Originally Posted by eschaider (Post 1521901)

Something being missed here is that if you do not have the free cash on hand to purchase a high-priced toy, buying it with a loan against anything as in your house, is going to be a tough to sell to creditors.

The free cash available in most all households today would be inadequate to float a $100K loan on a 20-year timeline. $100K @ 20 years works out to a little over $775 per month at a currently optimistic 7% interest. If the rate goes to 9% the monthly burden becomes $900 per month.

I suspect the statistically average household would be hard-pressed to find a reliably recurring $800/$900 of free cash flow each month for this loan. Even if you could, don't forget the operating expense of a Cobra (Insurance, gas etc) still needs to be added in.

If that isn't enough, then remember all the unexpected extra dings your wallet takes for toy enhancements, normal wear and tear, and of course, abnormal wear and tear.

"Yes" you say, "but I don't need to buy a $100K car. I can be easily satisfied with a $35K car." Not true! That is the path to a $135K car.

If you have the free cash and you want one go for it. If you don't, buy another set of very high-end golf clubs and enjoy the links. You'll be money ahead and still have a decent time.

Originally Posted by 1ntCobra (Post 1521915)

Just for the heck of it, I went to a Ford dealer website to check out what it would cost for a new F-150 truck. I picked one for around $62K. I think it was over $1100 a month to finance at 9.9% for 7 years. Good thing I am not buying a new truck. ;)

Yeah I think the $35K Cobra replica is probably a money pit, but you don't need to go to $100K either to get a nice car.

Here's is what appears to be a nice ERA with a price similar to the new F-150 truck I mentioned: https://bringatrailer.com/listing/1964-era-cobra-4/

This one looks really nice too, but is a bit higher at $72K: https://bringatrailer.com/listing/40...d-era-289-fia/

Originally Posted by eschaider (Post 1521928)

For those readers who are contemplating this sort of adventure, you should know that there will be others who are going to disagree with my argument. In the end, it is your money and, ultimately, your decision — choose wisely!

Originally Posted by twobjshelbys (Post 1521931)

You're much better off buying an already finished and sorted car.

Originally Posted by patrickt (Post 1521932)

Unless you want the car built exactly the way you want it, in every respect, and you don't care about the cost and you have no plans to ever part with the car... other than when you part with everything else in this world.:cool:

Originally Posted by CompFi (Post 1522063)

:eek:

Lots of good advice above from those with much more experience than me.,,

Originally Posted by 1795 (Post 1522064)

Of course, you could always take out a loan against your 401K if you had one with enough money in it. Then, you would be paying yourself the interest. However, there may be limits on how much you can borrow from it and the term is usually short.

Originally Posted by CompFi (Post 1522063)

:eek:

Lots of good advice above from those with much more experience than me. Certainly not intending to contradict any of the above counsel

But simply answering the question as posed in the OP.

A possibility that I did not see mentioned above, Have you tried your credit union? Your credit union MIGHT offer you A comparable rate for an unsecured loan As you might get on a Home equity line of credit from a Traditional bank

And that approach will not get you in hot water With the taxman.

But your interest rate will largely depend on your overall credit history and your history with the particular credit union.

May the Force be with you (as you will probably need it)

Originally Posted by eschaider (Post 1521928)

When I bought my SPF, I paid either $35K or $36K (I can't remember which anymore) for just the roller. The same car today with the top, front & rear bumpers, mats, car cover, etc. (all of which I bought at the $35K price point) will take you into the mid to high 50s before you begin the drivetrain.

An FE crate engine, with a warranty, from Roush will cost you between $30K and $45K, depending on how you spec it out. Pick the middle of the road, and the engine price tag is $37K. A Quicktime bell housing is $800, and a Tremec TKX, with a shifter, is another $3K.

Before we get to any of the expensive AN hardware and plumbing or fuel pumps, you are already at $94K ($54k + $37k + $3.8k, more than $ 100K when you add tax), and you haven't bought tires, or fuel system plumbing, or fuel pumps or ...

It is tough to build a nice replica for less than $100K today. You can cut corners and certainly try, but you will likely be envious of the 'other guys' with the 'more period correct' versions of the car when you're done, and then you will start spending once again. Alternatively, you might sell yours (at a high probable discount to what you paid for it) and buy a more period-correct car for $100K+. And do not forget that all these movements of money will be accompanied by bank commissions if you pay by card. I read in one blog that this can be avoided if you use account-to-account payments. But for that, the seller needs to have such an option available. If you do, don't forget to add to that the price of the bath you took when you sold the one you should not have bought in the first place. Now, we are well over the $100K price point.

Dumb mistakes and false economies embraced on the front end of one of these adventures carry extremely high price tags on the back end. Don't try to short-circuit the basics of Cobra Replica acquisition. You will not be happy; ultimately, you will spend more money and not have what you thought you were originally bargaining for.

For those readers who are contemplating this sort of adventure, you should know that there will be others who are going to disagree with my argument. In the end, it is your money and, ultimately, your decision — choose wisely!