oppo affirm my poor decision

"Ducky" (Ducky) 04/04/2014 at 01:31 • Filed to: None

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so right now i'm driving a 2000 V6 mustang convertible, which seems to be worth anywhere from 3000- upper 4000 depending on the phase of the moon and how sunny it is here in florida.

i have no cash but also have no debt, no expenses, good credit, and part time software engineering internship income (~$600/2 weeks)

i'm bored with the mustang and have decided i want an NA miata. i want to take out a personal loan for 4k, buy the miata, sell the mustang and pay off that loan plus hopefully have some gravy.

this is obviously stupid but i really want you guys to tell me it sounds great.

Luke's Dad Sold His 2000TL To Get a Sienna > Ducky 04/04/2014 at 01:34

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You're in Flordia tho.
There's so much random crap that Florida registers as an automobile.
I would know.
I have a toaster registered as a small SUV there.
But like, you can get a grey market car that isn't legal anywhere else but Flordia.
WOO FLORIDA.

Ducky > Luke's Dad Sold His 2000TL To Get a Sienna 04/04/2014 at 01:35

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the main point of contention with this plan with people i've talked to is buying the car on credit, but i really do honestly appreciate you telling me the car i'm trading down to isn't stupid and terrible enough

Luke's Dad Sold His 2000TL To Get a Sienna > Ducky 04/04/2014 at 01:37

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Oppo approves of all cars ^-^ Especially Miatas (but I don't have a special opinion on them) but people achieving their dreams are always happy for everyone ^-^ Good luck with your Miata buying :D

The man in the iron mask > Ducky 04/04/2014 at 01:37

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have you done it already? the miata is a good choice to go for, but if your mustang is reliable and has no problems i would stick with it. Maybe upgrade the fucker a bit with gears and an lsd.

Your boy, BJR > The man in the iron mask 04/04/2014 at 01:41

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Yes. I agree. LSD will make it better.

Aaron James > Ducky 04/04/2014 at 01:44

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Wait until you are done with college and then get exactly what you want. Also, personal loans usually come with ridiculously high interest rates.

Ducky > The man in the iron mask 04/04/2014 at 01:46

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Haven't done anything yet, which is why I'm counting on you guys to tell me that dumping my reliable, paid Mustang is a great idea.

upgrading the mustang is definitely a bad idea though, shit weighs 4000 lbs and the v6 is anemic.

Ducky > Aaron James 04/04/2014 at 01:52

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well i'm going to do that either way, and i'm well aware about the personal loan. a personal loan paid down over 2 years is how i financed the mustang originally (my credit union wouldn't take a 10 year old car as collateral) and i definitely wouldn't do that again. the loan would just be so i'm never without a car, i'd get the loan, get the miata, and then hopefully the mustang sells in a month or two, and take all that money and pay off the loan. if the scheme works out, i pay like 1 or 2 months interest, which I can afford, but that's still throwing money away

CRider > The man in the iron mask 04/04/2014 at 01:52

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That 4.0l V6 is making at best 220 hp, it doesn't need an lsd.

Aaron James > Ducky 04/04/2014 at 01:57

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Ok good plan then. I wouldn't dip into your intern money for a car payment, you'd really miss that cash flow. I read it as you were going to sell the stang and add a 4k loan on top of it for a new car. I will say though, you know exactly what you have with the mustang and any used car holds the unknown.

Ducky > Aaron James 04/04/2014 at 02:05

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oh definitely not. i'm looking at regular NAs driven by retirees and kids, not that gorgeous, 47k mile NA that was on oppo earlier today

definitely true. i figure this is probably the last real shot i'll ever have at getting an NA miata though, because in early 2015 i'm selling whatever car i have and moving across the country and taking on an actual car loan and getting an S2000. by the time that's paid off NAs will be collector's items and i'll have to start thinking about buying a 3 car garage so i can put a sedan next to the S2000. then i'll have actual responsibilities and not just the ridiculous bullshit ones you have in college.

Ducky > CRider 04/04/2014 at 02:06

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this is the 3.8L, it made a glorious 190 hp 15 years ago

Aaron James > Ducky 04/04/2014 at 02:11

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I will add that everything changes once you hit the real world. Once I got married I decided it was time to get a new car, the wife and I were both doing very well and I was going to get a BMW, then my friend reminded me that I really didn't want my future children puking on and otherwise ruining that supple leather among other more practical reasons like 2 dogs and inlaws that lived 3 hours away meant I needed more space so I got a Durango. 13 years, 2 kids and a divorce later, still no BMW. I should have done it when I had the chance.

Ducky > Aaron James 04/04/2014 at 02:18

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this is exactly the affirmation of my crazy ass idea i needed. do something dumb while the stakes are low and there's plenty of time to recover if things go south.

i have this romantic idea of keeping the s2000 forever, having it be in the one car part of a 3 car garage under a cover. my grandkids will ask and wonder what it is, and i'll tell them it's the best damn car honda ever built, and you have to drive it yourself. they won't believe me. not for a second. they'll also absolutely, totally refuse to believe you have to shift gears yourself. parked next to that though is totally going to be a minivan or something equally soul crushing.

Aaron James > Ducky 04/04/2014 at 02:25

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I usually try to be the voice of reason but really your miata idea isn't a bad one at all. The only things I regret in my life are the things I didn't do. Everything else good or bad was all part of the ride......

NotUnlessRoundIsFunny > Ducky 04/04/2014 at 02:28

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Oh, does this hit close to home. Think of me as the Ghost of Oppo Future. I bought my dream car when I was single, and it sits in the garage entirely too much, but when I take it out I forget about the idea of ever selling it. I suppose I'll have to explain it to people one day.

I'm going to irresponsibly say that if you're really into the Miata, it doesn't sound like such a bad plan. Assuming you can sell the Mustang and cover the loan.

CRider > Ducky 04/04/2014 at 02:34

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Even better! Yeah, if you can move into a Miata (or anything really!) without taking a hit do it. Your Mustang must be such a depressing thing to live with.

The man in the iron mask > CRider 04/04/2014 at 04:15

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eeeeh no, any rwd needs an lsd if you dont want to make a one wheel peel...
and that mustang doesnt have the 4.0

The man in the iron mask > Ducky 04/04/2014 at 04:27

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Well if i were in that position i wouldn't trade it for a miata that may come with issues, and that is just 2 seater and must come with a little trunk space. It must be fun to drive but, well i dont know if with that money you can buy one that is in good shape.
and well a friend of mine replaced the entire axle for one of the gt. 3.73 gear ratio and it made a hell of a difference, the axle included the lsd so he gets off the line pretty quick. Also he can start drifting by just using the throttle.
Your stock gears must be 2.72 which make the engine feel with less power that it may have, and it would help the engine with the heavy car.

Crocket Bernet > The man in the iron mask 04/04/2014 at 04:43

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Upgrading a V6 in an SN95 is like putting lipstick on a pig. You should always start with the best stock vehicle you can afford so you don't need to do so much to get it to the point where it actually preforms.

Crocket Bernet > Ducky 04/04/2014 at 04:49

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Personally buying a car 100% on credit is something I wouldn't recommend. As someone who tends to be cautious about things involving money/credit I would personally wait until after college and try to pick up that S2000 of your dreams. Although if you feel that you could make this work on your small intern cash flow then I'm happy for you.

Jayhawk Jake > Ducky 04/04/2014 at 08:37

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I don't see the problem. Your plan makes sense, and will improve your credit score. Just don't miss any payments.

Ducky > The man in the iron mask 04/04/2014 at 08:49

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http://ocala.craigslist.org/cto/4405467684…

davedave1111 > Ducky 04/04/2014 at 08:52

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The bridge loan sounds like a sub-optimal plan to me. Can you not find a cheap rental for a few days? Or even the world's cheapest junker as interim transport? Seems to me it would make your life much simpler if you can sell your Mustang first.

Ducky > Jayhawk Jake 04/04/2014 at 08:59

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Definitely not. This is a "bridge" loan, not a loan I'm keeping around. Worst case scenario it lasts the 3 months of summer, I sell the Mustang to CarMax and use my internship money and pay off any interest.

Ducky > davedave1111 04/04/2014 at 09:07

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It would be so much easier to sell the Mustang first, but I absolutely need uninterrupted transportation and at least with the bridge loan I'm spending minimal amounts of money on "waste." My personal loan APR is something like 12%, so I'd be spending $40/month on nothing while I have the Miata and I'm waiting on someone to buy the Mustang. Worst case scenario, if nobody's bought it by August I'll sell it to CarMax and have enough from my internship + CarMax's pittance to pay off the loan.

Rental is difficult because I'm 22 (not to mention more expensive than $40/month), and buying a junker seems like a riskier move than taking out the loan. At least with the loan it's got a fixed cost, the junker's cost depends on how much I can work to recoup my investment into it.

Ducky > The man in the iron mask 04/04/2014 at 09:09

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it's a 2 seater with no trunk space, but i'm a college kid who doesn't need it anyway. i'm not hauling anything, just going back and forth between work, school and home.

i agree with crocket though, upgrading the v6 seems silly. you're starting with such a shit car, if you want a fast mustang it makes more sense to just start with a v8

Ducky > Crocket Bernet 04/04/2014 at 09:11

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i bought the mustang on 100% credit, and yeah, i wouldn't even mention this idea if i didn't think selling the mustang could 100% cover the cost of the miata. i don't want more payments.

how've you been though dude

davedave1111 > Ducky 04/04/2014 at 09:15

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Won't you have a whole bunch of arrangement and early repayment fees to pay as well, if you take out a loan?

I think hire cars must be much cheaper here than wherever you are. Even with a small premium for being under 25, you could rent a supermini for a week or two for about £10 per day. Maybe not the very cheapest option, but it's a convenient way to get a half-decent car on a flexible basis for the interim period.

Getting a real junker shouldn't be too risky at all. You ought to be able to sell it for what you paid for it unless it dies completely, and even if it does die, the scrap value ought to be not much lower.

Ducky > davedave1111 04/04/2014 at 10:04

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Here in Orlando, advertised rates are about $10/day for subcompacts. Rental definitely isn't feasible.

My credit union doesn't seem to have any early payment fees, but I didn't know that was a thing. I'll ask them about it.

Every time you register a car here in Florida, you have to pay 300+ dollars in registration fees, plus it has to be insured. I'd be spending hundreds to save tens of dollars.

davedave1111 > Ducky 04/04/2014 at 11:04

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I think I misunderstood you slightly about the loan, to start with. You're thinking something more like an overdraft than a car loan, right? If your credit is good enough to get a $4k loan you can pay back when you want with no problems and at a good rate, it's a better option than trying to pay back a car loan early.

Rental might not be as expensive as you think, because you'd be doing things the other way around. Instead of taking a month or two to sell the 'Stang after buying another car, you only need to rent once you've sold it, and until you buy a new car. That might be only a few days if you've been keeping an eye on the market and already know the car you want to buy. A few days at ten bucks a day may be worth it to avoid the hassle of arranging and repaying the loan.

It does seem like you've considered all the options and the one you're going for isn't completely crazy. Make sure you keep up insurance on both cars, though, just in case some scrote steals one of them.

One other thing to mention is that you may not have realised just how impractical a Miata is. The boot (trunk) is virtually nonexistent - it's quite wide, but the whole thing is about as deep as Paris Hilton.

americancarfanboi > Ducky 04/04/2014 at 12:34

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Do it yesterday, because miata, that or if you can rebuild an engine buy something worthwhile because not miata

The man in the iron mask > Crocket Bernet 04/04/2014 at 14:39

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Well its true, but when you dont have that kind of money you upgrade what you have in your hands.

The man in the iron mask > Ducky 04/04/2014 at 14:40

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Take it, it looks cool in white

Crocket Bernet > Ducky 04/04/2014 at 16:45

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I'm doing all right. I just started resoration on another boat this week and been doing alot of working, both at my job and for school. How are you?

Ducky > Crocket Bernet 04/04/2014 at 18:54

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school is crashing down hard on me right now, but after this week i should be pretty free. for whatever reason 2 of my classes are going to be ending a month early, with a final project and final exam next week and then a month of presentations of those projects.

Ducky > davedave1111 04/04/2014 at 18:58

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you're correct. i can afford 4000 either way, but hopefully it should just be an advance on the mustang's sell money.

that's a good point. if i get some good offers on the mustang (so far that hasn't really happened yet) i'll look into that.

i got approved for a loan from my credit union today, so any time in the next 30 days i can come in, sign paperwork and get cash. they charge a $30 loan fee and i get $3970 to do with as i please.

i'm not worried about the practicality of it. i'm in college living with my parents, i don't need practicality or usefulness.

davedave1111 > Ducky 04/04/2014 at 21:14

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Oppo is a strange place. How often do the words '$4000 loan to buy a car', 'college student', and 'living with parents' not add up to financial disaster? But you sound like you have your head screwed on, and that sounds like a nice cheap line of short-term credit.

"i'm not worried about the practicality of it. i'm in college living with my parents, i don't need practicality or usefulness."

If anyone can make it work, a college student can, but be aware that if you so much as take a passenger to the shop for beers, they'll have to have the beers on their lap on the way back. It's impractical by my European standards, and I grew up driving a supermini.