Cash. I save up a portion of my paycheck to get the parts I want!

 

I'm 22, but graduate college in December. I've been making the car payments on my own and as soon as I graduate, the insurance goes under my name (ouch). But I'm expecting to start making decent money since I'll be graduating with a B.S. in Engineering. I'm planning on moving back home with the rents for a while to save up money before I move out.

As far as mods, I'd purchase them with my credit card and then pay it off immediately. Leaving a balance on your card is the worst decision ever. If you don't have the money to theoretically pay with cash, then you shouldn't be modding your car. Just save up and buy it all at once. Once my car is paid off, I'm saving up my money to go turbo. I figure I'll do everything right the first time.

 

Sparrow, if your definition of "fast" is quarter mile times, then yes, absolutely do not waste money (I say waste because you will not recover the cost when you sell the car) on a supercharger. Sell the S now, and then find a car that is a better platform to start from. You will be much happier as the dollar per drop in E.T. ratio will be a lot better!

That said, have you tried to use the S for what is was meant for? Try going out to a local autocross or track day. You may find that all that money you wanted to spend on a supercharger could be better spent on driving/racing schools.



Back on topic, I'd have to say I'm a 1A-ish guy. I don't live with my parents, but I do live in a house they own (free rent) and I'm still on my dad's insurance policy until the age premium goes away. I make a good living on my own, but this extra savings certianly helps with the expensive parts for this car.

I do not buy parts with money I do not have. It makes no sense to pay interest to own depreciating assets. That means you are losing money two ways However, I have no problem letting the parts sit on the credit card for a month while the cash I would have paid earns interest in the bank or my investments.

 

I realized how badly I wanted to do this so I sold my golf clubs, snow board and every other toy I had before the S - then I begged my wife and took on debt! God Bless America!

 

My wife wouldn't let me get into that debt, and she knows I really want parts too!!!

As for me, I am just saving cash in the bank. Something like $100 out of each paycheck. It's small enough so that it doesn't hurt my monthly expenses of rent, food, utilities, car payment, insurance, etc.

So roughly about $200 a month. I won't see a turbo kit for at least another 3 years!

Maybe sooner with income tax return and work bonuses....

 

I just recently turned 20, and no I dont have drug lord parents to help me with all of my mods. I pay with what I have in my debit account only, I dont use credit cards for the mods. I am making payments on my car, rent, and I will start paying off my student loans once I graduate in hopefully 2 more years. The only thing my parents help me out with is insurance.

I've been saving everything since I was a kid and got a really good deal on a miata with a lot of turbo parts to install. Then when that car got totalled (it was parked when it was hit), I used a lot of the money from parting that car out to pay off most of my car.

 

I pay for my car and my insurance, and when i do buy parts i pay cash, i limit my cc to only gas and food (bad experience with car stuff on card),

 

If I cant buy it cash, I cant buy it!! Unfortunately that means I dont have to many mods But ive been down the mod debt road before, and im still paying for it, so this works for me.

Andres

 

Formula Redline: to answer your question no I do not think quartermile times determine how fast a car is. In fact I think draggin is the dumbest form of car racing. It seems as if some1 wants the car a lil faster in a straight line people assume you wanna drag. I simply wanted a bit more power. No I do not autocross, nor do i track the car. I love the car's handling abilities and driver connection experience when i drive on backroads this is the kind of sport driving i do, this is why i bought the car. Furthermore driving/racing schools are to far from me. I respect those that make that commitment but I only wanted a lil more pep in the step.

 

By not keeping some balance on your credit cards you aren't building credit. There is a difference between getting in debt beyond your income and being in "Good debt" to show creditors you are responsible. Car loans arent the only loans you will ever need. Owning a place to live/investment property is very important.

If you rent your entire life, you can never be "Debt" free, because you will always be forking out cash for a home you will never own. Once you own a home you ALWAYS have money....things get rough you can use your equity to stable yourself out. Want a turbo kit? Oh your house appreciated 20k this year(Free money) refinance and take out 5k and you still gained 15k...

I pay for my parts by managing my debt, however, If i needed to pay everything off im in a position to do so with my real estate. I am married no kids 24 years old.