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.

[89MOPAR]

 Maybe your mom or aunt could lend you the money you need.  Ask them for a loan with Charger as collateral .  You don't pay the loan payment on time, even once, they get the Charger.

  If they don't want to do that, than either ---
a] they have no spare money   
b] they are just talking to hear themsleves sound sentimental 
c]  they don't really want the car for themselves
d] a combination of a+b+c , so don't give their guilt trip any weight on your conscience.

[0X01B8]

Unless you really need it, like for work or whatever, I'd get rid of the Explorer.  Cut your losses on that as soon as you can.  It may not be feasible - I don't know exactly how you get out of a car loan underwater.  Get something cheap and disgusting that gets outstanding mileage, and take the savings and apply them to the debt.  Gas prices are likely to get ridiculous again very soon (hurricanes, the oil spill, politics, etc) and nobody is gonna want to buy the Ford.  Remember how SUVs were a plague on used car lots 2 years ago?

[6T8]

Thanks everyone for all of the replies. It's helped me slow me down on listing the beast. I haven't entirely come to a conclusion yet, but I'm going to have to do so fairly soon. My landlord called last night and said my rent will be increasing $100 a month which will push me over my budget, and she gave me a buying price on the house I'm currently living in, neither of which I'm too interested in.

Selling the Explorer would be a God-send, but I can't sell it without a title in hand and I can't come up with the difference of payoff-vs-selling price even if I found a buyer. I've still got 3 years of payments left on it, and I'm concerned that driving it too much longer will actually get someone hurt. Four times now it's been going down the road and sheered off the wheel studs on one side on the rear. Three of those times they've all broken and the wheel has gone one direction and the vehicle the other, and the last time, luckily one stud held strong and we were on a city street not going very fast. It's going to wind up getting someone injured. I've taken it to numerous places, tore it apart myself, replaced everything you can imagine and yet the problems persist. Not to mention the infamous transmission that I'm just waiting to go out.

It just seems that by cutting ties with my beloved '68 would get me away from the virus of an SUV and help me get into buying a home, both of which I'd like to do in my near future. Now it seems like I have to decide even quicker, as I won't have a place to live in a couple months.

Ah, the joys of being young. 

[Lennard]

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 !

Selling the Charger is the easy way out and in my opinion not the right thing to do.
Quit smoking, quit partying for a while, sell other useless stuff you have laying around but do not sell the Charger. You are going to regret it for the rest of your life and are going to be one of those stories that i hear all the time when people find out that i own a '69 Charger...:"I used to own one but in a dumb period of my life bla bla bla."

[BombSquad]

Keep the car!

You're the same age as me, just work harder to keep it! I work 100 hr weeks and 400 hr months to purchase my car and I don't regret it for a second. Others would kill for the opportunity to have a one owner car given to them!

[mauve66]

sounds like with your bills and income a bankruptcy would be better, its free to talk with an attorney,
depending on which chapter you do you will get a 3-15K exemption for a vehicle so you could keep the charger, i doubt they would take the home theater back anyway and you would be rid of the exploder
chap 7 gets rid of everything but your exemption and no payments
chap 13 gets rid of everything but your exemption but you will have payments for 5 years AND have to give the court you income tax return for the next 5 years also, although thats easy to fix with the right W4 deductions
bankruptcy isn't what it used to be and your still  young enough that they will be sending you credit offers in 6 months anyway

[jb666]

I agree with the others... Buckle up and work your ass off for a couple of years.. it'll be worth it in the end, and you'll be glad you did. 

[chargergirl]

The only thing you have that is paid for is your Charger...at least that is what it seems to be. There are deals out there. We bought a beater for Mark to drive back and forth to Fort Walton Beach. Lots of traffic, stop and go, and the dually would be beat on going through that and the other little truck he had needs work. It's been a tough year for us, and a lot of people on this forum. We all speak from where we know. Sit down, don't think of a quick fix. Think of where you want to be in 3 years. Charger has memories, upside down in Explorer, so what other bills are in your hat? Quiet your mind and think about how you can fix this without selling anything. $50 extra paid each month on that Explorer will take more than a year off the loan in less than a year. Thereby making you not so upside down. Pay on the principle, if you can actually pay more than $50 then do it you won't believe how fast the debt will diminish. Our Christmas present, to each other, was to make sure all our credit cards were paid off in full. Cars and general life got put on hold for a bit...but when life threw us a curve we were able to make it through. You can do this...go look on the forum and see how many regret selling their memory cars. Don't think quick fix...think smart.

[71green go]

Its a car.....Bottom Line...and cars are money pits unless you have the means to finance and fill that pit....You are 22 and cars come and go....I am 48 and sold my dream car at a young age....To date since then I have owned to many cars that were dream cars to mention....and still buy and sell...now just for fun

Sell the car...get out of debt, get a better job...wait a while and then buy something......car prices are always going up and down....save up and buy one on the down turn

It is your life.....you cant ask people on a forum how to run it.....If you can hold onto the car and suffer a while...thats up to you to figure out....

I know getting out of debt and not having money problems will sure make ya sleep better at night and make life seem a little less stressful

[PocketThunder]

It just seems that by cutting ties with my beloved '68 would get me away from the virus of an SUV and help me get into buying a home, both of which I'd like to do in my near future. Now it seems like I have to decide even quicker, as I won't have a place to live in a couple months.

Ah, the joys of being young. 

Dude, buying a home only ends up costing you more money each month than you think.  When you rent, you pay the rent and can forget about improvements and maintenance.  When you own a home, there is always the feeling of wanting to do some type of project to the house that only ends up costing you more money and all your free time.

[Ghoste]

On the other hand, at some point the home should be paid for and rent lasts forever.  As for improvements, true enough but at least you can get them done when and to the quality you want instead of fighting with a landlord who may just be only willing to do minimal repairs and shoddy ones at that.  Plus you don't have to worry about some landlord telling you what you can or can't do around the property. 
And rent always goes up as time moves on.

[NHCharger]

And rent always goes up as time moves on.

I have several rental units and during this reccession I've had to drop the rents in order to keep them occupied. Many of the young couples that lost their jobs have moved back in with their parents.

Try looking for another apartment, maybe a triplex or quad where you could work a deal with the owner for a reduction in rent in exchange for doing handy work and upkeep around the building. Could you move back home for a bit until your financial situation is better?

I don't think you has that much debt to consider bankruptcy, that's a last alternative.

How many hours a week are you currently working??

[Dmichels]

I would try to keep the car. If you sell it for some quick cash will that really make difference in the big picture? Get a part time job or start a small business like a handy man or lawn car. There is a guy in my neighborhood who races. He works a full 40 week and then uses his race trailer to haul around lawn mowers he is out every evening making hobby money. Learn from your mistakes, we all have made the same ones. About 15 years ago I had about 10,000 in credit card debt I was going to sell my 68 to pay the bill. My girlfriend (now wife) begged me to keep the car. I did we made some changes in our budget ate cheep did not go on vacation did not buy anything new ect. We were able to come up with $500 bucks a month to pay down the cards. It sucked but we did it. Now I am glad I kept the car. You really need to make the decision yourself. Work real hard store the car until your debts are paid or sell the car and have the regret for years to come.

[aone415]

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 !

BINGO...

[AKcharger]

I'll say keep the car for another reason. If you sell it and pay everything off it will not have as much "impact" and you're more likely to do it again. If you HAVE to work an extra job becuase the debt is hanging over your head it's a much better motivator and your less likely to forget that lesson soon.

Good luck

[Supercharged Riot]

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.

Let me add. 

If you can't afford it in the first place, you shouldn't buy it.
If you have to part with your Charger to get rid of debt. 
It is in fact a lesson to learn from
You are still young though, but you are old enough to know the answer even though it might be difficult to swolloe.
so let it be a good lesson.

[0X01B8]

There's peer-to-peer lending:

http://www.prosper.com/

Don't have any experience with it, just an FYI.

[oldrock]

first, I agree with daytona and when I was in college and dead broke, I worked 2 jobs. One 40 hr per week as the night manager of automotive at walmart. Second was mowing yards in summer and cutting firewood in winter. THe nice thing about the second job is it allowed me to have enough extra money to not get totally bogged down in school loans. I'd recommend you fire up your mower and get busy finding some yards to mow. You won't find a better pay per hour job than that and it is easy to do it on weekends or on your days off your regular job.

Now having said all that, if you are driving around in a car that is unsafe, just sell the charger and don't look back. Lots of us older guys will say that we should have never sold our old muscle cars but you know what? You can always get another one later. Sure it would be nice to keep the car you have but not worth risking yours and the wife's safety. Sell the charger and get out of debt. Then make it a very strict rule to never buy on credit again other than your house at some point. Get yourself a used corolla or civic cheap and save money every month on gas. In no time, cash will start building up in your bank account again. Then once you have a few thousand saved up for a rainy day, you can start a "buy another old charger" fund!

ps. regarding owning vs renting... If you are at all handy with home repair stuff, I'd strongly suggest you look for a forclosed home that needs lots of fixing up. That way you can usually get it for about the same monthly payment as rent but you can build home equity by fixing it up and by making monthly payments.

[doctor4766]

I take it you're no longer engaged.
If you're single again move back in with your oldies for a while. I know that's sucky but might just get you outta the sh!t saving some rent money until you can pay off that Ford.

Owning your own home "right now" isn't a priority at 22 either.
Wait til you're with someone else who you want to be with for life and take on a mortgage then. Two incomes will make it much easier to tackle.

As for selling the Charger, I'd just about guarantee that unless you make major changes to your lifestyle soon, you'll end up years away from having the dough to get another one. (incase you hadn't noticed, they aren't making 60'/70s muscle cars any more so assess the condition of yours and see if it's even worth the trouble)
Of course if yours is a basket case and you have the opportunity to get good dollars for it then go for it. It costs a ton of money to restore them.

[6T8]

Well I've come to a conclusion. Talked with my grandparents for hours and hours and they did nothing but try to convince me to rid myself of the Charger. And they accomplished just that. The car is now for sale. Coming from the two people I was concerned about hurting the most, they said they couldn't be happier than having me sell it. They know a little deeper into my debt issues and they said it would tickle them to death for me to get out of the hole and enjoy life.

I appreciate everyone's input and hopefully haven't made anyone mad, but I really feel that I'm doing the right thing. Finding another job is an option, but I live in a small rural community and all of our jobs here are gone. I currently work for my uncle and have one of the better paying jobs around here. Everything else was factory work and it's all been moved to Mexico. I work 50+ hours a week already, which sure there are way more hours than that in a week, but I'm also a member of the volunteer fire department and it keeps me busy along with family things and other day-to-day crap.

So love me or hate me, we will all see how this goes.

[Daytona R/T SE]

So... how much do you want for the car, and where's the pics?




Uhhh, never mind....

I found it...

[6T8]

Yeah it's in the classifieds section of the site and it's on Craigslist as well.

$20,000 OBO

Don't know if I'm outta line with that or not. It is all original and a one owner, so.......

[Duran75]

Are you going to post pictures of the car?  How much are you asking?

[6T8]

http://www.dodgecharger.com/forum/index.php/topic,71097.0.html

[jeryst]

Well, here's my 

First, try and move back with your parents for a while until you get back on your feet. My wife and I lived with my parents for
the first year we were married, until we had enough saved up to buy furniture, appliances, etc. My sone and his girlfriend lived
with us until they had enough saved up to get out on their own. Nothing wrong with that.
If thats not possible, just look for a less expensive apartment, even if you have to be creative with less space. Once you find one,
tell your landlord to keep your rent the same or you will move. You are covered either way, then.
Also, different parts of the country have lower cost of living than others, so if you are in a high cost of living area, get the heck out of
there and move to someplace that is more affordable. In some areas, you can buy a nice house for $50k-$60k, while in other areas of the country,
you cant buy an unlivable fixer upper for under $500k. It's all relative.

I dont know what you do for a living, but maybe its time to ask for a raise, or look for a job with better pay.

Try opening a little business of your own. One of my friends started a little landscaping business on evening and weekends.
Made enough extra money in a year to buy himself a $24k muscle car.
Another friend opened a painting business, painting house interiors, trim, etc. Low overhead. Makes a lot of extra money.
Think about something you like to do, and try to make some money at it.

Forget about buying a house for now. Even when you want to buy one, they're not that great an investment unless you can buy one
in an area where you will see great appreciation in value. Others have said that if you buy, the payments stop, while renting goes on forever,
but not always true. Sure the mortgage payments stop, but the insurance, property taxes, maintenance, remodeling, etc, all continue, and can easily be
more than rent. Besides, if you own a home, someone (Taxing authorities, govt agencies, nursing homes, etc) is always trying to take it away
from you as soon as you get into any little bit of financial trouble. Not many people ever stop to consider what the cost of "The American Dream"
really adds up to.

As for the Charger, well, it looks to me like a nice solid driver, so I dont see how you consider it a project. I can show you a project!-lol
It doesnt have to be restored to "Pristine" condition, you know. Believe me, you'll have more fun with it the way it is, then if you spend big bucks making a
trailer queen out of it. If you have sentimental ties to it, remember that if you sell it, the chances of you ever getting it back again, are slim to none.
If others in the family have sentimental ties to it, offer to sell it to them for enough to help you get out of debt, as long as
they promise to sell it back to you for the same price when you get on better ground. I would certainly do that for one of my kids if they needed it. But if you
dont have any real sentimental ties to it, its just another car. Sell it, move on, and get another one when you are able to.

Personally, I'd try to keep it.

[richRTSE]

Here's one more suggestion if you don't sell the car: My mother in law had a mini-van that she had bought used. She had the typical high-interest used car loan, and she owed a couple thousand more on it than it was worth. And it seem like every couple months something on it needed repair. She traded it in on a brand new Focus. They gave her 0% interest on the loan and took her van as a trade in and added what she owed to the car loan. Even with the negative equity on the van, her new payment was over $100 less than her old one, and now she had a brand new car with a warranty, so no repair bills to worry about either...

[Leonidas Rex]

I was in the same position a few years back. My wife and I found ourselves on the wrong end of $125,000 plus in debt, not including our house or student loans, that was partly ours and partly what we inherited from our ex-spouses. I owned a 67 Coronet RT, 67 Mustang Convertible and a 68 Charger RT. We both worked 2 jobs. 4 years later, we knocked out $120,000 in debt, bought a new home, have 2 new cars to replace the beaten up cars we bought several years earlier and I still have the 67 Coronet RT and the 68 Charger RT. I sold the Mustang only because our subdivision covenant would only allow so many cars per house. We followed the Dave Ramsey program and were out of debt in a couple of years.

My point is that you only see your current situation for what it is and see the worst of it. Get another job if you feel that strongly about the car. This will be a good lesson on living beyond your means. Take a closer look at your daily expenses - you may find things that you can live without. It might hurt but you can do it. If you sell thecar, you will look back and kick yourself for it.

[family_dodge]

Six years goes by fast! I'm wondering if we can view this in the rearview mirror now that six months have gone by.

I know people have some pretty strong opinions about their cars and their family cars. The purpose of revisiting this would be to guide other younger car owners who are deep in debt. There isn't a right or wrong answer—I think it would be situational for every owner.

As a follow up, would you want to update us on the decision? Did the car sell?

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! 

[GOTWING]

 

[timmycharger]

Six years goes by fast! I'm wondering if we can view this in the rearview mirror now that six months have gone by.

I know people have some pretty strong opinions about their cars and their family cars. The purpose of revisiting this would be to guide other younger car owners who are deep in debt. There isn't a right or wrong answer—I think it would be situational for every owner.

As a follow up, would you want to update us on the decision? Did the car sell?

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! 

Last post was 2010, pretty sure we will never know 

[hemi-hampton]

Origianal poster has not even logged in or been back in here since Aug 22 2010. You could of asked for a Update Aug 23rd 2010 & he would of never been back to read it. Another 1 hit wonder. LEON.

[cooldude]

I hope he kept it. Nobody wants their kids to find an old picture of the car at some future decade, learn the story, and declare that dad was a dolt. 

Family heirlooms belong to the whole family, including ones not yet born.

[charge69]

If he hasn't been on here since 2010, chances are that he sold it!  Just one more dumb financial decision.

[cooldude]

I got in a bind back in 92, and had to sell my Roadrunner. I was going to school, and ran slap out of money. I was going on the GI Bill, and my VA checks got fouled up for several months and left me penniless. I couldnt even pay the light bill, let alone eat or get books. I was working at the local VA at the time on a student work program, but it just wasnt enough.

Government bureaucracy at work, I suppose. I finally got my pay about 4 years after I had to drop out and take a job to survive.

I didnt even have a wife or kids back then.

But Ive been sick about it ever since, and I have never heard the last of it either. My wife and kids still get on my case over selling the ole Roadchicken, and I guess they are right. I should have tried a little harder to find a way to keep it.

[charge69]

As much as I like RR's, I would probably STILL be on your ass about selling it also !  I know full well about the old "stuff happens" that cause you to do things you will regret later.
I wont go into the story but, my Hemi Charger was bought in 1976 and I wanted to immediately restore it as it was not bad but, I put it off and off and then, I got fired in 1981 and had a hard time finding another job. Took me months and financial crisis was a real thing for me. Around 1983 I had a fellow really try to buy it from me. Offered me 15 times what I paid for it and it was darned tempting to take the money.
In the end, I kept the Charger even as bankruptcy crept closer and closer.  I persevered as did my wonderful wife and worked thru the hard times with the Charger laying dormant in the garage for 25 more years before I could afford to restore it.
Still brings a smile to my face every time I open the door and see my beautifully restored Charger.

I am so happy I did not sell it and it still is not for sale!

Sorry but I feel the OP's Roadrunner did not meet the same fate.

[1965gp]

If he sold the car that was a pretty extreme decision for what sounded like less than $15k in debt. Hate to see that. Wanting to get married, own a house, etc all at 22? Some people are just in a hurry to grow up.

I've had my share of hard times counting change to buy diapers/pay rent but I am glad I held on to most of my cars. Took a while to pay down the stupid debt I picked up as a kid but in the end I am glad I didn't sell the cars.

[Bens340]

Charger>home theater set up.. Can always go buy another set up later on, you cant just go out to the corner and buy another family treasure let alone a handed down charger. Just saying.

[cooldude]

This thread makes me wonder what sort of stories we could read if the internet would have been around during the 1930s, but the depression still happened just as history records.

Just imagine all the (all too true) hard luck stories from the Great Depression? A guy could be wealthy one day and dead broke the next. Or worse, the guys that owned the nice cars and big homes at breakfast, and were penniless and sleeping hungry under a bridge by supper time. 

That might explain all the old abandoned Mopars that sit out in the desert, or abandoned in barns, which date from those times. Maybe some early Mopar guy was just trying to preserve something from bankruptcy, so he hid his car...and then went to hobo a train to get him out of town quickly?

[Kern Dog]

Charger>home theater set up.. Can always go buy another set up later on, you cant just go out to the corner and buy another family treasure let alone a handed down charger. Just saying.

Just sayin?

Why add that to your post? What was the point of that? I'm sure everyone understood your point. 

[Mike DC]

               
Meh.

A lot of past "crazy decisions" make more sense when you factor in inflation.  A few grand used to be a lot more money than it is now.

[hawkeye]

 

[Lennard]

Charger>home theater set up.. Can always go buy another set up later on, you cant just go out to the corner and buy another family treasure let alone a handed down charger. Just saying.

Just sayin?

Why add that to your post? What was the point of that? I'm sure everyone understood your point. 

I'm glad we have forum police here to tell people what to type and to keep us in check. 

[Kern Dog]

just one of the many services that I donate for free.