new car prices.

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Princess Valiant

Princess Valiant

A.K.A. Rainy Day Auto
FABO Gold Member
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I was thinking the other day when I was somehow looking at new darts on ebay the other day.

Now a days the way new car prices are, its not out of the question to spend 15 to 25 grand on a new car that is going to tank in value in a very short time. The impact of the magnitude of money is not felt so bad to most people as long as they can afford the monthly payment.

So looking at it like that .......what would be the real big deal of taking a bank loan for 20 - 25 K and buying a HEMI engine.

I always assumed that a HEMI was in another league and little people like me would never touch one but really its not that much when you look in terms of monthly payments. New cars are callously sold everyday to people who can barely afford them but stay afloat with a low monthly payment. A lot of people buying new cars have minimum wage jobs making 800.-1500. a month!!

15- 18 K for the engine and another 5-10 K to get in the car. Exhaust, beefing up the trans, replacing rear with a Dana and etc... Moser has those new made to order Dana 60s for around 2.5k with some good gears.

It would be like buying a new car except this one dang sure wont be worthless five years from now. Unless someone blows the engine from being an ape.

This is assuming that one has a decent car that would make a good HEMI car.

maybe I am just thinking out loud too
 
The biggest hurdle would be making your case to the bank. We all know that it's a safe bet and that the car, or just the parts would hold enough value to justify the risk, but that will be a hard sell to a banker. Fwiw.
 
I think the only way you'd be able to get the money for this would be a home equity loan, or something similar.
 
my credit union will give you an autoloan in basically a blank check that you just write out the amount. They label the check not good for more then what ever your limit is. That might be worth looking into. I cation though if this is your plan its better to look for something mostly together so you can drive quickly or it could take years to get going
 
Your reasoning about depreciation is spot on. It hurts to by a new car and have it worth less the moment you drive it off the lot.
A better idea might be to find a slightly used car that has already substantially depreciated.
There are couple of flies in the ointment in building a custom car to defeat depreciation and then driving it in traffic.
One thing to consider is the trouble with obtaining adequate agreed value collision insurance.
And then if you are hit by an idiot driver, you have to deal with getting the insurance company to pay for proper repairs.
Ask me how I know.
 
I'd bet they wouldn't take a Hemi or Dana as collateral. Be ready to sign with the house on the line unless you are liquid enough for a unsecured loan.
 
Just spend 29k and get a new Hemi Challenger. Work done. Bank Ok. A/C, cruise, CD, FI, etc.,etc. Slower depreciation than the new dart. Will always have value as a collectible.
 
Car loan will be less interest in most cases on the new car loan then a loan for a new Hemi.

Then I guess it depends what you need the car for. If looking at new darts one would assume dIly driver status. Good mileage and reliability.

At 25k I'll assume you ate talking a gen 2 Hemi not a 5.7 or 6.1. While it could be a dIly driver it sure as hell isn't getting 30+ mpg. Lol. Like I said. It all depends on I tended use.

For me. I have a 80 mile round trip for work. No way with gas prices could I afford to drive a gen 2 Hemi dart every day as a daily driver.
 
good points about the woes of driving a HEMI as a daily ....I should have also specified that I wouldn't need to drive it daily.

so this crazy idea is only feasible assuming 1. you have a decent body to make into a HEMI car and 2. would not actually need to spend the money on a new car that you need.

I have access to so many beaters from the early to mid 2000s (common cars) that I doubt I would ever need or want to a new car.

Driving a HEMI car more than you need to ...(even a new crate engine) seems nuts and I am not talking 5.7 or 6.1 ....I was talking about a real HEMI. a re-pop 426, maybe a 472 or possibly a 528
 
Personal loan at the bank.....higher interest as it is non-secured. 2G HEMI in an a-body is not really all that big of a deal. Suggest a HemiDenny front end as it will allow you to move the motor over and retain a flat hood. And while TTI does indeed make a-body 2G HEMI headers Denny's front end will allow you use e-body (?) headers that fit better...according to Denny. Keep in mind that a HEMI with a hydraulic roller will jack up the price of the motor as some extra machine work is needed. And handling, even with an aftermarket front end, may suffer a bit as an iron block HEMI is heavy.
 
It isn't very easy to get a bank loan for a car that is over 7 years old unless you have well established credit with the bank. As said above the interest rates for and engine and related parts is going to be substantially higher.
 
RaniDart70 said:
good points about the woes of driving a HEMI as a daily ....I should have also specified that I wouldn't need to drive it daily.

so this crazy idea is only feasible assuming 1. you have a decent body to make into a HEMI car and 2. would not actually need to spend the money on a new car that you need.

I have access to so many beaters from the early to mid 2000s (common cars) that I doubt I would ever need or want to a new car.

Driving a HEMI car more than you need to ...(even a new crate engine) seems nuts and I am not talking 5.7 or 6.1 ....I was talking about a real HEMI. a re-pop 426, maybe a 472 or possibly a 528
Click to expand...

Have to inject here, I'm guessing it would kind of be a status/long time desire thing? I can't see you holding the pedal to the floor in a HEMI "A" body. I believe it would scare the bejesus out of you!!!!
; ^ )
 
This is exactly how I looked at buying my AlterK set up 3 years ago. I got a loan for the money, made the payments and didn't sweat it at all.

I'm currently thinking about doing it again for my GEN 3 Viper engine I want for my build. Get a bank loan or hell even Credit Cards are giving low fixed interest rates or even 0% interest for a 12-18 months to use their cards, and pay it off monthly.

It worked for me… go for it!
 
You cannot get car financing here with a car over 3 or 4 years..that is why the dealers won't stock the older cars and farm them out to auctions and :used" car dealers..

The banks will lend you the bucks but they won't take the Hemi as collateral. You will need to put up some other asset.
 
nothingbutdarts said:
Have to inject here, I'm guessing it would kind of be a status/long time desire thing? I can't see you holding the pedal to the floor in a HEMI "A" body. I believe it would scare the bejesus out of you!!!!
; ^ )
Click to expand...


yes, what mopar fan has never had a dream about a HEMI?? I don't know any LOL

I have a friend who started it all. This friend was going to build a HEMI dart but switched to building a HEMI B-body which makes complete sense for logistics.

After hearing about what this friend has cooking got me to thinking.

We only live once, might as well shoot for the stars and build a true dream muscle car.
Really any muscle car is just dream car.....why else would anyone want an obsolete, in- efficient, over priced and mostly useless in a practical sense kind of car.

I don't have any kids now or any baggage, a job and very few expenses left. so I figure now would be a good time to consider this for the future....so the wheels are turning in the ol noodle. :???:
 
If you want a HEMI build it one piece at a time.
Buy a new block, then crank rods and pistons, keep going until you have a complete engine.
A Dana is easy, get one out of a truck and narrow it down, most had limited slips and depending on the year between 3.07 and 4.56 gears are the most common.
You will save a ton of money that way and not have to borrow a dime.
 
Long as you have collateral and have a job and good credit, you will get a loan, especially with a credit union. Interest rates are usually lower with credit unions, too.
 
To me this is similar to a boat or even a really cool motorcycle.
Just don't fool yourself that it is financially smart - it is not " the same as buying a new car"!
Before you go to all the effort you should try to drive one just to see if it's all you think it'll be.
 
RaniDart70 said:
I don't have any kids now or any baggage, a job and very few expenses left. so I figure now would be a good time to consider this for the future....so the wheels are turning in the ol noodle. :???:
Click to expand...

You are 100% correct here!!! The best time in your life for toys and travel! Oh wait, you already do the travel thing, go for the gusto and enjoy every minute of it!!!!!!!!!!!!!!!!!
 
Another option is to find a car that is done or near done. Plenty of cars out there with tons of money sunk into them and then they are sold for less than half. That way you get to touch it, drive it, and see if that is what you really want. And a bank or credit union is more willing to finance it.
 
RaniDart70 said:
yes, what mopar fan has never had a dream about a HEMI?? I don't know any LOL

I have a friend who started it all. This friend was going to build a HEMI dart but switched to building a HEMI B-body which makes complete sense for logistics.

After hearing about what this friend has cooking got me to thinking.
Click to expand...

Hay, there's always the loaner program you know!!!!!!!!! ; ^ )
 
Good credit won't touch a personal loan that size without collateral (ie, home equity, etc.)...

You can't have a credit score above 775 unless you have an active business that does a lot of bankrolling or a credit card that is on a regular turnover within a couple grand a month or more.

Most banks will not look at personal loans at or above ten thousand dollars without collateral, even with the best possible credit that you could have with your own debt to income ratio.

Interest rates are around 18% on a personal loan. APR is much lower on a car loan. Also, a car loan is one of the best things you can do to your credit, because the three creditors know that most people don't bail on things like their home mortgages, but sometimes wind up with vigilant or late payments on an auto loan, so if you can get approved and get payments made on time, it will spike your credit, quick.

If you want a 426 the easy way, save about 7k for a good builder and look in Hemings. I know a really inexpensive and amazing machinist that operates from home. Two of them, actually.

I hate all new cars, so I also learned a lot of other tricks to get your credit really high, quickly, but it won't help with a personal loan at $25k, unless you are super rich, at which point, it totally defeats the purpose.
 
Get it done.... and I bet your chances of "marriage" goes way up.... LOL
 
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