what would you guys do with this kind of money?

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Taco15

I wear stretchy pants
Looks like the BGN has sold...again. on ebay. lol. Now it's either a business or a new WRX :)
 

Taco15

I wear stretchy pants
Jeffie, I like the drive around idea because I can see what's in front of me as a consumer. how accessible, how visible, what's around. etc. To answer your first question I do my best to always keep 20k in savings. When I moved to Cali it wiped me almost out but I'm back to 20k since I've been back. Every paycheck I stick a minimum of $500 in it. I pretty much use the money I USED to oay for mrs. taco's rent and stick it in savings. :)
 

Briansol

Admins
Admin
VIP
Car audio is dead.

back up cameras are required standard equipment next year.
with it comes all the ICE with screens, nav, etc etc...
less and less kids are into cars.


I wouldn't invest 1 dollar in a car audio business right now.



Put 10k down on a new STi. Why bother with a wrx if 90% of what you're going to do to it is to get it to sti spec?
have $300 payments you want.
put 5500 in a roth ira in an S&P index fund like FUSEX
do it again in january for next year.
put 5k away for rainy day fund.
the other 5k, see e's post above.
 

B16

Super Moderator
VIP
Car audio is dead.

back up cameras are required standard equipment next year.
with it comes all the ICE with screens, nav, etc etc...
less and less kids are into cars.


I wouldn't invest 1 dollar in a car audio business right now.
I agree with this wholeheartedly.
 

jeffie7

Wrong Whole!
VIP
Custom jobs are still out there for show builds. Problem is the meat and potatoes are your daily business of people wanting to uograde the stock POS more and more cars are coming with touch screens even on lower end models. Hands free, I think the new Camry might be coming with a charging bay you set your phone down and it charged. No cable needed. At least the prototype...
 

Taco15

I wear stretchy pants
I wasn't talking about specifically new cars. yes I'm aware the new cars come with tech stuff.....I sell cars remember? :p I mostly meant the older, pre-usb, pre Bluetooth cars. but I see what you guys mean. Which is why I emphasize small shop. something in an out. more volume. B thanks so much for the advice. I really will start thinking of putting some money aside for my 401k.

Car audio here used to be dead for a while. But with circuit city, sound advice and many others out of Tallahassee it's actually helped the 2 known shops. The second one is pretty much on it's way out thanks to Audio addictions.....my friends used to work there and left after original owner/ founder died and son started to drive it to the ground.

I would like to mention, this is a college town. Florida State and Famu are literally around the corner. The scene with car shows is still alive.....personally not my style but hey, if you got the cash i'll take it.

Thanks again for all the input. I'm rethinking strategy thanks to you guys. I'll keep you guys in the loop once I have money in hand and decide which route I want to go with.


for a DD an new Sti is overkill. Now that the WRX has a 6 speed I'll take that instead. twinscroll setup is good too. :)
 

Taco15

I wear stretchy pants
yeah demon I thought about that which is why I'd want to make it clear it's gonna be my shop and I run it the way I see fit. I'd just have to find a way to be same 'franchise' and do the same quality work and reputation.......but ran by me to make it even better.

I like this chat. it's helping me pay attention to things I have overlooked
 

Briansol

Admins
Admin
VIP
yeah demon I thought about that which is why I'd want to make it clear it's gonna be my shop and I run it the way I see fit. I'd just have to find a way to be same 'franchise' and do the same quality work and reputation.......but ran by me to make it even better.

I like this chat. it's helping me pay attention to things I have overlooked
until the owner of the brand you are sistering from decides he doesn't like what you are doing... or stealing biz from him... or makes you buy product through him and his distributors at a markup...

even mcdonalds has to buy the mcdonalds branded cups from corporate and make the big mac the way they say to make it with beef bought through mcdonals suppliers...

see where this is going?

run bro.


college kids don't have money.

If you're in a college town, open up a bar. host laides night, wet t shirt contests and other girls gone wild type shit and retire on a yatch
 

jeffie7

Wrong Whole!
VIP
Every year your customer base will get smaller and smaller.

If you asked me for $50k and said you would repay it back plus give me another $150k for my troubles if the shop stays open for 2 years. *way insane return on my money*

I'd say nope. Too risky.

Here's what you do. Write up your business plan and pitch the idea to SBA You would qualify for a minority loan if they approve your plan. This process takes up to a year to do. At that point if SBA sees value in your business and agrees to give you money. Go forward with it.

Even if you had $250k cash in hand. My advice would be to write a business plan and pitch the idea to yourself. Then sit on it for 12 months.
 

jeffie7

Wrong Whole!
VIP
Oh and don't do anything off feelings that's how many businesses start... And fail. Do it off solid numbers and a solid business plan that shows you have a very low chance of failure.
 

hondarin

Please enter a value using 50 characters or fewer.
VIP
It sounds like you want to open up your own shop, but use your friend's name to drum up business. THIS IS A TERRIBLE IDEA. It has fail written all over it. This will cause problems between you and your friends if you proceed in this manner. Either your friends will feel like you're using them, and it sounds like that is what you want to do; or you will be left doing what they want to keep them happy, and it sounds like this is what you do NOT want.
 

CAFROG

Honda Minion
VIP
What I'd do with the money? Seems like you want a car but want to invest too. Possible do both if you purchase the right car for the right amount and have the means to improve it.

Just for shits and giggles....I'd look for a clean, min rust, straight 70-71 Camaro Z28 (preferably manual). Very cool car that you could enjoy building, driving and selling. I wanted to do this years ago. Their prices are rising. But I bet there are good ones out there for the taking. I only see them going up in price. Little elbow grease and $$
 

Taco15

I wear stretchy pants
how the hell do you copy a quote now? damn I cant figure out the new system yet. Anyway. The way I'm seeing it it's either go business and cheap beater OR no business with a WRX and the rest of the money investing/saving. 401k and stick the rest in savings. I'm steering a little more towards NOT doing the audio shop since I posted here.....in a good way. i'ts pretty much made me rethink the strategy and be better prepared with a more detailed plan for when I have the money and talk with my buddy Adam.

Thanks again fellas.
 
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