Someone elses post about refinancing his house to get some money for his 914 got me to thinking....
How do most people budget for repairs or upgrades to thier 914s??
For me, it's mostly a few hundred bucks a month I can spare cash wise with a large $1000 purchase or so on my credit card that I know I can pay it off within 3 months or so (or until my wife sees my statement and yells at me )
Has anyone really done a re-fi and spend $10K or more on their 914 in just a few months?
What about just going on a shopping spree with credit cards and just deal with paying off the $20K in a hundred years or file for bankruptcancy (I do not condone that)
I deal with cash improvements, if I cant pay for it with cash then I cant afford it. But when bad things happen like my untimely oil pump seizing 2 weeks ago I start to scramble a little harder to collect what's needed to go on. I cant tell you how I would like to run out of things to do and need to buy for the seemingly endless 914 turbo carrera project.
feast or famine. I have no other hobbies but my car at the moment, but that is a few bucks here and a few bucks there. But there is usually an influx of cash every 3-4 months where I can splurge on lots of parts or big ticket items. Is it wrong to look for a second job, just for car money.. heh.
I save save save...
I put normally 50 out of each of my checks towards savings, another 100 for insurance and phone and gas.
Rest goes into my account which I use for my car.
this same topic was posted on the 4x4 forum i read. the guy was struggling to upgrade his jeep for a moab trip and wanted to finance the repairs with his house. i guess it comes down to a matter of priorities. the interest is deductible, but should you be spending it on your car? i don't know. i am in the mortgage business, so i see it everyday. would i do it? i gotta tell ya, i sure am tempted.
but to answer your question, i only upgrade after i have enough crack to sell. i mean, when i have cash in hand.
I was the beneficiary of a tidy personal injury suit..It helped my car habit, and made it easier to live (for awhile, it wasnt that big a settlement)
I wouldnt refinance the house for the car habit, thats just crazy
Ditto, only when I have the extra cash, but I did sell my mint GTI to fund the 3.2 install, priorities don't ya know
Ferg
ive been recycling all the beer bottles and cans i can find here
QUOTE (TimT @ May 3 2005, 02:11 PM) |
I was the beneficiary of a tidy personal injury suit..It helped my car habit, and made it easier to live (for awhile, it wasnt that big a settlement) |
I sold my boat and put all the money into the 914. Now a percentage of my appraising and consulting business fees go into the car. I never touch my retirement income for the car. So far business is good and the car is getting completed in a year and few months. It should be all done by July or August.
Whatever I can spend on it in cash. No credit cards except for making Internet transactions, and they get paid off ASAP. I have four "project" cars I'm juggling at the moment, so things happen very slowly. The 914 has sat outside untouched for several weeks now, and will remain untouched for probably another two months until I get another project done. I pay for my project basically by not having a new-ish daily driver. Rather than buy a $30K 3-series and lose $15K on it in 5 years from depreciation, I buy 3-4 projects for $15K and spend another $5-10K over time restoring them as I drive them, then sell them for $10-15K (total, so I'm down $5-10K on the deal). It's not always pleasent to HAVE to drive 20-30 year old cars, which is why, once this set of projects is done, I'm going to buy a 4-5 year old daily car I'll abuse and only have ONE project going.
Cars and spending money on them isn't a rational or economic exercise, unless you deal in hyper-rare Pebble Beach class exotica (and it's rarely economic then). Just calculate how much money you can throw in the fire every year, try to spend a little less than that, and have a good time doing it.
QUOTE |
Is it wrong to look for a second job, just for car money.. heh |
QUOTE (Mueller @ May 3 2005, 03:24 PM) | ||
yea, I've thinking about becoming a part time male gigolo, only problem is I'd have to be so picky about my female clients that it might be hard to find 18 to 40 year old hot females that want to give up thier cash to me |
QUOTE |
hope your wife isnt like 914RS's, and accidentally wanders on the board |
I use a small credit card, it helps me monitor my spending on smaller items, then it's paid off every month
bigger items require management(wife) approval, often after the fact though
Is it wrong to look for a second job, just for car money.. heh.
I worked in an autoparts store just to get the discount.
My paycheck usually went to paying off my account.
Now I just convince my wife that the money we save by skipping meals should go towards making the cars "reliable".
I support my habit with the money I get from all the parts I give away. . . .
Ooops. Nevermind.
let me clarify my cash comment.
all money gets put on the rewards credit card first, then we pay it off with the cash we hav eon hand.
As my girlfriend puts it I have "hobby A.D.D." so what I don't spend on one hobby I spend on another. That being said I have 2K in computer gear sitting on my dinning room table just waiting to be put into a case, about 1K in salt water fish tank gear sitting in my guest room waiting for a 120 gallon tank, upwards of 7K in the garage in Wakeboard gear (if you count the boat and the stereo system), and then 4K in the driveway worth of 914 and parts that I have yet to install. And don't get me started on woodworking and remodeling unfinished projects...
Damn... I could sell it all and have a nice ass 3.6 914 like 914RS, what am I doing?
QUOTE |
all money gets put on the rewards credit card first, then we pay it off with the cash we hav eon hand |
QUOTE (Leo Imperial @ May 3 2005, 02:36 PM) |
Now I just convince my wife that the money we save by skipping meals should go towards making the cars "reliable". |
If the member of the club that owes me the 3k that he has for the last 2 1/2 years would just pay up, I would have money to work on my car.
cash cash cash.... my second job (literally) pays for the 914.
that said, i've dug into the CC a few times. trying not to make that a habit... but it's hard when the car's not running and there's just that one more thing.....
QUOTE (Travis Neff @ May 3 2005, 03:44 PM) |
Hey Mueller watch out for that she-male Aa-reonola, she's a big spender with a surprise for you. |
Lets see how am I paying for the 3.0 conversion. Basically it is from savings. I put money in an account for the car fund. I had about 10k saved up and a 2.4 and an oil tank. I decided to get married and buy a 911 so the 10k went to 911 and ring plus the proceeds from selling off the conversion parts. Coming up on 5 years of being married and the car fund has been replenished so I started on the conversion again. Then I blew through the budget due to un expected issues with the 3.0 I purchased. Honey instead of using the tax refund to pay down the mortgage this year cab it go in the car fund so the conversion can be finished. Answer "you have been talking about this for so long just do it and quit asking". So that is how this project is getting funded. 4 years of savings tax refund and generous wife.
Nick
QUOTE (Travis Neff @ May 3 2005, 02:44 PM) | ||
Your on borrowed time my friend, sooner - or - sooner she will get the message that your call will never be right and never to spend money on it again.. I was living proof of that, haha. Then I disposed of the irritation and bought another 914 hee hee. Hey Mueller watch out for that she-male Aa-reonola, she's a big spender with a surprise for you. |
At my house, 75% of each paycheck goes to the house account, 25% goes to the earner's personal account. Bonus checks go to personal accounts. Tax returns and other refunds go to the house. Gifts and hobbies are paid from personal accounts. (I love the commercials where a housewife buys a new Jag as a "gift". Thanks Honey, what are my payments going to be?) Most of our financial conversations are about what constitutes a "house" spend.
All I've got to do is manage my personal account across the 914, the trimaran, the old wood ketch, woodworking tools, new electronics, etc. etc.
So for me it's cash, or <30 days on CC.
Eric
I am a dancing girl.
M
Wait, wait, wait. I remember now:
stage 1: Find underpants
stage 2: collect underpants
stage 3: PROFIT!!!!!!
ouch, i have been working a second job to fund my car habit. without it, i don't think i'd have any funds for the hobby as i have/had 2-3 kids in college, yada,yada,yada. with it, it's strictly cash (ATM) only for car parts.
Haven't got to the point where I can drop big bucks on a car just yet. I'm still working out the wrinkles (overheating problems) with the Beetle before it goes in for paint.
As for the 914, I try not to spend more than a few hundred at a time. It's easier to swallow in small ammounts. Unfortunately, it's slow and frustraiting. When you're on a tight budget and have mouths to feed, you gots to do it slowly.
R
QUOTE |
I pay for my project basically by not having a new-ish daily driver. Rather than buy a $30K 3-series and lose $15K on it in 5 years from depreciation |
If it weren't for credit, the RS wouldn't be finished until '07.
I paid about half cash. As for the rest, I'll be paying on it for the next two years.
I'm still about $25k in the hole on it.
Too much information?
QUOTE |
I'm still about $25k in the hole on it. |
QUOTE (914RS @ May 3 2005, 05:15 PM) |
If it weren't for credit, the RS wouldn't be finished until '07. I paid about half cash. As for the rest, I'll be paying on it for the next two years. I'm still about $25k in the hole on it. Too much information? |
QUOTE (Mueller @ May 3 2005, 01:27 PM) |
where does your money come from? |
QUOTE (tnorthern @ May 3 2005, 05:24 PM) |
I actually have never met you but I respect you much more now You are married right? Adds meaning to the term "keep your pimp hand strong" I personally am not married (any more) but I have respect for a man that can spend 25k on a personal project! |
QUOTE (914RS @ May 3 2005, 05:46 PM) | ||
Three words: SEPERATE BANK ACCOUNTS. Live by those words, and you might stay married. I don't live in CA, so I don't pay 70% of my income for a place to live. Over the past three years, 90% of my discretionary income has gone into the RS. |
QUOTE (Mueller @ May 3 2005, 01:27 PM) |
How do most people budget for repairs or upgrades to thier 914s?? |
between buying computers(usually obselete....except in my most recent purchases) and the 914 stuff and the dates with my g/f.....White Castle adds up ya know.......but i get money from working all the time....18 hours a week with 18 hours of school....and 40+ hours a week during summer. Still have a big amount in savings that my ()&*^*&^*%*(%&*^%&^%& mom locked up till i'm 22....but i figured out a loophole.....but it involves going into the red on my checking account, then balancing it out with savings
QUOTE (Mueller @ May 3 2005, 03:27 PM) |
Someone elses post about refinancing his house to get some money for his 914 got me to thinking.... How do most people budget for repairs or upgrades to thier 914s?? For me, it's mostly a few hundred bucks a month I can spare cash wise with a large $1000 purchase or so on my credit card that I know I can pay it off within 3 months or so (or until my wife sees my statement and yells at me ) Has anyone really done a re-fi and spend $10K or more on their 914 in just a few months? What about just going on a shopping spree with credit cards and just deal with paying off the $20K in a hundred years or file for bankruptcancy (I do not condone that) |
Any money that I raise from side jobs, (carpentry work) is mine to spend on my car. My income from my "real" job, goes to house payments, etc.
i tend to find one or two hundred/two hundred dollar parts a month that i "need" to have and scrape it together after the bills, or i get money from doing side jobs and selling off parts from my collection i have aquired a bit at a time. IM building a 924 carrera gt clone for a guy, he makes payments, they go towards MY car and when mine is running im going to be full tilt on HIS car. Ive also been known to do things like fix little fender benders to keep pple from claiming things on their insurance. Ive done some overal paint jobs- paid for my apt last year!- but that takes alot of my time so i try to keep it minimal. Basically i kick my ass 24-7 to pay for my car and since i also spend some and take care of the gf, she buys stuff for me every once in a while- im helping her pay for college taking up for her when she lacks funds.
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cooooool ass wife lets me spend what I want. w/h in reason of course. My problem is I never want to spend it. Can you say miser?
E
I used to use my income from my farm to buy crap, but ever since the border closed to cattle shipments it's been nada. The cash from selling parts has just (mabey) covered the cost of equipment to make them. Good thing I payed off the house a few years ago.
Banks got lots of money
I married a doctor and when I'm working I'm not doing too bad either. However I'm cheap when it comes to the 914 since I'm supporting a Boxster and a fast Audi too. Oh yeah I have even more money in my Echo than the 914 - Echo is sporting a $3000 suspension. Planning to sell the Echo and put the proceeds into a new engine for the 914.
Restored a 230SLyears ago. As the guy said to me at the MBZ parts desk..
'If you can't afford a new Mercedes, you sure as shit can't afford an old one'
I budget myself $2,500 a month for the 914 over the last 4-5 months. My problem is that I CAN NOT save it. As soon as I get it, I'm looking to get the stuff I need before I blow it on something else. It's funny, I do REAL well with investments, and businesses, but my wife is the one that saves the money...
Looking at the pile of shit in the garage, and my lack of modivation this week, I'm starting to think I need a new hobby...
I've got a room in the basement with a brand-spanking-new interior though...
QUOTE (CptTripps @ May 3 2005, 07:25 PM) |
I budget myself $2,500 a month for the 914 over the last 4-5 months. My problem is that I CAN NOT save it. As soon as I get it, I'm looking to get the stuff I need before I blow it on something else. It's funny, I do REAL well with investments, and businesses, but my wife is the one that saves the money... Looking at the pile of shit in the garage, and my lack of modivation this week, I'm starting to think I need a new hobby... I've got a room in the basement with a brand-spanking-new interior though... |
QUOTE (Howard @ May 3 2005, 09:28 PM) |
Yeah, but you're lucky at raffles.. |
URY914 says something like
"building the lightest 914 in history" I'm building the "cheapest" 914 in history. All told, the car MINT will only bring $7000 to $8000 resale though it will never be for sale, or when I'm dead! I'll have $500 to $600 in the paint and another $700 in the engine, and that's it!!
It's only a freaking car and kinda ugly, at that. I have an '84 RX-7 that only cost me $400 so far and it's in VG condition! Think about it, there are no nice lines on the 914. It's how the car drives that has us all amused.
What are guys you thinking? A $7000 engine? $3200 in suspension upgrades? Another $2000 in the interior a $2000 paint job? and still have an $8000 car on a GOOD day!! If the frame is solid and it doesn't piss alot of oil, consider yourself lucky.
I have a regular job, I work regular hours, I make a regular wage. As you know I've spent my evenings working on this car and I see it's restoration as another JOB. Not a second coming!
Correction $4000 for the rx-7.
My son poured $10k into his 84 Turbo RX7 after he bought it from me for $1500. It was in VG condition too.
For the 914 money I hold up 7/11 once a month...hell, they got lots of money just sitting there going to waste!
heres the motor
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Hey there.
I have been thinking that a ported 13B with Webers and a Ind, rear susp. would be pretty sweet!
And maybe a short shifter and some fifteen inch wheels......
QUOTE (Mueller @ May 3 2005, 01:27 PM) |
Someone elses post about refinancing his house to get some money for his 914 got me to thinking.... How do most people budget for repairs or upgrades to thier 914s?? For me, it's mostly a few hundred bucks a month I can spare cash wise with a large $1000 purchase or so on my credit card that I know I can pay it off within 3 months or so (or until my wife sees my statement and yells at me ) Has anyone really done a re-fi and spend $10K or more on their 914 in just a few months? What about just going on a shopping spree with credit cards and just deal with paying off the $20K in a hundred years or file for bankruptcancy (I do not condone that) |
I work any overtime at work I can and then there is always an income tax return and then if I really need a couple hundred, I change my W-2 for a couple of paychecks. But best of all my mechanic lets me pay when ever I can. I've known him for awhile, but he is a Porsche mechanic. Mucho moneys when I HAVE to use him. I'm just lucky to have a 914. Are there any more Sugar Daddy's around anymore?? Maybe I can clean his house for a few extra bucks...
I'm selling my truck to free up a car payment. Hauling the occasional load doesn't warrant a V8 as a daily driver.
However the home line of credit is also very tempting. What's $10k in upgrades compared to a $100k multi-room remodel?
Irresponsibly yours,
Jon
the 914n6 has an unlimited budget, but I don't so...
1. do the work yourself, it takes longer to spend the money
2. only do the things you need to (ex- it could definately use paint, but it doesn't need it
3. keep in mind that if you lose the car somehow, you will need to put all that time into a new one - that keeps it simple for me, I hate doing things twice.
4. I have a side job slush fund - the cash goes for 'nice' things as long as I have 3 months of bills in the bank.
5. Be cheap, but that takes practice and patience
6. have a written road map - it helps me prioritise the spending so I'll have what I need when I'm ready use it.
Hmm, I think this is the longest post I've ever written, hope someone is helped by it
Oh, and of course there's the embezelling, blackmail, and involuntary organ donation; but who doesn't do that?
Save / invest for years and years... spend only what you can.
When the times right, write a check for the toys that you always wanted with out blinking an eye.
Gotta start some where
Ok I will tell you my secret....well you see... if you buy a bag of potatoes for 1.75 and you sell it for 2.99 ....how many bags of potatoes equal a 3.0???
spartan apples are bought at 28 cents a pound sold at 59 cents a pound, on special.....how many pounds for a sc front end.....
Farmer sausage.....hot comodity round here....traded some for a set of munched 16s sixes and sevens.....
Became good friends with the A tire guy "Mike" from NTW and got a great deal on tires...His daughter was in the hospital long term with Easton... he also fixed the munched 16 s:D
also an added bonus we get 60cents per banana box...from the apple growers.....
how many banana boxes does it take to buy a sweet little Lincon welder with gas....
One day id like to open a few of these shops in Seattle its all about the turnover ratio!!
Debt, Hell yes!
I might as well put Visa and MC on my show car since they are my high interest rate "sponsors". I have and will leverage savings, LOC, stock and my cars. I'm on a mission...from g
My resto started with three cars given to me in exchange for work done for a friend,ten years ago.In that time I bought 1 more ($700.00 roller)and traded work for 1 more (really love the barter system).I swapped services for a paint job,traded and sold spare parts for other pieces I needed (or wanted) MANAGMENT says "no funds out of the house hold budget".Total moneys spent are under $4,000.Now I`m looking for tires,any tire guys out their needing there patio resceened or their house painted? signed:Cheap SOB
I use military tactics and improvised munitions to knock off banks in my spare time to feed my habit......
Seriously I find classic cars in non-restorable condition and I part them out. The rest comes from computer work on the side "found money". The Mrs just lets me spend what I wish, figuring I work hard making it.
This to her is a safe hobby, better than drink'in, tittie bars and stray women....
QUOTE (Steve Thacker @ May 4 2005, 05:35 AM) |
This to her is a safe hobby, better than drink'in, tittie bars and stray women.... |
As much OT as I want at the Lazy B.....the problem is I can only stand my regular 40 a week.
Sundays are a buck a minute. ....life is too short....
I have disposable income.
What comes in I dispose of.
KT
i work as many hours as I can at one job. The second one is fun-money. It doesn't help the fun-money job is spent around Porsches and parts all day. It's like making a kid with a sweet-tooth work in a candy store. Sure I get a discount ... means I can get more for a bit less! Brand new brake components, all around this past monday... $310 for everything! And this new engine fiasco... nearly liquidated all of my personal savings. I take about $100-$200 out of each month's pay that isn't spent on bills just to use on my 914 for fun or upgrades or savings.
It will never end.
-- anyone have a winning lotto ticket? I aim to make the first $1m 914...
QUOTE (Steve Thacker @ May 4 2005, 06:35 AM) |
I use military tactics and improvised munitions to knock off banks in my spare time to feed my habit...... |
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