helping my Aunt by buying her late-husband's '33 Ford Coupe

[livewire516]

tldr; buying my late-Uncle's 1930's Ford Street Rod in no way aligns with my ideal financial timeline, but it would really help my Aunt out. The plan would then be for me to sell it as soon as feasible: prioritizing freeing up the capital over getting top-dollar.

For those curious: here's a few pictures of the car.
https://imgur.com/a/TXnQXM6

Situation/Background:

• My Aunt lost her husband in January 2020
• She's now saddled with the task of selling their house (read: McMansion) and several of his cars (read: toys). He did not keep life insurance and had a lot of speculative/individual investments that were imprudent for a man his age.
• I've been trying to encourage her to not let perfect be the enemy of the good - the house should sell in today's market and it's in decent shape, but she's insisting on addressing most of its issues before putting it on the market and try to get top-dollar but lack of cash to address issues with the house is holding her up.
• She's in here early-to-mid 70's trying to get herself in an assisted-living situation while her health is good and lock-in a better rate, so there is an element of time pressure to sell the house as facilities are beginning to increase these fixed-rates/if her health declines (suddenly/unexpectedly).
• She has had difficulty selling this 1933 Ford Coupe. It is in show-car condition and her expectations regarding price seem reasonable enough; it's just been difficult because it's a niche car (it probably needs to go back on the car show circuit to find the right buyer).
• Thankfully, there's no expectation from my Aunt that I'd be "keeping it in the family." (Unfortunately, I suspect her daughter may get such hopes up if she learns I am considering buying it, but tough cookies).

My mustachian/ecological tendencies means I don't have much with buying/selling/maintaining classic cars; but I grew up driving American-muscle, and going to weekend drag-races, and car shows. I did work on my own cars when I was younger, so I at the very least will be able to communicate well with a mechanic even though I have no intention of working on the car myself. I'm very familiar with the vehicle and will be better able to speak about it than any consignment dealership she could work with. My late-Uncle's nephew on the other side of the family was my Uncle's mechanic; (he was trying to sell the car but both he and his S.O. have had health issues). That being said, he would be a resource to me, since he was involved in its restoration and he still races and goes to shows.

I'd appreciate the MMM community's thoughts around buying it; I all but certainly would buy it outright (~$30k). As I mentioned up top; it definitely would be a deviation from my financial plans, but it wouldn't put me in a real bind. It's definitely not my taste; I struggle to imagine myself ending up tempted with keeping it.

My only real concerns are:

• I will need to rent a garage for it so long as I own it; (it truly is "show-condition," never once been driven in the rain).
• I'm unsure how popular this cars are among collectors these days; "Street Rods" definitely aren't the hot thing they used to be, so I'm unsure how long I'd be tied up with it.

[former player]

I don't quite understand why you would buy it at all?

If your aunt wants money in order to fix up the McMansion and you have $30k hanging around not doing much you could lend it to her at a reasonable rate, to be repaid on sale.  That would be slightly less stupid than buying a car in order to give her the money.

If the problem is to get the car off the premises then you can do that without buying it- perhaps the nephew could garage it for her and you could do the work of putting the word out?  Or you garage it near the nephew and wait for his health to get better.

Either of those would be preferable to you buying it and taking the risk.  And I don't know how it is where you are, but for some cars having the title in the name of a long term owner rather than that of a flipper (which is what you would be) makes a sale easier.

[HPstache]

First thing I would say regarding this and all the other help, is make sure she is asking for the help / advice.  If you strongly encourage her to get the house on the market now (even though that is probably the best bet) and she goes for it and the house doesn't get what she wants, something happens, etc., then you come out the other end as the bad person.

Now, about the car.  Do you have pictures or anything of it?  Is it really customized to your late-uncles taste with flames, pin-striping, etc., or is it tastefully restored?  I do think that these cars will always be desired, but the group that truly desires them is getting smaller and smaller.  Could you just help her bring it to auction rather than buying it from her and (presumably) try to flip it for a higher dollar?  Will she be offended by that?  Do not forget that if you're going to hang on to the car for a while you will have to pay tax on it which could be a huge hit.

Just a few thoughts.  Hopefully we can hear back with more details!

[RWD]

I agree with former player. Seems like it would be more efficient to just list it directly for sale. Put it up on Bring a Trailer. I'd expect she'd get $30k+ in short order.

[SweatingInAR]

I don't quite understand why you would buy it at all?

If your aunt wants money in order to fix up the McMansion and you have $30k hanging around not doing much you could lend it to her at a reasonable rate, to be repaid on sale.  That would be slightly less stupid than buying a car in order to give her the money.

Agreed!
Get a trusted real estate agent into the house to give advice about what repairs to do before sale.
Loan Aunt the money for the repairs, or do the repairs on traditional credit.
Get in touch with a car reseller, maybe contact companies that have similar cars listed (or recently sold) on ebay?

However, I'm sure this is a stressful time for everyone and this might be the only way your aunt can move forward. If that's the case, get in touch with the reseller to estimate the value and find out their commission structure. You may decide that their commission is worth it to take the hassle off your hands.

[HPstache]

I agree with former player. Seems like it would be more efficient to just list it directly for sale. Put it up on Bring a Trailer. I'd expect she'd get $30k+ in short order.

The Bring a Trailer auction site would be perfect for this.

[darknight]

Agreed, bring a trailer is a great way to go.. Probably not up to speed on "toy" cars, but with a lot of people flush with cash right now the car will sell in no time at all. People are snatching up cool/fun cars right now. If you're not camera savvy, pay someone $50-$100 bucks to take top-notch photos for the listing, that helps more than you can imagine.

[chemistk]

I agree with others - don't buy it yourself and instead help her to get it listed on BaT.

But before you do that, as darknight mentioned, you're going to want to get professional photos taken and ideally also have it expertly detailed.

The other thing you'll need to do is to get your cousin to detail everything he knows about the car. A substantial portion of the value in these kind of show cars is documentation of all work done and to have as much that is known about included in the listing - everything about the powertrain, electrical system, bodywork, frame, interior, etc. It would also probably look a little better to a collector if they're buying it from the person/estate that built it rather than to have another unnecessary name on the title.

[Villanelle]

Can she get a HELOC on the house for money to fix it up, and pay that off when she sells the car and/or house?

If you buy it, you are going to have to pay registration fees on it, only to turn around and sell it again.  You will also need to insure it (minimally, since you aren't driving it, but likely still required to get it registered) and garage costs.  And as others have mentioned, you buying and registering the car might make it worth less than having it stay in the name of a longtime owner. 

Assuming she wants the help, Id suggest a HELOC (and helping her find one an apply), helping her find a service to either buy it or help her sell it, or even just lending her the cash until she sells.  (But I suspect the issue here is not so much the money as it is being overwhelmed, which is why you offering to handle the sale, but not buy it from her first, is probably the best idea.)

[Dicey]

OMG, this was my Mom. She made improvements she didn't need to, plus she had Old Lady Taste (OLT). The buyers just ripped everything out. Such a waste!

There is limited inventory in many markets. People are paying cash and buying in as-is condition. I agree with @SweatingInAZ, get a top-notch realtor in there asap.

And thanks for mentioning BringATrailer. My husband's going to love that rabbit hole.

[HPstache]

And thanks for mentioning BringATrailer. My husband's going to love that rabbit hole.

Noooooo! Don't do it! :)

[YK-Phil]

Put it up on Bring a Trailer. I'd expect she'd get $30k+ in short order.

I just sold my acreage for a handsome profit to be deposited in my account in a week or so...I really didn't need to know Bring-a-trailer existed...

[former player]

Put it up on Bring a Trailer. I'd expect she'd get $30k+ in short order.

I just sold my acreage for a handsome profit to be deposited in my account in a week or so...I really didn't need to know Bring-a-trailer existed...

I see it has a section for military vehicles, but sadly it doesn't seem to be operational in Ukraine.

[livewire516]

First thing I would say regarding this and all the other help, is make sure she is asking for the help / advice.  If you strongly encourage her to get the house on the market now (even though that is probably the best bet) and she goes for it and the house doesn't get what she wants, something happens, etc., then you come out the other end as the bad person.

Now, about the car.  Do you have pictures or anything of it?  Is it really customized to your late-uncles taste with flames, pin-striping, etc., or is it tastefully restored?  I do think that these cars will always be desired, but the group that truly desires them is getting smaller and smaller.  Could you just help her bring it to auction rather than buying it from her and (presumably) try to flip it for a higher dollar?  Will she be offended by that?  Do not forget that if you're going to hang on to the car for a while you will have to pay tax on it which could be a huge hit.

Just a few thoughts.  Hopefully we can hear back with more details!

Sound advice. I may have phrased it as ‘strongly encouraging’ but I’m strictly information sharing with her: namely, showing how quickly comparable listings sell. I’m a clinician, current trends in patient education & counseling has put me in the habit of taking pains to spend much more time providing info, with limited direct recommendations. My Aunt and her sister/my mother are a classic case of confusing familiarity with understanding as their mother was a realtor. They’ll literally say, “mother always said/would…” all of the time (Of course, the housing market has changed a little bit since the Eisenhower administration).

I agree that professional quality photos are worth the investment; thankfully my brother is a professional photographer. I’ll be sure to upload photos here.

[livewire516]

I don't quite understand why you would buy it at all?

If your aunt wants money in order to fix up the McMansion and you have $30k hanging around not doing much you could lend it to her at a reasonable rate, to be repaid on sale.  That would be slightly less stupid than buying a car in order to give her the money.

If the problem is to get the car off the premises then you can do that without buying it- perhaps the nephew could garage it for her and you could do the work of putting the word out?  Or you garage it near the nephew and wait for his health to get better.

Either of those would be preferable to you buying it and taking the risk.  And I don't know how it is where you are, but for some cars having the title in the name of a long term owner rather than that of a flipper (which is what you would be) makes a sale easier.

She will hear nothing of anyone in the family loaning money; chalk it up to pride.

My rationale for taking possession and title for the car boils down to coordination. I work 80+ hr weeks. If I were to help her sell it, I would need to coordinate with her and travel to her home each time it needs to be shown. Similarly, although I’d obviously have to be responsive to inquiries if I am to sell the car, helping her sell the car quickly would require more time/accessibility than I know I can promise.

[Paper Chaser]

I don't quite understand why you would buy it at all?

If your aunt wants money in order to fix up the McMansion and you have $30k hanging around not doing much you could lend it to her at a reasonable rate, to be repaid on sale.  That would be slightly less stupid than buying a car in order to give her the money.

If the problem is to get the car off the premises then you can do that without buying it- perhaps the nephew could garage it for her and you could do the work of putting the word out?  Or you garage it near the nephew and wait for his health to get better.

Either of those would be preferable to you buying it and taking the risk.  And I don't know how it is where you are, but for some cars having the title in the name of a long term owner rather than that of a flipper (which is what you would be) makes a sale easier.

She will hear nothing of anyone in the family loaning money; chalk it up to pride.

My rationale for taking possession and title for the car boils down to coordination. I work 80+ hr weeks. If I were to help her sell it, I would need to coordinate with her and travel to her home each time it needs to be shown. Similarly, although I’d obviously have to be responsive to inquiries if I am to sell the car, helping her sell the car quickly would require more time/accessibility than I know I can promise.

Generally speaking, having fewer owners in the vehicle history is better. If I were considering purchasing a toy car, and I saw that the person listed on the title hasn't owned the vehicle very long, that would make me a bit more cautious than the tried and true story of a widow selling her deceased husband's toy. Were they just a flipper trying to use me to make a quick buck? Is there something wrong with the vehicle that would lead them to want to sell in such a short ownership window? None of those thoughts or hesitations would be there if it was a little old lady just trying to get her husbands old car to a new home.

If you list it on an auction site like BaT, you won't have to go to her home every time somebody wants to see the car. You'd be there initially to note as many things as possible, and take as many pics as possible (good general overview ones for the listing, as well as some more detailed shots in case anybody has specific questions). Then you'd be there when the car is picked up (likely by a third party vehicle transporter). If you plan it out well, there would only be 2 trips, and maybe just one if she's comfortable with the pickup portion of the deal.

[livewire516]

I don't quite understand why you would buy it at all?

If your aunt wants money in order to fix up the McMansion and you have $30k hanging around not doing much you could lend it to her at a reasonable rate, to be repaid on sale.  That would be slightly less stupid than buying a car in order to give her the money.

If the problem is to get the car off the premises then you can do that without buying it- perhaps the nephew could garage it for her and you could do the work of putting the word out?  Or you garage it near the nephew and wait for his health to get better.

Either of those would be preferable to you buying it and taking the risk.  And I don't know how it is where you are, but for some cars having the title in the name of a long term owner rather than that of a flipper (which is what you would be) makes a sale easier.

She will hear nothing of anyone in the family loaning money; chalk it up to pride.

My rationale for taking possession and title for the car boils down to coordination. I work 80+ hr weeks. If I were to help her sell it, I would need to coordinate with her and travel to her home each time it needs to be shown. Similarly, although I’d obviously have to be responsive to inquiries if I am to sell the car, helping her sell the car quickly would require more time/accessibility than I know I can promise.

Generally speaking, having fewer owners in the vehicle history is better. If I were considering purchasing a toy car, and I saw that the person listed on the title hasn't owned the vehicle very long, that would make me a bit more cautious than the tried and true story of a widow selling her deceased husband's toy. Were they just a flipper trying to use me to make a quick buck? Is there something wrong with the vehicle that would lead them to want to sell in such a short ownership window? None of those thoughts or hesitations would be there if it was a little old lady just trying to get her husbands old car to a new home.

If you list it on an auction site like BaT, you won't have to go to her home every time somebody wants to see the car. You'd be there initially to note as many things as possible, and take as many pics as possible (good general overview ones for the listing, as well as some more detailed shots in case anybody has specific questions). Then you'd be there when the car is picked up (likely by a third party vehicle transporter). If you plan it out well, there would only be 2 trips, and maybe just one if she's comfortable with the pickup portion of the deal.

All good points. I would hope that concern could be somewhat addressed if I communicate clearly that it's my late uncle's car. He owned it since the mid-90's.

Another person in the thread made mention of profit which makes me want to clarify that I'm totally willing to sell it at a small loss, not even factoring in taxes/title/insurance/garaging. I'm pretty scrupulous, stingy even, when it comes to most things involving money. But costs and possible margin loss, not to mention opportunity cost of this money not working harder for me elsewhere, I'd call it a small price to pay to help out someone important to me.

Honestly, I'm sure most of us would do right by a widow trying to sell her late husband's car, but many people think of old-lady-car situations opportunistically. People have wasted her time thinking she might not know what it's worth.

[iluvzbeach]

People buy vehicles like this sight unseen all the time. In fact, your buyer is most likely to live elsewhere and, as others have mentioned, will just have the shipper arrive to retrieve the vehicle. Of course, the funds for purchase will be received well in advance of releasing the vehicle.

Work with your cousin to write a thorough ad that mentions all key details and get your brother to take the professional photos, then post the ad on BaT or eBay and sell it.

You are overthinking this and making it out to be more difficult than it needs to be, especially for someone who is so pressed for time. Follow the good advice you’ve received in this thread and this can be off your aunt’s back (and cash in hand) in no time.

[Villanelle]

I don't quite understand why you would buy it at all?

If your aunt wants money in order to fix up the McMansion and you have $30k hanging around not doing much you could lend it to her at a reasonable rate, to be repaid on sale.  That would be slightly less stupid than buying a car in order to give her the money.

If the problem is to get the car off the premises then you can do that without buying it- perhaps the nephew could garage it for her and you could do the work of putting the word out?  Or you garage it near the nephew and wait for his health to get better.

Either of those would be preferable to you buying it and taking the risk.  And I don't know how it is where you are, but for some cars having the title in the name of a long term owner rather than that of a flipper (which is what you would be) makes a sale easier.

She will hear nothing of anyone in the family loaning money; chalk it up to pride.

My rationale for taking possession and title for the car boils down to coordination. I work 80+ hr weeks. If I were to help her sell it, I would need to coordinate with her and travel to her home each time it needs to be shown. Similarly, although I’d obviously have to be responsive to inquiries if I am to sell the car, helping her sell the car quickly would require more time/accessibility than I know I can promise.

My parents sold a car for me when I moved to Japan.  I signed the title before I left (IIRC, I also gave them a special POA to sell the car) and they had the car at their home.  I didn't need to buy it from them in order for them to do everything involving the sale. 

If you plan on selling it after you buy it, I can see no reason you can't do exactly the same things, but not buy it first.  She'd have to wait until it sells to get the money, but it sounds like you are willing to price it aggressively (low), in which case it should go fairly quickly.

[HPstache]

I see you added a picture.  That thing would sell well on Bring a Trailer.  Get it professionally detailed and photographed.  I don't know how to properly price these cars, I'm more into the post 90's stuff, but it looks like it should be worth at least $30K?

https://bringatrailer.com/ford/hot-rod/

[livewire516]

People buy vehicles like this sight unseen all the time. In fact, your buyer is most likely to live elsewhere and, as others have mentioned, will just have the shipper arrive to retrieve the vehicle. Of course, the funds for purchase will be received well in advance of releasing the vehicle.

Work with your cousin to write a thorough ad that mentions all key details and get your brother to take the professional photos, then post the ad on BaT or eBay and sell it.

You are overthinking this and making it out to be more difficult than it needs to be, especially for someone who is so pressed for time. Follow the good advice you’ve received in this thread and this can be off your aunt’s back (and cash in hand) in no time.

Appreciate this iluvzbeach .

I see you added a picture.  That thing would sell well on Bring a Trailer.  Get it professionally detailed and photographed.  I don't know how to properly price these cars, I'm more into the post 90's stuff, but it looks like it should be worth at least $30K?

https://bringatrailer.com/ford/hot-rod/

v8rx7guy Same - 'Street Rods' aren't my thing. Even though I grew up in a die-hard Hot Rod & American Muscle family, if I ever give in to temptation and get another fun car, it'll probably be from 80's to present and probably German or Japanese. (I love the overall form from that era, but I never want to worry about owning something as pristine as this).

By my lights, the only thing hurting it's salability is that it's carbureted; even among enthusiasts, the number of people who have the patience and know-how for carb'd cars is dwindling. That being said, my uncle was very thoughtful in his restorations and took meticulous car of all of his cars - it'll definitely sell. I may have already mentioned that it's literally never been driven in the rain since he restored it.

[livewire516]

My parents sold a car for me when I moved to Japan.  I signed the title before I left (IIRC, I also gave them a special POA to sell the car) and they had the car at their home.  I didn't need to buy it from them in order for them to do everything involving the sale. 

If you plan on selling it after you buy it, I can see no reason you can't do exactly the same things, but not buy it first.  She'd have to wait until it sells to get the money, but it sounds like you are willing to price it aggressively (low), in which case it should go fairly quickly.

This is great information Villanelle, thanks!

[Dicey]

People buy vehicles like this sight unseen all the time. In fact, your buyer is most likely to live elsewhere and, as others have mentioned, will just have the shipper arrive to retrieve the vehicle. Of course, the funds for purchase will be received well in advance of releasing the vehicle.

Work with your cousin to write a thorough ad that mentions all key details and get your brother to take the professional photos, then post the ad on BaT or eBay and sell it.

You are overthinking this and making it out to be more difficult than it needs to be, especially for someone who is so pressed for time. Follow the good advice you’ve received in this thread and this can be off your aunt’s back (and cash in hand) in no time.

I don't know about BaT, but eBay is full of scammers. If you go that route, do your Aunt a favor and handle this yourself. And you watch out for scammers, too.

[iris lily]

…You  overthinking this and making it out to be more difficult than it needs to be, especially for someone who is so pressed for time. Follow the good advice you’ve received in this thread and this can be off your aunt’s back (and cash in hand) in no time.

Yes. Please. This is why we ask these questions on the MMM forums.

[Catbert]

Another vote for selling the house without fixing it up.  In my neighborhood full of 70 to 100 year old houses there are frequently houses for sale when an older owner dies or otherwise moves out.  Best advice from Realtors is clean, clean, clean the empty house, takedown disgusting window coverings and paint the interior white-ish.  Repair only obvious and inexpensive things.  No cheap kitchen or bath remodels.  Let the next guy do the updating. As Dicey said a fix up with Old Lady Taste won't sell the house for top dollar.

Maybe she could talk to a local Realtor about what works in her neighborhood.   

[RWD]

Work with your cousin to write a thorough ad that mentions all key details and get your brother to take the professional photos, then post the ad on BaT or eBay and sell it.

I don't know about BaT, but eBay is full of scammers. If you go that route, do your Aunt a favor and handle this yourself. And you watch out for scammers, too.

Bring a Trailer is not completely risk free (no method is), but it has a much much better reputation than eBay. Selling is going to be less risky than buying as you only need to make sure you get the money before releasing the car/title. I have heard in very rare cases of buyers flaking out but then it's just a matter of relisting or contacting the next highest bidder (and BaT has banned people who back out of a deal). If you are buying a car there is a bigger risk of misrepresentation (though BaT works very hard to provide truthful listings).

Bring a Trailer is the best place to get top dollar for collectors cars.

[Catbert]

I know nothing about street rods, but if she lives in the Southwest try McCormick's in Palm Springs.  They do consignments year round and auctions twice a year of lots of fun classic cars.  Auctions are November and February.

https://www.classic-carauction.com/Home

I'm sure there are similar dealers in other part of the country.

[Villanelle]

Another vote for selling the house without fixing it up.  In my neighborhood full of 70 to 100 year old houses there are frequently houses for sale when an older owner dies or otherwise moves out.  Best advice from Realtors is clean, clean, clean the empty house, takedown disgusting window coverings and paint the interior white-ish.  Repair only obvious and inexpensive things.  No cheap kitchen or bath remodels.  Let the next guy do the updating. As Dicey said a fix up with Old Lady Taste won't sell the house for top dollar.

Maybe she could talk to a local Realtor about what works in her neighborhood.

Even if it isn't OLT, it still might not help the house sell quickly and for top dollar.  Sure, some people won't buy a house that needs work.  They want turnkey.  But others don't mind doing some work and their tastes are modern, or farmhouse. They love gray and hate brown.  So you've spent all this money putting in brown and black counters and traditional cabinets.  And all they see is that you are asking top dollar because you have this new kitchen, and they dislike that kitchen. 

So you might as well sell it mostly as-is, which is faster and easier.   (but consult a realtor first, as they may have some input.  But also keep in mind that they have a vested interest in getting your business and selling it for top dollar because they get more commission, and they get no commission on the $ you do or do not spend on a kitchen).

[sonofsven]

I don't know the market price for this car even though I do have an appreciation for old cars.
In your original post OP you made a quick mention that your relative was having a difficult time finding a buyer, but the implication I got was that she just wasn't doing it right? Is that accurate?
Obviously a platform like BAT is a godsend to buyers and sellers alike and would be one such option, others have already been mentioned.
But I'm wondering if you really know the value ($30k, as you said). Did you do any real research? As I said, I don't, but in my opinion the market for this car is diminishing every day, unfortunately, as I think it's older gentleman that are most interested in this type of custom, and many that are interested would rather build their own (or rather have a shop build it for them) than buy one that someone else has modified to their own taste. What's popular right now is cars that show their age with "patina" and are mostly original. Of course there is a market for everything, but perhaps your relative has an inflated opinion of the value and that was the reason for the trouble selling?
This was a long way of saying, don't pay too much, or rather don't expect to get too much upon your own sale.
Good luck, looks like a fun car to drive, I would suggest a fake ZZ Top beard for the proper experience.