ladies and gentlemen, i have done the most stupid thing a man can do in life, and thats wonder if the car he is blowing all his cash on is really worth it.
My EA is pretty well stock, with good exhaust and intake, recon motor, 4spd thats kinda on its way out, stuffed suspension bushes and a rooted rack. Its also needing new paint and rust repairs (rust isnt too major) and the interior is half way to Fairmont Ghia spec.
Now, i like this car, i have had many fun times in it, its proven to be reliable, comfy, have a decent amount of go etc. But i cant help but realise its only a EA, the chassis is mega sloppy and i could spend all sorts of $$$ on it and come up with something respectable, but deep down it still is a EA. And its going to take $$$ to get the poor thing back up to scratch.
my intentions were to flog it off next year, and get myself a EF/EL Ghia, dumped with FR18 Simmons. Maybe a manual conversion for it, but nothing mega drastic. Sounds good, just get a smallish loan and i'd be fine. But i'd never get any resale on the EA as it is, i'd have to spend money to get money and letting it go for a silly price cos of its minor imperfections would suck. And i know, i could really use the money towards a EL to buy the Simmons for the EA, get the manual in it, cut sick with a blower or a turbo or whatever.....decisions decisions
Atm im studying but plan to work full time next year, i want my house asap so would like to start working on a deposit relatively quickly, taking all things into account (me wanting a respectable FAST street driven Ford....and be able to get insurance...im only 19 still) what is everyones opinions on what i should do? Many of you have spent mega moolah on cars im sure.....whats everyones experiences/advice?
(oh and laminge, if my story touches you, dont hesitate to offer some compensation hahaha a HAD donk making HALF the power of the mingenator would suffice :) )
Amen brother . . i think im in exactly the same situation :/
As long as i own this car i have its gonna drain all my money . . it already has. I think practically every spare $ ethier goes to putting petrol in it or making it run faster and look better.
I was thinking about selling it b4 i spend too much *cough cough* . . but sikEA, why the house man? Houses cost shitloads just to live in let alone pay off. . and ur same age as me, so y not live at home longer?
Anyways back to the EA, i think if u dont mind taking out a loan (personally i dont like owing money or spending money i dont have) then go for the EL, it'll prolly save urself from spending too much moola on the EA b4 u regret it?
Originally posted by sikEA
But i'd never get any resale on the EA as it is, i'd have to spend money to get money and letting it go for a silly price cos of its minor imperfections would suck.
.....i know what u mean!
With the car, i just got me a EF and am loving it. As for the loan i got on it im not too stoked about owing money on something thats going to depreciate quite quik
With your house, buy one and rent it out, STAY AT HOME.. heres why i say that.
1) If the rent doesnt cover the cost of the loan, the difference is tax deductable (or at least it used to be)
2) U dont have to pay for food, etc
1st car EA Fairmont Ghia, extractors, exhaust
2nd EF GLi, 'custom' interior, extractors, exhuast
3rd EA Fairmont 5spd, low'd, extractors, exhuast, head
work, 3.45LSD, EL dash, interior+ El ECU
4th EB2 Fairmont, EL dash and interior, BBM, LSD etc etc
5th EB Fairmont Ghia 5L. All leather, lowered, exhaust etc
Why buy a new car with new problems, if your car is reliable and your happy with the performance fule econ ect then keep it. Unless the car you are planing to buy is in guaranteed top class condition! Better the devil you know i say!
I under stand , and agree with all ideas ..at least your thinking about it and talking to some peoples about it., shit wished i had dune that 13 years ago, belive me , Ive just ticked over to 33 and just getting on back on track and cars are just the same as they were when i was 19 , out of price range and just as intresting., shit iam
if the Ea cranks over every time all the time and you like it keep it.. And go and get a house any house rent it out and stay at home , aspeacily if at home all you have to do is mow the lawn and take the garbge out. Try and get a new house packge as old ones chew up the rent in repairs and shit ,,
And then theres the other side how rooted is the Ea is it a now , right now thing.
small persnal loan low low intrest rate But double the repayments pay off the new broomie and then your a dynamow in the banks eyes and they lend you any thing for a house.
Nothing wrong with dreamin , as long as its not when your driving ,
I'd look at getting a house, either as an investment or to live in. May be harder early on financially, but the rewards down the track are greater. Then you can borrow against your house to get any car or do any mods you want. Stick with the EA, as parts are plentiful, and relatively cheap.
If you bought the EL, you would be upgrading brakes, suspension, stereo, then 5sp coversion, more power, maybe dealing with a spot of rust, and then you will have a car that is "only an EL". How long befor an EL is the same price as an EA, then you'll be back where you are now. I've seen many friends who planned to "only put rims and an exhaust on it". It always keeps on going beyond that.
By the way, I had the opportunity to buy my dream car, and decided to buy a house instead. The house came with it's own insulated garage with a nice little fire place for the cold ACT winters. 3 years later, I bought my dream car. Now rental prices are a lot more than my mortgage. House prices have ridden steadily since then as well....
Good luck with your decision
'67 Mustang V8 4sp... what fun to drive!
I reckon sooner or later every young person will come to this stage. What to do about moving out, what to do about the car, etc etc. I am of the opinion that if you know you are going to get rid of the car in a year, two years, whatever, then don't bother doing it up in any major way. You'll lose out on it. Sure, your car may not be up to the level others are at, but who cares. And if you were to get an EL for example, you've spent a whole heap of money to get it, and it's still only a stock EL. That will have to be modded too, so I say stick with the EA for a while, and slowly do it up. There's no rush, you've got your whole life. Don't try and live it all while you're young.
As for a house, when, and only when you have a good secure job should you consider doing anything about a house. My suggestion would be to take a loan, buy a house where prices are set to increase, and rent it out. This way someone else pays off the rent, and you can live at home for a bit longer bill free, etc. Many young people can't seem to get out of home fast enough, but they don't realise the benefits of it. So yeah, after a while someone else has paid off your loan, or at least a large amount of it, and if by the time that you feel it is ok to move out, and the house has appreciated in value, then I would say sell it and make a profit, and buy another house. Keep doing this throughout your life and you'll live very happily.
Anyways, if you really want to be happy and secure financially, don't muck around with cars until you have some spare money to burn.
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