Depends on my plans for the car, and the car I've chosen. But, I'd say somewhere around tires/suspension or engine. Never been much for exterior/interior mods unless they served a functional purpose first, looks second.
Current car is going to be left as close to stock as I can keep it while still enjoying it...
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Formerly: Billy
Cars:
1965 Pontiac GTO
2001 Chevy 2500HD