cleghornm Posted May 18, 2009 Report Share Posted May 18, 2009 Guys, As in life some have more tham others and that is perfectly fine. But I am curious as to how you guys paid for your SS conversion. I am sure some had the cash and just paid for it. But others maybe not. Did you finance it in with the car? refinance the car for the new amount? I probably would not be able to do the SS, but there is alwyas hope. Mike Link to comment Share on other sites More sharing options...
Torch40 Posted May 18, 2009 Report Share Posted May 18, 2009 Guys, As in life some have more tham others and that is perfectly fine. But I am curious as to how you guys paid for your SS conversion. I am sure some had the cash and just paid for it. But others maybe not. Did you finance it in with the car? refinance the car for the new amount? I probably would not be able to do the SS, but there is alwyas hope. Mike Whatever you do remember these cars are not "investments". They are toys for boys (and some girls). Link to comment Share on other sites More sharing options...
Robert M Posted May 18, 2009 Report Share Posted May 18, 2009 Guys, As in life some have more tham others and that is perfectly fine. But I am curious as to how you guys paid for your SS conversion. I am sure some had the cash and just paid for it. But others maybe not. Did you finance it in with the car? refinance the car for the new amount? I probably would not be able to do the SS, but there is alwyas hope. Mike Mike - Unknowingly, my Super Snake purchase started back in 1999. I bought a 1971 429SCJ Mach 1 for $14,500 and sold it for $39.5K in 2003. I had $17K invested in that car, so in reality it netted me approx. $20K for the 4 years of ownership. I then reinvested those funds into a 1993 Cobra R Mustang #51/107. I sold that car last year (2008) for $70K. That car netted me $30K profit over its 5 year ownership. This $50K profit from those two collectible cars enabled me to buy a new GT500, to my specifications with no money outlay. This 08 GT500 was bought for cash from the profits of two previous "investment cars". I had to come up with the additional funds to Super Snake this car. I sold another collector car that I owned breaking even with its investment. Doing the math, I have approx. $35K invested in my 725 Super Snake.<<Not a bad investment at all!!! Don't ever let anyone convince you that cars are not investments, it all depends upon the specific car. Only to those who have not done their homework are "cars not investments". In my above senerio, even cars built well after the muscle car era "can" bring a considerable profit, again, it is all about doing your homework and knowing the collector car market. My 401K had not done as well, especially when comparing it to the 1993 Cobra R gain, and I was able to enjoy driving the R-Model and Mach 1 when I chose to. I do agree that these cars (the Super Snakes) are currently not "investments", and until the production ends on this current body, it will not be an investment car. It will take the end of the "era" for things to change, and in my particular case, I am well ahead in what $$$ I have in this car vs. what it could be sold for.<<<At least for now................ R Link to comment Share on other sites More sharing options...
Torch40 Posted May 18, 2009 Report Share Posted May 18, 2009 Mike - Unknowingly, my Super Snake purchase started back in 1999. I bought a 1971 429SCJ Mach 1 for $14,500 and sold it for $39.5K in 2003. I had $17K invested in that car, so in reality it netted me approx. $20K for the 4 years of ownership. I then reinvested those funds into a 1993 Cobra R Mustang #51/107. I sold that car last year (2008) for $70K. That car netted me $30K profit over its 5 year ownership. This $50K profit from those two collectible cars enabled me to buy a new GT500, to my specifications with no money outlay. This 08 GT500 was bought for cash from the profits of two previous "investment cars". I had to come up with the additional funds to Super Snake this car. I sold another collector car that I owned breaking even with its investment. Doing the math, I have approx. $35K invested in my 725 Super Snake.<<Not a bad investment at all!!! Don't ever let anyone convince you that cars are not investments, it all depends upon the specific car. Only to those who have not done their homework are "cars not investments". In my above senerio, even cars built well after the muscle car era "can" bring a considerable profit, again, it is all about doing your homework and knowing the collector car market. My 401K had not done as well, especially when comparing it to the 1993 Cobra R gain, and I was able to enjoy driving the R-Model and Mach 1 when I chose to. I do agree that these cars (the Super Snakes) are currently not "investments", and until the production ends on this current body, it will not be an investment car. It will take the end of the "era" for things to change, and in my particular case, I am well ahead in what $$$ I have in this car vs. what it could be sold for.<<<At least for now................ R So we agree? He asked about Super Snakes Link to comment Share on other sites More sharing options...
texaggie Posted May 18, 2009 Report Share Posted May 18, 2009 So we agree? He asked about Super Snakes Agree or not he actually asked about "paying" for an SS. I will assume that you are wondering if you culd get a loan for the cost? The answer is ... If you have good credit and something worth money you could probably get a loan. Most likely a signature loan. One bassed totally on your ability to pay back. Maybe a refinance on your auto loan, usually only if you have that much equity in the car. (ie. you don't owe anything on it.) Could use a credit card if you are nuts and the card co. will actually increase your amount for you. Personally, I think all of these are not good ideas. You will end up spending tons in interest with no idea on if you will see a return on the amount used. (Why these guys are talking about it being, or not being, an investment.) The last option is to buy the parts you can as you can, and have someone qualified install them. Link to comment Share on other sites More sharing options...
Robert M Posted May 18, 2009 Report Share Posted May 18, 2009 So we agree? He asked about Super Snakes Yes, we do agree, but there are many, many out there who say "no" cars are investments, you did not say that. Another factor in the Super Snake conversion is, how buried a person is in their GT500. R Link to comment Share on other sites More sharing options...
Robert M Posted May 18, 2009 Report Share Posted May 18, 2009 Agree or not he actually asked about "paying" for an SS.I will assume that you are wondering if you culd get a loan for the cost? The answer is ... If you have good credit and something worth money you could probably get a loan. Most likely a signature loan. One bassed totally on your ability to pay back. Maybe a refinance on your auto loan, usually only if you have that much equity in the car. (ie. you don't owe anything on it.) Could use a credit card if you are nuts and the card co. will actually increase your amount for you. Personally, I think all of these are not good ideas. You will end up spending tons in interest with no idea on if you will see a return on the amount used. (Why these guys are talking about it being, or not being, an investment.) The last option is to buy the parts you can as you can, and have someone qualified install them. I was guessing that he was asking how most could get their funds for a $80K plus Mustang after all is said and done, since he mentioned refinancing the car as part of the post. Mike - If you are strictly asking how some of us got the funds for our Super Snake conversion, in my case, I sold a collector car to get the funds. Sorry for the explaination on how I got there, in post #3. I thought you were asking about the whole process. R Link to comment Share on other sites More sharing options...
blkGT500nCA Posted May 18, 2009 Report Share Posted May 18, 2009 You could sell a kidney. Link to comment Share on other sites More sharing options...
EL SHELBY Posted May 19, 2009 Report Share Posted May 19, 2009 Or, knock off a wife,,,,, did I say that out loud? Link to comment Share on other sites More sharing options...
Matts Posted May 19, 2009 Report Share Posted May 19, 2009 I'm totally not buying a SS, but I am buying a Terlingua. I have a CD that is worth 5K and since I'm only 22 years old and have good credit. The bank will not just give me a signature loan. So I am now waiting for this CD to mature and possibly using it as collateral or simply just transferring the funds into my checking account. I also have two credit cards both with a limit of 8K a piece, from past experiences I say never do this unless you can pay it back with in 6 months. The best way to do it (if you don't have the cash) is to pay your car off and then refinancing your car as collateral for the conversion. Link to comment Share on other sites More sharing options...
ceswert Posted May 19, 2009 Report Share Posted May 19, 2009 Cash. I purchased it as a retirement gift to myself. I drive my SS twice, maybe three times a week. It is a great investment in terms of the joy I get in driving the snake. I don't believe I will ever sell, probably pass along to a lucky son. We're here just once and the snake is an important happiness in my once! Best of luck!! Link to comment Share on other sites More sharing options...
EL SHELBY Posted May 19, 2009 Report Share Posted May 19, 2009 Cash. I purchased it as a retirement gift to myself. I drive my SS twice, maybe three times a week. It is a great investment in terms of the joy I get in driving the snake. I don't believe I will ever sell, probably pass along to a lucky son. We're here just once and the snake is an important happiness in my once! Best of luck!! By the way, I'm your long lost and very deserving son.... Link to comment Share on other sites More sharing options...
MY500SS Posted May 19, 2009 Report Share Posted May 19, 2009 Cash. Once the kids finished collage I had extra funds just waiting to be spent for my SS . Link to comment Share on other sites More sharing options...
cleghornm Posted May 19, 2009 Author Report Share Posted May 19, 2009 Cash. Once the kids finished collage I had extra funds just waiting to be spent for my SS . Thanks guys, did not want to get to personal, I already own a Roudh Stage Three and the Shelby. I guess I could sell one to make the SS but I like the Roush, and it's paid for. But like some said is borrowing the money from the bank on a personal loan the right thing to do. Probably not. So I will probably build the Snake overtime and not have the CSM # for it, but enjoy doing it anyway. Mike Link to comment Share on other sites More sharing options...
cobrafan Posted May 21, 2009 Report Share Posted May 21, 2009 Unless the car is paid for, I would think that if you finance the mods in addition to car debt in this economy, it could cause some sleepless nights for the next couple years, especially if you put them on a credit card. You could get totally upside down under a worst case situation. Link to comment Share on other sites More sharing options...
Robert M Posted May 21, 2009 Report Share Posted May 21, 2009 Unless the car is paid for, I would think that if you finance the mods in addition to car debt in this economy, it could cause some sleepless nights for the next couple years, especially if you put them on a credit card. You could get totally upside down under a worst case situation. In reality, with the many (and there were many) who paid MSRP+ for their GT500, they are upside down already, without any additional $$$ spent on modifications. The Super Snake "plus factor" is........instead of being 1 of many thousand (as a regular production GT500 is), the Super Snake is 1 of 1000 per model year, and it is at a power level that will most likely never be matched by the Ford assy. line on a fully street legal Mustang.<<<This is for the 725, the 605 "could" be matched, they are only 60h.p. away currently. Unlike any other Mustang modification facility, Saleen, Roush, Steeda and the list goes on and on, the "Shelby" name is on a unique level when it is related to the Mustang. R Link to comment Share on other sites More sharing options...
MY500SS Posted May 21, 2009 Report Share Posted May 21, 2009 In reality, with the many (and there were many) who paid MSRP+ for their GT500, they are upside down already, without any additional $$$ spent on modifications. The Super Snake "plus factor" is........instead of being 1 of many thousand (as a regular production GT500 is), the Super Snake is 1 of 1000 per model year, and it is at a power level that will most likely never be matched by the Ford assy. line on a fully street legal Mustang.<<<This is for the 725, the 605 "could" be matched, they are only 60h.p. away currently. Unlike any other Mustang modification facility, Saleen, Roush, Steeda and the list goes on and on, the "Shelby" name is on a unique level when it is related to the Mustang. R I like the way you think :happy feet: . Link to comment Share on other sites More sharing options...
carrera Posted May 21, 2009 Report Share Posted May 21, 2009 I paid for mine cash but I have a loan out on the original car.Interest rates at the time were good. It just so happens the build date for my SS is the same date, oct,9,2008 {10-9-8} that my son was born. There is no way I can ever sell this car{not that I was thinking of it any way}. Link to comment Share on other sites More sharing options...
GT500-2007 Posted May 21, 2009 Report Share Posted May 21, 2009 Cash. Once the kids finished collage I had extra funds just waiting to be spent for my SS . Ooooohhhhhhh.....was I suppose to wait until they finished college to spend the money???? Woops...... Link to comment Share on other sites More sharing options...
Robert M Posted May 21, 2009 Report Share Posted May 21, 2009 It just so happens the build date for my SS is the same date, oct,9,2008 {10-9-8} that my son was born. There is no way I can ever sell this car{not that I was thinking of it any way}. Very, Very COOL!!!^^^^^^^^^^^^^ How many times would something like that fall into place in a lifetime? R Link to comment Share on other sites More sharing options...
knownukes Posted May 23, 2009 Report Share Posted May 23, 2009 Ooooohhhhhhh.....was I suppose to wait until they finished college to spend the money???? Woops...... +1! Link to comment Share on other sites More sharing options...
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