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 Take out personal loan to join motorsports, Need sound thoughts on this

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anakkk
post Oct 21 2024, 02:12 PM

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maybe you need to consider topup your insurance too :X
minizian
post Oct 21 2024, 02:18 PM

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QUOTE(KeyMochi @ Oct 21 2024, 08:34 AM)
I see this as an opportunity of a lifetime and I thought finally I found what I always wanted since kid. Problem is, I need to pay at least 50% of the total cost to secure my place in the academy and tbh I don't have that kind of cash stash somewhere. I've been thinking non stop since that day on how can I earn that deposit amount before they jack the price next year.

I earn round 120k/year. Married with a kid who's still in kindergarten. Have no long term loan under my name except for my daily. Credit card paid in full every month without fail. Maxing out the card is out of option since I use it for household expenditures.

Really need some sound advice from the community as I can't stop taking my mind off this.
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Hmm i dont think its a good idea since that price if i recall correctly is just the "starter pack", things would get racked up quickly if you wanna add on this and that.

If you looked closely the item included were just bare minimal and I can tell out directly that those wont be enough for sure, as you get deeper into the rabbit you try anything possible to make yourself go faster which means more money being burned for a hobby.

If you somehow can make additional money by joining this more than the loan amount then I say okay but if it is just for hobby sake I say just dont.

You better off just go and rent track car(there are people who does this which one of my friend did it once and it cost him only approx RM3k++ just arrive and drive) on per-use basis, well at least you dont need to worry about the car side as usually those have their own crew and well as instructor to make sure all goes well (as long you dont crash onto barrier or what as you are expected to pay for those by Sepang circuit folks which is not cheap per meter).

Even buying a proper sports car on the road does not guarantee much as you still need to do some mods like cooling/tires/brake/brake fluid to ensure it was able to cope track condition. Not to mention insurance wont cover you if you ever crash there plus any cost need to pay to track as mentioned earlier. (Hence you need to have some backup fund for such things, you never know what would happen)

Also, this is why some people just prefer to stick to sim racing because at least you can safely crash on sim racing game and its cheaper long term as you just need to invest in good rig/setup once je.

Sauce: Trust me bro, i did few track day on my daily car and it is not cheap when adding this and that (that is just track fees, brake pads, overkill brake fluid, track camber/alignment set up and ron97 while rest still stock). Moving forward maybe I should just go to the "rent the track car" route so I dont need to worry much.

For me being into this trackday rabbit hole i can just say there fine line enjoying pushing hard and getting into accident there like our friend maverick tries to go faster than mach 10 instead of staying where it is because he believes he still can push it


This post has been edited by minizian: Oct 21 2024, 02:29 PM
Quazacolt
post Oct 21 2024, 02:32 PM

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QUOTE(anakkk @ Oct 21 2024, 02:12 PM)
maybe you need to consider topup your insurance too :X
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topup but exclusion clause = 0
pointless.
littlefire
post Oct 21 2024, 02:47 PM

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Easy said, if your really "talented" you should not be writing here and asking for loan to join motorsport. People should be swarming to you lending you sponsorship and money to represent their team without asking you to fork up a lot of money for it. Would be better to treat it as hobby or some spare time/money for it.

This post has been edited by littlefire: Oct 21 2024, 02:48 PM
ktek
post Oct 21 2024, 02:59 PM

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QUOTE(littlefire @ Oct 21 2024, 02:47 PM)
Easy said, if your really "talented" you should not be writing here and asking for loan to join motorsport. People should be swarming to you lending you sponsorship and money to represent their team without asking you to fork up a lot of money for it. Would be better to treat it as hobby or some spare time/money for it.
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direct sponsor. yes
with talent or potential (young). no money no talks

not instead of u fund back half of d team

This post has been edited by ktek: Oct 21 2024, 03:00 PM
ktek
post Oct 21 2024, 03:03 PM

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btw u will be back to kart someday. example practice and test ur endurance on body

pls regret now
constant_weight
post Oct 21 2024, 03:28 PM

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QUOTE(KeyMochi @ Oct 21 2024, 08:57 AM)
Instructors told i got talent and passion can go far with right training.
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QUOTE(Quazacolt @ Oct 21 2024, 11:45 AM)
i would discourage against it.

now, about bolded, no. there will be opportunity(ies) coming up all the time. don't be FOMO
your annual income is too low to burn on motorsports.
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3 things regarding motorsport, and 1 personal opinion.

First, accumulate track time, training time are more important than talent alone. At least for most of us.
Talent is secondary until you fight for split seconds in top championship.
Of course if you are absolutely lucky and being the most talented, someone sponsor you from age 5-6, then different story.

At adult age, it is the training that build up the sensory (easier for kids to pick up IMHO). Feel the rotation, feel the weight transfer, feels the tyre deformation, bio clock/timing to do tyre management, and get familiar with the track. I find the tyre management is particularly hard (for me it was in a sim). Usually after 2-3 laps of consistent lap time, then stared to go haywire. I'm not talented.
Which part of the track has rubber residue, than you can brake a lot later than common sense, etc.

Second, to go pro you need a team. That's burning a lot of money than owning the car + maintenance. I need to emphasize having a track car is not the same as race car.
Race cars are subject to regulations, not open for any mod. Racing reliability constantly at red line too, meaning often not running the engine tuning at full capacity in order to finish the race.

Don't underestimate the "less talented rich boy" who can just do it and crash, but having another spare car. Do you dare to go wheel to wheel dog fight with them?
I know an acquittance who is mega rich. Now bored with buying supercars, and bought an AMG GT3 race car, hire someone to race it. The crews, he's leased from AMG. Recently, changed to using R8 GT3, not sure what happened to the AMG. Anyway nuts... what a hobby.

Look at Zhou Guanyu and Lance Stroll in F1. Think they are slow, less talent? Try race them if given opportunity.

Third Physical fitness. This is not a 2-3 flying laps track day, then do one cooling lap. You'll need to sustain the heat, lose a lot of body fluid in actual race. Then no vacuum pump brake assist, with or without power steering. If into formula car, neck. Not sure how fit are you, at least I'll get sick if subject into that kind of stress week in/week out.

Lastly on personal, not sure you talking about 120k gross or net. But even net is insufficient.
My net basic pay is around the same as you. Total compensation about 3x. I live off basic salary alone, save all the remaining.

I don't even dare to think about motorsport, only aiming for sim racing rig. If my kid is talented + passion in anything, willing invest heavily. As for myself, 40 is too old change course drastically.

BTW I'm Nordschleife fans, but I'm not talented. It took me 6 months of practicing every night (with controller), just to be able to finish the track without crashing. Then another 6 months to bring the track time below 7min with GT3 race car. Then another 3-4 months to do sub 7min with 991.1 911 GT3 RS time using same car, matching official record. Still I can't do it reliability, consistently every lap.

I don't know how I can spent that much of track time in real life.

This post has been edited by constant_weight: Oct 21 2024, 03:48 PM
TSKeyMochi
post Oct 21 2024, 03:52 PM

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Thank you all the advice. Judging from some stories here it really is scary to burn that kind of money.
TSKeyMochi
post Oct 21 2024, 03:59 PM

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QUOTE(Quazacolt @ Oct 21 2024, 11:45 AM)
i would discourage against it.
just earn more until you don't need a loan, or at least, can comfortably get a loan without the need to seek validation on a forum.

now, about bolded, no. there will be opportunity(ies) coming up all the time. don't be FOMO
your annual income is too low to burn on motorsports. i earning very slightly more than you, also just having a 2 soon to be 3 years old son. and i've been inactive from motorsports since 2019 just repairing/rebuilding my finances that was in ruin (and motorsports was a huge contributing factor)
back in 2018 2019 i only had debts, no savings. today i got some savings that can be resilient a comfortable duration in case i do lose my job
my point being, chances are motorsports is only going to be a casual stint or hobby, and if you're not going pro with it,  you have no business taking huge financial risks with it.

just curious, who? Kenny/Kegani racing?
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https://www.driverdb.com/drivers/kenny-lee
exsea
post Oct 21 2024, 04:01 PM

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keywords "dont have cash stash" "i have a family/daughter"

bro.

once people are dependent on you, you have to sacrifice some things. going pro is a dream but just because you go pro, can you GUARANTEE that you will make it big?

also you have a kid now. accidents can happen. we dont want them to happen but it could happen.

as much as ppl say "your money, you spend how u like". i ll remind you, its not YOUR money anymore now that you're part of a family. in fact your life is not YOURS anymore either. if you're gone people will mourn. your wife will suffer. if you crippled instead, your family has to take care of you. you become a burden.

if you ask me. dont do it. if things were different and you're single or not married. fuckit YOLO just do it. but thats not where you are at now.
Quazacolt
post Oct 21 2024, 04:12 PM

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QUOTE(constant_weight @ Oct 21 2024, 03:28 PM)
As for myself, 40 is too old change course drastically.
never too old bro.
i know someone personally (he used to post LYN forums, and we met because of LYN forums) who raced and podium Car MSF

he now raced and podium MSF SBK on his BMW S1000RR.
i think he's in 60+ years old? or at least late 50's.

you just 40? still a lot younger than him bro laugh.gif
constant_weight
post Oct 21 2024, 04:34 PM

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QUOTE(KeyMochi @ Oct 21 2024, 03:52 PM)
Thank you all the advice. Judging from some stories here it really is scary to burn that kind of money.
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Not sure you can read mandarin. This one no subtitle.
Basically highlight his experience as racing driver hired by a major team (makan gaji like most of us), now transition to run his own team because he didn't get any signing this year.

A lot to learn to run own team, unless get hired (need fame, proven reputation, or rich father/mother)



Second is about the engine rebuild. Jump to 10:40.

Basically both F80 M3 Taxi (i6 Turbo) and M6 GT3 race car (twin turbo V8) are running between 450hp to 500hp. Need to rebuild every 30,000KM.

Not to forget, transmission, differential not stated in this video. Also Suspension, brake, subframe, tires...



In racing, even wheel is wear and tear. Not as fast as others, but metal fatigue still happens.
To a point even chassis need to be retired after few years, if lucky not into any crash


constant_weight
post Oct 21 2024, 04:45 PM

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QUOTE(Quazacolt @ Oct 21 2024, 04:12 PM)
never too old bro.
i know someone personally (he used to post LYN forums, and we met because of LYN forums) who raced and podium Car MSF

he now raced and podium MSF SBK on his BMW S1000RR.
i think he's in 60+ years old? or at least late 50's.

you just 40? still a lot younger than him bro laugh.gif
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Hobby, leisure enough lah. I'm not super rich (but Anwar just call me mega rich cry.gif ) and not talented. I can provide a lot better life quality to family in current job than racing.

I see a lot of people in their 50's, 60's in LMP and TCR racing. But those folks have been racing from young.
Zer0 c00L
post Oct 21 2024, 04:56 PM

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i think you're probably at one of those crossroads in life where you need to decide your priorities and make sacrifices given that we're typical normal average salary earning folk


Quazacolt
post Oct 21 2024, 04:57 PM

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QUOTE(constant_weight @ Oct 21 2024, 04:34 PM)
Basically both F80 M3 Taxi (i6 Turbo) and M6 GT3 race car (twin turbo V8) are running between 450hp to 500hp. Need to rebuild every 30,000KM.

» Click to show Spoiler - click again to hide... «

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ah nostalgia to see robert's video!!

QUOTE(constant_weight @ Oct 21 2024, 04:45 PM)
I see a lot of people in their 50's, 60's in LMP and TCR racing. But those folks have been racing from young.
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check out this very old man repost


if just hobby, leisure, no need racing from young, no need talent. just some passion and maybe a bit of money, that will do. smile.gif
TSKeyMochi
post Oct 21 2024, 10:11 PM

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QUOTE(Zer0 c00L @ Oct 21 2024, 04:56 PM)
i think you're probably at one of those crossroads in life where you need to decide your priorities and make sacrifices given that we're typical normal average salary earning folk
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Some say midlife crisis. I think this is it haha. The message here is loud and clear and I probably should listen to these guys given that of them are much older and wiser than me.
ktek
post Oct 21 2024, 10:15 PM

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QUOTE(KeyMochi @ Oct 21 2024, 10:11 PM)
Some say midlife crisis. I think this is it haha. The message here is loud and clear and I probably should listen to these guys given that of them are much older and wiser than me.
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**richer**
exclude me

This post has been edited by ktek: Oct 21 2024, 10:16 PM
68 others
post Oct 22 2024, 07:28 AM

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bro, ignore those who says no.
Its a one in a life time opportunity.
Things will not happen if you think rationally.
Most of the talent are dead in the country because they take advise from their parent, neighbour, uncle aunty.
Just go with your heart and do your best. There will be no regret in your life.
Most of the people here never even been in a track or drive decent car.
TSKeyMochi
post Oct 22 2024, 07:29 AM

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QUOTE(68 others @ Oct 22 2024, 07:28 AM)
bro, ignore those who says no.
Its a one in a life time opportunity.
Things will not happen if you think rationally.
Most of the talent are dead in the country because they take advise from their parent, neighbour, uncle aunty.
Just go with your heart and do your best. There will be no regret in your life.
Most of the people here never even been in a track or drive decent car.
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Damn bro y u gotta be like this 😭
68 others
post Oct 22 2024, 07:37 AM

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QUOTE(KeyMochi @ Oct 22 2024, 07:29 AM)
Damn bro y u gotta be like this 😭
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just do your best and the money will be well spent.
you are buying a lifetime opportunity where other people never experiance it before.

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