What do you guys do? Mods or pay it off?

[Goodinblack]

Always pay off first.... as much as you can and as fast as you can.

A Loan / Debt is someone elses money.... so then

Till you pay it off its not "your" truck in the true sense of the word.

Debt has become a modern day type of indentured servitude.

Now, I understand that some things are necessary and/or it's okay to have a bit of fun modding along the way... If you do that though, make it small items till the truck is paid.

Sometimes what happens is that when something is paid... you begin to **** after something else. A nicer truck. Cycle starts all over again.

Pay it. Mod it. Keep it. Start saving early.

Then when you do want to upgrade you have more cash in hand to pay down.

Keep in mind a car is a big depreciating asset (classics aside). Mods almost never pay back.

That is why so many strip a car then sell or trade.

 

[Jonah52]

7% would push me to pay it off as soon as possible.

aka don't touch anything until its paid for? lol only second vehicle with a loan...trying to learn...

---------- Post added at 11:56 AM ---------- Previous post was at 11:50 AM ----------

Always pay off first.... as much as you can and as fast as you can.

A Loan / Debt is someone elses money.... so then

Till you pay it off its not "your" truck in the true sense of the word.

Debt has become a modern day type of indentured servitude.

Now, I understand that some things are necessary and/or it's okay to have a bit of fun modding along the way... If you do that though, make it small items till the truck is paid.

Sometimes what happens is that when something is paid... you begin to **** after something else. A nicer truck. Cycle starts all over again.

Pay it. Mod it. Keep it. Start saving early.

Then when you do want to upgrade you have more cash in hand to pay down.

I'm a save aholic. I try not to be cheap, but I try to save every penny I can and invest in my 401k to stay ahead of the game. I lost my ass on my Duramax I just get rid of. Pretty much threw away $3-4k in 6 months of fixing shit. I HAVE to keep this denali at least 4 years. That being said when I mod it I want to do things right the first time and I would also like to have it paid for when I graduate and have a complete zero debt and start looking for a house and career. Toys and mods are fun but I'm trying to set my self up for future success while still having a little fun with denali.

7% is what it is....bad. But miles are why. I would like to keep this truck as long as possible and make it what I want the first time. So I guess paying it off first would in turn free up more cash for quality mods down the road.

 

[StockHoe]

Whatever you choose to do, just remember this one line:

Would you rather look rich or be rich?

Choose the latter and save your money.

 

[JochenWoern]

Whatever you choose to do, just remember this one line:

Would you rather look rich or be rich?

Choose the latter and save your money.

^^^^^ X1 - And this is why I have not become a member of the '07-'14 NNBS or even '15 PLUS Club yet.

My '04 NBS Yukon SLT is running like a champ and is paid for. All it does on most days is take the kids to school and me to work, then it sits at work in the lot until it is time to go home and after that, it sits in the drive.

Would I like to have a newer truck, S U R E, ............... But why??????

It is a vehicle which will depreciate in value each and every day and most mods you will never get paid for when you will sell. Another reason I did not go overboard modding mine.

 

[OHSIXX]

Try to pay a little extra each month on your car note to get it paid off quicker....even its $20 or so. Put a little money aside and tackle some aspect of your Denali that you want to modify and do a little at a time. The real high dollar mods wait til she's paid off or taxtime
Personally I mod mine as I go even with some payments left...You only live once and can't take it with you so......Just make smart choices and you will be fine-car payments and insurance/fuel come first-->mods

 

[HoS]

I would pay if off as fast as possible if I had a 7% interest loan.

(the ONLY reason I disagree is because it is a two year loan for 150 something.)
He isn't "suffering" much, and needs to improve his rating. I got got an 07 with 118k miles. I got much much, lower interest rate.

Seriously op, you put down 10k and still got that high of interest?
Plus, how much did you purchase it for? Seems like you got a killer deal.

Length of credit history is a factor, if you are serious about buying a home, you need to improve your rating.
Edit, reread op, sorry got the terms wrong. You may be better making additional payments for a half year or a full year and refi for a 36 month.

 

[Jonah52]

Whatever you choose to do, just remember this one line:

Would you rather look rich or be rich?

Choose the latter and save your money.

True! thats why I've always tried to do mods that aren't over the top and that I know I can sell and get my money back. It is already a great truck, my list is short!

---------- Post added at 10:22 PM ---------- Previous post was at 10:21 PM ----------

^^^^^ X1 - And this is why I have not become a member of the '07-'14 NNBS or even '15 PLUS Club yet.

My '04 NBS Yukon SLT is running like a champ and is paid for. All it does on most days is take the kids to school and me to work, then it sits at work in the lot until it is time to go home and after that, it sits in the drive.

Would I like to have a newer truck, S U R E, ............... But why??????

It is a vehicle which will depreciate in value each and every day and most mods you will never get paid for when you will sell. Another reason I did not go overboard modding mine.

Very good point man! I enjoy it, but in the end they depreciate. Thats why I splurged for the denali. I would have rather paid an extra couple grand up front than try to recreate it and throw away money.

---------- Post added at 10:26 PM ---------- Previous post was at 10:22 PM ----------

Try to pay a little extra each month on your car note to get it paid off quicker....even its $20 or so. Put a little money aside and tackle some aspect of your Denali that you want to modify and do a little at a time. The real high dollar mods wait til she's paid off or taxtime
Personally I mod mine as I go even with some payments left...You only live once and can't take it with you so......Just make smart choices and you will be fine-car payments and insurance/fuel come first-->mods

This is kind of like the middle of the road option. As a car guy I know I can't completely cut off mods, but the business side of me wants to pay it off ASAP. SO middle of the road would be a great option to really enjoy it but still get it paid off sooner!

---------- Post added at 10:31 PM ---------- Previous post was at 10:26 PM ----------

(the ONLY reason I disagree is because it is a two year loan for 150 something.)
He isn't "suffering" much, and needs to improve his rating. I got got an 07 with 118k miles. I got much much, lower interest rate.

Seriously op, you put down 10k and still got that high of interest?
Plus, how much did you purchase it for? Seems like you got a killer deal.

Length of credit history is a factor, if you are serious about buying a home, you need to improve your rating.
Edit, reread op, sorry got the terms wrong. You may be better making additional payments for a half year or a full year and refi for a 36 month.

Yeah man truck was $14,995 (STOLE IT!!!) like roughly $16,500 OTD. Put $10k down, so after like all the crap and fees and i got $157 a month for 48 months.

My credit history is about 2 years or so (I'm 21). Got my first card when I started college just to boost up the credit score and a second just to bounce back and forth with to just keep building.

 

[HoS]

Sounds like your doing well, congrats!

 

[Vaquero]

I'm new to this forum, but I have to say you should pay it off first. I know it's way more fun to mod, but if you put money into mods and God forbid some unforeseen bad luck befalls you, and you can't make the payment, then you've just lost whatever money you put into it.

I just bought my 2005 Escalade and paid cash for it, took me a while to get the money saved up, but it was really nice to know that I don't owe anyone anything for it.


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[toycloser01]

March 15 my first of 53 $959 payments is due. No mods for this kid. At least not for a little while...