Author Topic: Possible to be Mustacian and own Cool Classic Car?  (Read 4222 times)

JJ saves

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Possible to be Mustacian and own Cool Classic Car?
« on: December 04, 2015, 09:34:57 PM »
 Since before I became Mustacian Ive loved cars!! Ive owned a handful mustangs, classic and newer also a motorcycle. Ive mellowed out since those days, but the car bug always itches, and Id love to buy one. Ive always wanted a Classic Datsun 510, so Im always browsing and might buy one in the future. All my bills are paid, I have zero debt besides my mortgage, and invest all my money. For the most part I live a Frugal life. I don't have cable, ride my bicycle for all my shopping needs.

I know having more then one vehicle without needing a second is viewed as wasteful, but anyone own some classic rides? Please share good and bad.

Also would own a Chevelle, Nova, Mustang fastback, 240z   
« Last Edit: December 04, 2015, 09:56:04 PM by JJ money »

Syonyk

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Re: Possible to be Mustacian and own Cool Classic Car?
« Reply #1 on: December 04, 2015, 10:56:08 PM »
*shrug* If it's a hobby, and you've got the money for it, go for it.

I'd personally wait until you get your mortgage paid off or at least a positive net worth, but beyond that?  Have fun.

JLee

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Re: Possible to be Mustacian and own Cool Classic Car?
« Reply #2 on: December 04, 2015, 11:28:48 PM »
Mustachianism is more about making educated conscious decisions about where your money goes than it is about saving every possible penny.

I have a 1991 MR2 Turbo that is far from stock. I built the engine in my dining room. :)

JJ saves

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Re: Possible to be Mustacian and own Cool Classic Car?
« Reply #3 on: December 05, 2015, 12:35:18 AM »
Mustachianism is more about making educated conscious decisions about where your money goes than it is about saving every possible penny.

I have a 1991 MR2 Turbo that is far from stock. I built the engine in my dining room. :)

I completely agree with you. Ill save and invest, but Ill also set aside some when that day comes, paid in cash of course. Those MR2's are awesome cars stupid fast! 

Exflyboy

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Re: Possible to be Mustacian and own Cool Classic Car?
« Reply #4 on: December 05, 2015, 12:36:44 AM »
See my avatar.. that's the second airplane I built post mortgage paid off but prior to FI.. Cost $100k.. I sold it for almost the same.

Made absolutely no financial sense whatsoever and I wouldn't do it again, but it was a heck of a lot of fun..:)

So sure, you make your decisions and accept the consequences, it probably delayed FI by a year or so but that was a decent trade off for me.

AmandaS1989

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Re: Possible to be Mustacian and own Cool Classic Car?
« Reply #5 on: December 05, 2015, 08:22:00 AM »
It's absolutely Mustachian to have a classic car. Think about it: no car payments, parts are pretty cheap since there's no computer BS to deal with, no depreciation (some even appreciate in value if they're rare enough), and let's face it, classic cars are cool.

I grew up with my Dad's 1965 Ford Fairlane that his Dad bought from the original owner in 1966. That was the main car we had (we also had a 1984 Crown Victoria LTD) but my Dad has always loved his Fairlanes more. He sold the LTD and kept the Fairlane because he loved driving that car more and didn't see a reason to drive anything else. He's never had a car payment and his car insurance has always been cheap ($176 for six months). Dad has always worked on them himself and has never needed to take the car to a mechanic. So owning that car has saved my Dad money overall. That car is now in the shed waiting for the motor to be rebuilt but my Dad just drives his other 65 Fairlane (that he bought for $500 off a little old lady out in the county). Even though Dad drives my Saturn to run errands sometimes, he still loves his Fairlanes most of all.

So if you want a classic car go for it. Be prepared to get dirty though. Fixing a car up is a dirty job and not for someone afraid to get their hands dirty. Good luck and have fun. :)

JJ saves

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Re: Possible to be Mustacian and own Cool Classic Car?
« Reply #6 on: December 05, 2015, 11:24:53 AM »
In CA anything 1975 and under is smog free so another benefit to owning a classic. CA can get expensive and is restrictive on smog. Heck depending on how crazy you want to get you could put in a modern drivetrain, and get very good MPG. Something about working on your own car, and driving it is very gratifying.

Trirod

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Re: Possible to be Mustacian and own Cool Classic Car?
« Reply #7 on: December 06, 2015, 11:20:01 AM »
I might have posted this elsewhere but if you pick the right car, the appreciation in value will come close to covering your running costs.  I bought a 1989 Porsche 944S2 about 7 years ago for $8,000 and sold it this year for $12,000. That $4,000 gain probably paid for all the maintenance and a good chunk of the other running costs during my ownership.  Not that I bought the car as an investment, but if you choose carefully and look after it, you should at least not lose anything.


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cavewoman

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Re: Possible to be Mustacian and own Cool Classic Car?
« Reply #8 on: December 06, 2015, 12:16:19 PM »
It's absolutely Mustachian to have a classic car. Think about it: no car payments, parts are pretty cheap since there's no computer BS to deal with, no depreciation (some even appreciate in value if they're rare enough), and let's face it, classic cars are cool.

I grew up with my Dad's 1965 Ford Fairlane that his Dad bought from the original owner in 1966. That was the main car we had (we also had a 1984 Crown Victoria LTD) but my Dad has always loved his Fairlanes more. He sold the LTD and kept the Fairlane because he loved driving that car more and didn't see a reason to drive anything else. He's never had a car payment and his car insurance has always been cheap ($176 for six months). Dad has always worked on them himself and has never needed to take the car to a mechanic. So owning that car has saved my Dad money overall. That car is now in the shed waiting for the motor to be rebuilt but my Dad just drives his other 65 Fairlane (that he bought for $500 off a little old lady out in the county). Even though Dad drives my Saturn to run errands sometimes, he still loves his Fairlanes most of all.

So if you want a classic car go for it. Be prepared to get dirty though. Fixing a car up is a dirty job and not for someone afraid to get their hands dirty. Good luck and have fun. :)

I would love a fairlane!

It's life a lot of hobbies though, I think you can be anywhere on the spectrum from super spendy to mustachian as described above.

JJ saves

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Re: Possible to be Mustacian and own Cool Classic Car?
« Reply #9 on: December 06, 2015, 01:44:55 PM »
It's absolutely Mustachian to have a classic car. Think about it: no car payments, parts are pretty cheap since there's no computer BS to deal with, no depreciation (some even appreciate in value if they're rare enough), and let's face it, classic cars are cool.

I grew up with my Dad's 1965 Ford Fairlane that his Dad bought from the original owner in 1966. That was the main car we had (we also had a 1984 Crown Victoria LTD) but my Dad has always loved his Fairlanes more. He sold the LTD and kept the Fairlane because he loved driving that car more and didn't see a reason to drive anything else. He's never had a car payment and his car insurance has always been cheap ($176 for six months). Dad has always worked on them himself and has never needed to take the car to a mechanic. So owning that car has saved my Dad money overall. That car is now in the shed waiting for the motor to be rebuilt but my Dad just drives his other 65 Fairlane (that he bought for $500 off a little old lady out in the county). Even though Dad drives my Saturn to run errands sometimes, he still loves his Fairlanes most of all.

So if you want a classic car go for it. Be prepared to get dirty though. Fixing a car up is a dirty job and not for someone afraid to get their hands dirty. Good luck and have fun. :)

I would love a fairlane!

It's life a lot of hobbies though, I think you can be anywhere on the spectrum from super spendy to mustachian as described above.


Your right on the money!

Ford Falcons are pretty cool low budget cars too.

AmandaS1989

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Re: Possible to be Mustacian and own Cool Classic Car?
« Reply #10 on: December 06, 2015, 02:14:05 PM »
I think Falcons are cool too. Especially the 50's models with the fins. :)

BlueMR2

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Re: Possible to be Mustacian and own Cool Classic Car?
« Reply #11 on: December 06, 2015, 03:10:58 PM »
Mustachianism is more about making educated conscious decisions about where your money goes than it is about saving every possible penny.

I have a 1991 MR2 Turbo that is far from stock. I built the engine in my dining room. :)

There are 2 main things about cars that make them horribly expensive for most people.  1) High purchase price, and 2) High cost of operation.  If you can find a cool car cheap, and do your own work, it's not much different from pretty much any other hobby.

So, JLee, got some time to stop over, sounds like my turbo 4g63 car is starting to pick up some rod knock?  ;-)  Sigh...  On the plus side, the MR2 is running great.  :-)

JLee

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Re: Possible to be Mustacian and own Cool Classic Car?
« Reply #12 on: December 06, 2015, 03:37:12 PM »
Mustachianism is more about making educated conscious decisions about where your money goes than it is about saving every possible penny.

I have a 1991 MR2 Turbo that is far from stock. I built the engine in my dining room. :)

There are 2 main things about cars that make them horribly expensive for most people.  1) High purchase price, and 2) High cost of operation.  If you can find a cool car cheap, and do your own work, it's not much different from pretty much any other hobby.

So, JLee, got some time to stop over, sounds like my turbo 4g63 car is starting to pick up some rod knock?  ;-)  Sigh...  On the plus side, the MR2 is running great.  :-)

I love building engines. :D

JJ saves

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Re: Possible to be Mustacian and own Cool Classic Car?
« Reply #13 on: December 06, 2015, 03:56:55 PM »
I saw a 1970 Datsun 521 pickup truck with a modern mustang drivetrain for sale. A lot of ingenuity went into the build, and I almost bought it, but we couldn't reach a price to agree on.

BigBangWeary

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Re: Possible to be Mustacian and own Cool Classic Car?
« Reply #14 on: December 07, 2015, 03:38:02 AM »
We bought a very nice 72 Corvette when we were in our late 20s and before we got really serious about FIRE. My father-in-law has a 73 Firebird and classic cars were/are a big part of our lives. The problem we had was the opportunity cost of having so much money tied up in something we were only using a few months of the year (Canada). It was great for 3 years, but I don't miss the headaches from driving it as a primary summer car.

The other issue is, unless you are doing the work yourself, and you have a specialized dealer close by, you will spend more time and money fixing little issues here and there than it might be worth to you (or waiting for a part). One day, when I am fully retired, it is definitely a hobby I get back into, but only when I have the time to do more myself, and when I don't need to rely on it so much.

So really, it comes down to your mechanical aptitude, time, and how much money you want to have off the table.

humbleMouse

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Re: Possible to be Mustacian and own Cool Classic Car?
« Reply #15 on: December 07, 2015, 08:43:05 AM »
I would go for the nissan 300zx over the datsun

BigBangWeary

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Re: Possible to be Mustacian and own Cool Classic Car?
« Reply #16 on: December 07, 2015, 11:49:15 PM »
Give me a slightly modified Datsun 240 or 260Z with extra power. Love those lines.

aFrugalFather

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Re: Possible to be Mustacian and own Cool Classic Car?
« Reply #17 on: December 09, 2015, 12:33:12 AM »
I have sunk a lot of money into cars, which I regret a bit, but it was fun for a while.  My problem was I was too focused the next fastest thing.  I started with a Z32 then lusted for the TwinTurbo version, then ended up with a lot in upgrades.  In my old age I realize I can have just as much fun with a 1997 Miata as with a 500HP beast and it is a lot less expensive to run.  I've also had a soft spot for the 510 and 240Zs, especially with the smog exemption in CA.  For some reason though, I really like the 1990s Japanese sports cars the best.  (rX7, supra, Z, 240SX, even VTEC civics and the 90s Nissan SE-R etc)  I guess that is just the generation I grew up with.  In any case, its all less than the cost of a new Lexus as long as you dont go crazy with upgrades :)  So enjoy the ride