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#2426770 - 12/31/17 07:39 PM Re: Did you ever liquidate to improve your situation? [Re: dan9]
OhioMopar Offline
master

Registered: 08/17/03
Posts: 8276
Loc: Mt.Gilead, Ohio
Originally Posted By dan9
I am 67. I have had 100's of cars in my life. I started getting rid of some my old cars about 10 years ago. I was up to 10 old cars (mostly all done). Last year I got down to my 70 Challenger that I decided to keep. I will always keep a car of interest because if I sold it I know it will cost too much to get back into one.

I had lofty goals of a large collection. But I think if I keep it, an A and maybe E body stablemate would get me by. In the future.

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#2426773 - 12/31/17 07:40 PM Re: Did you ever liquidate to improve your situation? [Re: OhioMopar]
not_a_charger Offline

Mr. Big Shot Moparts Moderator

Registered: 12/02/07
Posts: 14141
Loc: Puttin' on the foil in Charles...
Originally Posted By OhioMopar
Originally Posted By not_a_charger
I've been fortunate enough that I've not HAD to do so...but that's because I work for one of those horrible, scumbag insurance companies, and my wife is a public school teacher, so we're getting fat and happy on the public's dime, according to the Moparts "You are overpaid/underworked, and I am underpaid/overworked" crowd. boogie

I've chosen to sell some stuff in order to keep things stress-free financially. Tuition, college savings, retirement savings, etc...are all more important to us than having multiple toys. My only debt is my mortgage, and it's so cheap that it's not worth paying off right now. I still have my 78 Trans Am and my 82 F250, and my wife still has her 64 Valiant convertible. We've contemplated selling the TA and the Valiant, but haven't decided. I'm probably done with the Mopar muscle car scene, and the Mopar scene in general, though if a screaming deal on a cool car fell into my lap, I'd consider it.

I thought about buying a Scat Pack Challenger, or a Lebanon Ford 727HP Mustang, but can't bring myself to pull the trigger and spend that much money on a car that I will only drive 6 months out of the year. If I were struggling financially, I'd sell whatever possessions I needed to without hesitation. Family comes first. It would certainly be hard to part with some things, but if it had to be done, it would be done.

You also have that huge moderator paycheck coming in. So that has to count for somthing...


I was hoping you wouldn't point that out. The insurance guy/teacher wife makes me hated enough as it is.
_________________________
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#2426777 - 12/31/17 07:42 PM Re: Did you ever liquidate to improve your situation? [Re: not_a_charger]
OhioMopar Offline
master

Registered: 08/17/03
Posts: 8276
Loc: Mt.Gilead, Ohio
Originally Posted By not_a_charger
Originally Posted By OhioMopar
Originally Posted By not_a_charger
I've been fortunate enough that I've not HAD to do so...but that's because I work for one of those horrible, scumbag insurance companies, and my wife is a public school teacher, so we're getting fat and happy on the public's dime, according to the Moparts "You are overpaid/underworked, and I am underpaid/overworked" crowd. boogie

I've chosen to sell some stuff in order to keep things stress-free financially. Tuition, college savings, retirement savings, etc...are all more important to us than having multiple toys. My only debt is my mortgage, and it's so cheap that it's not worth paying off right now. I still have my 78 Trans Am and my 82 F250, and my wife still has her 64 Valiant convertible. We've contemplated selling the TA and the Valiant, but haven't decided. I'm probably done with the Mopar muscle car scene, and the Mopar scene in general, though if a screaming deal on a cool car fell into my lap, I'd consider it.

I thought about buying a Scat Pack Challenger, or a Lebanon Ford 727HP Mustang, but can't bring myself to pull the trigger and spend that much money on a car that I will only drive 6 months out of the year. If I were struggling financially, I'd sell whatever possessions I needed to without hesitation. Family comes first. It would certainly be hard to part with some things, but if it had to be done, it would be done.

You also have that huge moderator paycheck coming in. So that has to count for somthing...


I was hoping you wouldn't point that out. The insurance guy/teacher wife makes me hated enough as it is.

hahahaha Some people should lighten up. Although I've always felt insurance is a crooked racket. But that's hardly your fault!

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#2426834 - 12/31/17 08:37 PM Re: Did you ever liquidate to improve your situation? [Re: OhioMopar]
Streetwize Offline
master

Registered: 01/20/03
Posts: 9612
Loc: Weddington, N.C.
I would sell things as you speak of if you have a Specific and Viable PLAN that will set you on the proper path to what you really want....otherwise, without a plan, most people find themselves exchanging one set of stuff for another eventual set of stuff with little or no real improvement to their life or situation. Take your time to really decide what is really important and let those new goals guide you.

Bottom line is evaluate your wants and your needs and remember....once you throw the poker hand in to pick up a new hand, you still have to play it out with skill to win.

Maybe instead of a wholesale liquidation, maybe consider selling the material things you least need or think you have for perhaps the wrong reasons.....take that cash and reapply it to some goal (such as paying off high interest debt) and see if it can set you getting closer to your goals....in other words try a 'Tiered' or 'step by step' strategy. Start by building a new strong financial fondation, then build up from there.

Rome wasn't built in a day....if you sell everything all at once it might (possibly) lead to confusion, remorse (if you don't actually net what you originally hoped for) or hesitation.....plan your new path and goals and take action, and then gauge whether each action brings you closer or further away from what your new goal is.

I highly recommend the book "the millionaire next door"....lots of wisdom and practical common sense tips in there, it's whether you look at $$$ to accumulate Stuff or to build assets that can compound and grow wealth and can eventually sustain themselves. I was also very fortunate a friend of mine lent me the booklet called "Common Sense" by A.L. Williams some 30 years ago....learning about the magic of compound interest in my impressionable early 20's changed my life.

The key is, it can be a fun challenge and the lessons learned are teachable to your kids and friends!!





Edited by Streetwize (12/31/17 08:47 PM)
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WIZE

World's Quickest Diahatsu Rocky (??) 414" Stroker Small block Mopar Powered. 10.84 @ 123...and gettin' quicker!

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https://www.youtube.com/watch?v=PjXcf95e6v0

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#2426844 - 12/31/17 08:52 PM Re: Did you ever liquidate to improve your situation? [Re: Streetwize]
OhioMopar Offline
master

Registered: 08/17/03
Posts: 8276
Loc: Mt.Gilead, Ohio
I'll look into that book. Thank you. You make some very good points.

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#2426914 - 12/31/17 11:37 PM Re: Did you ever liquidate to improve your situation? [Re: OhioMopar]
Dcuda69 Offline
master

Registered: 10/17/05
Posts: 3978
Loc: WI
I bought my B'cuda as a basket back in the early 90s with the idea that I'd jam a motor in it and send it on it's way. Well I did a bit more but it'll still never be worth a ton and I'm glad. It needs a bunch more trim tlc but I'm not doing it. I like the car and am not buried in it. Selling it would not make me any farther ahead...spending more on those trim pieces will put me behind so I enjoy the car the way it is. Everything in moderation! lol



Bought the wife a toy a few years after getting the 'cuda running. Again,it could use some tlc but we would rather bank the money and enjoy the car as is. This one is for sale now as we don't use it as much as we should.


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#2427144 - 01/01/18 12:35 PM Re: Did you ever liquidate to improve your situation? [Re: not_a_charger]
fourgearsavoy Offline


Registered: 12/07/04
Posts: 9282
Loc: Rittman Ohio
Originally Posted By not_a_charger
Originally Posted By OhioMopar
Originally Posted By not_a_charger
I've been fortunate enough that I've not HAD to do so...but that's because I work for one of those horrible, scumbag insurance companies, and my wife is a public school teacher, so we're getting fat and happy on the public's dime, according to the Moparts "You are overpaid/underworked, and I am underpaid/overworked" crowd. boogie

I've chosen to sell some stuff in order to keep things stress-free financially. Tuition, college savings, retirement savings, etc...are all more important to us than having multiple toys. My only debt is my mortgage, and it's so cheap that it's not worth paying off right now. I still have my 78 Trans Am and my 82 F250, and my wife still has her 64 Valiant convertible. We've contemplated selling the TA and the Valiant, but haven't decided. I'm probably done with the Mopar muscle car scene, and the Mopar scene in general, though if a screaming deal on a cool car fell into my lap, I'd consider it.

I thought about buying a Scat Pack Challenger, or a Lebanon Ford 727HP Mustang, but can't bring myself to pull the trigger and spend that much money on a car that I will only drive 6 months out of the year. If I were struggling financially, I'd sell whatever possessions I needed to without hesitation. Family comes first. It would certainly be hard to part with some things, but if it had to be done, it would be done.

You also have that huge moderator paycheck coming in. So that has to count for somthing...


I was hoping you wouldn't point that out. The insurance guy/teacher wife makes me hated enough as it is.


Well it's a well known fact that all mods get free parts and service from all Moparts sponsors whistling

Gus beer
_________________________
64 Plymouth Savoy
493 Indy EZ's by Nick at Compu-Flow
5-Speed Richmond faceplate Liberty box
Dana 60

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#2427156 - 01/01/18 12:47 PM Re: Did you ever liquidate to improve your situation? [Re: Dcuda69]
RUNCHARGER Offline
I Live Here

Registered: 01/20/03
Posts: 15665
Loc: Chilliwack B.C. Canada
Dcuda: I see myself doing a car like yours in the future. I think it is a good way to enjoy the hobby. It is always tempting to restore a car to a high degree but at the end of it all you don't enjoy it as much as a car you can drive and enjoy without putting booties on the pedals.
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#2427379 - 01/01/18 05:36 PM Re: Did you ever liquidate to improve your situation? [Re: RUNCHARGER]
fourgearsavoy Offline


Registered: 12/07/04
Posts: 9282
Loc: Rittman Ohio
Originally Posted By RUNCHARGER
Dcuda: I see myself doing a car like yours in the future. I think it is a good way to enjoy the hobby. It is always tempting to restore a car to a high degree but at the end of it all you don't enjoy it as much as a car you can drive and enjoy without putting booties on the pedals.

iagree Exactly! I beat my car every time I drive it and I never worry about who leans on it or where I park it thumbs

Gus beer
_________________________
64 Plymouth Savoy
493 Indy EZ's by Nick at Compu-Flow
5-Speed Richmond faceplate Liberty box
Dana 60

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#2427402 - 01/01/18 06:18 PM Re: Did you ever liquidate to improve your situation? [Re: OhioMopar]
Supercuda Offline
I Live Here

Registered: 09/04/07
Posts: 13679
Loc: up yours
I will tell you what I tell my son. A man has to do what a man has to do.
_________________________
They say there are no such thing as a stupid question.
They say there is always the exception that proves the rule.
Don't be the exception.

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#2427405 - 01/01/18 06:23 PM Re: Did you ever liquidate to improve your situation? [Re: RUNCHARGER]
a12rag Offline
top fuel

Registered: 04/23/07
Posts: 2122
Loc: Calgary, Alberta Canada
Originally Posted By RUNCHARGER
Dcuda: I see myself doing a car like yours in the future. I think it is a good way to enjoy the hobby. It is always tempting to restore a car to a high degree but at the end of it all you don't enjoy it as much as a car you can drive and enjoy without putting booties on the pedals.


I built my Sport Satellite to drive . . . even though I think it turned out more like a high degree car . . . if it is on the trailer, it is either broken or stolen ! . . .

Cheers,

Mark

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#2427410 - 01/01/18 06:33 PM Re: Did you ever liquidate to improve your situation? [Re: OhioMopar]
TB3CUDA Offline
super stock

Registered: 09/13/03
Posts: 848
sold all my roadrunners 72 73 74 and now selling all my used parts will be buying a 2016 scatpack challenger in the spring.

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#2427418 - 01/01/18 06:49 PM Re: Did you ever liquidate to improve your situation? [Re: TB3CUDA]
chargervert Offline
master

Registered: 09/18/04
Posts: 8809
Loc: RI Deep in the rust belt
Originally Posted By TB3CUDA
sold all my roadrunners 72 73 74 and now selling all my used parts will be buying a 2016 scatpack challenger in the spring.


I had 26 project Mopars last year. I junked two that were too far gone,a 73 Satellite and a 73 Charger. I sold a 70 Charger shell,a 71 Road runner clone,and a 73 big block Charger. I have another 70 Charger roller I got sold too. I have a 68 Charger roller that someone is looking at next weekend. I got a 71 383 Charger SE that another friend of mine wants to buy. I did buy a 71 Charger R/T shell,from a Moparts member and a 79 Little Red Express truck from my friend,so I still got twenty of them. I plan on selling off a few more to get down to about fifteen of them. I am in my mid fifties so I have to be realistic about how many of them I can build! I plan on buying a used Hellcat 6 speed Challenger within the next year.
_________________________
70 Charger R/T SE 472 Hemi 70 Charger R/T convertible 70 Charger R/T V Code Sixpack 69 Charger R/T SE Sunroofcar 68 Charger 383 68 Charger 318 71 Charger R/T 70 Challenger convertible 71 Challenger convertible 71 Cuda 340 09 Challenger R/T Classic

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#2427448 - 01/01/18 07:47 PM Re: Did you ever liquidate to improve your situation? [Re: chargervert]
Nukechargerboy Offline
super stock

Registered: 03/05/04
Posts: 796
Loc: Ossining, New York
I have one car for the hobby. I couldn't imagine parting with my charger because of the time and money invested, plus the kids want it when I croak. I understand some aren't as fortunate as I have been so if I had to sell it to stay in my house I guess I would. I would definitely have more cars if I had more room, that will probably be changing in the next few years.

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#2427458 - 01/01/18 08:10 PM Re: Did you ever liquidate to improve your situation? [Re: OhioMopar]
carcrazyguy Offline
master

Registered: 06/06/04
Posts: 9282
Loc: Texas
Yep....sold everything off...3 times so far. First time was in my mid 20’s because I wanted to buy a house and get married. So I sold off everything nice and bought a 75 Dodge longbed truck for a daily driver. Started adding cars back a year or two later as I could afford them. Then sold everything off again in 2004 to pay for more schooling for my wife. Bought a 93 Dodge shortbed for a daily driver. Then started adding cars again as I could afford them. The last sell off was a couple of years ago and I sold 5 restored cars (all redone while I owned them) and 36 unrestored cars/trucks. This last sell off was to make life much more simple and to allow us to invest in my wife’s career and help start a business. It has been just over a year since the business opened and we are still not buying anything we can’t eat! LOL. Life is much much more simple not having all the cars to keep up, keep insured and tagged, lights all working, batteries charged....yada yada yada. Hopefully one day the business will pay off and I can buy another old Mopar but this next time I am waiting until I can afford an investment grade car that is either done or a very well documented car that needs restored to a high level.

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#2427650 - 01/02/18 08:41 AM Re: Did you ever liquidate to improve your situation? [Re: OhioMopar]
McCandlessboy Offline
super stock

Registered: 12/01/04
Posts: 820
I have followed one simple rule to keep me out of financial trouble with toys/hobbies. If you can't buy 2 of them with cash, don't buy 1 of them. That's obviously on the buy side. On the selling side, if you have something that has strong value, say 50-60k it may make sense to move off of it. You can buy nicely appointed cars in the 20-25k range, allowing you to pocket 40k. Had this been done a year ago, your 40k would be close to 50k right now. As long as you're realistic about your situation and what your car ACTUALLY costs you, only you can decide what is right. People rarely know true cost of ownership. From maintenance, time, insurance, etc.

Be honest what about your car is worth as well. Countless times people hang on to a belief their car is worth X, only to find it's X - 20%.

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#2427704 - 01/02/18 10:40 AM Re: Did you ever liquidate to improve your situation? [Re: 469runner]
DaytonaTurbo Offline


Registered: 02/26/03
Posts: 20844
Loc: Manitoba, Canada
Originally Posted By 469runner
The trouble is, once something is gone, it is gone. Money comes and goes. When you sell things, the money gets spent on something and it is gone too.


I've had that problem too. Sell the thing, then the thing is gone, soon after the money is gone and then I have no money and no thing. The ONLY way this has ever worked out for me is if I sell something then immediately reuse that money to meet some specific objective. Otherwise it gets wasted too easily.

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#2427738 - 01/02/18 11:40 AM Re: Did you ever liquidate to improve your situation? [Re: OhioMopar]
Silver70 Offline
I Live Here

Registered: 02/01/03
Posts: 18209
Loc: Rust Belt, SW PA
When I get money, I try and buy something I know I can sell later for the same or more... otherwise same deal, money just gets blown and end up with nothing. Last large sale, to control my spending, I put the money in an account I can't take $ out of easily.

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#2428567 - 01/03/18 08:14 PM Re: Did you ever liquidate to improve your situation? [Re: TB3CUDA]
OhioMopar Offline
master

Registered: 08/17/03
Posts: 8276
Loc: Mt.Gilead, Ohio
Originally Posted By TB3CUDA
sold all my roadrunners 72 73 74 and now selling all my used parts will be buying a 2016 scatpack challenger in the spring.

I bought the '16 Scatpack a year ago. What an awesome machine. Not quite as awesome in the winter, however.
_________________________

Looking for my original 383 block. Last seen around the Atlanta area. 7449 are the last 4 of the VIN.

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#2428572 - 01/03/18 08:20 PM Re: Did you ever liquidate to improve your situation? [Re: McCandlessboy]
OhioMopar Offline
master

Registered: 08/17/03
Posts: 8276
Loc: Mt.Gilead, Ohio
Originally Posted By McCandlessboy
I have followed one simple rule to keep me out of financial trouble with toys/hobbies. If you can't buy 2 of them with cash, don't buy 1 of them. That's obviously on the buy side. On the selling side, if you have something that has strong value, say 50-60k it may make sense to move off of it. You can buy nicely appointed cars in the 20-25k range, allowing you to pocket 40k. Had this been done a year ago, your 40k would be close to 50k right now. As long as you're realistic about your situation and what your car ACTUALLY costs you, only you can decide what is right. People rarely know true cost of ownership. From maintenance, time, insurance, etc.

Be honest what about your car is worth as well. Countless times people hang on to a belief their car is worth X, only to find it's X - 20%.

If I used that philosophy, I likely wouldn't buy anything. Which may not be such a bad thing, I guess.
On the selling side, my car is probably still worth what I paid for it 4 years ago, possibly even less since it left its cushy Georgia climate and has been stuck in the winter hell that is Ohio for three winters now. I don't have an overly high opinion of what it's worth, but man, if it was done... A triple black N-96 4-speed console/buckets has to be at or near the top of the 383 food chain. I can't think of a way it would be optioned better.(other than having a stripe, disc brakes, a 26" radiator and 3.91 gears)

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