Author Topic: If you wouldn't buy it, sell it  (Read 2541 times)

MrMoogle

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If you wouldn't buy it, sell it
« on: September 08, 2015, 01:22:38 PM »
My dad has had a mustang since the late 70s.  I have memories as a little kid riding around in it.  He had it redone in the 90's.  When I turned 16, he gave me the keys, and since then, it's basically been mine.  They kept it while I was in college, and while I was overseas the last two years.  My dad gave me the title earlier this year, but I've been paying most of the expenses for 8 years now.

Well, for insurance purposes, I have been looking into its value, and came across this:
http://www.nadaguides.com/Classic-Cars/1970/Ford/Mustang/2-Door-Fastback/Values

It's in really good shape.  It has a few nicks and what not, but the paint looks great, the interior looks good, and it runs well.  It's probably somewhere in between average and high, but even if it's "just" average, it's still $28k retail.  I didn't really expect it to be that high.  I certainly wouldn't pay that much for it. 

I drive it once a week to keep it running well, and to get groceries (I use a motorcycle to get to work).  I'm living in an apartment now, so it sits outside.  I should put it under a cover more often, but only do it now and then. 

The thought of selling it has come up before.  It's one of those things I'd never think I would sell, so it's hard for me to really consider it.  There's also a fair amount of emotional attachment. 

Anyone have any enlightening thoughts?

AZDude

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Re: If you wouldn't buy it, sell it
« Reply #1 on: September 08, 2015, 01:38:59 PM »
Your dad will probably be unhappy if you sell it. Dont do it without consulting him first. Maybe there is a relative who you can sell it to? That way it stays in the family and your dad is not as upset about it?

frugaliknowit

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Re: If you wouldn't buy it, sell it
« Reply #2 on: September 08, 2015, 01:58:04 PM »
The financial answer:  Dump it.

The practical answer:  If you are NOT wealthy, let your Dad know it's a shame it is parked outside all the time and you'd like to be rid of the overhead for long term financial reasons.

skunkfunk

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Re: If you wouldn't buy it, sell it
« Reply #3 on: September 08, 2015, 02:36:07 PM »
I have an old car that I hang on to and would likely get me ridiculed around here. My advice is to give it back to your dad. Do not sell it out from under him. If he doesn't want it back, do you want the car after you're FIRED? Might be worth it to mothball it for a decade.

Tony H

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Re: If you wouldn't buy it, sell it
« Reply #4 on: September 08, 2015, 02:40:44 PM »


The thought of selling it has come up before.  It's one of those things I'd never think I would sell, so it's hard for me to really consider it.  There's also a fair amount of emotional attachment. 

Anyone have any enlightening thoughts?

The way that Classic Cars have be going up in price, you may get a better return just hanging on to it and just storing it.  <smile>

MrMoogle

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Re: If you wouldn't buy it, sell it
« Reply #5 on: September 08, 2015, 02:55:52 PM »
My dad won't take it back.  My mom is so glad it is out of the garage.  My dad already has two cars, and my mom has one. 

I actually brought this up with him earlier today.  He has considered selling it in the past.  I think he hadn't done it because of me, and because he couldn't emotionally do it. 

The only "family" that might want it is his high school friend, who actually owned it before my dad got it. 

On the FIRE question, I don't know.  I'm actually FI in the sense that I can live at my current spending forever, but not at my desired retired spending.  I still have a few years left to work.  It doesn't cost a lot to keep, insurance and tags are low.  As long as I regularly drive it, it doesn't have many problems. 

On the other hand, it could be an anchor.  I haven't really figured out what I'm going to do when I retire.  I do want to travel some, and if I catch that bug, I'd have to store it if I kept it.  And the opportunity costs of keeping it.  $20k invested seems like a better deal than a $20k car sitting in the parking lot most of the time.  But I don't think it's going to shave much time off my FIRE date, since I'm waiting for 100% vesting at my job to retire.


skunkfunk

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Re: If you wouldn't buy it, sell it
« Reply #6 on: September 09, 2015, 09:58:49 AM »
My dad won't take it back.  My mom is so glad it is out of the garage.  My dad already has two cars, and my mom has one. 

I actually brought this up with him earlier today.  He has considered selling it in the past.  I think he hadn't done it because of me, and because he couldn't emotionally do it. 

The only "family" that might want it is his high school friend, who actually owned it before my dad got it. 

On the FIRE question, I don't know.  I'm actually FI in the sense that I can live at my current spending forever, but not at my desired retired spending.  I still have a few years left to work.  It doesn't cost a lot to keep, insurance and tags are low.  As long as I regularly drive it, it doesn't have many problems. 

On the other hand, it could be an anchor.  I haven't really figured out what I'm going to do when I retire.  I do want to travel some, and if I catch that bug, I'd have to store it if I kept it.  And the opportunity costs of keeping it.  $20k invested seems like a better deal than a $20k car sitting in the parking lot most of the time.  But I don't think it's going to shave much time off my FIRE date, since I'm waiting for 100% vesting at my job to retire.

In that case you're in a great position to decide this without worrying about the money.

http://www.mrmoneymustache.com/2014/05/29/give-yourself-the-gift-of-not-worrying-about-money/

I'd keep it, but then again that's one of my hobbies. For many the correct decision would be to sell.