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How Did You Afford Yours?
#11
(07-16-2018, 08:32 PM)swashplate Wrote: Financing sucks.  

I will disagree. Financing is like anything else--don't do it if you can't afford it. If done wisely, which includes getting a good interest rate, financing lets you keep access to most of the money you would have spent on a lump sum payment so that your finances go farther.

This will surprise most of the people here, I think, but the "rich" as you know them generally prefer to finance. This is because they can get the lowest interest rates possible and it's always good to hold on to as much of your money as you can. Yes, a billionaire can drop $50K on a mosquito in cash without blinking an eye, but a wealthy person with a more modest net worth in the low millions will most likely finance.

The rest of us? Finance, but do it because it's the wise choice, not because you can't afford the thing in the first place.
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#12
As someone doing it that couldn't outright afford it, I'm doing it in stages. This only works if you plan to build at home over the span of several years (not sure how you'd do a factory build in stages as I can't imagine you can leave your project in the corner of their garage for years, but you could ask). I am finding the instructions and details sometimes lacking for home build, sometimes parts you need for one step don't actually get delivered until the next kit, and I'm actually rather inexperienced, but there are people willing to take your calls, answer your questions, and give advised (thanks again Norbert and Mike M), so it does seem possible, ask me again in a few years if I have a helicopter, or an expensive pile of ruined parts, haha.

Either way, each stage has enough in it to keep you busy researching, sanding, cutting, bending, drilling, measuring for months on end depending on how often you can work on it. So buy stage 1, work on it, by the time you're about done with that part, you should have money saved up to order the next kit, and so on. Three years later, maybe you'll have a helicopter. The other option is to just save diligently for three years, then hopefully you'll have the money to buy outright. Then you can do factory build or whatever over a shorter time span (sometimes I think I should have gone that route).

Thought I saw you said you have 1200 extra a month? If you throw that in the bank for 3 years that's 43,200, definitely enough.... how bad do you want it?
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