Car Mods a waste of money?

[asagaai]

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.

My brother had a beachside house in Mandurah WA, going through a property divorce now. Before his wife ran off to Melbourne for ex boyfriend some 3 years odd ago house was worth on paper some 1.2 million. Latest valuation now house is worth now some high 8s to low 9s.

WA property has taken a hit last few years.

[BOSHOG]

Originally Posted by 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.

find joy where you can, an XB coupe sounds like a nice place to start

[The Yeti]

Originally Posted by 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.

Mate I can only imagine what the dr told you, and that's exactly why I think toying with cars is good for your mental health

I hope it comes good mate

[wizardy]

ok i need to apologize for my rant i have put some more concrete in my morning coffee and hardened the f-up but i reality if your going the route of gathering wealth good for you just make sure it doesn't consume you above all else live life.

[Sabantien]

If cars are your hobby or your passion, it can't be a waste of money.

It's a personal choice to decide if you want to buy a house first or not. A lot of people just can't afford to, or would rather not. There's plenty of talk that you can be better off renting in certain circumstances, but that's a discussion for another thread.

For me, about the only mods I'm interested in making to my car are a better sound system. I'd rather spend my spare cash on photography gear and musical instruments. I don't need another expensive hobby!

As others have said, if you're not going into debt for it, do what makes you happy.

[Mercury Bullet]

Originally Posted by mike_nofx

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.

My mothers. It was valued at $500k in 2011

My mother passed away in January and it is now valued at $375.
That's a huge hit in 5 years.

These are legal valuations for estate purposes, no fudging figures.

That $500k would be worth a hell of a lot more if it was put in a bank.
So much horsepoo around real estate it's not funny. Only winners are estate agents.

And I could go on and on. Check prices in Broome compared to five years ago.
Those people who bought in Karratha for millions and are now worth less than a 4 bed tent from Rays tent city.

If you think real estate prices can't go down, then I've got a really big bridge...it's for sale.

And just for my little political rant...Negative Gearing Stinks

But back on topic...why oh why did I sell my Cobra????
Never spent 1c in mods on that.

[mike_nofx]

Originally Posted by Mercury Bullet

My mothers. It was valued at $500k in 2011

My mother passed away in January and it is now valued at $375.
That's a huge hit in 5 years.

These are legal valuations for estate purposes, no fudging figures.

That $500k would be worth a hell of a lot more if it was put in a bank.
So much horsepoo around real estate it's not funny. Only winners are estate agents.

And I could go on and on. Check prices in Broome compared to five years ago.
Those people who bought in Karratha for millions and are now worth less than a 4 bed tent from Rays tent city.

If you think real estate prices can't go down, then I've got a really big bridge...it's for sale.

And just for my little political rant...Negative Gearing Stinks

But back on topic...why oh why did I sell my Cobra????
Never spent 1c in mods on that.

And here we have the 0.1%. House prices which were artificially inflated by the mining boom that have now come down in value due to the winding down of said boom.

[RANGEREST]

Of course car mods are a waste of money, so is eating out vs home cooked with home brand ingredients , buying new clothes vs St Vinnies.etc etc.(the poor buggers doing that are also driving $200 cars)
Most of our hobbies could be deemed a waste of money.
My ski boat for example could be a reasonable deposit on another house, and the fuel we put through it each summer would just about cover the shortfall after rent on the repayments.
BUT the value my kids/family get out of it is irreplaceable.

Spend some, save some for the future and enjoy yourself along the way.

[Spurious]

Jeez we gotta have something to do 'eh.

If I didn't own anything I'd just be some knob sitting on a plastic chair in the park!

[xr8cam]

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 was 37 also when my partner & I bought our first house. The biggest regret I have is the $170,000 wasted on rent before I bought. I would encourage anyone to buy a property as soon as you can. I would highly recommend not rushing into having kids. Get yourself set up first. Just because everybody has children doesn't mean you have to. It is a huge responsibility, massively expensive and you are committed for life. I don't know why so many rush into it when everybody complains how tough it is.My partner & I work hard & she likes her time off unplanned.We have dogs instead, which is a big enough responsibility and it gives us our 'parenting' vibe The cost of rent these days is more or less the same as a mortgage repayment. The cars available these days also don't have to cost a lot to look good or go hard. Example. back in 1977, an XC Falcon 500 sedan with a 4.1 six was an absolute barge and a slug in the performance stakes. A 2007 BF XR6 in N/A is a looker and quick,and there's the turbo version. Stock, they go well and look great without having to spend anything. With the XC you need to do everything and it costs a fortune.The comfort I get knowing I can't be evicted and I have an investment is priceless. As many others have said and I guess what I am trying to explain, is everything in moderation and have a good think before you commit to things. Ask yourself: Do I really need this. Will this improve my life. What are the pro's & con's. You can have pretty much everything you want if your disciplined. Start as early as you can, it just gets harder every day you leave it. Most believe the Government will phase out the pension as we become more and more like the USA every year. The country cannot afford to keep taking in more and more people who depend o welfare. Add to this a growing ageing population and it simply will not be able to maintain
You young people, work together and help each other buy units or houses. All of you live in one and pay a big chunk off, then borrow against that and do it again. Thats how other cultures do it, makes a lot of sense.

[Swordie]

Originally Posted by Dilzzyy

Just curious , how many car enthusiasts on this forum have ended up spending alot of cash modifying their cars and regret it? Im from the younger generation and alot of people my age are putting there whole pay checks on mods. Some are still on finance but have had alot of cash spent on them. Ive owned 3 cars now , bf xt, vy calais super6, fg xr6 turbo and all have had a fair bit of coin thrown at them. At 24 now i have taken a break from cars and started saving for a house as i have recently worked out how much i've spent modding them which has left me shaking my head.

If you like cars. Make sure your house has space to store them (e.g. garage). If your are wise with money wealth will build and you will have money to spend on them.

[XB GS 351 Coupe]

The secret is (for me anyway) to spend money you have spare on cars, but not to the detriment of your future, bought my first real car (XB GS Coupe) at 17, bought my first house at 21, busted my balls and paid first house off at 30, sold house and build bigger house, busted my balls for another 10 years and sold house again.

Then decided to go all out and move into the bush and really bust my balls to earn more cash, and build my dream house and shed at a dream location, three months to go and I will be living in it.

All along spend little by little on cars and have build up a nice collection of cars I like.

Obviously if cars is not your thing then it's a waste of money.

In the mean time I have also had a LOT of fun, enjoyed life, raised a family have pets, horses and other hobbies and lived and worked in some great places.

It's about balance, spending all your cash on cars is a waste if you ask me.

[dutchie393]

I dunno, when it comes to cars, all reason goes out the window....
Had i been sensible, I'd be a lot richer today coz i wasted a lot... but then... I now also have a lot more money than i used to when i was younger spending it on 4 barrel carbies and extractors...
so now i continue that trend of wastage, but on car mods i could only dream about doing back then.

[Qwerty321]

Car mods are a waste of money. Just like alcohol, junk food, overseas trips and pretty much everything on this planet that isn't an appreciating investment. Car mods are a waste of money on paper, but everyone already knows that. They're just like having a dinner out at a fancy restaurant or going for a holiday in Europe. What's the point of money if you don't spend it doing things you love?

That said, have your priorities straight. If your falling behind on your mortgage or bills, are struggling to put food on the table or afford new shoes or uniforms for your kids, then car mods are definitely not something you should be considering spending money on in the slightest. If you've got disposable income to spare though, then by all means go get that loud exhaust your neighbors will hate you for ��

[malazn mafia]

Originally Posted by Adamz Ghia

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

This. The most depressing thought is working all one's life and dying with an overstocked bank account, and no memories or experiences to show for it. For me, car mods and speeding tickets are worthwhile expenditure. There is a whole lot more no strings attached excitement to be had behind the wheel of a motor vehicle , than can be had with any woman or kids.

[123Cat]

Or the dollar crash takes it all away
Not really mods,,,, but I love putting parts in a simple ED, keeping her fit and well

Have a good 3 days off