Mods : Cash (paid for) Or Credit (Still paying)

I rarely spend paper money these days, exacerbated a ton with the pandemic. If I'm not getting cash back / miles on purchases, I'm doing it wrong.

I told the story in the other thread that when I had the Chase Subaru card it would pay 3% in $100 increments to be used at a Subaru dealer for new/used purchases, parts, accessories or service. I became friendly with the parts guy and he let me circumvent the "only actual Subaru parts" and parlayed it into a Cobb AccessPort for sub-$300, a Cobb downpipe, an AEM UEGO and a set of Eibach springs for free, etc. When I was with my friends anywhere and they had cash, I'd pay the tab on the card and collect the cash.

But back to the OP's topic. I've always felt that mods and toy purchases should be paid in cash. I'll eat those words if I ever decide to go nutty and finance a MkIV Supra (which isn't happening, but a guy can dream), but that's always been my feeling.

 

I’m an Appalachian ridge-runner. When, purchasing a mod, I dig up one of the Mason jars buried in the back 40. Cash is king brother!

 

I make less than 50k. Haven't inherited squat. I add up and look at every last little expense that it'll take to do a mod then save. I also set myself up so that my expenses are as little as possible, I'm one of those Dave Ramsey TW crowd. A mod doesn't get done unless I have the money in my bank and it's drafted directly from that. Less about how much you make and more about how you choose to live. I know people who make tripple what I do and well they live paycheck to paycheck and they are in that 6 figure income level.

 

Interesting. I've read similar...wonder why @70k/year and not say, $70k per week? I'm going out on a limb here I know, but I 'think' $70k/week would be way more betta....

Would be interesting to see the similarities within the set of those $70k/year shiny happy people.

 

If you cant pay cash or pay off a low-interest loan in a "reasonable" amount of time the stuff you own, will eventually own you.

 

Not disputing that 70K a week would be sweet in a vacuum. But as pointed out earlier, you can dig yourself a really deep hole with that kinda spending money and not even know it. Buy a sweet multimillion dollar house, then go broke on the property taxes and utility bill just to live there. So on and so forth.

 

I just got a notification that I’m related to Nigerian royalty. I’ll buy you all a cash mod once my money comes through. Turns out all I have to do is cash a check they’re going to send me

 

Good for you

 

Me too! Who knew??
I mean, I always knew I had some African heritage from the waist down...

 

Not a good place to be......Ever think of reaching out to them? Probably none of your business, I know. But if family or similar....On second thought, they aren't stooopid people and will probably come around on their own. In the meantime...it is really a pretty great way to live! ;-)

 

Sometimes even paid for stuff can still own you. I know someone that has an RV that cost $70k new three years ago and they've only used it a few times. In the mean while the insurance, depreciation and maintenance is just eating away money each year. They'd been better off renting it vs. buying it for all cash. The owner has even muttered that he hates taking his kids out in it. I've mentioned why don't you just sell it and be done with it. He just responds with it's a sunk cost at this point. This is fucking stupid.

 

It's the sin of envy. They want to keep up with the Jones' too badly so they're going broke trying to live that million dollhair lifestyle on a 100g + income.

 

These are 1st World problems

 

Maybe not all of em, but they're out there. I've got two very close friends that have/had wealthy parents, and like to tell others how to save and spend. They've both been extremely fortunate over the decades, and don't hesitate to give their financial advice,,,,, and omitting the inheritance part.

 

My Dad (RIP) Taught me early in life work hard for yourself and your family. Make an honest living. Pay for home and family first. Sidejobs etc. put some away and some for you for toys. Nothing wrong with that. Nothing was ever giving to me. Crazy to see everyone’s perspective on 2 simple questions.

 

Hmmm. I would think a mix for me, I pretty much pay cash for the mods I get though there have been mods that offered like 0% interest on Affirm personal loans that I have used. So you have a 3-month payment on 0%. In those cases I could pay in full anyway but space it out to align with our personal budgets. I don't think I have actually paid interest on anything so far.

Economies are based on transactions. The source of funds for those transactions are just more transactions but moot in consumer spending.

 

the truck and every gee gaw were paid for before I got them. I had one note on a vehicle, a Honda 750 bought in 1979. Never again. Cash is king, debt is dumb.

 

Truck is paid for, all mods are paid in cash. 2019 Cummins dually is paid for also. No inheritance, but the wife and I are very blessed to have two good incomes. I’ve wondered OP’s question, just didn’t know how to ask.