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-   -   Cobra Financing (http://www.clubcobra.com/forums/all-cobra-talk/97646-cobra-financing.html)

madmaxx 06-16-2009 09:43 AM
So there is an argument to be made that it really doesn't matter in which direction you pi$$ your money -- it's still pretty much gone regardless

Not necessarily. I am confident if I listed my SPF for sale for $30K I would sell it in hours. If I listed for $40K may take a couple days. If I listed for $50K, maybe a month, for $55K maybe all summer. As you can see a Cobra does retain value. The last one I bought for $28K and sold for $37K in 7 hours. In reality the opportunity cost for my SPF is only $33K. This is based on the fact that the funds that I sold to buy the SPF are worth substantially less today.




Quote:
Originally Posted by patrickt (Post 958582)
If the goal is to make money, buying a Cobra on credit ain't the way to do it.:JEKYLHYDE If the goal is to just have fun with a Cobra while you can, then by all means buy it on credit. Yes, you are pi$$ing money away on interest -- that's absolutely undeniable. But more people than not would probably say that just buying a Cobra with cash is pi$$ing money away.:rolleyes: So there is an argument to be made that it really doesn't matter in which direction you pi$$ your money -- it's still pretty much gone regardless.:cool:

patrickt 06-16-2009 10:06 AM
Quote:
Originally Posted by madmaxx (Post 958617)
In reality the opportunity cost for my SPF is only $33K. This is based on the fact that the funds that I sold to buy the SPF are worth substantially less today.

OK, so I could say that "but for the fact that I bought my ERA, I would have purchased GM Bonds, thus the true cost of my Cobra is next to nothing." You get an A+ for creative thinking....:rolleyes:

RedBarchetta 06-16-2009 10:13 AM
Sometimes you just have to follow your heart. We don't live forever...some things you end up doing just because. If you can swing ANY purchase and not hurt the family finances, then why not go for it? Just have an exit strategy (i.e. selling what you bought for X for only Y). If the exit strategy is realistic and you can deal with the lumps associated with it, then why not? It's part of the cost of the experience.

Staying on the sidelines is not living. Be smart and intelligent about it, have a plan, and stick to it.

-Dean

patrickt 06-16-2009 10:36 AM
Quote:
Originally Posted by RedBarchetta (Post 958631)
Be smart and intelligent about it, have a plan, and stick to it.
Isn't that the Fidelity "Turn Here" ad? That SOB never did get his Cobra becuase the woman yelled at him to "stay on the line." Waitaminute... "have a plan" is Dennis Hopper -- now he'll tell you to buy the Cobra. Yessirreee, no doubt about that.;)

madmaxx 06-16-2009 11:52 AM
If it was creative thinking I wish I would have known at the time, I would have been better off buying 10 spf cobras a year ago as compared to what the account is now worth.




Quote:
Originally Posted by patrickt (Post 958628)
OK, so I could say that "but for the fact that I bought my ERA, I would have purchased GM Bonds, thus the true cost of my Cobra is next to nothing." You get an A+ for creative thinking....:rolleyes:

patrickt 06-16-2009 12:03 PM
Quote:
Originally Posted by madmaxx (Post 958678)
If it was creative thinking I wish I would have known at the time, I would have been better off buying 10 spf cobras a year ago as compared to what the account is now worth.
No, if you had known at the time then you would have called up your broker and said "Bennie, I'm feeling lucky -- everything I got goes in to Put Options." Had you done that, you would now be in a position to invest in a real Cobra.;)

mkuhlwein 06-16-2009 12:18 PM
Financing
 
Thanks for the input.

patrickt 06-16-2009 12:19 PM
Quote:
Originally Posted by mkuhlwein (Post 958693)
Thanks for the input.
Nicest thing anybody's said to me all day.:LOL: All week, in fact.:cool:

RodKnock 06-16-2009 12:22 PM
Quote:
Originally Posted by patrickt (Post 958695)
Nicest thing anybody's said to me all day.:LOL: All week, in fact.:cool:
How do you know he was referring to you? :LOL:

patrickt 06-16-2009 12:22 PM
Quote:
Originally Posted by RodKnock (Post 958697)
How do you know he was referring to you? :LOL:
Yeah, you're right....:(

RedBarchetta 06-16-2009 01:52 PM
Quote:
Originally Posted by patrickt (Post 958698)
Yeah, you're right....:(
We're glad you figured out that one on your own. :LOL::p

patrickt 06-16-2009 01:54 PM
Quote:
Originally Posted by RedBarchetta (Post 958720)
We're glad you figured out that one on your own. :LOL::p
On the other hand he could have been thanking me personally for all the effort I've put in on this thread.:p

RodKnock 06-16-2009 02:19 PM
Quote:
Originally Posted by patrickt (Post 958722)
On the other hand he could have been thanking me personally for all the effort I've put in on this thread.:p
Yes, I'm sure the OP truly appreciates your effort towards answering his question about financing options for his Cobra purchase. :rolleyes:

madmaxx 06-16-2009 02:51 PM
LOL!!!!!!!!! and how true.





Quote:
Originally Posted by patrickt (Post 958683)
No, if you had known at the time then you would have called up your broker and said "Bennie, I'm feeling lucky -- everything I got goes in to Put Options." Had you done that, you would now be in a position to invest in a real Cobra.;)

WarrenG 06-16-2009 03:50 PM
When I bought my Dodge Durango, I refinanced the house, got a lower interest rate and the payment was well within our ability to pay. I just figured out how much more I had to pay to pay off the truck in 2-3 years and the interest was tax deductible. When I bought the Cobra, I took out a second on the house. Because we'd been in the house so long, my new payment was still well within our income, in fact we could probably still have made the payment with only one income. Interest was 5.5% and tax deductible. I still think both were worth it so I could drive it now rather than waiting. If you can afford it finance it.

Because I took out the second when I ordered the car, I had the money available to make the progress payments when they were due. In between the money stayed in fixed investments making approx 4% so my net was 1.5%. By writing off the loan interest and claiming the earned interest, my net was still around 1%.

Hagerty... They won't insure the cars, but you telliing me they'll finance them?

m5extc 06-16-2009 03:56 PM
Hagerty... They won't insure the cars, but you telliing me they'll finance them?[/quote]


Hagerty will now insure only CSX and Superformance cars (maybe Kirkham as well, I didn't check). The were picky about high horsepower driving experience. I am not sure if they will only finance those brands as well or not.

Andrei

lovehamr 06-16-2009 04:05 PM
Quote:
Originally Posted by patrickt (Post 958638)
Waitaminute... "have a plan" is Dennis Hopper -- now he'll tell you to buy the Cobra. Yessirreee, no doubt about that.;)
Yup, right after he smokes that next doobie. Dennis Hopper giving financial advise is akin to Kieth Richards doing ant-drug commercials.:eek:

To answer the OP, I took out a loan using one of my other toys (1970 Boss 302) as collateral with my credit union (USAA.)

Steve


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