Dilemma; Someone offered to buy my car

[d72hemi]

I wanted to discus my Charger dilemma with some of the most passionate Mopar enthusiast I know, so here I am.

Today a man asked my father-in-law to pass on a $12K offer on my 72, that has been sitting since being stationed in Europe for the last 5 years, and I have 5 more years to go.

I love my 72, it is my first car and my 13 year old daughter has shown interest, but $12K for a 318 Charger that needs a full restoration seems to be at least twice what it is worth. I also don't want to be that guy who lets a car sit for a few decades be he is going to "restore it someday". About the only thing going for it is that it is a rust free So Cal car, stored in the CA desert, has a bunch of parts in the trunk and interior, and runs (gets moved from barn to barn 1-2 times a year.

I would love to hear your thoughts, recommendations, or what "you would do if you where in my shoes".

Ian

P.S. Parts that I can remember in the car:

8 ¾ rear end drum-to-drum, with '489' differential
RT drum brakes
'742' 8 ¾ center with Sure Grip limited slip differential (clutch not cone style)
At least 2 A727 torqueflight transmissions (I don't remember if I got the 3rd A727 in their)
Rear defroster (complete; wire harness, motor, brackets, vent grill)
Head liner bow set (in a PVC tube)
Leather bucket seats
1971 RT (72 Rally) tail light assemblies
NEW never installed 1.22 torsion bars.  These are the biggest ever made, and have been unavailable for years!
Lower control arms, with sway bar mounts. Painted ready to go.

[myk]

So the car is in the US, and you're overseas?  Clearly you won't be able to start working on this thing for at least the next 5 years.  Based on that alone, I would sell, just because there's no point in keeping something around that isn't being used, worked on or otherwise interacted with.  

HOWEVER, think about the money your car is about to sell for.  If you plan on getting back into the Charger hobby in the next 5 years or later, you will pay AT LEAST what you're selling for now, and for a car that's in similar or WORSE shape.  Chargers and other classic cars will only go up in cost over the next five years and into the future.  Now, unless you're going  to be coming into a lot more money and income in the future, you may want to hold on to what you have and just plan to fix the car you already have.  

Example 1: friend of mine sold his better than factory clean '72 Nova SS about 10 years ago, for $7K if you can believe that.  He's spent the last few years wallowing in seller's remorse and now wants back into the game.  That $7K he got for his virgin Nova won't get him into the same kind of car now.  In fact, $7K might get him a 20-30 footer that's going to need more money and work, and probably not into an SS.

Example 2: when times were tough and I needed a more reliable car I could've sold my running and driving '69 for  $10K.  These days, based on some of the ridiculous ads I've seen in this forum, $10K won't even get you a rolling freaking chassis; more like a rust bucket with more trouble than it's worth IMO.

So again, think about the future.  If you're going to try again in a few years it's going to cost you more money in the long run....

[rt green]

sell your first car? your nuts. so many people kick themselves in the ass for doing that.   plus you'll piss off your daughter. you  sell this one now, and 5 yrs go by and you buy another. and guess what? its never the same.  if you need the cash that's one thing. but I would hold on to it. save your money for parts.   my 2 cents

[Baldwinvette77]

Keep the car, the charger will keep your daughter out of trouble, the 12,000$ will get everyone in trouble 

[F8-4life]

I would sell at 12 grand for a '72 small block needing resto. Maybe tell the guy 13k buys it as a deciding factor? Keep in mind the resto costs you can avoid by selling too.
Myk has a great point about the future / charger market, but you can overcome that by taking your 12k and immediately buying a 2nd gen ha!
I get that it's a first car and all but a good cash offer is something too, anytime I sold a car at first I would have sellers remorse until about the time I found a better car!

[myk]

He's not going to find a better car for $12K, someone correct me if I'm wrong.  I know he won't find a better one years from now.  Again, if he tries to get back into the game it'll cost him AT LEAST $12K and it'll still need a lot of work.  That to me is money and time wasted.  Does he need the money?  That should answer the dilemma instantly.  If not, then I would recommend holding tight...

[F8-4life]

It's a bit of a gamble yea, but I think for 12k you could find a better car, you just need the time/patience/will to find it.
12k buys alot if you find the right seller.

[Chargerguy74]

First car, thats tough. I still have my first 3 vehicles sitting in the field. They're worthless, but I keep them around because I like to look at them.

What are your plans for the car? It sounds like you have don't really have any current plans to restore the car. If it were me, based on your description of the car, and sentimaental value aside, I'd have jumped on that offer. I just dont see a 318 Charger, as you describe, gaining much value over the next few years.

[Chargerguy74]

He's not going to find a better car for $12K, someone correct me if I'm wrong.  I know he won't find a better one years from now.  Again, if he tries to get back into the game it'll cost him AT LEAST $12K and it'll still need a lot of work.  That to me is money and time wasted.  Does he need the money?  That should answer the dilemma instantly.  If not, then I would recommend holding tight...

myk, I respectfully disagree, I think 12k could pick up some pretty cool 3rd gens.

[myk]

He's not going to find a better car for $12K, someone correct me if I'm wrong.  I know he won't find a better one years from now.  Again, if he tries to get back into the game it'll cost him AT LEAST $12K and it'll still need a lot of work.  That to me is money and time wasted.  Does he need the money?  That should answer the dilemma instantly.  If not, then I would recommend holding tight...

myk, I respectfully disagree, I think 12k could pick up some pretty cool 3rd gens.

Now, in this time?  Or 5+ years down the road?  I get the impression he needs the money for something else right now.  I just hope he doesn't wind up with the sad group of people that regret getting out and then trying to get back in again, only to find values have increased almost exponentially...

[Chargerguy74]

Now. I can think of 2 much more desireable 3rd gens (big block Rallye cars) that could be purchased right now for less than that. I know because I have them.

In 5+ years? Quite possibly. In 5 years no one may want them. My outlook on the future is pretty grim though. Things arent exactly getting better.

[myk]

Now. I can think of 2 much more desireable 3rd gens (big block Rallye cars) that could be purchased right now for less than that. I know because I have them.

In 5+ years? Quite possibly. In 5 years no one may want them. My outlook on the future is pretty grim though. Things arent exactly getting better.

Hmm...well if he could get a better car, as in a car that isn't a "major project," then he should go for it.  Of course, it's hard to do that when you're overseas...

[Patronus]

It's a bit of a gamble yea, but I think for 12k you could find a better car, you just need the time/patience/will to find it.
12k buys alot if you find the right seller.

I totally agree. I would ask for $12.5. Not 'cause I don't think his offer is fair. But its fair business to counter-offer. (And should be expected). In the end it would satisfy my karma 'cause I didn't take the first offer presented. Plus its my first car, daughter, etc. Then take that coin and search. Be patient. A deal is out there. Charger? No...(but maybe. Mine was $8900) (got about $15K into it total) (and countless hours) But if your "willing" to drive a '72 Roadrunner, just about any A body, or pre-70 something?  That $13K can go pretty darn far. Wave it in the face of a motivated seller and just try keeping the grin off your face when your drivin'  

[Chargerguy74]

I myself wouldn't counter if the offer was still standing. The offer is way more than the car is currently worth. If it's still standing and he's waiting to hear if you accept, I'd just accept the offer or you may risk him backing out.

[polywideblock]

just to throw it out there, what about taking the offer and getting someone you trust to find a "better" running driving car  NOW ( same or similar years )        

[Alan73Charger]

So what way you leaning?  All the guys saying the car isn't worth that... well I respectfully disagree.  Your car is worth what someone is willing to pay for it, not what Old Cars Report price guide or some website says it's worth.  

My first car was a 73 and I sold it.  Of course I was young and stupid.  (Now old and stupid)  I've always wanted another and wish I would of kept that car.  When I found the 73 I have now I told the guy selling it on eBay I couldn't go over 12k for the car because "it wasn't worth it".   I then watched his auction go to $15,300 and he still didn't sell the car.  (Reserve was $16,800)  I ended up making a deal for the car with a little cash and my 67 Coronet as a trade in.  So if you take the 12k and several years from now want another 72 Charger who's to say you'll find a better car than the one you have now?  If you don't need the money keep the car.  Just my 1,200,000 cents.

[ws23rt]

   If you found the car you want and bought it.  What could be better?
No one want's to feel foolish --but buying something you want for a price you agree to IS what establishes the value.

The WIW question can only be answered from selling prices.

This point of mine is from the hobby/enthusiast view point of the market. Those that only hope to make (or not lose) money are adding a factor to the deal that only adds stress to an otherwise fun thing to do.  

We work to acquire (or have) money.  Playing with cars is the spending part of money.  Not the making part.

[tan top]

  how long  have you owned the charger ?   you say first car ?  hmmm  sounds like some sentimental value     any memorys with family daughter  etc with the car or  has it always needed a resto ?   i'm not prying ,  just trying to weigh up how much the car means etc

[triple_green]

I am sympathetic to the reasons to not sell here.

I have a one year rule. If I can't get the car the way I want it in one year, I sell it and move on. (and it sounds like   you can't because you are overseas)

The $12K sounds like a very good offer for a 318 powered 3rd gen.

Invest the money in an S&P 500 index fund and in 5 years you might have a lot more.

I realize this opinion will not be popular here.

Mark

[Baldwinvette77]

I didnt read it as just the money though, he says its 1. it's his first car, and 2, his daughter has an interest in it. which are also factors 

[dual fours]

Do you want a different car (nothing wrong with a 3rd gen.) when you get home that has no past history for you like your 72?
Do you need that past history?
Do you need the money now?
Is the 72' costing you money to store, is it in a safe place, rust, theft, storms, roof collapse, fire, animals?
The 72' may get a little more rougher in five years.
Five years is along way off, and will pass quickly.
Your daughter will be 18 in five years, could you still want the Charger if she looses interest at that point, college, job, family?
The future will be what it will be, nobody knows, but can only make a wild guess.
Do you need a high horse power high dollar machine to drive, or a cool looking Charger to drive?
In five years you might be able to squirrel away $12,000. then you'd still have your Charger to restore, or sell (price may be up or down ) and buy something else.

If the money means more/can do more because of hardship for you now, sell. And look for another one in the future.
If this Charger, your first car, means something to you and your family, KEEP IT.

I still have the "For Sale" window sign I displayed and News Paper add I typed up on a Type Writer and never posted when I thought I wanted to sell my first car , my Charger back in 1987, that I had since April 1977. But mostly, two years ago I was very thankful I had the sense to move my Charger back in to the Stable that December day (she was only "For Sale" for one day) where she would sleep for the next 28 years. She should be in Carlisle this up coming year.

KEEP IT!
   


   

[1965gp]

I still have my first car- now that I have put it together it's like driving a time machine. Not the fastest, coolest or most valuable car but it takes me back 20 years on a regular basis. My kids love it- they get a kick out of the fact that I used to ride in as a kid (it was my dads old car).

I almost sold it for $500 when a tree fell on it- so glad I didn't.

I agree with almost everything said here- do you need the $$? 12k isn't life changing but when you need it you need it. 

If the car is stored indoors it probably will wear very well and be in about the same condition its in now- if it's outside it may be too far gone in 5 years.

If it's not costing you anything to store it I would hold on to it.

[sunfire69]

If it's costing you little to nothing to store it and the storage is reliable ( meaning little to no chance of losing it) then keep it....in 5 years you will be back and you won't find another car in that condition for that price.....Murphy's law dictates this.....if you sell it you will regret it..... 

[DixieRestoParts]

Lots of good info above. You really have to decide what's right for you. I have a car that I wouldn't take $100K for (under normal circumstances) because of sentimental reasons. And I have others that while still having a little sentimental value, I'd let them go for the right price. Let me give you another option to consider.

If you sell the car now, you can put the money in a protected savings account (or investment, your choice) and each month put money in the account. Money that you would normally spend in upkeep on the car and/or to restore the car. When you return stateside, you will probably have enough money to buy a nice driver type car.

You could also do the above and keep your car. You would have some money saved up to begin the restoration/restomod, or whatever you chose. I did something like this when I was stationed in the Army in Germany. In 2 years overseas, I was able to save enough to rebuild my engine, and buy some other parts. This was as a PVT living in the barracks and leaving as an E-4.

The big thing to consider when accessing your car, is what can you realistically put into restoring it? How much work can you do yourself? If you can't do much yourself (or don't want to), then you're looking at dropping probably (just a guesstimate) $30K for a complete tear down and rebuild of a nice rust free car. That doesn't include upgrades. You have to decide if you could/would spend that on your car. If your answer is, no, then probably selling it and buying a nicer car is the way to go. However, I do have friends that like owning cars that need a resto and never plan to restore it. And that's ok too. Hope I didn't make the decision worse.

[LaOtto70Charger]

My opinion would be no don't sell it.  My reason: My wife (recently celebrated her 16th anniversary of turning 29) still complains about her folks selling a GTO when she was a kid, and I have lost count of how many people ask if my rust bucket is for sale when I stop some place because they had just like it.  Which very well could be you are getting the offer in the first place.  Plus now my kids are really getting into the old cars and start pointing them out when they see them.

That is unless your family needs the money.

[Troy]

Tough decision. If it's not eating any money, it's not deteriorating, and you don't need to sell then there's no real impetus to sell it.

On the other hand, as you noticed, that's a pretty great offer and it makes perfect sense to let go. Even once you get back it sounds like you have a time and money consuming job ahead of you to finish the car so it could very well be another 7-8 years before it's "done". I fondly remember my first cars (I had a 70 Challenger and 68 Charger both when I was 16). However, I'm honestly glad I don't still have either because, for a long time, I had nowhere to store them so I'd have either driven them to the ground or they'd have deteriorated into it by sitting out in a field. I've had the opportunity to own way cooler cars since then so I've had plenty of chances to make more memories.

While selling makes sense, there are some real downsides. You no longer have a car. While a car is a tangible thing, that money becomes little numbers on a bank statement and tends to have a way of disappearing. I can't tell you how many times I've seen a car sold with the intention of buying another but then the money gets spent on a vacation, bathroom remodel, or the kid's braces. This is especially true when decisions about money are shared (I'm single and even I accidentally spend money that I set aside). It's hard for most people to recover such a large amount without diligent saving and sacrifices in other parts of their lives. In a way, the car is a savings account that can't be easily liquefied.

You will likely always regret it selling if you never replace it or don't at least turn it into something that brings as much satisfaction/joy. Sell with a plan - and stick to it - or politely decline the offer.

Troy

[viper r/t]

Tough decision. If it's not eating any money, it's not deteriorating, and you don't need to sell then there's no real impetus to sell it.

On the other hand, as you noticed, that's a pretty great offer and it makes perfect sense to let go. Even once you get back it sounds like you have a time and money consuming job ahead of you to finish the car so it could very well be another 7-8 years before it's "done". I fondly remember my first cars (I had a 70 Challenger and 68 Charger both when I was 16). However, I'm honestly glad I don't still have either because, for a long time, I had nowhere to store them so I'd have either driven them to the ground or they'd have deteriorated into it by sitting out in a field. I've had the opportunity to own way cooler cars since then so I've had plenty of chances to make more memories.

While selling makes sense, there are some real downsides. You no longer have a car. While a car is a tangible thing, that money becomes little numbers on a bank statement and tends to have a way of disappearing. I can't tell you how many times I've seen a car sold with the intention of buying another but then the money gets spent on a vacation, bathroom remodel, or the kid's braces. This is especially true when decisions about money are shared (I'm single and even I accidentally spend money that I set aside). It's hard for most people to recover such a large amount without diligent saving and sacrifices in other parts of their lives. In a way, the car is a savings account that can't be easily liquefied.

You will likely always regret it selling if you never replace it or don't at least turn it into something that brings as much satisfaction/joy. Sell with a plan - and stick to it - or politely decline the offer.

Troy

Sooo much good advice in this!     

[Ghoste]

I agree, see it all the time.