The business school way to look at it is, every dime you have in it is irrelevant. They call it a sunk cost. All that matters is what it's worth today, what will it cost to get it where you want it, what you could buy if you sold it, and your relationship with with the car good or bad. On the relationship side, there is benefit in the devil you know.
Do the math then think about it. It is a cool car!
hey everyone im new (first post ) but dont even think about what you spend on the car if you enjoy doing the work yourself (and the wife lets you) just keep it and give it to your kids or??
i know its not a stang but heres my wifes everyday drive i just finished a 2 year build on it she designed it by the way the wheels and tires alone were $5000 so dont feel bad
Unless you buy one already done, you're gonna spend money. I just got a nice 69 GT convert for a decent price, looked great and I didn't think it needed that much. 2 weeks later, new motor mounts, trans mount, carb (the one on it was correct & fairly new, but ran rough), changed fuel pump, vac advance, plugs, etc., and I figure it'll be a good $1000+ by the time I'm done.
Simple math is, if you've got $15K in it, drive it for 5 years, you've spend $3K/ year. What can you get today for $3K/yr? If you sell it for $10K, now it cost $1K/ year! If you had fun driving it, what was that worth? Maybe some day it'll catch up to the money spent, but unless it's rare, most likely not. In the long run, you'll get the "Neat car" comments, (try to get that from a Civic!), have fun driving it, can fix most of what breaks, and you have a piece of history!
Always remember- It's the SMILES per gallon that's more important than the MILES per gallon!
64 9/10 Convertible- 371,000 miles & counting (2nd owner)
65 GT Convertible
65 K GT Fastback- 59,000 original miles
69 GT Convertible- 73,000 miles
200 F-250 Lariat, 2010 F-250 King Ranch
I don't mind looking at things from a practical point of view. I can't afford to waste money with a stay-at-home wife, a ridiculous mortgage in So Cal and two kids. I understand the frustration of seeing your wallet get thin.
I don't see any harm in weighing your car (and potentially another car) as an investment...how much money are you going to spend to get the current car completed? How much will you pay for or spend to get the "other" car completed. What will their resale value be??
...then I would factor in the element of "enjoyment".
I think it is always healthy to re-evaluate your position and make sure it is still bringing you enjoyment. I've parted with some great cars, but it was time and I was ready to move on. If you look at what you could sell it for and what it will take to finish, is that more or less than a car that you could buy that you would prefer?
My 67 convertible has been in dire need of a body and interior restoration for the last 20 years, but even as rough as it looked I could pull up next to an $80K BMW and everybody would look at my car, not the BMW. Five years from now my car would probably be worth the same then as now and the BMW will be worthless; or at least worth a lot less.
If that math doesn't help you out I don't know what to tell you.
I donīt see myself ever selling my Mustang, so I donīt think too much about itīs worth versus what it have costed.
Iīve put a lot of $/Kr in it, and expect to put a lot more in it, but thats how it is with (almost) all hobbies.
I guess there is a lot of good deals out there, but Iīm sure a lot of them seem good only until youīve owned the car for a while, and start to discover the weaknesses ( hidden rust ++ ).
At least youre getting to know your car, good&bad, and soon thereīs no more bad suprises waiting for you
Don't be putting so much into all the "better deals" you are seeing out there. They look great from 10 or 20 feet. But you start seeing her in her underwear every morning and the flaws become more apparent. Doesn't matter which one you took home really. None of them are perfect. You just have to understand your level of tolerance to the imperfections. Like me looking for this 64 1/2. I just didn't realize how picky I have become.
[/confessions of a recovering purist]
Formerly of the Permanently Addicted...
Let it be known that I do not street race or condone that sort of thing
- unless the 'b@stard deserves it.
Someone takes his pants off and the rafters knock
Rock is dead they say
Long Live Rock!
67 conv. 289 4spd(mine), 67 coupe 289 Export(swmbo's)
All very good points. I really need to look at it as a hobby I guess. Im also into R/C aircraft and over the course of 15 years have spent thousands. A few of those were $1000 each! Any given day gravity will destroy those things. Anyone who flies R/C aircraft knows, haha. I may have to sell off my R/C stuff for mustang parts, haha.
I do like the car and so does the wife, so I got that going for me. I would like to have this car for 40 more years...that would be awesome.
Keep plugging away... think of it like this... you already have so much into it, you'd be doing yourself a disservice by walking away now. If it's driveable, then have some fun, and finish it piece by piece. I look at my parts as payments on a loan for the car of my dreams. No real price tag on that.
Love me a Stang
68 coupe with a 351W and fmx
Mods: a lot... just ask if you're interested
99 Gixxer 750 (When four wheels are too many)
For what it's worth, here's my take.
I never got into buying old cars with the intention of making money. I fully expect to lose money on this "hobby". Buy a car, spend some time and money working on it, drive it, have some fun. That's why I do it, beats watching TV.
The thrill of the hunt for that special "part" is also very enjoyable.
I tend to buy cars that I can still drive while I work on it, keeps the wife happy.
Once the car is done and there's nothing to do to it, I tend to get bored and start looking for that next "project".
I was stoked though on my last car, I think I only lost about a grand, best I've ever done.
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