Take out a loan to buy a charger or no?

[ACUDANUT]

If your buying my 70 Charger, I am okay with you financing 60K. 

[Impkidd]

  Save, save, save all of your life. And give it to the doctors, pharmacies and nursing homes in the end anyway... And you'll probably get the same care as the guy laying in the bed next to you that didn't save a dime. Or, maybe he spent it foolishly years ago on a Dodge Charger. But, he'll have the good memories of it!

[ACUDANUT]

Save, save, save all of your life. And give it to the doctors, pharmacies and nursing homes in the end anyway... And you'll probably get the same care as the guy laying in the bed next to you that didn't save a dime. Or, maybe he spent it foolishly years ago on a Dodge Charger. But, he'll have the good memories of it!

Very true. Only good thing about saving (if you can) is to give it to your kids..  I would not know about this gift.. My parents were dead broke raising us kids. But we were never hungry.

[marshallfry01]

Wow. I never thought I'd get this many responses but I appreciate every one of them!

If I knew the values would keep climbing or at least stay the same I'd do it right now. With my luck though they would be worth 20% less by the time I paid it off. Who knows. It's a gamble either way. I still think it would be better than financing a new car cause we all know those don't hold their value. Look at the 2008 srt8 challenger for example. Those were high dollar cars then but now since they're 12 years old and all the glamor is on the hellcats, you can buy one for pennies on the dollar.

[Challenger340]

Wow. I never thought I'd get this many responses but I appreciate every one of them!

If I knew the values would keep climbing or at least stay the same I'd do it right now. With my luck though they would be worth 20% less by the time I paid it off. Who knows. It's a gamble either way. I still think it would be better than financing a new car cause we all know those don't hold their value. Look at the 2008 srt8 challenger for example. Those were high dollar cars then but now since they're 12 years old and all the glamor is on the hellcats, you can buy one for pennies on the dollar.

A 2008 srt8 never had... will never be... or will ever have.... the history, vintage, unique body style, recognition, appeal, iconic presence, americana ...... I could go on and on here.... Vrs... the 2nd Generation Charger's.
Granted, the above may be just one opinion ?
but I would suggest it may be the majority opinion across the wider population as well ?

And as for dropping valuations ?
right now anyways.... imo, based on monetary and fiscal policies of late ?
I would be of the opinion that "collectible" 2nd Gen Charger's, those with some unique/desirable features in numbers or options,  may carry strong relative value as any other Asset well into the future Vrs the amount of liquidity that has been force fed into the system.

[tan top]

another example of the kind of thing I mentioned earlier in this post , this charger for example below


  http://www.dodgecharger.com/forum/index.php/topic,137062.0.html

no i'm not saying anything about the price ! they all are too expensive to me these days !   but it looks a straight & a decent charger , all be it paint looks a bit off color or maybe its the angle light / shaddow . anyway  you could buy this / get a loan for this  charger for the asking price of 57k & straight away a car being that age ,
needs IMO
all new M&H wiring harnesses & all electrical stuff gone through.
cooling system gone through new hoses , radiator / heater core etc ,
Brakes , all new lines , hoses ,  master &  wheel cylinders
fuel  lines  , hoses , pump , carburetor rebuilt .
all suspension bushings , tie rods , ball joints replaced .
through check over & goes with out saying replacing normal service parts ,
some might say oh but it not leaking or bushings look ok , my amp meter set up  has not caused the car to burn to the ground yet etc
yes true ! but I say its all preventive maintenance with  a car that old why play Russian roulette ( no offence meant to any Russian guys reading this ) every time you fire it up & or go out for a cruse, I know i'm kind of exaggerating a bit ,but you get the idea  
now this is just  my opinion , what needs to be done to this / a  50 plus  year old car  for you to have peace of mind when taking it out for a drive / cruse  or something at the weekend, yes I know there are low mileage survivors about  , but they are not really used how they should be & just potter round a show field & or drive round the block  & or in a museum, no offence to these cars or  their owners every charger fan would love a unrestored mint condition original car,  its catch 22 , if you are lucky enough to get one ! you cant use it how it was intended, because  other wise it will end up as just another used up charger, that needs a total nut & bolt resto.
even a real good car that's been restored in the past , whos to know who done the work, I would go through everything just to be sure & replace all harnesses .
I know its easy for me to say , because ive already got one.
maybe i'm getting old  ,
or maybe I need to wait for my bus
maybe its going to be a full moon tonight   ,
i'm sure everyone here realises i'm a second generation charger nut !  I love these cars !  but

if I had the dough now  to buy a second generation charger in the same condition as the one  above !
this is what I would buy

 
 
https://www.ebay.com/itm/2017-Dodge-Charger-FAMED-6-2-Liter-707-HP-HELLCAT-ENGINE/114093280096?hash=item1a907d4b60:g:XbMAAOSwbTVeKzF7

having said that ! second generation chargers are simple to fix !   wonder what these hellcats will be like to to fix / repair in ten years time with their starship technology .....

[INTMD8]

^ I had a Charger hellcat. Neat car but now sold, wouldn't personally trade a 68-70 Charger for one unless it had to be a daily driver.

[c00nhunterjoe]

To those saying the prices are not what they were 20 yrs ago... no kidding. I was making 5.15 an hour when i paid 2,000 for my charger. I am not making 5.15 today and chargers do not cost 2,000 either. Bottom line- you fincance a 69 charger today for 30k. You will need a 2nd loan of 40k at the same time to get it fixed.

[timmycharger]

I really have no idea since I am not looking, but from what I gather in these responses, there are no 30K decent Chargers anywhere? Why does every 30K Charger need 40-50K in work?  I didn't think the OP was looking for a perfect car, I thought he was looking for something  decent? 

[John_Kunkel]

Polonius:
Neither a borrower nor a lender be,
For loan oft loses both itself and friend,
And borrowing dulls the edge of husbandry.

Hamlet Act 1, scene 3, 75–77

[metallicareload99]

Wow. I never thought I'd get this many responses but I appreciate every one of them!

If I knew the values would keep climbing or at least stay the same I'd do it right now. With my luck though they would be worth 20% less by the time I paid it off. Who knows. It's a gamble either way. I still think it would be better than financing a new car cause we all know those don't hold their value. Look at the 2008 srt8 challenger for example. Those were high dollar cars then but now since they're 12 years old and all the glamor is on the hellcats, you can buy one for pennies on the dollar.

I think you have some good points there, especially the one about it is a bit of a gamble as to what the value will be in the future.  And how many new cars are bought every day with nothing down and then sold for pennies on the dollar years later?  New car depreciates down to used POS and nobody panics, sell a classic car at or a little below the total amount "invested" and everyone loses their minds!

It seems you have the means to make financing a car work and everything else sorted out big picture wise. I would be honest with yourself about what you really want out of this. Are you willing to accept that there is a risk of losing money with a classic car?

If you find that acceptable, why not? I haven't been following the prices on old MoPars but it seems on some of them out there that you can't build em for what they are going for. So somebody is losing there. Before one cent is paid scrutinize everything so you know what you are paying for.

Are you willing to work on it yourself? Rust/Body work/Paint will almost certainly be an issue sooner or later unless:

A. You buy a stalled project that has been painted and needs to be finished, this can get very expensive very fast or

B. You buy a nice 318 car and enjoy as is or put in a new engine and tranny, brakes and suspension also. Added cost there obviously

As a Charger owner I'm not an impartial party here, but if this is something you want, financing is one tool at your disposal.  Lesser "toys" have been financed before

[marshallfry01]

https://hudsonvalley.craigslist.org/cto/d/verplanck-1969-dodge-charger-california/7064177537.html

This is an example of what I'd like to find. Very close to a turn key charger with good solid bones. The price doesn't seem too far out of line either. Yes it needs work, but I think it's a fair deal for what it is.

[70 sublime]

https://hudsonvalley.craigslist.org/cto/d/verplanck-1969-dodge-charger-california/7064177537.html

This is an example of what I'd like to find. Very close to a turn key charger with good solid bones. The price doesn't seem too far out of line either. Yes it needs work, but I think it's a fair deal for what it is.

Looks fairly good
You would need to see it in person to see what was wrong with the roof as they never posted any pictures of that where they said it was an issue

[c00nhunterjoe]

I really have no idea since I am not looking, but from what I gather in these responses, there are no 30K decent Chargers anywhere? Why does every 30K Charger need 40-50K in work?  I didn't think the OP was looking for a perfect car, I thought he was looking for something  decent? 

From what i have seen sell on ebay, and locally, and on this site- 30k will buy you a 2nd gen with shiny paint that is layered with bondo. It will probably still need frame rails and will have a tired big block in need of overhaul. Same with trans. So to pay a shop to restore it- 15-20k on a motor and trans, 10k on a solid paint job, 15-20k on body and frame work. At minimum.

[lloyd3]

So....realistically,  what is a solid, properly done car worth these days?  $50-60k or more?  What are the auction prices for restored 2nd gen cars anymore?

[c00nhunterjoe]

A properly restored, big block 69 charger is going to run you 80-100k depending on the build sheet. Some will argue that is too high, but im talking a professional, needs nothing car. Not a flip resto that cuts corners everywhere possible.

[lloyd3]

Ok.....I guess I need to up my insurance.

[Fonzy]

Had to take out a loan to buy my Charger as well. I wasn't planning to buy and just checked if there are any Charger available in my area. Usually there aren't any but this time I spotted a black beauty in great condition which was just a 20 minute drive away. I called the guy, told him I can't afford the car right now but would love to check it out. To make it worthwhile for him as well I offered to invite him to steak dinner afterwards. He liked the offer so we met and I could take a look at the car...and instantly knew this is the one. I told him it'll take me roughly a year to have the 68k he wanted for the car, so in case it's still up for sale then I'd take it. All went well for half a year but then he called me one evening and told me someone checked it out and was really fond of it. I barely slept that night and came to the conclusion I had to take out a loan if I wanted to have that particular car. I never considered taking out a loan for anything other than a house but I knew it would make me so damn miserable once I had the money and the car is gone. I also knew I can handle the monthly payment and don't have to sell a kidney to stay afloat.

This was roughly 2 years ago and it looks like I'll be able to pay off the rest of my loan by summer. Wouldn't have done it for any other car but this was my white whale and I didn't regret it one single day.

You seem responsible enough and know what kind of loan you can handle so I'd say keep looking until you find the right car for you. Stay careful though and don't panic buy, as others have mentioned time is on your side.

[comet_666]

Ok.....I guess I need to up my insurance.

I had mine insured for 40k
It was appraised and they told me to bring it up to 80k
I asked around to see if the insurance co was trying to eek some more $ out of me and the people who I spoke with said I would be a fool not to take the recommendation.

[Ponch ®]

Do it!

Some of these dudes saying "save all your money" and "id never borrow a penny..." (no offense intended, but if the shoe fits...) are still living in 1960. I mean, you wanna wait til youre 50 years old and about ready to kick the bucket til u get your dream car?  Like someone said....save it for what? Doctors? Old Folks Home? Leave it to your kids? If you raise them right, theyll make their own money. Debt and borrowing is a way to get things done, if done smartly. Hell, our country is pushing $20 trillion.

If youre otherwise set up and are putting away some of your money, just be responsible and make your payments on time.

[ACUDANUT]

Do it!

Some of these dudes saying "save all your money" and "id never borrow a penny..." (no offense intended, but if the shoe fits...) are still living in 1960. I mean, you wanna wait til youre 50 years old and about ready to kick the bucket til u get your dream car?  Like someone said....save it for what? Doctors? Old Folks Home? Leave it to your kids? If you raise them right, theyll make their own money. Debt and borrowing is a way to get things done, if done smartly. Hell, our country is pushing $20 trillion.

If youre otherwise set up and are putting away some of your money, just be responsible and make your payments on time.

Damn, Us folks over 50 are ready to kick the bucket ??.  Kirk Douglas just Died at 103. 

[tan top]

https://hudsonvalley.craigslist.org/cto/d/verplanck-1969-dodge-charger-california/7064177537.html

This is an example of what I'd like to find. Very close to a turn key charger with good solid bones. The price doesn't seem too far out of line either. Yes it needs work, but I think it's a fair deal for what it is.

[tan top]

 

[gtx6970]

I know a guy who bought this ,,,in the past 6 months for best I remember paid $30k for it. Running driving rust free car. Its a 318 But still its running driving solid as a rock car
He absolutely  loves it and is driving the wheels off it as weather / work permits

[BSB67]

Only the OP can decide.  The details of his situation matter.  His desire for the Car/hobby, his long term employment/advancement prognosis.....

I'm a bit conservative.  But if your long term employment perspectives look good, you're currently putting $19,000 into your 401K, and you can take out the loan, pay the payments and still have spending cash afterwords, then go for it.