Buying parts for your car while you still have a loan

[blackhawkdown]

How many of you guys out right own your cars, meaning no lien on it? I know a lot of guys here do not own their cars and buy parts for it. Why not save that money for the car note? you guys buying parts on credit?

I've never bought parts for my cars until it was paid off. My wrx is bone stock. I would like to build my brz but I can't sees myself doing it any time soon. I like my Warranty and I like to save money.

[sflbrz]

I haven't put any mods on yet, but it's not because I have a car loan. I went for a loan because interest rates are super low right now if you have good credit. My money is earning more for me than the cost of the loan.

So that being said, I would have no problem buying parts before it's paid off. The warranty on the other hand is a good part of why I'm holding off, as well as just how much fun the car is stock.

[jvincent]

Originally Posted by sflbrz

My money is earning more for me than the cost of the loan.

This.

If you can get a loan for less than your investments are earning, ALWAYS take the loan. It's like free money!

[extrashaky]

Originally Posted by blackhawkdown

Why not save that money for the car note?

Because mind your own business.

[BlueDubbinTDI]

Because racecar

[GotBRZ1691]

I will be making payments in my car for the next handful of years. I have put a few parts on, which I got at bargain prices, and will continue to lightly modify. Once the warranty is up, which will be well before my payments are finished, I will add a few more "advance" parts if you will.

As long as you are making your payments and still saving some money at the end of the month, I see no harm in buying some parts. The used market for these cars is fairly aggressive if worst comes to worst

[D_Thissen]

That's like saying, 'why reno your house if you still have a mortgage on it?'
Theres nothing wrong with how it is, but theres nothing wrong by upgrading some things. (rims & tires vs fridge & oven)


Like @GotBRZ1691 said, a long as you're making your payments, why not spend a little on the things you want? I picked up an exhaust (front pipe, cat back) for less than you think.

[airjonny]

Originally Posted by D_Thissen

That's like saying, 'why reno your house if you still have a mortgage on it?'
Theres nothing wrong with how it is, but theres nothing wrong by upgrading some things. (rims & tires vs fridge & oven)


Like @GotBRZ1691 said, a long as you're making your payments, why not spend a little on the things you want? I picked up an exhaust (front pipe, cat back) for less than you think.

Houses aren't depreciating assets

[extrashaky]

I have a four year note. In four years, this car will have 140,000 miles on it. Even if I pay enough extra toward principal to knock a year off of it, it'll still have 105,000 miles on it when it's paid off.

If I want mods on the car, I might not want to wait three years or 105,000 miles. If I want them earlier, and I'm willing to pay for them, and I have the means to pay for them, why not? It's none of anyone else's business what I choose to spend my money on, or when.

Sounds to me like somebody can't afford the mods he wants, and he's all butt-hurt seeing other people's cars modded. So now he's trying to make himself feel better about not having the car he really wants by convincing himself that he's somehow superior to people who went ahead and spent the money.

But there's a problem with his line of reasoning. He thinks we should all "save money." If that's the only goal, then he shouldn't have bought this car in the first place as long as there were cheaper alternatives available. The only place he can really sit in judgment of anyone wasting their money is from the driver's seat of a Chevy Spark.

And even then he should just mind his own business.

[blackhawkdown]

i have big dreams with little ca$h to support it.

[Akari]

Could I pay off my car loan? -Sure. Will I? -Not when I have below 2% interest.

In the 12 months I've owned my car I've already made more from investing that money than the total life interest of the loan 5 times over. Had I not been able to afford the full price of car then I would have bought something used that I could afford.

I'm not really one to care about the factory warranty, if something breaks I'll fix it.

[D_Thissen]

Originally Posted by airjonny

Houses aren't depreciating assets

Fair enough..

[Reaper]

ill break my situation down for the sake of internet conversation.


Was about to buy/build something. Had budget set aside for build(originally V8 Miata), also had some "normal" debt. Credit card, house, motorcycle payment etc.


poking around found less than 1% interest rate on car loan.


took car budget and paid off debt that was at a higher interest rate. bought car at less than 1% with zero down.


Eliminated 2 monthly payments in the process. Keeping most debt to zero, making "normal" sized payments on the car since its basically free money and putting the rest to car parts/investments.


reminds me of when I traded in my Suzuki at 8% for a ducati at .9% two years ago. Work the system, or the system will work you.

[GotBRZ1691]

Originally Posted by D_Thissen

That's like saying, 'why reno your house if you still have a mortgage on it?'
Theres nothing wrong with how it is, but theres nothing wrong by upgrading some things. (rims & tires vs fridge & oven)


Like @GotBRZ1691 said, a long as you're making your payments, why not spend a little on the things you want? I picked up an exhaust (front pipe, cat back) for less than you think.

So far I've gotten a catback exhaust for $100 dollars, used but in good shape, had to buy the hardware. I got a shift knob for $55. And I got the Chase Bays charge / ground wire combo for a 12 pack of beer

Not much in terms of modding but I have put my personal touch to the car to make it my own.