Could use some advice; financial woes

[6T8]

Hey guys, back again.

I could use some advice from everyone, as I know how much we all love our Chargers, I'd like to get some other's opinions.

A few years back I was engaged and decided to get knee-deep in some borrowed money. I bought us a home theater setup and a 2002 Explorer. The truck now is about $3,000 upside down in the loan, the home theater is well...let's not go there.

The moral of the story is I'm in debt up to my eyeballs, and it seems there is only one way out to get to where I need to be.  Sell the old Charger. I'm sure I could get enough out of it to cover all of my debt and get myself out of deep water and on with my life, but I am quite attached to it.

My grandparents bought it new and handed the title over to me when I graduated from high school. I'm now 22. The car itself is in good shape, but definitely not getting the attention it deserves. If I keep doing what I'm doing, it would still be 5+ years before that thing ever even sees the road, and I'll be broke as a joke once that day rolls around.

The only the holding me back here is the fact that it is a family car and it's got a lot of history with all of us. See my dilemma? Anyone else been in this predicament?

Comments please! 

[68X426]

get myself out of deep water and on with my life

You provided your own reality check.  Sell the Charger, count it as a life lesson, and don't ever live beyond your means again.

[histoy]

I'll second those thoughts and add 1 more.... In the future do not take out more than a 3 year loan on a vehicle, if at all possible.

[6T8]

I appreciate the input guys. I have to say I'm kinda surprised. I know everyone here is die-hard.  It's a touch decision, but people reinforcing me here kinda helps.

And believe me, no more car loans. After I get rid of the Explorer I'm gonna buy a beater for cash and do things that way from that point on.

Just kind of a crappy situation and the only people I have to get advice from is my family, and it's a 50/50 divide between them. My grandparents say "Sure, if that's what you gotta do." But my mom and aunt (who used to drive the car) are kinda iffy about it. Such is life. It's strange how we can get so attached to a steel on four pieces of rubber, right?

[PocketThunder]

I would say the easy way out is to sell it, but then you were given the car for free.  Ask yourself this question: Do you think the value of your Charger is equal to the Exploder and the home theater?  Lets say you have the Charger and someone knocks on the door offering to trade you an Explorer with a home theater in the back for your Charger, would you do it?  I would not. 

Keep paying the loan on the Explorer and Home Theater and think of it as paying a loan on your Charger.  In the end you get to keep your "family" Charger.  Do you follow grasshopper? 

Paul

[451-74Charger]

If its not costing you to store it, try to keep it and sell just about everything else.
You will kick yourself for letting it go.
Trust me, been there done that !!

[Troy]

Well, if you got the car from family was there any implication that you'd keep it within the family? Will selling the Charger solve all of your problems? The reason I bring it up is because family (especially women) will remember how you put yourself first and broke their trust in you. You really don't want that hanging over your head until they go senile. The only up side here is that your grandparents are ok with it and since it was their decision to give you the car then that's the opinion I'd worry about most.

Prices are in the basement right now so don't count on a windfall that will get you out of hot water. On the other hand, NOT having to restore a car will save you a lot more money than you'll likely make off a car needing restoration (it will take a lot longer to see the benefits though). If the Charger isn't costing you money to sit then look for other areas to to cut back on. Making a slightly larger payment on the Explorer will get you right-side-up sooner than you expect. making small cuts in other spending really adds up too (lunches, cable/satellite tv, cell phone, high speed internet access, satellite radio, unnecessary trips, Starbucks, cigarettes, etc.). I just cut nearly $1,500 off my monthly bills in the last 8 weeks. It hurt but not as bad as I thought.

Then, if a good deal comes along where the Charger money can make a big difference (put you over the top as it were) then I'd sell. If you ever plan on building a Charger then selling one you already own - especially if you don't have a lot invested - is a bad idea. If the one you have is a basket case then you're probably better off buying a driver or finished car later on - especially as prices continue to drop.

Basically, you have to weigh the real financial benefits over any adverse impact on your family relationships. People are forgiving but if you sell the Charger and then blow the money on something stupid everyone will be disappointed.

Troy

[Daytona R/T SE]

You're 22.

Put the car away for later.

Get a second job.

Work your ass off until your debt is gone.

Cut grass, rake leaves, flip burgers, push carts at Wal-mart, whatever.

It will suck for awhile, but when the debt is gone, you'll turn around and the car

will still be there and your family will still talk to you.

They'll be proud of you for busting ass to fix a problem.

When I was your age I was working full time at night, roofing in the hot sun during

the day and partying my ass off and chasing women on the weekends.

You can do it, you just have to want it bad enough.

NOW, GET BUSY !

[mikepmcs]

You're 22.

Put the car away for later.

Get a second job.

Work your ass off until your debt is gone.

Cut grass, rake leaves, flip burgers, push carts at Wal-mart, whatever.

It will suck for awhile, but when the debt is gone, you'll turn around and the car

is still there and your family will still talk to you.

They'll be proud of you for busting ass to fix a problem.

When I was your age I was working full time at night, roofing in the hot sun during

the day and partying my ass off and chasing women on the weekends.

You can do it, you just have to want it bad enough.

NOW, GET BUSY !

Couldn't have said it better myself. 

[moparstuart]

You're 22.

Put the car away for later.

Get a second job.

Work your ass off until your debt is gone.

Cut grass, rake leaves, flip burgers, push carts at Wal-mart, whatever.

It will suck for awhile, but when the debt is gone, you'll turn around and the car

is still there and your family will still talk to you.

They'll be proud of you for busting ass to fix a problem.

When I was your age I was working full time at night, roofing in the hot sun during

the day and partying my ass off and chasing women on the weekends.

You can do it, you just have to want it bad enough.

NOW, GET BUSY !

Couldn't have said it better myself. 

[PocketThunder]

A few years back I was engaged

You got engaged to be married at 19?...?? 

[Memphis Mopar]

I agree with Daytona  Find some more ways to earn extra money. Cut back on some of the things in life that are a luxury and not a necessity. At 22 you have a lot of time in front of you. If you have a place to store the car and just drive it as is. One day you will be able to put time and money into your charger and restore it how you want it. Also with you being the second owner of the car is awesome when the first owners were your grandparents. If you sell the car one day you look back to your decision with much regret. Do everything now to keep it but in the end if you have to let it go then you will know you gave it everything you had.

[Dan T]

You're 22.

Put the car away for later.

Get a second job.

Work your ass off until your debt is gone.

Cut grass, rake leaves, flip burgers, push carts at Wal-mart, whatever.

It will suck for awhile, but when the debt is gone, you'll turn around and the car

will still be there and your family will still talk to you.

They'll be proud of you for busting ass to fix a problem.

When I was your age I was working full time at night, roofing in the hot sun during

the day and partying my ass off and chasing women on the weekends.

You can do it, you just have to want it bad enough.

NOW, GET BUSY !

I totally agree. Had two jobs at 22.
Still work 50+ hrs a week to stay ahead of the game and raise my family ithout selling all the things I've worked hard for.
It's part of life

[RTDaddy]

I still have the 70 R/T my old man bought new.  I bought it from him in 78, he died in 79.  I managed to hold onto it through school, (although I had to sell a 6 pack Cuda), worked two jobs and painted cars for several years, but held onto it. OK, so you got in too deep, take it as a lesson learned, and work your way out of it.  You will most likely never have the shot to buy back what you have, and you will definitely not be able to buy back the memories.  Good luck.

"IF YOU'RE UNDER CONTROL, YOU AIN'T GOING FAST ENOUGH."

[grdprx]

Keep it!!   

[Duran75]

Keep the car...  Get a second job, and get your self out of debt.  You can do it...

[twodko]

Keep the car, keep your head above water as described by Daytona and I'll tell you what - in the future you will KNOW in your heart that you'll be able to overcome whatever life throws your way. Look at your situation like a wheel, you're at the bottom right now but the top is coming and you'll be there soon! This stuff doesn't build character it reveals it. Believe you can do it and you will do it. Good luck.

Tom

[john.v]

try as hard as you can to keep that car, do what ever you need to do by keeping the car.
also post some photo's of that car   

[Darkman]

Keep the car, sell the wife...jk

Seriously it has been said before, work your ass off to get ahead. Don't sell the car as it was a gift from your Grandparents. When they are gone, you will have great lasting memories of them everytime you look at the car! Selling it now will only get you a few $$$, but what happens when that runs out? Still in debt and without a Charger that was given to you? 

[rattlehead_74]

Keep your head up kid.Thats what lifes all about.Your gonna make mistakes and youll learn how to over come them .Just think of it this way.You now own an AMERICAN MADE RELIC!!! ,Paid for,and probably the only 22 year old that owns a 68 charger within a 20 mile radius or more.That my friend has to be the coolest feeling ever!  Keep that car! You are plenty capable to work another job or get rid of other things to save your charger! Then when your 35(hopefully sooner) As I am now ,Youll be established in life ..Probably own your own home ,married,children,etc,,You can think back to this very day as you open your garage door ...crack a cold one ...and smile... ,,knowing you did the right thing! Good luck! Hope it works out for ya!

[hemi68charger]

You're 22.

Put the car away for later.

Get a second job.

Work your ass off until your debt is gone.

Cut grass, rake leaves, flip burgers, push carts at Wal-mart, whatever.

It will suck for awhile, but when the debt is gone, you'll turn around and the car

will still be there and your family will still talk to you.

They'll be proud of you for busting ass to fix a problem.

When I was your age I was working full time at night, roofing in the hot sun during

the day and partying my ass off and chasing women on the weekends.

You can do it, you just have to want it bad enough.

NOW, GET BUSY !

Yes,, a couple of grand in debt for a young gun is pretty daunting.. I know all about trying to get out of debt (current situation). With you, your financial situation seems pretty manageable. I haven't read that you can't manage to pay your bills, just that you wish you weren't there... Family owned cars are a rarity and if you sell it, and it's in decent shape, you will forever kick yourself in the rear.. That by the way should be sore already with the current situation. Try to get another job if need be and work away... Are you going to college now? Do you have constraints on your time? I would work and work for about a year and let it all go bye bye.. If you don't need the sound system, sell it... By all means, don't go delinquent on the payments, it'll haunt you for a long time.. At your age now, you are just starting to build your credit history....

Good luck......... (if you're a religious person, pray... He's pretty powerful in guidance)
Troy

[dkn1997]

Don't do it.  like these guys said.  get another job, sell something else. Do whatever you need to do.   Just because it has worth doesn't mean that it's in the same league as other things that have worth.  owning and restoring one of these cars is about way more than just money.  It's about coming on here and making friends, getting out there and having little kids give you the thumbs up, making some old man's day who bought the same one new, showing off, it's one of the few ways to get that christmas morning feeling of your childhood back as an adult (opening up that year one or summit racing box that the fedex guy just left)  it's about that nervous anticipation as the ebay auction gets down to 18 seconds and it seems that nobody else found the NOS part that you are about to click on and win.  its the  from your bro's on this site when you post pics of the latest thing you did to it.  It's about not being like the other 99.9% of people out there who are happy driving a corolla. It's about the slight smell of oil and gas every time you drive it.

If you sell your car for a few grand in debt, you will regret it for the rest of your life. 

[jc_is_the_man]

<--- Also 22 and find myself asking the same questions. The Charger just sits in the garage unloved and uncared for, and bills are just stacking up. I always have that thought in the back of my mind to sell it and let it get the attention it needs while at the same time allowing me to pay off a good amount of debt that I acquired from poor decisions in the past. I always know I'll end up regretting it though, I have way too many memories in the car and it reminds me of better days haha. What I usually will do is just go start it up, and as soon as the happens I just get a watermellon smile. It always seems to chase away those thoughts for the time being.

[jobbless]

it cant be that bad. can it? i sold my charger when i was 20. because i was poor and i thought it needed too much work. and it took me 11 years to get another one. i never stopped looking. just couldn't find one worth buying. or didn't have the money when one was there. also sold my 70 coronet 500 because i had to pay bills when i was 22. i just found out where it is a few weeks ago. going to check on it carlisle weekend. i am sure i cant afford it but.... i have always had bills. and selling my cars didn't really help. and i never stopped wishing i had them.  i have a 1930 model a roadster that belonged to my grandpa. it is really rough. but i would never sell any parts of it. no matter what..... that is for sure!

[NHCharger]

Maybe he's already working two jobs. If not I agree get a second job, even at minimum wage. Do you have a monthly budget set up? Try writing down everything you buy that costs more than a dollar. I had an employee once constantly bitching that he had no money and couldn't save anything to buy a home. I had him record every dollar he spent for a month and then went over all his expenses with him. He is now sober, doesn't smoke and owns his own home. He also took a second job at night washing dishes for almost a year to help pay off all his bills.