Posts: 7,485
Threads: 173
Joined: Apr 2005
Reputation:
2
Okay as the subject line suggests. I need some guidance in deciding what to do with my income tax refund this year.
Stats on the Focus 2005MY in service Sept '04, current mileage 29,450KM. Only one serious unscheduled repair, that being the fuel sender & pump. I'm looking at probably close to $3K for the extended warranty to 7 years/150,000KM at this point.
My refund is looking to be approximately $2300 if I only make the minimum required repayment to the Home Buyers Plan withdrawal of $1,330.
My mortgage stands at a little under $94K as we speak.
In terms of mods, I'm looking at doing the intake & exhaust (Steeda CAI & MBRP exhaust) and getting hood struts installed since I run the risk of beheading myself every time that I open my hood owing to Ford's placement of the hood prop <_<
Now I could also make the max repayment to the HBP based on my RRSP contributions ($4,100) which would lower the amount to be repaid to $15,900 over 14 years and still give me a refund of $1,200 or so, which would give me the cash to do most of the mods.
So, what say you all? I'm in no rush to make this decision, looking at late March until I get all the slips/receipts that I need anyways, but I wanted to hear some opinions.
NefCanuck
Posts: 5,384
Threads: 269
Joined: Dec 2005
Reputation:
5
I would spend on Mod's before anything else. But that is only me.
Focus man, Focus........ Team Psychological Disaster
2008 Taurus X to be modded.
2002 ZX5 parted out. Forever known as the "SLOCUS".
2010 Dyno #'s 102.96HP/105.84TQ
2011 Dyno #'s 111.44HP/115.17TQ
Still The Weakest Link
Dial 1-800-AUTO-PARTS for your local speed shop.
Posts: 2,129
Threads: 77
Joined: Aug 2004
Reputation:
0
take me out to dinner and we can discuss this better.
Thanks.
P.S. Pay off your house first and formost. After your house is paid off then you can play with your toys :) That's the boring way to spend your money
***want to buy***
MBRP................ check
SCT Xcal2 ........ check
VF mounts
Adj. Dampers ... check
Meford's Mom.... sale pending
Posts: 7,019
Threads: 347
Joined: Apr 2004
Reputation:
6
Pay for my house and I will let you visit it.
Ok, pay for yours first. Then take the extra 1200 and have a little fun.
TEAM PITA Don't settle for a wannabe, only accept the real deal.
One day I will rule the world. For now, I have to settle for this place.
Posts: 8,622
Threads: 898
Joined: May 2003
Reputation:
6
Pay it back to your Home Buyer's Plan.
Not only are you paying interest on your RRSP loan, but you're not making interest on your RRSPs to retire on.
Pay that as quickly as possible!
Contribute to focuscanada.net's future!Donations of $20 and over get a custom title!
Posts: 9,104
Threads: 411
Joined: May 2003
Reputation:
2
darkpuppet,Jan 23 2006, 04:22 PM Wrote:Pay it back to your Home Buyer's Plan.
Not only are you paying interest on your RRSP loan, but you're not making interest on your RRSPs to retire on.
Pay that as quickly as possible!
[right][snapback]166508[/snapback][/right]
ding ding :lol:
Posts: 1,486
Threads: 61
Joined: Sep 2004
Reputation:
0
01-24-2006, 07:39 AM
(This post was last modified: 01-24-2006, 07:40 AM by crazikev.)
send it to crazikev :D
it will give you good luck :lol:
money money money. :rofl:
2001 SE Sedan
gas mileage King of FocusCanada!
760.8km on 45L
Posts: 5,066
Threads: 166
Joined: May 2003
Reputation:
0
Buy toyota stock.. lol
05 Altima SE-R
98 Grand Cherokee 5.9: Flowmaster; K&N
05 300C 5.7: Sold
99 Civic SIR: Sold
03 Focus SVT: Sold
01 Focus ZX3: Sold
Posts: 1,939
Threads: 101
Joined: Aug 2004
Reputation:
0
Donate it to FC.net for a tax write off next year!!!!1111 YAARRRRRRR!
Posts: 2,584
Threads: 108
Joined: May 2003
Reputation:
0
if you spend it on mods, you deserve to be pimp-slapped!!!
throw it on your house, or maybe even a trip somewhere cool, dont spend it on the focus.
I wish my grass was Emo, so it would cut itself...
Posts: 4,150
Threads: 375
Joined: Apr 2003
Reputation:
0
Companies offer extra warranties because they KNOW they will make money off of it (on average) NOT as a favour to their customers. Besides you have one of the "good" model year cars.
I have one of the "less good" model years, it's almost 6 years in and I have spent no where close to $3G's on R&M, maybe a couple hundred at most?
Spend it on that home plan or the mortgage.
Posts: 2,129
Threads: 77
Joined: Aug 2004
Reputation:
0
well live a lil put half on the house and half for yourself. It's always nice to treat yourself but I'll agree with the others spending it on your car might not be the best.
***want to buy***
MBRP................ check
SCT Xcal2 ........ check
VF mounts
Adj. Dampers ... check
Meford's Mom.... sale pending
Posts: 3,434
Threads: 238
Joined: Apr 2003
Reputation:
0
home plan or mortgage all the way man..
Posts: 9,588
Threads: 529
Joined: Mar 2004
Reputation:
1
Re-pay what you used for sure.
Daily driver 1: 2007 Jeep Wrangler Unlimited Sport "S"
33" BFG Mud-Terrain KM2s, lots of Rough Country gear - bumper, 2.5" lift, swaybar disconnects, Superwinch 10,000lb winch, Detroit Locker in rear D44 axle, custom exhaust, K+N filtercharger, Superchips-tuned.
Daily driver 2: 2006 Subaru Legacy GT
COBB Stage 1+ package - AccessPort tuner, COBB intake and airbox. Stage 2 coming shortly - COBB 3" AT stainless DP and race cat, custom 3" Magnaflow-based exhaust and Stage 2 COBB tune.
Posts: 1,158
Threads: 104
Joined: Jan 2004
Reputation:
1
Minumum payment on the HBP since it's not costing you any interest and double up one mortgage payment. Then play with what is left.
Old enough to know me limit, yet young enough to exceed it.
Piss it away on beer and popcorn.
Posts: 2,584
Threads: 108
Joined: May 2003
Reputation:
0
02ztsian,Jan 24 2006, 02:38 PM Wrote:Piss it away on beer and popcorn.
[right][snapback]166703[/snapback][/right]
POPCORN...phack, that wasnt in the poll!
popcorn popcorn popcorn
I VOTE 1 FOR POPCORN
I wish my grass was Emo, so it would cut itself...
|
Hi, Guest
![[Image: ncclogo.jpg]](http://img.photobucket.com/albums/v76/Flofocus/ncclogo.jpg)
