Someone elses post about refinancing his house to get some money for his 914 got me to thinking....

How do most people budget for repairs or upgrades to thier 914s??

For me, it's mostly a few hundred bucks a month I can spare cash wise with a large $1000 purchase or so on my credit card that I know I can pay it off within 3 months or so (or until my wife sees my statement and yells at me )

Has anyone really done a re-fi and spend $10K or more on their 914 in just a few months?

What about just going on a shopping spree with credit cards and just deal with paying off the $20K in a hundred years or file for bankruptcancy (I do not condone that)

I deal with cash improvements, if I cant pay for it with cash then I cant afford it. But when bad things happen like my untimely oil pump seizing 2 weeks ago I start to scramble a little harder to collect what's needed to go on. I cant tell you how I would like to run out of things to do and need to buy for the seemingly endless 914 turbo carrera project.

feast or famine. I have no other hobbies but my car at the moment, but that is a few bucks here and a few bucks there. But there is usually an influx of cash every 3-4 months where I can splurge on lots of parts or big ticket items. Is it wrong to look for a second job, just for car money.. heh.

I save save save...

I put normally 50 out of each of my checks towards savings, another 100 for insurance and phone and gas.

Rest goes into my account which I use for my car.

this same topic was posted on the 4x4 forum i read. the guy was struggling to upgrade his jeep for a moab trip and wanted to finance the repairs with his house. i guess it comes down to a matter of priorities. the interest is deductible, but should you be spending it on your car? i don't know. i am in the mortgage business, so i see it everyday. would i do it? i gotta tell ya, i sure am tempted.

but to answer your question, i only upgrade after i have enough crack to sell. i mean, when i have cash in hand.

I was the beneficiary of a tidy personal injury suit..It helped my car habit, and made it easier to live (for awhile, it wasnt that big a settlement)

I wouldnt refinance the house for the car habit, thats just crazy

Ditto, only when I have the extra cash, but I did sell my mint GTI to fund the 3.2 install, priorities don't ya know

Ferg

ive been recycling all the beer bottles and cans i can find here

QUOTE (TimT @ May 3 2005, 02:11 PM)

I was the beneficiary of a tidy personal injury suit..It helped my car habit, and made it easier to live (for awhile, it wasnt that big a settlement)

I had a big personal injury too, but the moron in the other car carried almost no insurance.
On the other hand, I've got a decent job that pays a bonus twice a year. When the cheque rolls around, I put a little away for the teener.

I sold my boat and put all the money into the 914. Now a percentage of my appraising and consulting business fees go into the car. I never touch my retirement income for the car. So far business is good and the car is getting completed in a year and few months. It should be all done by July or August.

Whatever I can spend on it in cash. No credit cards except for making Internet transactions, and they get paid off ASAP. I have four "project" cars I'm juggling at the moment, so things happen very slowly. The 914 has sat outside untouched for several weeks now, and will remain untouched for probably another two months until I get another project done. I pay for my project basically by not having a new-ish daily driver. Rather than buy a $30K 3-series and lose $15K on it in 5 years from depreciation, I buy 3-4 projects for $15K and spend another $5-10K over time restoring them as I drive them, then sell them for $10-15K (total, so I'm down $5-10K on the deal). It's not always pleasent to HAVE to drive 20-30 year old cars, which is why, once this set of projects is done, I'm going to buy a 4-5 year old daily car I'll abuse and only have ONE project going.

Cars and spending money on them isn't a rational or economic exercise, unless you deal in hyper-rare Pebble Beach class exotica (and it's rarely economic then). Just calculate how much money you can throw in the fire every year, try to spend a little less than that, and have a good time doing it.

QUOTE

Is it wrong to look for a second job, just for car money.. heh

yea, I've thinking about becoming a part time male gigolo, only problem is I'd have to be so picky about my female clients that it might be hard to find 18 to 40 year old hot females that want to give up thier cash to me

QUOTE (Mueller @ May 3 2005, 03:24 PM)

QUOTE Is it wrong to look for a second job, just for car money.. heh yea, I've thinking about becoming a part time male gigolo, only problem is I'd have to be so picky about my female clients that it might be hard to find 18 to 40 year old hot females that want to give up thier cash to me

hope your wife isnt like 914RS's, and accidentally wanders on the board

QUOTE

hope your wife isnt like 914RS's, and accidentally wanders on the board

if I'm getting paid, the wife won't care as long as she gets some of the money

I don't think I have to worry about the wife reading this site, she knows me and the kind of people that hang out here...she wants no part of it, LOL

I use a small credit card, it helps me monitor my spending on smaller items, then it's paid off every month

bigger items require management(wife) approval, often after the fact though

Is it wrong to look for a second job, just for car money.. heh.

I worked in an autoparts store just to get the discount.
My paycheck usually went to paying off my account.

Now I just convince my wife that the money we save by skipping meals should go towards making the cars "reliable".

I support my habit with the money I get from all the parts I give away. . . .














Ooops. Nevermind.

let me clarify my cash comment.

all money gets put on the rewards credit card first, then we pay it off with the cash we hav eon hand.

As my girlfriend puts it I have "hobby A.D.D." so what I don't spend on one hobby I spend on another. That being said I have 2K in computer gear sitting on my dinning room table just waiting to be put into a case, about 1K in salt water fish tank gear sitting in my guest room waiting for a 120 gallon tank, upwards of 7K in the garage in Wakeboard gear (if you count the boat and the stereo system), and then 4K in the driveway worth of 914 and parts that I have yet to install. And don't get me started on woodworking and remodeling unfinished projects...

Damn... I could sell it all and have a nice ass 3.6 914 like 914RS, what am I doing?

QUOTE

all money gets put on the rewards credit card first, then we pay it off with the cash we hav eon hand

Very nice, I use my Southwest Rewards card for everything I do and pay it every month... now I need to decide where to fly three or four times this year.

QUOTE (Leo Imperial @ May 3 2005, 02:36 PM)

Now I just convince my wife that the money we save by skipping meals should go towards making the cars "reliable".

Your on borrowed time my friend, sooner - or - sooner she will get the message that your call will never be right and never to spend money on it again.. I was living proof of that, haha. Then I disposed of the irritation and bought another 914 hee hee.

Hey Mueller watch out for that she-male Aa-reonola, she's a big spender with a surprise for you.

If the member of the club that owes me the 3k that he has for the last 2 1/2 years would just pay up, I would have money to work on my car.

cash cash cash.... my second job (literally) pays for the 914.

that said, i've dug into the CC a few times. trying not to make that a habit... but it's hard when the car's not running and there's just that one more thing.....

QUOTE (Travis Neff @ May 3 2005, 03:44 PM)

Hey Mueller watch out for that she-male Aa-reonola, she's a big spender with a surprise for you.

raunchy my friend....quite raunchy

Lets see how am I paying for the 3.0 conversion. Basically it is from savings. I put money in an account for the car fund. I had about 10k saved up and a 2.4 and an oil tank. I decided to get married and buy a 911 so the 10k went to 911 and ring plus the proceeds from selling off the conversion parts. Coming up on 5 years of being married and the car fund has been replenished so I started on the conversion again. Then I blew through the budget due to un expected issues with the 3.0 I purchased. Honey instead of using the tax refund to pay down the mortgage this year cab it go in the car fund so the conversion can be finished. Answer "you have been talking about this for so long just do it and quit asking". So that is how this project is getting funded. 4 years of savings tax refund and generous wife.

Nick

QUOTE (Travis Neff @ May 3 2005, 02:44 PM)

QUOTE (Leo Imperial @ May 3 2005, 02:36 PM) Now I just convince my wife that the money we save by skipping meals should go towards making the cars "reliable". Your on borrowed time my friend, sooner - or - sooner she will get the message that your call will never be right and never to spend money on it again.. I was living proof of that, haha. Then I disposed of the irritation and bought another 914 hee hee. Hey Mueller watch out for that she-male Aa-reonola, she's a big spender with a surprise for you.

Jedi mind bend. It works every time. Just don't piss off the wookie, she'll tear your arms from there sockets! Then their are the drugs. That's how I got her to marry me in the first place. A week later they wore off... Man that was a gas!

At my house, 75% of each paycheck goes to the house account, 25% goes to the earner's personal account. Bonus checks go to personal accounts. Tax returns and other refunds go to the house. Gifts and hobbies are paid from personal accounts. (I love the commercials where a housewife buys a new Jag as a "gift". Thanks Honey, what are my payments going to be?) Most of our financial conversations are about what constitutes a "house" spend.

All I've got to do is manage my personal account across the 914, the trimaran, the old wood ketch, woodworking tools, new electronics, etc. etc.

So for me it's cash, or <30 days on CC.

Eric

I am a dancing girl.


M

Wait, wait, wait. I remember now:

stage 1: Find underpants
stage 2: collect underpants
stage 3: PROFIT!!!!!!

ouch, i have been working a second job to fund my car habit. without it, i don't think i'd have any funds for the hobby as i have/had 2-3 kids in college, yada,yada,yada. with it, it's strictly cash (ATM) only for car parts.

Haven't got to the point where I can drop big bucks on a car just yet. I'm still working out the wrinkles (overheating problems) with the Beetle before it goes in for paint.

As for the 914, I try not to spend more than a few hundred at a time. It's easier to swallow in small ammounts. Unfortunately, it's slow and frustraiting. When you're on a tight budget and have mouths to feed, you gots to do it slowly.

R

QUOTE

I pay for my project basically by not having a new-ish daily driver. Rather than buy a $30K 3-series and lose $15K on it in 5 years from depreciation

My motto exactly! Three and a half years ago I had new car fever bad yet I had a perfectly fine '94 Jetta commuter in excellent shape. So instead of buying a new car that would have depreciated $10K by now I bought the 914. Last summer I was getting the same new car itch on top of the 914-6 itch so I bought the 911SC. It was a great deal that fell into my lap. The Jetta is still running strong and easily has another 3-5 years of life left in it. I figure both Porsches will have been "paid for" with money I didn't spend in depreciation on a new car.

I've tried to resist upgraditis. I've been mostly successful on the 914 so far. I've been thinking about six conversions and upgrading to a real six for a long time but financially it just seems like a money pit. After getting a ride in a car with a fresh 2056 I think I'm going in that direction. Sure it doesn't have 200hp but it probably has 50 more hp than the current stock engine.

And I don't charge anything that isn't paid off at the end of the month. I'm hoping that when the Jetta finally dies I can buy another daily driver for cash rather than take on car payments but we will have to see if that becomes a reality.

If it weren't for credit, the RS wouldn't be finished until '07.

I paid about half cash. As for the rest, I'll be paying on it for the next two years.

I'm still about $25k in the hole on it.

Too much information?

QUOTE

I'm still about $25k in the hole on it.

I actually have never met you but I respect you much more now You are married right? Adds meaning to the term "keep your pimp hand strong"

I personally am not married (any more) but I have respect for a man that can spend 25k on a personal project!

QUOTE (914RS @ May 3 2005, 05:15 PM)

If it weren't for credit, the RS wouldn't be finished until '07. I paid about half cash. As for the rest, I'll be paying on it for the next two years. I'm still about $25k in the hole on it. Too much information?

Not really...I am sure you are not the only one....if you think about it, what is wrong with financing your dream 914??

people buy/finance boats and RV's everyday that probebly get less use in a year than your car did in one weekend.....

QUOTE (Mueller @ May 3 2005, 01:27 PM)

where does your money come from?

thin air. no, i'm serious ...

i just barely made rent this month!
Andy

QUOTE (tnorthern @ May 3 2005, 05:24 PM)

I actually have never met you but I respect you much more now You are married right? Adds meaning to the term "keep your pimp hand strong" I personally am not married (any more) but I have respect for a man that can spend 25k on a personal project!

Three words: SEPERATE BANK ACCOUNTS.

Live by those words, and you might stay married.

I don't live in CA, so I don't pay 70% of my income for a place to live. Over the past three years, 90% of my discretionary income has gone into the RS.

QUOTE (914RS @ May 3 2005, 05:46 PM)

QUOTE (tnorthern @ May 3 2005, 05:24 PM) I actually have never met you but I respect you much more now  You are married right? Adds meaning to the term "keep your pimp hand strong" I personally am not married (any more) but I have respect for a man that can spend 25k on a personal project! Three words: SEPERATE BANK ACCOUNTS. Live by those words, and you might stay married. I don't live in CA, so I don't pay 70% of my income for a place to live. Over the past three years, 90% of my discretionary income has gone into the RS.

ditto on the bank accounts...we have 3 accounts, mine, hers and the joint house account...what sucks is that mine has normally just a grand in it at any one time if I'm lucky, the joint a few grand and her account has 5 digits not counting right of the decimal point....I cannot touch her account at all

only things on my credit card is 914 related right now, those carbonfiber deck lids, the Link ECU and a bunch of seals for the car....I'll pay at least half that off this week...then it's time to wait for another paycheck

QUOTE (Mueller @ May 3 2005, 01:27 PM)

How do most people budget for repairs or upgrades to thier 914s??

Poker

between buying computers(usually obselete....except in my most recent purchases) and the 914 stuff and the dates with my g/f.....White Castle adds up ya know.......but i get money from working all the time....18 hours a week with 18 hours of school....and 40+ hours a week during summer. Still have a big amount in savings that my ()&*^*&^*%*(%&*^%&^%& mom locked up till i'm 22....but i figured out a loophole.....but it involves going into the red on my checking account, then balancing it out with savings

QUOTE (Mueller @ May 3 2005, 03:27 PM)

Someone elses post about refinancing his house to get some money for his 914 got me to thinking.... How do most people budget for repairs or upgrades to thier 914s?? For me, it's mostly a few hundred bucks a month I can spare cash wise with a large $1000 purchase or so on my credit card that I know I can pay it off within 3 months or so (or until my wife sees my statement and yells at me ) Has anyone really done a re-fi and spend $10K or more on their 914 in just a few months? What about just going on a shopping spree with credit cards and just deal with paying off the $20K in a hundred years or file for bankruptcancy (I do not condone that)

Not exactly, but...

I get $150 twice a month in the "car fund". Gives me $3k a year to fart around with old beaters. When I needed something that cost more than I had, I waited. If I had the money in the car fund, I never had to ask. No arguments ever. It was bliss. It used to work great until the resto went into full swing.

We didn't finance the house. We were putting $2k a month towards paying off all of our debt except the mortgage, one cheap car lease and monthly consumables. We were there! Now we've acquired a new debt (that $10k+ that you mentioned). Guess what that got spent on?!?! Let the begging begin! Now Shar said I could have $1500 a month through September which should provide the cash to get the car finished. Until then we are dumping only $500 a month toward the resto debt. In september that will go back up to $2k a month until it's all paid off again. It made more sense than letting this resto drag on for another 3 years.

So, I guess I'm guilty of financing my dream 914. But it will be paid off very quickly, so it wasn't done irresponsibly.

Here's another tidbit of wisdom from someone who's BTDT: I will most likely never do a full on restoration ever again. It's far cheaper to buy someone else's work instead. Live and learn.

Any money that I raise from side jobs, (carpentry work) is mine to spend on my car. My income from my "real" job, goes to house payments, etc.

i tend to find one or two hundred/two hundred dollar parts a month that i "need" to have and scrape it together after the bills, or i get money from doing side jobs and selling off parts from my collection i have aquired a bit at a time. IM building a 924 carrera gt clone for a guy, he makes payments, they go towards MY car and when mine is running im going to be full tilt on HIS car. Ive also been known to do things like fix little fender benders to keep pple from claiming things on their insurance. Ive done some overal paint jobs- paid for my apt last year!- but that takes alot of my time so i try to keep it minimal. Basically i kick my ass 24-7 to pay for my car and since i also spend some and take care of the gf, she buys stuff for me every once in a while- im helping her pay for college taking up for her when she lacks funds.

cooooool ass wife lets me spend what I want. w/h in reason of course. My problem is I never want to spend it. Can you say miser?
E

I used to use my income from my farm to buy crap, but ever since the border closed to cattle shipments it's been nada. The cash from selling parts has just (mabey) covered the cost of equipment to make them. Good thing I payed off the house a few years ago.

Banks got lots of money

I married a doctor and when I'm working I'm not doing too bad either. However I'm cheap when it comes to the 914 since I'm supporting a Boxster and a fast Audi too. Oh yeah I have even more money in my Echo than the 914 - Echo is sporting a $3000 suspension. Planning to sell the Echo and put the proceeds into a new engine for the 914.

Restored a 230SLyears ago. As the guy said to me at the MBZ parts desk..

'If you can't afford a new Mercedes, you sure as shit can't afford an old one'

I budget myself $2,500 a month for the 914 over the last 4-5 months. My problem is that I CAN NOT save it. As soon as I get it, I'm looking to get the stuff I need before I blow it on something else. It's funny, I do REAL well with investments, and businesses, but my wife is the one that saves the money...

Looking at the pile of shit in the garage, and my lack of modivation this week, I'm starting to think I need a new hobby...

I've got a room in the basement with a brand-spanking-new interior though...

QUOTE (CptTripps @ May 3 2005, 07:25 PM)

I budget myself $2,500 a month for the 914 over the last 4-5 months. My problem is that I CAN NOT save it. As soon as I get it, I'm looking to get the stuff I need before I blow it on something else. It's funny, I do REAL well with investments, and businesses, but my wife is the one that saves the money... Looking at the pile of shit in the garage, and my lack of modivation this week, I'm starting to think I need a new hobby... I've got a room in the basement with a brand-spanking-new interior though...

Yeah, but you're lucky at raffles..

QUOTE (Howard @ May 3 2005, 09:28 PM)

Yeah, but you're lucky at raffles..

EXACTLY!

And what Joe said...seperate Bank accounts....more than one if you can!