Car Mods a waste of money?

[MrEL]

You can live in a car , but you cant drive a house.

[jimt3te50]

Does anyone care what I think?

[99AUXR]

Wondered when you or Dan would weigh in

[ebxr8240]

Originally Posted by MrEL

You can live in a car , but you cant drive a house.

You sure ?? Lol

[ebxr8240]

[mcflux]

Originally Posted by arronm

If you got the cash its not a waste.

If you bought a new inter-cooler and your kids have no shoes then it probably is..........

I know people who are like this, up to the hilt in debt, first little windfall & it's all "What debt? Treat yo'self"

[PooDog]

Originally Posted by Adamz Ghia

Nothing is a waste of money if it makes you truely happy.

yep ....the things that are really important to you , and most of us dont realise it till half your lifes over

just need to appreciate when you do : sloppy:y elrotflm

[xr8cam]

The only reason I can afford car mods is because we have no kids! After the mortgage and bills are taken care of, there is not much left.

[DBourne]

Originally Posted by jimt3te50

Does anyone care what I think?

Do you even mod, Bro?

[mike_nofx]

Originally Posted by tranquilized

I spent every cent I had on modding my cars for years. I was about 23 when I came to the conclusion that a nice car should be a reward for having earned enough spare cash, not the main priority at the expense of everything else. Being almost $20k in debt sure helped me come round... So I sold my EB V8 and bought a tired XF Panel Van on gas. Drove around in a panel van for the following 15 years.

Cleared the debt in a year or two, saved a bunch, started a business, sold the van to go travelling but when I got back I just had the business buy another van (XH this time, a small step up) and kept spending my money on travel.

Wasn't until a couple of years ago my partner and I bought our first house with a decent deposit, at the not so young age of 37.

Long story short though, I have no regrets at all. I loved driving around in my nice cars when I was 18 and into my early 20's. But I'm so glad I gave it away when I did and got to experience other things.

Lot's of people will tell you spending money on cars is a waste, and for them it would be because they aren't into cars. Maybe they spend all their money on something else - people keep mentioning drugs as though there couldn't possibly be any other alternative, but I know people who spend every cent on music studio gear, or travelling, guitars, whatever. People who save every cent or put it all on their mortgage are boring people, good luck to em.

When you're on your death bed you definitely won't be regretful for not saving enough money, but like everything in life it's all about striking that balance.

I like this and respect your choices, However I took the opposite approach. I put a deposit down on my first house at 20, didn't waste too much money on cars however I was driving a turbo'd 208 Torana at the time. Plan is to have my house paid off before 40 then after that I'll have most of my wage left to blow on cars should I choose to.

I wonder what the house you bought at 37 would have been worth back in your early 20's. Not trying to put you down, but merely pointing out that the "boring people" as you call them often have good reason for being boring.

[ebxr8240]

My first house and the one I live in was a whopping $64000 . Next investement $127.000 a few years latter another $330k . In Outer Sydney ., retired now at 63 . Just mentioning this to prove inflation helps in time . For the paye worker . Negative gearing is great . Helps housing and keeps old codgers off old age pension ..

[tranquilized]

Originally Posted by mike_nofx

I like this and respect your choices, However I took the opposite approach. I put a deposit down on my first house at 20, didn't waste too much money on cars however I was driving a turbo'd 208 Torana at the time. Plan is to have my house paid off before 40 then after that I'll have most of my wage left to blow on cars should I choose to.

I wonder what the house you bought at 37 would have been worth back in your early 20's. Not trying to put you down, but merely pointing out that the "boring people" as you call them often have good reason for being boring.

I hear you and wasn't suggesting anyone waits till they're 37 before buying a house, more just pointing out that it's not the end of the world if you do so and everyone takes different paths.

I have thought about the same thing though - what if I bought a house back in the day? In 2003 I had a mortgage pre-approved and was looking at property to buy, had a nice little deposit saved up and everything. Then the business opportunity came up and I sank all my money into that instead. Maybe I got lucky but all in all it's worked out pretty well I think. The key being I sunk my money into a business, not car mods or.... what else is there, cocaine and hookers.


***edit - the house I bought for $400k+ would have been worth about $60k back in my 20's, maybe less. But assuming it remained my primary residence, and my only property, that capital gain is neither here nor there. If I sold up I'd be buying in the same inflated market anyway. A lot of people seem to forget this.

[EB#]

Although I've spent some money on car mods I have never regretted it at all. It adds to the enjoyment and driving experience of the car, still knowing that the cost does not translate to the sale price come time to move it on. Mind you, the cars have been owned outright from the get-go and all mods financed with cash, not credit.

Dumping credit-card-money into a financed, depreciating asset is not the sharpest idea around.... That would be regrettable.

[FPV+fteT3]

Originally Posted by ebxr8240

image

Talk about mods this started out as an AU station wagon….

[tranquilized]

Originally Posted by FPV+fteT3

Talk about mods this started out as an AU station wagon….

Looks better now don't you think?

[EB#]

Originally Posted by woolleymammoth

.....Not much fun hooning around in your modded car when your 60

Am having fun doing that now at 49.... Still plan on doing it 11 years from now too.

[xr8cam]

Originally Posted by tranquilized

I hear you and wasn't suggesting anyone waits till they're 37 before buying a house, more just pointing out that it's not the end of the world if you do so and everyone takes different paths.

I have thought about the same thing though - what if I bought a house back in the day? In 2003 I had a mortgage pre-approved and was looking at property to buy, had a nice little deposit saved up and everything. Then the business opportunity came up and I sank all my money into that instead. Maybe I got lucky but all in all it's worked out pretty well I think. The key being I sunk my money into a business, not car mods or.... what else is there, cocaine and hookers.


***edit - the house I bought for $400k+ would have been worth about $60k back in my 20's, maybe less. But assuming it remained my primary residence, and my only property, that capital gain is neither here nor there. If I sold up I'd be buying in the same inflated market anyway. A lot of people seem to forget this.

I bought my first home 2005 $425k. I am now 47yo and same house est 1.1m Sounds good, but I still have a mortgage & if I sold it I still need to buy another one. The only reason I drive a V8 & spend money on it is because mrs & I don't have kids. Otherwise with school fees etc I'd be driving a holden.

[Carrion]

I moded my `73 model Corolla by putting a rear louver on it.

It blew off on the highway and a truck ran over it.

I regret modding the Corolla .

[Big_Daz]

If you can afford it, and its your passion then its not a waste of money.... I'm 34 and have just finished building my 1st house with my wife... In my younger years I spent all my $$ on cars, modding and motorsport stuff instead of a house... Do I regret it?? Not at all, I have memories that will last me a lifetime and some of my closest friends I would have only met through the car scene... So yes, I bought my first house later than some, but I wouldn't change a bloody thing....

[stevanford]

Buy a house, get renters in there and then go buy another car and enjoy. Put extra money onto the house when you're not spending money on mods. When you're ready to settle down, you have an appreciating asset and have bought it at a price that will be cheaper than buying in the future.

Also have the ability to pay the place off at an earlier age.

[FPV-F6-310FPV]

My regret is doing up my first 4 cars, sound systems, wheels, suspension, exhaust, etc. Being young then that was my hobby, but looking back now, should of saved the cash and spend it on other things. No regrets spending on my S15 and F6. I see these cars as actual machines. Especially the F6, its not a boys toy, but a Man's best friend

[The Yeti]

OK its like this

when I was 17 I had An XC GS ute, and I threw lots of Money at it, I then went on to a ZK Fairlane, then a ZL then I got all growed up and decided to lash out on a NC (was Polities old car when we was at City Ford) any how that was my I'm gonna straighten up and fly right car, I told my self I wasn't going to "Waste Money" cars any more that was in 1994 I got married in 97 and fortunately I had a workshop and a healthy number of my clients were in to modified fords, Chevs and Caddys. But I got out of that and in 2000 I needed something to cruze in we didn't have kids so the wife was easy to convince and we got at ZC Fairlane we've had kids and cars are still a healthy part of our life style.

I wouldnt call cars and modifications a waste of money how much would you pay for therapy? for me its my way to let off steam, to work my creative mind.

Some guys spend all their money at the pub or on Pokies, some smoke a pack a day, others spend a lot of golf and so on.

The way I see it is I don't smoke or gamble, this is my vice so I wouldn't consider them a waste of money for a second

I think there more important now than back when I was 17, now we have such exciting cars to drive as Camry's and outlanders you need a modified car if for no other reason than to remain sane.

[Dilzzyy]

Buys a fg turbo. think to myself nahh they are quick stock no mods, next minute but who drives a stock one maybe ill just get a tune, then well... if im gonna get a tune i might aswell do the injectors and cat because it will be better value for money, buttt then i gotta do cooler too cos power wont be consistant. if im gonna spend that much might aswell go e85. oh look turbo is maxed out, from this trend u can see my thought process and how i started going broke lol . i think i need to find a car that has next to no aftermarket support but is still quick from factory.

[ebxr8240]

Remember the days when a chrome air filter or rocker cover was a mod ?
I mainly did my own mods and bought equipement as I went and could afford..
Some was tax deductable .. This adds up over time.. I have a hoist and 9 X 10 garage ..
The assets in your house IS good and CAN be used as deposit (security) to purchase investement property.. BUT you have to budget and PAY your main home first .. Can be paid quick with tax refunds.. NEVER think you don't have to.. I have friends who say they have to keep working at 70 as they cannot afford $500 rent... Just keep that in mind you guys under 30...

[PooDog]

some mods dont cost anything ....like adapting your cold air intake off an au fairmont v8 onto your 1990 starlet 1.3 work hack ....i reckon it added the pace of a 3 legged hedgehog at 100km/hr !!

unfortunately i had to take it off coz in the winter the ram effect would ice the carb up and you had to pull up for 10 mins to let the heat off the motor melt it

not enough $ invested in R and D

[Madaya]

Mods are in my signature. Each one adds value to my driving pleasure, that is all. More concerned in keeping my daily safe and reliable. I'll be keeping the Ute for a while.

[Mercury Bullet]

Originally Posted by xr8cam

I bought my first home 2005 $425k. I am now 47yo and same house est 1.1m Sounds good, but I still have a mortgage & if I sold it I still need to buy another one. The only reason I drive a V8 & spend money on it is because mrs & I don't have kids.

I know so many people that have bought houses, bank tells them it's worth X$ and then off they go buying mercs and having holidays. Only to find out that house isn't worth X$ any more...and by the way you owe us some repayment money.

A friend bought a beachside property in Perth for 2.4 million. Got a valuation done recently as they want to downsize. Property is now worth 1.8 million.

Housing isn't a license to print money. Real Estate agents tell you it is though.

[mikeeman_ford]

Spending Money on cars i dont regret, i do regret selling a car to buy a newer one, the money spend on newer cars/then adding rims etc etc to them is huge, i spend close to 40 grand in total car+loan when i traded my old EF. If i threw 10-15k i could have had my EF with all top end gear and a sweet paint job. upgrading/selling is the killer, try and find a car you love and stick with it i reckon

[mike_nofx]

Originally Posted by Mercury Bullet

I know so many people that have bought houses, bank tells them it's worth X$ and then off they go buying mercs and having holidays. Only to find out that house isn't worth X$ any more...and by the way you owe us some repayment money.

A friend bought a beachside property in Perth for 2.4 million. Got a valuation done recently as they want to downsize. Property is now worth 1.8 million.

Housing isn't a license to print money. Real Estate agents tell you it is though.

There is exceptions to every rule and $2.4m beachside properties in Perth can be one of them. Though for 99.9% of normal everyday houses they will increase in value over time. I challenge you to show me any average house that is cheaper today than it was 5 years ago.

[wizardy]

just my 2cents but you cant take the coin with you so enjoy it while u can.
the wife and i cant have kids we both like our old steel fords and after the news i go from the dr yesterday i tend to wounder if its all worth it with out the destraction of car i think i would just drive into a rock wall.