interest you pay on your home. I will agree it wouldn't be very fun paying on a car that you can't drive. I did it with mine for years. I expected it so it isn't like I was pissed off about it. But if you take out a loan to buy this car, knowing you will have NO extra money at all to set aside for anything, why would you buy it? What makes a TR less reliable than any other car? It isn't like they're exploding pintos.
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Who said these cars aren't reliable? It's only the sum of it's parts and the parts aren't cheap.

Why would you buy a car and expect it to be down while paying for it? That makes no sense at all to me.

If the OP was a long time member and had a history of trying to find the right car this might be a different story. Right now it's a newbie trying to take a dive into the deep end while financing his potential demise.

I'm too far away to be slapping his hand when he goes for his wallet, so I am confident he will do what ever he wants to. This is advice.
 
I think you guys are right, I've always paid for things in cash. Why stop now... I could realistically have the cash for one this time next year and never have to worry about a payment. I've never had a car loan in my life never, only thing me and my wife have is our house payment...
 
tysongross said:
I think you guys are right, I've always paid for things in cash. Why stop now... I could realistically have the cash for one this time next year and never have to worry about a payment. I've never had a car loan in my life never, only thing me and my wife have is our house payment...
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then you are in better shape than most. Just look everything over before you commit to being tied to a bank for something. If it's just you and the wife, steady jobs, then I would say financing is an option.
Kids, bills (especially unexpected ones), other loans and the like a little more caution must be taken.
 
Since when did this forum become money matters? Finances are too complex to state anyone should or should not do something. If you are earning 10% in a Roth IRA and can take out a car loan for around 5%, why wouldn't you take a loan for the car and invest as much as possible in the Roth IRA? In this case it wouldn't make sense to pay cash as you are giving up 5% growth to simply feel good about paying cash and preaching to others that this is what EVERYONE should do with a toy.
 
we4Mateo said:
Since when did this forum become money matters? Finances are too complex to state anyone should or should not do something. If you are earning 10% in a Roth IRA and can take out a car loan for around 5%, why wouldn't you take a loan for the car and invest as much as possible in the Roth IRA? In this case it wouldn't make sense to pay cash as you are giving up 5% growth to simply feel good about paying cash and preaching to others that this is what EVERYONE should do with a toy.
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5% on a 25 year old car? okey dokey.

ok maybe I overstepped my bounds here. Like I said, this is advice. You are going to do what you are going to do no matter what I say right?

Which is why this should be in the lounge and not tech.
 
notacarlo said:
5% on a 25 year old car? okey dokey.

ok maybe I overstepped my bounds here. Like I said, this is advice. You are going to do what you are going to do no matter what I say right?
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I got 4.89% 4 years ago with nothing more than an agreed upon value insurance coverage from a local credit union none the less.
 
Google classic car loans, you will find many sources who probably have better rates than your local bank.
 
Show us a pic of the GN.

I financed mine...but mine has all been rebuilt and I don't have kids or bills and have another car if needed.

My bank looked at me like I was crazy also...until they looked at NADA and their jaws dropped at their value...u only live once...do what u want to do.
 
I was quoted 5.74% last week for another GN with agreed upon value insurance.
 
I myself don't see the problem in financing a toy. Hows it any different than buying a vehicle for 20k, financing it, and having it worth 13k when it's done and over with plus the money you've put in it to keep it worry free. Example, my mom bought her 2001 gtp back in 05. She thought it was better to buy a newer car and not have problems. Well 5 years and 10k later she's also dumped another 2500 bucks into it. Buying a GN on payments isn't any different than buying something else and making a payment. I've always made sure if I take out a loan I will still have extra money sitting around to pay for repairs or whatever may come my way. It's the dummies that get loans because they think they can afford them then they realize they don't even have the money to put gas in the friggin thing. Yeah, I could afford a 35k truck, but I would be using leaves to wipe my butt the day before payday. That's why I will pay the higher interest and drive an older vehicle while making a payment. When you always have an extra car around and you can fix damn near anything, why care?

TO the OP. FInancing a toy isn't a big deal. Lots of people finance boats too:biggrin: Just make sure you factor in your home essentials and having extra money for a few uh-ohs and beer for the weekend:cool:
 
usetaboost said:
beer for the weekend:cool:
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You just have beer on the weekend :confused:
drinking4.gif


Some campaign manager you would be
smiley_SHOTS%20part.gif
 
toomanymodz said:
never finance something that is a non-essential. Get in the habit of saving and paying cash for everything. People that i know who use credit to get everything are always buried in revolving debt payments. I pay cash for everything these days. Even bought another house last year with cash. Once you have the habit of saving for things, your money goes a lot further. No interest payments! Best of luck!
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x10
 
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