What should I do Next?

Awales74

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Lot of good advice. I have a slightly different take.

Cost of failure. For many of us, this is not our only car. And we have money to back up any misstep. I caution you sending an ECU of this huge investment overseas just because a bunch of forum members say it works great. If anything goes wrong, you'll have $60k paper weight to pay off.

Cost of the extras. Beware of the additional costs to all of the suggestions. JB4 almost requires a custom tune that's several hundred dollars. Unlocking your ECU only unlocks the ECU. You still need hardware, license, and a tune. Thousands of dollars along those paths.

Cost to environment. Catless DPs are loud, smell of gas, and really are harmful to the environment. Do a little research and read a bit about unleaded gasoline and cats and see the impact it had on major cities around the US. You may not buy into green peace, global warning, save the whales, snow flake arguments. But the impact of cats on smog is undeniable.

Cost of fun. You bought the car to have fun and part of the fun is dorking around with car. I get you. If you must do a thing, and that thing is performance, then take a look at the JB4+. This little guy will give about +6lbs extra boost at WOT. $250, 1 plug, terrorize your community. Don't like it, pull it off and sell it. Want to upgrade to JB4 -- they'll credit your purchase (up to 1 year). Otherwise cosmetic stuff. It's all worthless trivialities. But you buy what you like when you like and rarely find yourself in a position where you can't just dump it if you don't like it.

EDIT -- by the way, financially speaking, the answer is obvious. Cars are bad* investments. Expensive cars are even worse. Investments where you've sold your sole almost never work out in your favor (similar to "scared" money in a Casino). Best advice is get out of the Supra and buy yourself a 2-3 yo Honda Accord or similar.
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Paying off a large asset is typically foolish financial advice, though, given the market these days, who knows? I've never paid off anything before I absolutely had to due to the terms of the loan. I'd much rather make 10-15% on my money in the market or other investments than give it to the bank so I can pay off a 2% auto loan.
I bought my car in whole because I had no credit and I had the money. Best decision of my life lols.
 
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Yeah, sure. Every situation is different.
Was gonna edit it but you responded quick. Curious to know how it's foolish? Wouldn't you rather pay in full to avoid having to pay more on the asset due to the interest? Confused what you mean.
 

zrk

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Was gonna edit it but you responded quick. Curious to know how it's foolish? Wouldn't you rather pay in full to avoid having to pay more on the asset due to the interest? Confused what you mean.
No.

I can give 60k to Toyota today, transaction done.

Or, put 60k in the stock market, and pay the bank $450/month at 1.99% interest. The bank get's their 2%, but I make far more.

I'll make 13-15% in the market in a typical year (2022 of course, being a not typical year for the market), and pocket the difference. I leverage all my assets this way. Always make money when possible.
 

Awales74

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If you have the money then debt can be used to leverage your assets to buy more. In fact, debt is both tax free (borrow 100k and you get 100k, work for 100k and you get 75k) and inflation works for you (pay 2022 debt with 2025 dollars -- just ask anyone whos paid on a mortgage 10-15 years how much fun that is).

If you don't have money then debt acts as an albatross. Assume you don't have 60k sitting in an index fund paying off car note, then that interest is coming out of your pocket and impacting your cashflow. If this grows too much then you don't have the cashflow to survive. So there's a desire to rid yourself of the albatross to free up cashflow.

This is just one example of how it's expensive to be poor.
 
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No.

I can give 60k to Toyota today, transaction done.

Or, put 60k in the stock market, and pay the bank $450/month at 1.99% interest. The bank get's their 2%, but I make far more.

I'll make 13-15% in the market in a typical year (2022 of course, being a not typical year for the market), and pocket the difference. I leverage all my assets this way. Always make money when possible.
Oh I understand now. I don't feel comfortable in getting involved with the stock market as I don't know anything about it. But I appreciate you expanding on what you meant. :thumbsup:
 
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FLtrackdays

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Oh I understand now. I don't feel comfortable in getting involved with the stock market as I don't know anything about it. But I appreciate you expanding on what you meant. :thumbsup:
Hence my suggestion to my kid’s friend. With a S&P 500 index fund you get to invest in the top 500 US companies. It’s like owning stock in each company. If you look back at the history of the top 500 US companies (S&P 500 index funds) they make a shit ton of easy money. If you put the same amount of money in an asset (S&P 500 index fund that makes money) vs a liability (like a car that will eventually loose money), your money will start making money for you instead of loosing. I tried telling him the same thing with that very question. It’s really that basic. But understand how it’s mysterious, since we’re not taught how to succeed in school (but should).
 
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Hence my suggestion to my kid’s friend. With a S&P 500 index fund you get to invest in the top 500 US companies. It’s like owning stock in each company. If you look back at the history of the top 500 US companies (S&P 500 index funds) they make a shit ton of easy money. If you put the same amount of money in an asset (S&P 500 index fund that makes money) vs a liability (like a car that will eventually loose money), your money will start making money for you instead of loosing. I tried telling him the same thing with that very question. It’s really that basic. But understand how it’s mysterious, since we’re not taught how to succeed in school (but should).
My uncle taught me a bit when I was much younger but it was difficult to grasp the concept of it. And like so, schools don't teach you about it at all. I know for sure my 401k invests in a 500 index fund.
 

B58_ hwAyaq

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My uncle taught me a bit when I was much younger but it was difficult to grasp the concept of it. And like so, schools don't teach you about it at all. I know for sure my 401k invests in a 500 index fund.
https://www.bogleheads.org/

^^^ They’ll teach you how to be a lazy investor and build wealth over time with the least amount of effort.

Just don’t tell them you’re into cars.
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