$16k what to do?

[DTKII]

OK so I'm new to the forum have been lurking and learning for about a month. I just paid off my 401k loan and am going to take another one out for $16k in 3 months to get a MS3.
I had found one without a motor but didn't buy it to pay off my loan. I would like to know what you all would do if you were in my position and what u think about my plan.
Plan A: buy an 07-08 MS3 in good condition for around $13k and spend around $3k on the following mods
FP internals
Ap
Cnt TBE
SRI
Cx racing fmic
Cobb bpv
Motor mounts
Grim speed EBC
Cobb short shifter.

Plan B: buy a car with a blown motor for 7-8k and spend the rest on mods and a new motor.
What would you all do and what are your opinions on my plans. Suspension will come later. Thanks for all your knowledge. MSF FTW.


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[Mchart]

No sense in buying a fubar MS3 and building it if you don't plan on going BT right off the bat.

[bostongeorge]

^^Read prior comment.

[ms3rick]

Originally Posted by Mchart No sense in buying a fubar MS3 and building it if you don't plan on going BT right off the bat.

This


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[anavrinIV]

buy the lowest mileage, newest ms3 you can for 16k then mod it appropriately as you can afford it.

[Mi06Speed6]

Originally Posted by DTKII I just paid off my 401k loan and am going to take another one out for $16k in 3 months to get a MS3.

So I am a fan of moding cars and all, but as a financial professional, please do not tell me you are taking a loan out on your 401(k) for a car.

[Chimmike]

Originally Posted by Mi06Speed6 So I am a fan of moding cars and all, but as a financial professional, please do not tell me you are taking a loan out on your 401(k) for a car.

THIS.

Sorry broski, but retirement=more important than a MS3. You'd earn more over the life of the loan in earnings on the 401k than you will in interest you're paying yourself. Bad idea all around.

If you can't get a conventional auto loan, it's not meant to be.

[DTKII]

Originally Posted by chimmike THIS. Sorry broski, but retirement=more important than a MS3. You'd earn more over the life of the loan in earnings on the 401k than you will in interest you're paying yourself. Bad idea all around. If you can't get a conventional auto loan, it's not meant to be.

I know this is gonna sound dumb but I have 38 more years to worry about that. I am still young but I have enough sense to have a retirement plan and not to be contributing the minimum amount required to take advantage of what my company matches. Also I can get an auto loan but I'm not trying to get into a debate about whether or not I should or shouldn't take money out of my 401k or throw 8% interest out the window for the next 3yrs on a bank loan. Yes I know that may seem like a high interest rate but I'm working on that too. Thanks for looking out though.

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[leon78]

There is a hole lota WTF going on in here! That is all.

[redmnsterut]

I would not recommend getting a blown engine MS3 if you dont plan on going BT. That being said, you seem like you're going to take the loan out on your 401(k) regardless (not the greatest idea regardless how many years you have till retirement) so buy one that is in good shape, low miles, little to no modifications, and clean title. Less problems you have to deal with from the previous owner the better.

[CamSpeed360]

Originally Posted by DTKII I'm not trying to get into a debate about whether or not I should or shouldn't take money out of my 401k or throw 8% interest out the window for the next 3yrs on a bank loan. Sent from my Galaxy Nexus using Tapatalk 2

I'm 22 years old with very little credit history and I got a 4% interest rate over 4 years on my car through alaskausa. And no no I didn't have mommy or daddy cosign. I'm independent. I too had the option of pulling out my 401k money to buy the car. But then I realized that, that was just retarded.
Don't fuck with your retirement unless you're in dire financial trouble. Because when that day comes that you need that money for an emergency, you're not going to have it.

But I suppose I have no business telling you how to handle your money. This is only my experience and opinion. You will love the ms3 though. Good luck.

FapaCalk

[DTKII]

Originally Posted by CamSpeed360 Don't fuck with your retirement unless you're in dire financial trouble. Because when that day comes that you need that money for an emergency, you're not going to have it. FapaCalk

Thanks again for all the advice about taking a loan from my 401k it has been exactly 14 months since I took $10k out of it to get the car I have now and as stated in my original post it is now paid off. So I don't think its that big of a deal. Also I put back money into a savings account for emergencies but we won't get into that either. I'm also not gonna sell my current car it is an 06 Jeep grand Cherokee that is great for the winter and would allow me to still have a car if I decide to build the Mazda or if god forbid it goes zoom zoom boom. I'm not sure I understand why it is such a big deal to borrow from your 401k this is not the first time I have and probably won't be the last.
That is really not the question at hand though. Thanks for your insight. :thumbup:

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[beachshoer]

So the question remains...

You plan on going BT or not? That should dictate your build plan.

[DTKII]

Yes I do eventually unless it is possible to find a car with no motor for around 7-8k and find a motor, buy supporting mods and a 3071 for around 8-9k.

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