Pay it off or buy mods ?

[charlie]

There is a sale pending on my 93. If it is sold, I will have enough money to pay it off. I though I would have enough to pay it off and spend about 3k in mods.... But I forgot I took out 3500 from my savings for the Colorado bike ride.

So now I either mod it.
Or pay it off, and tell Terry the stuff I'm going to buy will be one item a month, instead of all at once.

Thanks for you opinion.
Charlie

[BC Lightning]

to buy will be one item a month, instead of all at once.

Make payments and do a mod a month. The L is like a house, its good debt, no since in paying it off early but it might be a personal thing to where it feels good to pay off early, but if you match per month in savings what your spending on a payment then you will have $$ in the bank once it gets paid off, So my advice make payments, put money in a roth IRA and it will turn into alot of $$$ later on, and be content with doing a mod a month

[charlie]

I cant do both. I make good money (for me) But not enough to make payments on the house, the "L", the Harley, my credit card, and my lasic surgery, and buy mods every month. So I must choose.
Besides I HATE payments. I was debt free ( except house) for a very long time. And now all of a sudden, I have all these payments.


Charlie

[99WhiteBeast]

Maybe split the difference then re-fi
1/2 on the balance and re-finance
1/2 on mods

[charlie]

Maybe split the difference then re-fi
1/2 on the balance and re-finance
1/2 on mods

Hummm food for thought I did not think of that one.

Thanks

[RUNVS]

I'd pay it off, but that's just the way I think. I financed my '01 for five years and paid it off in a little over three. The less notes to pay, the better. :tongue:

[Sixpipes]

Interesting poll results. My personal opinion is that folks understand once you get started on modifications, it is very hard to do so within a budget. So most folks voted for you to do the sensible thing and pay it off mainly because none of us was strong enough to do it ourselves. You will find that reason and sense have their place... just doesn't apply to truck mods. :cool:

[Ohmsby]

Each of our situations are different, I like to pay for things with cash but let's face some time's that's not possible. I agree with Dennis on this one. Any amount of common sense I may have with my finance's does not apply to the L :hammer:

[PUMP]

Pay it off and use the $$ that you would have paid in interest to do the mods.:D
If the choice was having an L with payments or no L at all, then payments are justified.

[charlie]

I hope I'm not counting my chickens before the eggs hatch. I decided to pay it off. And just buy $300.00 a month in mods. ( you know what I mean). So that means that I will not be getting the stuff that 99WhiteBeast and I spoke about. But I am getting the rear support cover from Terry tomorrow. That money came from a unexpected sale, and the better half don't know about it..... :D .

Thanks for the ideas and opinions

Charlie

[WA 2 FST]

I voted earlier, but didn't have a chance to reply. I think you did the right thing. $300/mo will add up quick. You'll have some decent $$ for parts in no time.

Unless its 0% financing, I think its wise to always pay off depreciable assets... and as much as we think of these trucks, they depreciate.

[mustgofaster]

Just me... I'd pay it off, but I like Whitebeast's idea too... 50-50.

[charlie]

Just me... I'd pay it off, but I like Whitebeast's idea too... 50-50.

Well after arguing with the calculator for a week. I have to wait 5 more weeks to pay it off. Because of all the add on crap I bought with the truck. The worthless warranty, gap insurance, and some other insurance I thought was a good idea at the time. I canceled all of it. There going to give the check to the finance co. They will deduct it from the balance. After that. I can pay it off. And I might just have a little left over for mod's. But 6 weeks will probably be to late to get what I wanted from 99whitebeast.
And no I'm not spending any money before then. Yes I'm a chicken.

Charlie

[ghostt]

you'll spend more i know you, your going to be like me a garage with alot of parts just waiting to go on . and pay it off you know its always cash or i dont need it at the time... and damn it start a 401 or some other saving plan i keep telling you that .. drop me a line im over what ever i had and dont sleep 20 hrs a day when im off later..... and your hooked again .

[BC Lightning]

and damn it start a 401 or some other saving plan i keep telling you that.

exactly, thats what I was trying to say in my earlier post, once its paid off yes you wont have that expense, but if that money you were going to pay it off with was put in a 401k, Roth Ira, or another savings plan especially if your company will match what you put in, it can turn into millions in 30 years. you have to plan for the future, yes it might be nice to have one less bill, if you pay x amount as a payment, then save the same, you'll end up with a lot more in the end.

I make sure to put the max amount into my Roth IRA as well as 401k, I could have paid off all my bills along time ago, but the amount I will have collected over the time I have made the payment and putting into savings outweighs just paying it off

just my .02

p.s.,if anyone is looking for a financial planing company, I use Cain Watters and Assoc. They handle all of my accounts, taxes, etc as well as my dads accounts, and all of his Dentist, Dr. and Oral Surgeon friends' accounts

[charlie]

Some one's calculator must be spitting out bad #'s. (maybe mine)

I figured it this way..

I borrowed 10k and some change for the truck.
My pay off would have been almost 16k. It was almost 5k + in interest.

There is no way my savings account would produce 5k + in the same amount of time. It would be less than half of that.

So I figure I'm saving more money in the long run. No matter how you add it up, I come out way ahead paying it off now.

Charlie

[Mark #2]

Some one's calculator must be spitting out bad #'s. (maybe mine)

I figured it this way..

I borrowed 10k and some change for the truck.
My pay off would have been almost 16k. It was almost 5k + in interest.

There is no way my savings account would produce 5k + in the same amount of time. It would be less than half of that.

So I figure I'm saving more money in the long run. No matter how you add it up, I come out way ahead paying it off now.

Charlie

Did you put this on your credit card?
$5K interest would be ~5 years at 18%.

[charlie]

Did you put this on your credit card?
$5K interest would be ~5 years at 18%.

Used truck with 88k miles, bad credit.. 18% inintrest... Sounds about right.

credit card.... LOL no. I put the Harley on that......J/K


Charlie

[charlie]

In responce to BC Lightning, LOL I'm confused again!


LOL 30 years....I hope I'm not around in 30 years. I've suffered enough!

Besides. I still don't get why anyone would pay more money in interest on a loan, than they would get out of savings on the same amount of money, or any other type of savings account.

But I'll tell you what. You show me any kind of savings account that will even come close to earning the same amount of money I'll be paying on my loan interest, in the same amount of time, and I put my money there.

In short. Prove what your saying is true. And I'll put my money up.

Charlie

Oh.... Tom, I'm putting away as much money a month as you are now. knana