Personal Loan to Buy Speciality Car

[Rev_D21]

Car hauler will be do-able and would be part of the plan if this idea were to become more serious. Hauling it around is not the issue at the moment, I am questioning if I am capable of, or worthy of caring for this piece of Nissan history. I wouldn't be worried about financing it, I know all cars lose...some more than others. I could snag this thing at 7.65% through my bank, talked to them last night. I have many things to ponder here. The nice part is the truck is still being raced and won't be available to buy until Spring of 2011 which gives me some time to get things in order before I drop the hammer. I would not be buying it to flip it for a profit, I would be buying it to own a piece of history and a pretty damn cool Hardbody. I wouldn't care if it lost all its value, they can't take its pride.

[Bubba1]

I said I might cone race for fun but main idea is to own a piece of history and show it. Read first, then make the special breed of stupid comments like you usually do.

Regardless of everything, like I said before, you will need a hauler. It's not something you can drive on a public road and expect the motor to last long. Race motors have a ~20 hr lifespan.

An IT car/truck isn't going to appreciate in value. You may be able to trick someone into paying more than you paid for it, but if anything, it's going to take a nosedive each year. Even if you wanted to, given the fact you cant even really race this truck anywhere outside of Atlanta I believe (in a series), it's kinda worthless to begin with. IT isn't even a national series, they're all regional. Basically you'd be going into debt to buy furniture.

You're also getting hosed on the price if the asking is 5k. I bought a functional proper IT car that won it's region within the last couple years for 4k, it came with the farm (3 spare sets of wheels/track tires, spare motor components, spare brake pads, spare fluids, spare fenders, etc) AND I can actually use it in a series in my region (unlike an ITT).

Jim is right on, the purchase price is really just the beginning. Keep in mind, race cars live very hard lives, most are not streetable, and their parts have drastically shortened lives. If you already have a tow vehicle/trailer PLUS a place to store all of them when not using them, and are handy with a wrench, you have a good headstart, but it's still an expensive hobby if you just intend to use it for an occasional autocross or track day. If you have to finance the purchase price, you just need to be aware that you'll be spending more money to keep it. That's all.

[Rev_D21]

I hear you and it's all part my of list of things to consider. The price to buy is usually way less than the cost to own.

[Bubba1]

I hear you and it's all part my of list of things to consider. The price to buy is usually way less than the cost to own.

Any pics of the truck available or is it too early in the process?

[Rev_D21]

Check your PMs.

[Urabus GodofTraction]

[Hey...stupid (fun!), you're still getting a personal loan on a race car! While it's a piece of history to you, it's not exactly an appreciating asset. Stupid, stupid, stupid idea...stupid!

It's only seems stupid from your perspective, Charlieo er Urabus. Not everyone has cash lying around to devote to the "hobby "(whether he takes it to shows or has fun with it at a race track is irrelevent) Yes, it's true that buying a race car is not generally an appreciating asset and one should probably try to avoid buying one completely by credit, but that should not dissuade him from investing in something he wants. IMHO, getting an old race car in good shape especially one with a history tied to someone well known in the field is very cool. You're also off base about insurance. track car policies are common.

It's not an investment, please don't label it as such. It's purely a hobby. If he can't afford cash for a hobby, he needs to find some self-control and wait till he does. Or he needs to generate the cash. I'm also aware it's possible to insure it (hence the most likely uninsured, not uninsured).

7.65%...ridiculous.

[Bubba1]

It's not an investment, please don't label it as such. It's purely a hobby. If he can't afford cash for a hobby, he needs to find some self-control and wait till he does. Or he needs to generate the cash. I'm also aware it's possible to insure it (hence the most likely uninsured, not uninsured).

7.65%...ridiculous.

I think you're letting semantics get in the way of the point. Buying a race car is absolutely an investment. The return on the investment is not monetary, which seems to be your argument. The return is actually the pleasure of owning, showing, and driving such a cool car. As far as self control, what OP does with his money for his hobby is his business, not yours. And as a fellow enthusiast, I applaud his wanting a cool vehicle like that and his exploring ways to get it done. He was simply soliciting advice, I'm not sure why you felt it necessary to label financing as stupid. Its not. You need to ease up.

And as far as insurance goes, you're changing what you said earlier. You claimed earlier most race cars are uninsured. You were wrong, The fact is, most people carry insurance for their track use cars. But the insurance issue is moot anyway. OP was talking only about using the race car for an occasional autocross, which carries considerably less risk than a race track event.

[Rev_D21]

Hmm, well since you seem to know it all then what's to argue. I'll just pay cash for my house and such. I am not a kid, I'm almost 35. I have a good steady job with a Peterbilt dealer. I can pay cash for this truck, many times over in fact. I would rather hold on to my cash and make small payments over a short period of time...what's the problem with that? You are only seeing this thing as an investment, not a hobby which I have said time and times again...IT IS A HOBBY!!! You talk like you have a golden spoon in your mouth. 7.65% amounts to less than $200 interest after is all said and done, chump change. Small price to pay on something I think is cool and unique. It's not a $170000 race car, it's a cheap ITT Nissan truck that has won national championships, Nissan factory built. It would look killer in my garage. As a Hardbody fan my erectlon is fully inflated. It's not that I don't have the money...I do. I would just rather make small payments over time so I don't have to dig into my pockets in one sitting. Part of having good credit is so I can make these kinds of moves. Insurance...let me worry about that, that was not the question I was asking any how but if you must know it will be insured properly, not uninsured. I play by the rules. I have said before, I don't care if it loses all value...it's more the meaning than the money <<<RE-Read this one more time. I am not flipping it, I might cone race with it once I am comfortable and properly trained to do so. I will also be showing it, I take my other Hardbody to shows, this one would tag along so other people can enjoy it. It could show up at a NICO event, those are the things I have been daydreaming about for the last two days. Not, "can I daily drive it?", "will it be a reliable form of transportation to and from work?", "How many MPG will it get in the city?"...s*** like that, no no. So stop looking at it as one would a regular car...it's worth something to me...not NADA or KBB.

[Urabus GodofTraction]

And as far as insurance goes, you're changing what you said earlier. You claimed earlier most race cars are uninsured. You were wrong, The fact is, many people do carry track insurance for their cars, but only if the car is worth enough to insure. But the insurance issue is moot anyway. OP was talking only about using the race car for an occasional autocross, which carries considerably less risk than a race track event.

Nope. Nothing changed. Most likely stays most likely. But you're right, it's mostly moot for autocross.

Hmm, well since you seem to know it all then what's to argue. I'll just pay cash for my house and such. I am not a kid, I'm almost 35. I have a good steady job with a Peterbilt dealer. I can pay cash for this truck, many times over in fact. I would rather hold on to my cash and make small payments over a short period of time...what's the problem with that?.

Debt is debt. Why have it if you can pay it off many times over? It's not like you're going to use the money you're saving to make better than 7.65% in the market anyway, and by your own argument you'd be getting a short term loan just to make a tiny profit in the market. Why worry about the payments? Cut a check, enjoy actually owning it, rather than just driving the bank's property. Ridiculous.


You asked if it was a good idea to get a personal loan for a car. And the answer is no, it is not a good idea to get a loan, fiscally, on a depreciating asset (99% of cars) and unless you're not using the car as collateral, emotionally, because you wouldn't even own the car. But you're going to get it anyway, so why even ask the question?

[Rev_D21]

We agree to disagree then? I do see your side, debt is debt but your argument is executed rather poorly...poorly executed. Rash and without concern, so you'll pardon me if your opinion is rather unwelcome, I asked a stupid question...not to be called stupid. You invalidated yourself to me the second you did that. Your approach is like a used car salesman who thinks his customers are clueless and your tact might as well have been scraped out of a public toilet bowl. So point taken, thank you that's enough for me.

[Urabus GodofTraction]

We agree to disagree then? I do see your side, debt is debt but your argument is executed rather poorly...poorly executed. Rash and without concern, so you'll pardon me if your opinion is rather unwelcome, I asked a stupid question...not to be called stupid. You invalidated yourself to me the second you did that. Your approach is like a used car salesman who thinks his customers are clueless and your tact might as well have been scraped out of a public toilet bowl. So point taken, thank you that's enough for me.

Anyone who says "we agree to disagree" thinks they're right. You call it poorly executed, but I call it like I see it; stupid.

Enjoy your truck, stupid.

[Urabus GodofTraction]

Anyone who says "we agree to disagree" thinks they're right. You call it poorly executed, but I call it like I see it; stupid.

Enjoy your truck, stupid.

Keep being a pompous know-it-all brat, piece of s***. Now leave this thread.

Rev, no matter which way you end up going about purchasing the truck, the important thing is that you'll be happy with it and enjoy the ownership experience. Keep doing what you're doing!

Take your meds, Eric.

[Urabus GodofTraction]

Take your meds, Eric.

Can you spare me some of yours?

P.S. UF is loosing this weekend.

Loosing?


If FSU wins burger-flippers the nation over will once again be proud alumni.

[Urabus GodofTraction]

I didn't know the grammar policed patrolled NICOclub forums.

Yep, and if UF wins the hotdog stand owners will once again be proud alumni. Two can play that game.

........Let's get back on topic.

Hot dog stand owners are entrepreneurs!

[Jesda]

Not all debt is the same. Debt is a tool you can use to put yourself in a better position (and I don't mean socially). Debt is the reason Ford Motor Company didn't take TARP.

[Urabus GodofTraction]

Would you shutup already.

Going to send me another fake warning, are you, Eric?

Not all debt is the same. Debt is a tool you can use to put yourself in a better position (and I don't mean socially). Debt is the reason Ford Motor Company didn't take TARP.

Let's not confuse a leveraged multi-billion dollar business with a $5,000 minitruck, you wag.

[Razi]

Fight Fight Fight Fight Fight!

[Urabus GodofTraction]

Going to send me another fake warning, are you, Eric?

Depends. Are you going to throw another hissy fit over it?

Only one way to find out!

[Urabus GodofTraction]

Only one way to find out!

God, you're obnoxious.

Let's get back on topic already.

Chiiiiiiiiickeeeeen. And it's General Chat. There is no on topic!

[Jesda]

Let's not confuse a leveraged multi-billion dollar business with a $5,000 minitruck, you wag.

There's a parallel between Ford and the decisions and investment choices of American households, but you're dead set on browbeating us with the simpleton advice of a religious zealot with a radio talk show. Perhaps you're intent on repeating it loudly without any further depth or analysis because a simpleton is all you are.

Now, in response to this, you're going to use some cheeky, shallow one-liner, thump your chest, and throw your feces at the glass cage while scurrying off to eat the bananas that the zookeeper just tossed in.

[LEMHEAD16]

Buy it Rev, and let Dave Ramsey suck it.

[Rev_D21]

Thanks for the input from everyone. This thread needs a good cleaning, too much trolling going on. I have 6 months to get all my ducks in order for this. Non-trolling opinions welcomed.

[Encryptshun]

Have you considered pooling your money with a couple local buddies and then time-sharing the car? Seriously, it might be a win-win all around. A few of my buddies up here do it with their standard track cars as well as the Lemons car they compete with. Might be something to think about.

[Rev_D21]

I have considered that too but I like the idea of being sole owner much more. In all reality, if the owner won't be ready to turn the title over to me until the Spring I have more than enough time to set aside an extra cash fund for this venture. As for transporting the truck to NY, I have a Florida-New York car hauling Peterbilt fleet customer who might be interesting in helping me out. Storage is no problem. I have a couple ducks in line now, working one duck at a time over here. As the time gets closer I might have some GA members check it out for me to make absolutely sure I want to go through with this. If all checks out then BOOM GOES THE DYNAMITE...truck will be in my driveway in the early spring.

[Urabus GodofTraction]

Let's not confuse a leveraged multi-billion dollar business with a $5,000 minitruck, you wag.

There's a parallel between Ford and the decisions and investment choices of American households, but you're dead set on browbeating us with the simpleton advice of a religious zealot with a radio talk show. Perhaps you're intent on repeating it loudly without any further depth or analysis because a simpleton is all you are.

Now, in response to this, you're going to use some cheeky, shallow one-liner, thump your chest, and throw your feces at the glass cage while scurrying off to eat the bananas that the zookeeper just tossed in.

Dude, I love bananas.

There are few if any parallels between Ford or American households going into or maintaining debt for strategic purposes, and a loan for a toy. Now if you'll excuse me, I have feces to smear using my kick-a** opposable toes.

[Rev_D21]

AND...I will have paid fair market value for a 97 Hardbody!

[LEMHEAD16]

but you're dead set on browbeating us with the simpleton advice of a religious zealot with a radio talk show. .

ZINGG!