Sell the 500?

[69Charger500]

Hey guys,

Last year I asked about selling my '69 500, and got some good advice.  I had contacted RM Auctions & sent them some pics while I thought through it.  In the meantime, they posted my car in their brochure, as they seemed pretty confident I would sell.  I decided against selling at the time, but at the Woodward Cruise some folks asked about the Charger since they had seen it in RM's brochure.

Anyway, one of the guys (really nice guy--probably a member here) is interested in the car, and he and I have discussed it over the last 6 months or so.  I don't have to sell, but it would help things out, and I thought I'd pay for my daughters' college in advance through the MET program.

Here's my dilemna: I've researched this car back to it's original owners, and owners 1, 2, & 3 all told me this car was a pace car back in the summer of 1969, most likely the inaugural race at Michigan International Speedway in June, the Motor State 500.  Owner 3 said he has pictures of it there from one of the magazines from the day, but hasn't found them yet.

I've contacted the folks at MIS, and they are researching it, but nothing yet...

My question is what kind of value would this add to the car if I did decide to sell and could confirm it was the 1st pace car at MIS?  Or how much would I regret it if I sold now, and found out later that it was indeed that car?

Also, I made the mistake 8 years ago of selling my fully restored (original, rust-free from Tennessee) numbers matching N-code 383 Mag Challenger convertible (FE5 Red, AC, Power everything) for $23K, and am sure that car would go for 3 to 5 times that now.  I'm not crazy about making that same mistake again with the 500...

My 500 is a 440, 4-Speed, Super Track Pak, Console, Copper Metallic; correct date coded service block, (original engine was stolen in '70).  probably a strong #3 car, using OCPG type ratings...

Appreciate your thoughts....

[69Charger500]

Interior...

[69Charger500]

here one of the Challenger to bring some tears to my eyes...

[mikepmcs]

Sounds to me like you have your answer already.  I don't think you want to sell it at all.  I understand your family is important but you are saying you don't need to sell it and you obviously have some regrets about the challenger. What are the chances of you finding another 500 in that shape or having the time to restore another one?  If in fact that car is a Pace car, i don't know the value change but that sure is a rare piece of history as that was only one of one to do that.

Forgive me but what is MET?   Do they have financial aid, scholarships, and she can always work to to help out.

Just my.02

Beautiful car by the way.

v/r
Mike

[69Charger500]

MET is the Michigan Educational Trust...

You pay for your childrens' college education now at today's costs plus a little extra, and then they are all set when it's time to go...

If they don't go, there's some plan to get the money back with some interest...

I've got four daughters, so it could get pretty expensive in the future!

[mikepmcs]

Ooh, 4 daughter's, I agree it will be expensive for sure.  Education is important.  Don't rule out the military for education programs(they will pay for a good portion after you serve your term and you can also go to college while you are in and they pay tuition assistance as well).  I don't know your views on military service and I respect them whatever your choice.(20 years navy here) and not trying to start anything, just throwing out anything I can think of to try to get you to keep that car.LOL

v/r
Mike

[69Charger500]

Thanks for the thoughts Mike...

I've got a nephew in the Navy now--waiting for him to come home from Iraq...  He signed up to serve his country and for the college program...  Lost some family in the service over the years though, so we're anxious for his tour to finish up, and see him home safely...

We've got an old Dodge Power Wagon to get back in the mud when he comes home!

Just noticed your quote--one of my all time favorites!

Mike

[Ghoste]

As I recall, wasn't it your daughters who were strongly against you selling it last year?

[69Charger500]

Yes, they love that car...

Still trying to figure out the right thing to do with it, though...

I guess it would be easier if no one cared for these old Mopars except us guys, and they were still affordable with plenty of cars & parts readily available to those who truly appreciate them.

Unfortunately, when they become like a "commodity," it makes it tough to balance the pros and cons of owning one versus paying the bills.

[dkn1997]

MET is the Michigan Educational Trust...

You pay for your childrens' college education now at today's costs plus a little extra, and then they are all set when it's time to go...

If they don't go, there's some plan to get the money back with some interest...

I've got four daughters, so it could get pretty expensive in the future!

I have never heard of such a thing.  that is a really great idea.  I assume it's for michigan state universites?  like SUNY in NY with many campuses?

[charger_mike75]

You should ask your daughters again what they think.

[PocketThunder]

    Stay strong man!  We are few and far between    My vote on selling is

[moparnutty]

Don't sell, that car looks like it's better than a #3.

[89MOPAR]

My response is to keep the car.
Encourage or insist your daughters figure a way to pay for their own secondary education, whether it be college, apprenticeship, military, beauty school , whatever.

Sure it's a beautiful dream to pay for all 4 kids college education , so they have a "jump start"  in work and life.

What will you do if Daughter # 1 wants to go to grad school before Daughter # 3 starts freshman year ?
What if after spending $ 30K on each of the first three kids education , the 4th decides college is not for her ?
Would # 4 get the same $30K to pursue her after high school interests ?  Or does she get nothing, only money for college ?

Ugggh, I see future resentment building, and the siblings will take it out on each other as well as Dad.
And if one of the kids doesn't go to college - the tax bill......

How would you afford another convert E-body or 500/ Superbird in 20 years ?   
Maybe you won't care then, but if you are regretting selling your Challenger 8 yrs later, and if it's not just about the "lost profit", but you actually miss the car, You'll probably lament selling the 500 worse.

Devils advocate answers, but worthy of some thought....

[Ghoste]

Again if my memory is right, you sold the Challenger so that you had an old car with more room to haul your family around.  Obviously you have a tight relationship with your family and with thinking about selling the 500 being geared toward them as well I think they should be involved in any decision to sell more than us.
That being said, I think you should keep it. 

[TripleBlackGator]

Keep it. You will regret selling it.

[hemi68charger]

Keep it !!!!

Everyone should join the military, hence the GI Bill...... 

Seriously, it's a tough decision.... As eluded to, there are so many things that can happen between now and then concerning the girls wishes to go to college.... I would wait to see if they get scholarships....... After all, they have a pretty smart Dad...

Best of luck....
Troy

[LargerCharger383]

learn from your previous mistake!  don't sell until you absolutely have to, if that time ever comes!

[NYCMille]

I'm going to play devils advocate here. Dude, you've got 4 daughters that need to go to school. You've got a car worth a lot money. It's one thing if your wealthy guy, which you may be, but if your an average guy with an average income then and the money will make your life easier and take stress off your family then sell the car - you can take some of that cash and buy a lesser car to still have fun with. Granted it won't be what you have, but a car is only worth the money if you sell it and get the money... if you hold, you just have one big expensive toy (which is fine too). It's a tough decision, but family always comes first.

[DC_1]

I say keep it....with any luck (for you not us wanting a 500) the value with continue to increase. You can continue to enjoy the car and if you still need the money for their education you can sell it when they are actually committed to school. With any luck they will get knocked up and won't go to school!......just kidding! I have 2 daughters of my own ages 8 and 9.and I too have decided if they need the money and I have no other means I will sell the Charger to help support their education.. I joke with my wife about alternate scenarios on how I will keep the Charger. I find them much more funny than she does however.

[41husk]

I agree with the above, that car is money in the bank,  at todays rates that car is groing it's worth much better than a big chunk of money drawing 5% in a bank will.

[dkn1997]

I'm going to play devils advocate here. Dude, you've got 4 daughters that need to go to school. You've got a car worth a lot money. It's one thing if your wealthy guy, which you may be, but if your an average guy with an average income then and the money will make your life easier and take stress off your family then sell the car - you can take some of that cash and buy a lesser car to still have fun with. Granted it won't be what you have, but a car is only worth the money if you sell it and get the money... if you hold, you just have one big expensive toy (which is fine too). It's a tough decision, but family always comes first.

Your kids are way more important than a car, no matter what car.  If you have an opportunity to pay for education, take it now.  there is nothing wrong with helping your kids with college.  you can teach them responsibility by making them buy their own car to get back and forth and paying for their own books/spending money.  It would be nice for them to start their career without 50-100k in student loans

Contrary to what you may hear, this opportunity in front of you now may not be there forever.  Not that we think it will happen, but what if the bottom drops out of the car market and you could have paid for college with that thing in the garage but you did not act?  how's that gonna feel? 

plus if the education is paid for, you can get a home equity to buy another aero car!!!

[Old Moparz]

Okay, I know what it's like trying to make a decision about selling something you like, it's a tough choice. That's why I still have all of the rolling wounded that I have, & need to make a very similar decision in the near future. For me, I don't have a car that's worth as much as your 500, but it's the same problem on a smaller value scale. My daughter is almost 8 years old & not near the college age, but I made the decision to get a bigger camping trailer & a new tow vehicle a couple of years ago for the 3 of us to spend more time together as a family. I could have done a few things with my cars, like rebuild the 440 for the Charger & get going on some body & paint work on the Satellite, but decided the cars could wait since they're garaged.

The problem I'm faced with now, is that I'm not getting any younger & just want to do something with the cars right now. That means in order to be able to do this financially & not go broke, I'd have to sell something I don't want to sell so I can free up the cash to continue on with it. I have to set aside some emotional ties to the cars & just move on so I don't go nuts. The one big plus for me, is that the current value of what I own is at a dollar amount that I never expected. I don't owe anything on these cars, & what I sell them for is guaranteed to be more than what I paid. Some of these cars I've owned since the 80's & 90's. I will sell two of them later this year, but not sure which ones yet.

There is one thing I'd like to add to your decision making though, & that is there is no guarantee your 500's value will increase. True, everything went up in value over the years, but there is a realistic chance that if you don't sell it & the value goes down, you'll really regret not selling it when you could have gotten more money. Most of us aren't in this hobby to make money, but there is nothing wrong with making some kind of profit off something we enjoy. In my opinion, it would be rediculous to think that the car will never decrease in value since people do lose money everyday with bad financial choices. Good luck & hope you can live with your choice.

[TripleBlackGator]

In what year will your oldest be starting college?

[69Charger500]

Thanks for all the responses...

Gives me lots to think about!

Daughters are 5 through 13 years old...

Still trying to figure out the whole Pace Car thing...

I guess at the end of the day, I just think it would be interesting to know more of the history of this car, whatever ends up happening.  I suppose if it were that car, I would be more inclined to hold onto it, and share it's story for others to enjoy...

Nothing quite like getting behind the wheel of a 440-4speed, and letting it run like it was meant to...

Heres' another one I let get away a few years back...  Down payment for 1st house....

440, RT-SE, AC, Cruise, PS, PW, PDB, from California, solid as any you've seen.... $6K....