Author Topic: midlife crisis, husband wants pony (oops, I meant car)  (Read 7950 times)

needmyfi

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midlife crisis, husband wants pony (oops, I meant car)
« on: December 16, 2012, 08:02:57 AM »
Karmann ghia for sale
 Pros:
1.  Fully depreciated already, value likely to increase instead of decrease (or as dh says "money in the bank") Appears to be worth about 1k more than current asking price.
2.  Gas mileage is not terrible
3.  Dh has experiece with repairing all types of old Vw's
4.  Current vehicles are old and we both have long commute (whole other topic), could be used if current vehicles need repair.
5.  It is aquamarine and adorable.

Cons:
If it look like a pony, walks like a pony and smells like a pony,................Besides, once you get attatched, who sells their pet pony?

Mouthguard is in place.


Another Reader

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Re: midlife crisis, husband wants pony (oops, I meant car)
« Reply #1 on: December 16, 2012, 09:01:40 AM »
How experienced?

This is a "project" car, one you fix it up and immediately sell it for a nice profit.  Otherwise, be prepared for expensive and unreliable transportation.

Without other financial facts and figures, no cheek pinches, face slaps, or punches.


plantingourpennies

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Re: midlife crisis, husband wants pony (oops, I meant car)
« Reply #2 on: December 16, 2012, 09:50:32 AM »
Without other financial facts and figures, no cheek pinches, face slaps, or punches.

+1 to this! If you're already worth a mint, love your high-income jobs and this keeps DH off the streets at night, it could be a lot of fun.

If you're 22 and just out of college, might be a good idea to hold off =P

Best,
Mr. Pop

mugwump

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Re: midlife crisis, husband wants pony (oops, I meant car)
« Reply #3 on: December 16, 2012, 10:36:56 AM »
I used to adore Karmann ghias until I drove one.  Drove just like an old-fashioned VW Beetle.

needmyfi

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Re: midlife crisis, husband wants pony (oops, I meant car)
« Reply #4 on: December 16, 2012, 11:00:47 AM »
Dh says it is really just a bug with a really cute body.  Never was a performance sports car..  (hence the good gas mileage) according to dh. Dh has lots of experience fixing but none restoring which apparently is a different beast.  A true restoration would turn 3500 car into 35000 according to preliminary research.  Could tune up and wax, resell for a quick 1k profit.  "Could" is the operative.  I'm afraid we will keep it too long and like it too much.  Would only drive it for fun or in case of emergency

Bought vintage Airstream for 4k ten years ago, now valued at 5k for a 20 percent appreciation in 10 years.  We have had loads of fun in it though and have used the hell out of it so all in all a sound investment in my book. Won't sell that till we are too old to drive.
« Last Edit: December 16, 2012, 11:16:58 AM by needmyfi »

mugwump

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Re: midlife crisis, husband wants pony (oops, I meant car)
« Reply #5 on: December 16, 2012, 11:06:05 AM »
Restoring used cars and such can be a great mustachian hobby.  We bought a very used trailer in the 80's, parked it on some land, enjoyed it for a few years, and sold it for about what we had in it. I've heard of people doing the same with cars. The key, as you know, is to avoid expensive upgrades and hiring other people to do the work.

Jamesqf

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Re: midlife crisis, husband wants pony (oops, I meant car)
« Reply #6 on: December 16, 2012, 11:46:34 AM »
Depending on your circumstances - e.g. not going into debt to buy it, have most tools and a place to work, etc - this sounds like a reasonable hobby.  After all, the point of frugality (for me, anyway) is not to be a miser, but to have money to spend on things that you really enjoy.

Of course, this is from someone who really does have a pony :-)

needmyfi

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Re: midlife crisis, husband wants pony (oops, I meant car)
« Reply #7 on: December 16, 2012, 06:27:16 PM »
Well no outright punches yet, maybe we really will get our aquamarine pony after all.  Thought I would show dh  a series of HELL NO posts.  It will also have some costs to insure and register./

We are not 22 and broke and we are not worth a mint, We like our jobs, have no debt and it will not be a financial hardship.  Dh likes his proverbial "money in the bank " while I much prefer actual money in the bank.  Might try to finance this folly by getting him to part with one or two other collectibles he has.

Forcus

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Re: midlife crisis, husband wants pony (oops, I meant car)
« Reply #8 on: December 17, 2012, 08:54:29 AM »
Don't know your personal circumstances enough. If you are young, 4 kids, working full time, have unfinished projects around the house, etc. etc., it might be a bad move. But if he is looking for a fun outlet for his energy and we aren't talking tons of money, I say why not. Air cooled VW parts are extremely cheap (it was about 10 years ago but I did a full engine rebuild on one, with all name brand parts, for like $400), and the Karmann Ghias have a following so I doubt it will ever be worth "nothing". Could be a really cheap hobby and unlike some hobbies, you can actually show off what you've done.

tooqk4u22

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Re: midlife crisis, husband wants pony (oops, I meant car)
« Reply #9 on: December 17, 2012, 09:25:13 AM »
I previouslly had a 68 mustang convertible.  I owned it for about 7 years and then decided to sell it becaue I really wasn't using it and was tired of the small cost each year for insurance, maintenance, and repairs.  I ended up selling it for more than I paid and had spent on it over those years - so it cost me nothing.  It was a lot of fun to drive but it was just an expensive toy. 

So if you move forward understand this and there will be regular costs that come with it (insurance, repairs, maintenance, etc). 

A true restoration would turn 3500 car into 35000 according to preliminary research.  Could tune up and wax, resell for a quick 1k profit.

Maybe but it would take $30k+ to get it to that condition because everything would have to be perfect like it just rolled off the factory line - paint job alone could cost you $10k. 

If you think this don't buy it.

needmyfi

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Re: midlife crisis, husband wants pony (oops, I meant car)
« Reply #10 on: December 17, 2012, 07:13:56 PM »
To put it in context of our particular situation, the cost of the car is 1 % of our net worth.. (that doesn't sound so bad) , but close to two month of savings at our current saving rate (ouch) .  Suprised at how many people were mostly positive.  Dh hasn 't been sending out bribes has he?   Looks like we might compromise, have him sell his 1880 banjo (which he found in the trash) and a music poster that he bought for 10 percent of value on Craiglist.

Thanks for the input Dh thanks  you even more..
« Last Edit: December 17, 2012, 07:15:45 PM by needmyfi »

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Re: midlife crisis, husband wants pony (oops, I meant car)
« Reply #11 on: December 17, 2012, 07:15:52 PM »
Ouch!  You drive a hard bargain!

Jamesqf

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Re: midlife crisis, husband wants pony (oops, I meant car)
« Reply #12 on: December 17, 2012, 08:21:50 PM »
Looks like we might compromise, have him sell his 1880 banjo (which he found in the trash) and a music poster that he bought for 10 percent of value on Craiglist.

The poster, sure, but what does he like about the banjo?  The fact that it's an antique, or does he actually play it?  If so, consider buying a kit and building a playable new banjo, then sell the antique.

needmyfi

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Re: midlife crisis, husband wants pony (oops, I meant car)
« Reply #13 on: December 18, 2012, 05:14:51 AM »
Looks like we might compromise, have him sell his 1880 banjo (which he found in the trash) and a music poster that he bought for 10 percent of value on Craiglist.

The poster, sure, but what does he like about the banjo?  The fact that it's an antique, or does he actually play it?  If so, consider buying a kit and building a playable new banjo, then sell the antique.

James I love the fact that you have a pony!! No he doesn't play the banjo, found it in a trash pile and it rode out Hurricane Katrina in out attic, luckily no warping.  It is worth between 800 to 1200.  Appraiser offered him 600 on the spot.  Part of his "money in the bank "..  The poster is sitting in a closet, although I did whole heartily  agree to its purchase.  We have seen it  for $4000, a gallery hasn't seen it but said if no condition issues they pay $2000, he paid $250.  As an aside, when he showed up in our beat up old pickup to buy it, the seller was a surgeon who must have felt alittle sorry for the scruffy old dude and threw in a poster from a later year that is valued at 200 (not signed) . Dh would be one newspaper short of being on Hoarders if I didn t rein him in..  He has already has almost 500 from selling some treasures on ebay so we are heading in the right direction.I was expecting to argue against the Ghia, but after several posted how much they enjoyed fixing up cars, figure if he could finance it with some of his junk, er I mean "collectibles ".........win win

The_Dude

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Re: midlife crisis, husband wants pony (oops, I meant car)
« Reply #14 on: December 18, 2012, 10:57:52 AM »
As long as you view this transaction as an expense then I think you are fine.  Viewing it as "money in the bank" is foolish. 

This comes from someone who loves muscle cars and older vehicles in general.  I've got a 68 Camaro currently that I've done all the work on until recently.  Friends and family are amazed at the value of this car, but as I have used quicken to track every single cent of gas, bolts, and major repairs/upgrades I know I will never even get close to my $$ back let alone a profit for my time.  Yes people can make money flipping cars, the most successful ones are called "dealers..."

My Camaro is the most anti-mustachian thing I own/pursue.  But its one of my few true passions in life and I'm willing to work longer to keep it (for now...)

Jamesqf

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Re: midlife crisis, husband wants pony (oops, I meant car)
« Reply #15 on: December 18, 2012, 11:07:44 AM »
James I love the fact that you have a pony!!

Well, she's actually not a pony, but a full-sized Anglo-Arab horse.

Quote
No he doesn't play the banjo, found it in a trash pile and it rode out Hurricane Katrina in out attic, luckily no warping.  It is worth between 800 to 1200.  Appraiser offered him 600 on the spot.  Part of his "money in the bank "..

Ah, then selling should be an easy decision.  Remind him that it, like any collectible, is not money in the bank.  It doesn't have any (or much) inherent value, but - like the classic Dutch tulip bulbs - a value that depends on there being someone who's willing to pay for it.  This applies even more to the poster, since someone could at least want a playable banjo :-)

Forcus

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Re: midlife crisis, husband wants pony (oops, I meant car)
« Reply #16 on: December 18, 2012, 01:46:33 PM »
Someone else mentioned it but felt compelled to remention (?) it. Make sure you aren't looking at it as an investment. As someone else pointed out, yes, you can take a 3500 car and make it in to a 35000 car BUT... you may spend 50000 doing it. If its for fun, something to tinker with, spend a little on, and keep or sell down the road without taking much if any loss, cool. But I wouldn't look at it as an investment. I dabble in restoration and have around 7k in tools and really need another 7k to feel like I have a complete shop. Of course this does not cover skill and hardly anyone has the skill to do every task. Just double checking. I used to have stars in my eyes on this kind of thing but out of the 69 or 70 cars I've owned (!) I've only made money on 2 of them. I figured the money wasted in losses would have bought me a really sweet Viper.... and a new truck to tow it to the track with.

Paul der Krake

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Re: midlife crisis, husband wants pony (oops, I meant car)
« Reply #17 on: December 18, 2012, 05:14:25 PM »
I used to have stars in my eyes on this kind of thing but out of the 69 or 70 cars I've owned (!) I've only made money on 2 of them.
This deserves a story. Did you buy cars every 2 months, or have you been around since the 1600s?

needmyfi

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Re: midlife crisis, husband wants pony (oops, I meant car)
« Reply #18 on: December 19, 2012, 02:38:32 AM »
I used to have stars in my eyes on this kind of thing but out of the 69 or 70 cars I've owned (!) I've only made money on 2 of them.
This deserves a story. Did you buy cars every 2 months, or have you been around since the 1600s?

Paul I noticed your age is 1337, did you know Forcus back in your college days?

jrhampt

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Re: midlife crisis, husband wants pony (oops, I meant car)
« Reply #19 on: December 19, 2012, 07:22:06 AM »
To put it in context of our particular situation, the cost of the car is 1 % of our net worth.. (that doesn't sound so bad) , but close to two month of savings at our current saving rate (ouch) .  Suprised at how many people were mostly positive. 

I generally exempt myself from these kinds of conversations since I have absolutely no concept of cars as anything other than transportation devices; that's why I haven't commented so far.  However, two months of savings sounds pretty hefty if you put it in those terms...I would probably pass on any luxury that big in favor of adding to my stash.  I also have a strong aversion to buying anything which incurs ongoing costs.  But then again, my weakness is travel, and I have been known to spend nearly a month's savings on travel.

Forcus

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Re: midlife crisis, husband wants pony (oops, I meant car)
« Reply #20 on: December 19, 2012, 07:45:27 AM »
I used to have stars in my eyes on this kind of thing but out of the 69 or 70 cars I've owned (!) I've only made money on 2 of them.
This deserves a story. Did you buy cars every 2 months, or have you been around since the 1600s?

No, I am only 31. I had a serious habit of grabbing deals on collector-type cars. I was up to 13 at once at one time. It was a sickness and I am now reformed!

thurston howell iv

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Re: midlife crisis, husband wants pony (oops, I meant car)
« Reply #21 on: December 20, 2012, 11:49:55 AM »
These "ponies" are my anti-mustachian weakness... Actually have more like a stable... (I know, I know, I'm working on thinning the herd).

As for this VW... I say if DH can fix it and you can get it cheap. Why not?  VW's are cheap to repair, cheap to maintain and since they made a million or so, there's plenty of support out there... I don't know that I'd go all out in a full resto- remember there's lots of these cars out there- so the value might not be there. Just make it reliable, drive it around and enjoy. Then turn around and sell it for a small profit and find the next project.

The key to the car game is buying it right... (ie: completed value vs. price to buy, fix and make presentable enough to sell)

Only times, I've ever lost money was when I dealt with a dealer.

BTW if you decide to sell the airstream let me know. We always wanted one... :)