Possible recession changing your Car hobby purchasing plans?

[rbray]

Has all the talk of a possible slow down in our economy changed anyones plans to buy or upgrade their Cobra?

My annual trip to the race track for driving school is on hold until I get a better idea of what the near term economic situation will be.
My 401k has had the daylights beat out of it this quarter which makes me feel a little irresponsible about getting too carried away with discretionary spending this summer.

I'm cautiously optimistic that we will be alright, but my training as an economist has my Spidey Senses tingling.

Perhaps those of us that are going to receive a rebate check from the IRS should do our part to stimulate the economy and spend it all on our cars.

[kobrabytes]

Actually, it hurried my plans along faster. I was more worried about having to pay more as the price of metals and shipping increase.


len

[RedBarchetta]

Holding off on any upgrades (not that I need many). Just conserving cash this year and certainly into next. Things are going to get tight.

[Slick61]

POSSIBLE slow down? All you have to do is look at consumer prices... everythings gotten more expensive the past few months & most of the major retailers' sales are down. Lots of places going out of business. Dead real estate market. I'd say we're IN a recession, though the severity & duration have yet to be determined.

Yea, my 401k & IRA's took a bit of a beating... but I've set them up for long term stability. The current "state of affairs" hasn't really altered my spending habits. After losing my job & being unemployed for over 10 months (about 4 years ago), it taught me to live within my means & keep a fair portion of funds liquid. I don't carry credit card debt, so my only long term debt is the mortgage & one car payment (which I could pay off were I so inclined). I haven't driven the cobra as much lately- a part of that is due to my unwillingness to pay the exhorbitant gas prices, but mainly due to a recent surgery that make it very uncomfortable to get behind the wheel for a few more weeks.

My planned upgrades are pretty modest, so won't be a financial hardship... just one of those things I've yet to get around to.

[Randy Rosenberg]

Yes. My short list of upgrades is on hold, however it doesn't help that the cost everything has done up (especially food and healthcare), and with 2 teenagers, my cash is getting prioritized to familiar needs (which are ever increasing) ahead my need for toys. (Unfortunately or fortunately) I'm a long way from retirement, so my IRA/401k can weather the current econmic downturn.

[xracerbob]

That Bugatti Veyron I was thinking about is definitely out.

[SF_SN888KE]

As a Financial Advisor and a Certified Financial Planner, I've seen clients jump into the real estate market 1-2 years ago and are now hammered. They are cashing out of their IRA's and 401(k)'s to try to stay in their homes. Some are just walking away.

I see that FF is having a sale, and their sales overseas is increasing due to the weak dollar. With the .75% interest rate cut on Tuesday, watch for inflation and steel prices to incease. Don't be surprised if Superformance and others increase their prices.

With this "recession" maybe you now have more negotiating room for used cobras or mechanics.

The stock market is ~20% below it's high in October 2007 and I bet that Warren Buffet is buying, while most people are selling and going to cash. The small investor always does the wrong thing. Notice all of the TV ads for classes of becoming a real estate broker and refinancing ? Keep adding to your 401(k) and use the right asset allocation mix! Think long term.

As for me, less golf, fewer dinners out, local vacations, fewer new ties, and more Cobra! Getting the car ready for the WSCB and track day!!!!!! Priorities.

[CobraDan]

At my stage of life nothing much is going to change but when I do get that IRS rebate check I’m going to make sure I pay off the paper boy.

[Got the Bug]

I always find it interesting that by the time the downturn is labeled a recession, the recession is nearly over. Hopefully we'll see the end of this sub-prime meltdown/write-off soon. Last week's Bear Stearns implosion is the kind of stuff that seems to happen while the economy bounces around at the bottom.

Nothing pressing that I need for my Cobra, so my cash is safe. Just looking forward to getting it back so I can drive it!

[trs900]

I have done everything possible to help the economy and keep us from going into a recession bought 3 new cars in the last 6 months, even filled up the gas tanks spent every last penny & then some and damn it were still going into a recession..next time I won't even try and stop it from coming, I'll leave it to someone with more experience like our government

[trs900]

1 thing you have to remember, keep buying those lotto tickets if you stop and your numbers hit you will feel even worst. I have told everyone I will be paying them back soon as I have bought my lotto tickets.

[rbray]

TRS you are a true American and an inspiration.
Your story has moved me to shell out whatever it takes to fill up the Cobra and take it for a spin.
What the heck it's only money and I'm on a diet anyway so I can skip eating for a while.

[52chevyred]

I threw my unfinished Cobra kit on Craig's list for three weeks. You know it's bad when three Corvette owners wanted to "swap even" with me. Wait, they were trying to "upgrade".

Things are tight here in the swamp too. I'm running 50% swamp gas and 50% store bought gas. I'm going to start setting possum traps soon: Possum, the OTHER white meat!

Jimmy Carter will look like a genius, once Hillary or the Big O take office. We have plenty of Mason Jars in the Swamp General Store, if you need to start burying your money. We can get you a metal detector to find it again too.

[crawleyscobra]

Yes this downturn has delayed my plans. I was looking at this early fall to order, but now I am going to wait a while longer :-(

[Silverback51]

Nope, not affected.

I'm still going to enjoy my life.

[Historybuff]

I am not in any position to buy a Cobra replica yet but if I were, I'd still think about getting it in the garage while the Good Ship america is heading into recession because by the time we as a country get out of this mess, the ecogreenies might have found a way to outlaw replica/kit cars though those already licensed will probably be
"grandfathered in." (though in California legislators are talking about eliminating the exemptionf or smog testing on older cars).

So what I am talking about is , as time goes on, the eco-weenies will try to eliminate any large engine-powered thing that's fun and I still want a Cobra of one sort or another to blast up that 5,000 ft. mountain that I can see from my front door...

[Historybuff]

am not in any position to buy a Cobra replica yet but if I were, I'd still think about getting it in the garage while the Good Ship america is heading into recession because by the time we as a country get out of this mess, the ecogreenies might have found a way to outlaw replica/kit cars though those already licensed will probably be
"grandfathered in." (though in California legislators are talking about eliminating the exemptionf or smog testing on older cars).

So what I am talking about is , as time goes on, the eco-weenies will try to eliminate any large engine-powered thing that's fun and I still want a Cobra of one sort or another to blast up that 5,000 ft. mountain that I can see from my front door...

Also bear in mind the sheer genius of those guys who went out and bought used 427 big block Cobras (real ones) around 1973 when we were all in line
for gas because of the OPEC oil embargo. While the worried were thinking we'd never have gas again, the smart guys bought Cobras for ten grand that are now worth fifty times more. They were looking at the big picture...

[michel schryer]

Waiting for the doctor to say you have two years to live. I was gonna wait 'till i'm retired but as the years go by,my arthritis is catching up on me so I decided to go ahead and bought my Cobra kit with the support of my wife. We'll be in the hole a little but as long as we work,the money is coming in so nothing to worry about except my health degrading. Life is short,don't wait for tomorrow,you never know what's gonna happen to you !

[Bxx1]

i'm thinking the 'downturn' might reduce prices/or get better deals on cars I might be interested in. I remember in 1987 when the market took a 500 pt. hit (and that was huge in the day) John Templeton (mutual fund CEO) told the media he was on a buying spree... less than 6 mos. later he was proved to be a genius. Turned lemon to lemonade.

[tmareina]

I retired a year ago and I don't plan on doing nothing. I'll be driving the cobra and enjoying the life I planned on having before the recession or whatever it is started . I've been through many of these little crisses, the last one in 2001-2004 when the market dropped over 30%...it came back strong and it will again. Don't panic and sell...the BIG money investors hope you will so they can make more money on your misfortune. After all 401k's are for the long term. I don't plan on moving so the dip in the housing market will only affect you if you are going to sell. Enjoy life, smile and drive the Cobra...if that doesn't put a smile on your face you have BIG problems!!!!

See some of you at WSCB in May. Those of you that will not attend...you'll be missing a GREAT time.

Tom