How far would you go to get that car? Sell your daily driver?

I drove old Cars as daily drivers from the time I was 16 up until about 4 years ago, I'm 38 this year.I'm way way way way happier driving my 97 Ford E350 Van and my wifes 2007 Freestar Van as Daily Drivers.

 

Having a dependable reliable not afraid to take it anywhere daily is almost a necessity. We usually have 4 or five older HAMB type vehicles that we drive so if one ****s out we just drive another. But my wife likes her newer car with the air conditioning, power steering, anti lock brakes, cruse control ect. I have never financed any vehicle and hopefully never will. When you buy something on credit until you make that very last payment its not your,s you are just a glorified renter Save up your money to buy something . I have found that lots of times after I have the money I find that I dont want the item. anymore. OldWolf

 

Always going to be A's around, who needs to drive a junker in the winter, peck away on what you have, and keep the grown up wheels for work.

 

Unless the price is outrageously low, I can't see going into debt with a family and all. I have borrowed money to buy a hotrod. It was my 32 Roadster. I knew if I did not get it then, I'd never have another chance in the future.

I know you really like that Model A but they are not that hard to come by later on. There will be plenty of Model A sedans to choose from when the time comes.

If it's a rust free 34 3W coupe then a man gotta to do what a man gotta to do!

 

^which begs the question....how much are we talkin about on this car

 

I did the same thing.
Many years ago I was BROKE, only been married a short time and I came across a nice 32 Ford roadster body. I had a house payment, a El Camino payment and the wife had a Toyota payment. The El Camino had 18 payments still left on it. I borrowed money anyway and bought the 32 Ford roadster.

I got the 32 roadster home and it sat basically untouched for 18 months until the El Camino was paid off. I then slowly gathered parts and pieces to get the roadster on the road. I still own the same 32 roadster ... and do not regret having to scrimp and save and go in debt to get it.



If your wife is on board with refinancing your daily driver ( and you can make the payments ) ... GO for IT .

Randy

 

Traditionally a guys hot-rod was his daily driver.......i'm just sayin........

 

Well with these being modern times...I wouldn't leave mine in our company parking lot. It's not that I don't trust my co-workers (it's that I don't trust my co-workers).

 

You said you were "broke". So, I would put my top priority at no longer being "broke". Buying a car you absolutely don't have to have, isn't going to achieve that. Temptation can cause actions, that are not always the best to take. I do understand the desire to have the A. Once you get your financial position back in order, there will be other opportunities to act on, without the sacrifice. Good luck to you, in whatever you decide.

 

I think it's a matter of restraint. In 1980, my shop was going full bore, my '55 F100 was my shop truck, bills were getting paid, and Billy Mutz begged me to trade him my F100 for his black '32 three window, nice car, no eng./******. I thought he was kidding, but he begged...I was practical, and p***ed...
Had I made the trade, I'd be a hot rod/Performance shop with no truck!
Less than a month later, I was offered a '32 roadster in trade for the F100! (body, frame, hood, shell, all rust free...a Highboy all apart!) I told Brian I couldn't do it.
My '27 Hiboy was almost complete, and my '33 pickup was on my frame jig.
My girlfriend said she'd take out a loan, this was a '32!!! I said no, not a good idea.
My ex wife had taught me all about debt, and I got rid of both of them.
I married my girlfriend, got rid of the shop, have a nice house with huge yard, have 5 hot rods, a SS Galaxie, '54 Ford g***er, '66 VW, and my '55 F100. (Oh yeah, and a '50 F1, as a backup: just in case another '32 comes up to trade for my F100!!!)
Don't go in over your head. If you do, and something happens, (and it probably will) you might have as much trouble selling the 'A' as the farmer is.

 

The guy hesitated when he said he'd take 5,000 for it, so I know I could get it for at least 4,500, possibly 4. I see them going on ebay sight unseen right now for at least 6 and considering what Maine does to cars its in really good shape for the year.

I WILL NOT go into debt for it, let me clarify. The wife is neutral (she wouldn't be thrilled but I think she'd understand. She didn't lose her **** when I mentioned it as a viable possibility).

I'm hesitant to p*** this on until I have eliminated all my options, I'm sure you cats understand.

Thanks again for your input.

 

Sell the daily, buy the A. Then find a HAMBer in Texas who's trying to s**** together cash, and buy his rust free, '87-'93 pick-up. Drive the **** out of the A for two years, while working on it of co****, then sell it. New money for your other projects, or another beater. That's what I'd do...

 

Good Luck...
I was in the same situation as you earlier this year when Ollin's roadster was for sale but didn't have the money for it and was told by a number of people that if I don't have the cash on hand its a foolish decision. I totally agree with them. Keep in mind that you still have to build it, license it, and insure it. You're also gonna want to drive it but have to be aware of the fact that if it breaks you'll have to be able to afford it. I w anted that car so bad I could taste it and even took a ride with him in it. It ****s taht I had to p*** but i've came to realize that piece of mind is more important than an expensive toy.
Seth
BTW... in Cali. lots of people are out of work so its harder to sell stuff quickly, don't know if its like that everywhere but I'd be leary of buying one then paying for it by selling all the others. It can be done, but I don't know how fast.

 

I think we need some pics of the A.

 

^yep

Take pictures on your way home next time.

 

Been driving **** boxes for 30 plus years so I can have better hobby cars, I don't even need to drive them anymore but I still do, I also don't work on the **** boxes and I beat the hell out of them, No AC in Texas and I am old. Why should I pay several hundred dollars a month to somebody else because I am impatieient and will pay someone to wear out a car before it's paid for. Sell the daily buy a **** box and put the rest of the money into something you really like and can afford. I just don't get the whole car payment thing or the borrowing. Make a deal with the farmer at a stupid price. That thing is going to set a little while anyway in this economy and especially in Maine.

 

Traditionally- the cars we drove for dailys back then weren't 80 years old. Just sayin

 

Just figure up what you got laying around that you could sell easily, because some stuff just doesn't sell, then if your pretty close and could flip a small loan than it might not be as bad as far as payments. Plus you have to factor in will it stay stock or rodded? You could always sell the original stuff to make up some of the money. I personally figure what a car is worth and if it's a real bargain, buy it, if it is marginal considering the amount of work required than p***. And remember farmers always need something done around the farm to help barter your way into the car. Good Luck.

 

I posted earlier but just one more point. Even if you get a good deal on the A and by it by refinancing your daily. What is the total cost in the end? I'm pretty sure that loan isn't going to be at 0% interest.

 

I love you man.

 

In my opinion, any late model car worth more than $2K retail is a waste of money. All they do is devalue. Even if you weren't looking into a Model A to buy, I'd sell whatever it is you drive and get a beater, put the excess money toward any other debt or build up an emergency fund Dave Ramsey style.

There aren't a whole lot of ****tier investments than late model cars. And my $600 car isn't any less reliable than a brand new one.

 

I would be hesitant to borrow money for it.

Although my most recent purchase took every last penny I could s****e and if I had to I wouldve pulled a loan... It was my dream car... Well actually two of them. My point is, if you decide to borrow, this car better be the one.

You can't think of a car you would want more? Does it have to be THIS car?

 

I agree. Now is the wrong time to sell. ...right time to buy.

I'm trying to sell a car right now for a price that wouldve been a STEAL a couple years ago. ...oh well

 

Honestly man, I don't know your financial situation, so I couldn't give you any kind of real advice. But here are some generic thoughts. It is important to be responsible with your money and fiscal situation, especially if you have a family and people depending on your money. That said, sometimes with big risk comes big reward. I doubt Trump, Bill Gates and Steve Jobs got to where they are today by playing it safe. Sometimes when opportunity knocks, you need to answer

 

Well guys,
It's all moot now anyway as the car was sold sometime Friday afternoon. It was great to get all the different responses. After I mourned the lost opportunity over a lot of whiskey Friday night I cam away with a valuable lesson. I've got to make smarter decisions with my cash flow and make sure to start getting serious about that rainy day fund. The next time an opportunity like this comes along, I don't want to have to think about what sacrifices I could make. I want to be shedding tears of joy, not chagrin.
Time to get back out in the garage and start sewing that pile of misfit parts together.
Gigantor out.

 

Gigantor, try this www.daveramsey.com He will help you get on track moneywise.

 

Not that it's any consulation but 5gs at roughly 20.00 per thousand is 100.00 payment. Might even be less

 

In the end everything will be Okay. If it ain't Okay than it ain't the end. Keep you head up. That perfect Model A project is out there and when you find it it won't break the bank. Good luck.

 

What would i do? that car would be mine with the quickness. would it be the smart thing to do? nope. But i've done it (3 times now) and will do it again in an instant if my my wife doesnt kill me for it first

 

This is true, but I drive my 53 ford , flathead fordomatic ,daily rain or shine . Drive the **** out of my 39 chevy. They are more dependable than my 98 dodge truck. They are cheaper to work on , and I can repair anything that breaks. When the 98 dodge finally dies for good I probably won't ever own anything newer than 1970 again.