Car and Money, Advise me lol

[Soul]

Sooo....
I just started my new job, and my car is 3 hours away. I can't find time to work on it plus it costs me about 200 dollars everytime I go down to where my car is.

Mechanically its in good shape except for PS return line leaks and wiring is scary in it. (Gas Gauge is iffy as well)

I have REALLY REALLY good credit and found out I can get a loan at 4.5% interest and no penalty for paying off early.
I can get a loan big enough that this isn't a problem. Payments would be 70 a paycheck.

I would like to put an AOD and Fuel Injection on my car as well as change the brakes from electro hydrolic BS to Vacuum.
Currently all the suspension is new and has been upgraded, new 331 stroker in it, 255 lph fuel pump, built full manual c4.
btw this isn't a ranger, its an 88 thunderbird.
I could probably rock the c4 for a bit but driving it around town is hairy as the tires break loose everytime I bump to second or third.

What does everyone think?

Pros:
Pretty much new car I can daily Drive and love to drive
What I planned to do over the next 2 years can be done Now
Can finish wiring and interior up where I'm at now

Cons:
Another bill

[carvinmark]

70 every check? Are you paid weekly? Still does not sound bad depending on what your current bills are. Sucks to borrow cash on a hi-performance toy, even if it's your driver cause they allways need something . Good luck.

[Soul]

70 Bi weekly. so 140 a month. I don't have car payment or anything so I guess this goes as my car payment.

[cgrey8]

Personally, I don't like making anybody any more rich than I have to with my own money. So for me, it's a no brainer to save until I have the money to do what I want vs getting a loan and ultimately paying more for the project than I would've. But then again, I don't have a strong need for instant gratification either so it doesn't pain me to wait for things I want. But to some people, the cost of the interest is worth having something "now." You'll just have to weigh it out for yourself what it's worth to you.

I can say this, waiting to build my 331 until I could afford it was such a blessing in disguise. It gave me LOTS of time to really research what I wanted, think the project out. IT also gave me time to find bargains for things over the years (2nd engine for $250, free cam, brand new flywheel for $50, 2nd Explorer balancer for $15, RRs for cheap, etc). When it's all said-n-done, I'll have less than I originally expected to pay purely by giving myself the time to find bargains on the parts I needed.

[Soul]

I did the something for the trans and engine build, as well as the suspension junk. But it kills me that I can't wrench on it and that it costs so much just to go down where its at. I don't like the fact that I have a small fortune tied up in it and I can't even enjoy it.

[plowboy34]

I'm with cgrey8, the interest thing just irks me. I would never do a loan for a toy but also as cgrey said that is a personal thing. A person just has to decide which they would rather have. The toy or the payment.

[Dave]

One of the hardest things to learn when you are young is to separate your wants and needs. Yes I did buy some toys when I was young but had a great job and the economy was doing great. That's back when people expected to stay at a job for 20-30 years. It's a whole different world out there today. Save and invest what you can spare, future of SSI doesn't look good. Good luck with what ever you deside!
Dave

[Soul]

Think I'm going to wait a month to rack up some vacation and go from there. I have pretty much 1 and 1/2 of my paychecks as free money right now.

[carvinmark]

Think I'm going to wait a month to rack up some vacation and go from there. I have pretty much 1 and 1/2 of my paychecks as free money right now.

Good idea, give yourself some time to ponder the idea, can't hurt.