What should I do?

[OH3MGSVT]

Okay I have been racking my brain and I dont know what to do anymore so maybe I would get other peoples opinions.

Situation: I want a faster car around 400 or more hp would satisfy me. I make $10/hour. I owe $12,900 on my car ( a little less since I just cancelled the warranty on it.) and my car is worth maybe $10k, its a 2000 Mustang Gt Vert with 89k miles.

Should I:

A. Keep my car and make an ultimate sleeper. I would want to get a big credit card and use it to swap in an 03/04 Cobra engine in it along with a T-56 tranny. Or if not that, then a somewhat cheaper route would be a N/A 4v (Mach 1/99-01 Cobra) and supercharge that engine (would forge internals and lower compression for boost)

B.Try to wait and pay my car down until Im not upside down in it and go out for a Mach 1 and mod that.

Please give me your opinions.

[BurnTire]

Okay I have been racking my brain and I dont know what to do anymore so maybe I would get other peoples opinions.

Situation: I want a faster car around 400 or more hp would satisfy me. I make $10/hour. I owe $12,900 on my car ( a little less since I just cancelled the warranty on it.) and my car is worth maybe $10k, its a 2000 Mustang Gt Vert with 89k miles.

Should I:

A. Keep my car and make an ultimate sleeper. I would want to get a big credit card and use it to swap in an 03/04 Cobra engine in it along with a T-56 tranny. Or if not that, then a somewhat cheaper route would be a N/A 4v (Mach 1/99-01 Cobra) and supercharge that engine (would forge internals and lower compression for boost)

B.Try to wait and pay my car down until Im not upside down in it and go out for a Mach 1 and mod that.

Please give me your opinions.

Credit car debt is the worst kind of debt to carry. So that is not a good idea. Paying the car off first is the best plan from a financial standpoint.
Then when you own the car start the major mods.

[Tortuga]

Why do you have to do it all at once? Choose option A and start small. Look at the things that you can afford and go from there. Use credit card if you have to, but only get the smaller things, say under 1k at a time, then pay it off. The worse thing in the world is going to be if you owe on the car and on some major mods and something happens like you lose your job. Then the car gets taken away, along with those pricey mods and you still owe.

[AZSonicSnake]

^^^gotta agree with the previous two posts. your car now is rather quick. i would take your time and make it faster. remember, most of us with cobra and mach's are 25+ and have been there done that. don't be in a hurry. you have alot of life left to live. :icon_cool:

[50 BMG]

400 hp = Mach 1 on the bottle with super basic boltons to increase efficiency. Hell you don't even need a bottle to get that HP from a mach but it's cheaper to do it that way. Although recommended, 400 hp doesn't need forged internals either.

Just remember these 4 little words like I've told you about 5 times now...

"low mile 1997 Cobra"

[BLK03SVT]

Pay off the neg. equity, sell the GT and get yourself right side up. Then buy a Mach, or an 03-4 cobra.

[Gene]

Do not put shit on a credit card uless you can pay it off within a month. Just remember, there will always be someone faster thatn you and you will want to spend more money to keep up. These cars are like crack, you just need to know when to quit. Seriously, save your money and enjoy doing the little things in life. I'd do this. Take the cost of everything you want to do. Devide that into 24 payments and stash that away every month. So $8K/24months=$333.33 a month. Now, put that money in a money market account or low risk mutual fund and earn interest on it as well.:pepper:

[RockysMom]

I would have to agree with all the post above. Neg credit is the pits. And it will look alot better on your credit report to show that you have paid off the vehicle etc.. Clean that shit up first trust me I know. :pinkthumb:

[BLK03SVT]

I would have to agree with all the post above. Neg credit is the pits. And it will look alot better on your credit report to show that you have paid off the vehicle etc.. Clean that shit up first trust me I know. :pinkthumb:

+1... fo sho

[ASUSMC]

I have talked to you and told you how I built my credit so well at such a young age. I bought gas with my first $200 limit CC then went to the bank and paid it THE NEXT DAY. I am now in some debt with my credit cards I know that and if I didn't have great job security and still continue to build my credit. I pay extra every month on both the cards and the car. I will pay my car off a year early and still have plenty of room on the cards in case of emergency.

My suggestion is to save up. Like Dan told me putting the blower on the stock motor takes the "what if" out of the equation.... It's not what if I blow my motor its WHEN I blow my motor. I kinda wish I had saved but the deal for my setup dropped in my lap and was pretty much an unpassable deal for what I wanted.

[Olivas]

Another that agrees with them above. Use credit wisely, don't rush into anything. Had to wait until I graduated college to get the mach, and would like nothing more than to build a new motor for it, ported heads and intake, ect. But, gotta wait until I get it paid down more, which shouldn't be too long because I put a lot down.