Classic Car Financing

[PrisonHack]

 Anyone here ever dealt with one of the companies that do classic car loans such as Hagertys? If so how did it go?

[Brock Lee]

Is that the same Hagerty as the insurance company for Classic Cars?

I would think that if you had good job, great credit and collateral (besides the car you are buying), you could go to a bank and get a loan.

[ITSA426]

Probably not a good idea to finance a hobby, and not many wives are gullible enough to believe it's an "investment" after they find out what you paid for it.

[chargerboy69]

Probably not a good idea to finance a hobby, and not many wives are gullible enough to believe it's an "investment" after they find out what you paid for it.

I agree.  I have not had a auto loan in ten years, and I would never consider financing a muscle car.  This is just my opinion, but in this economy one should not be adding more debt. I would save up, and pay cash.  

[TK73]

Buy what you want, use the wife and kids for collateral and DRIVE IT   

According to the Aztecs, Mayans, or other illegal immigrant groups, we only have until December 2012 anyways...

[Landonsrt]

My recommendation is to clear it with the wife.... I bought one too many toys. After I bought the new charger, she had enough. Now the divorce is almost final....

[PrisonHack]

 I just don't see me ever actually having the 20 grand plus one of these cars cost.

[ITSA426]

I'm not an investment planner or financial guru, but if you save $1,000 per year it will take 20 years to have that kind of money, give or take interest.  You can buy a car with no interest and no financing.  If you don't save the money no sweat but the twenty years will pass anyhow.  Then where is the plan.  If you save and decide not to buy no big deal you just have money in the bank. 

[Troy]

I have done it on 3 occasions. Twice I basically used the loan as a "float" until I sold another car. It beats waiting to sell the car and losing the one you were after. I used J.J. Best each time. I didn't experience any major issues. Things to watch out for are timing (it takes a few days for everything to go through since there needs to be an inspection) and distance (you get a two-party check which both parties need to sign and some banks require both parties to be present to cash it).

Troy

[Charger440RDN]

I just don't see me ever actually having the 20 grand plus one of these cars cost.

This is the exact reason I'm thinking about a classic car loan to get a nice Charger. Not many people have 20-30K just sitting in the bank to pay for a toy that will only be driven part of the year.

[The70RT]

It goes either way. You can buy a new daily driver and spend 25-30K or buy a decent driver for a few K if your don't rack up a ton of miles every year. You then  can spend the $$ on a classic. In 10 years the 25K daily driver is worth? and your classic that you didn't beat on is still worth the money you spent on it  I spent 17K on a daily driver Ram SLT and put 30,000 miles on it in the last 5 years and it now books for 10K less.

[PrisonHack]

Exactly my thinking, I don't want a show car , but it has to be in decent driveable condition.  People finance 30K cars and trucks everyday, in the long run what's the difference?

[Cooter]

For me, I just can't seem to give the same respect at a car show to the person that bypassed all my suffering and hardship while restoring my car over a 3-6 year period, by just simply getting a loan, going into debt, and paying for a car over the next 5 years...To me, this hobby should be about the experience of owning an older musclecar...To just go down and buy the car of your choice, to me is the same thing as buying a new car..part of the experience should be finding out how much fun and a PITA it is to build one of these cars. Sorry, but I just deplore those who complain about the debt problem in the US, then in the same turn, go down and take out a loan on a 30 plus Y/O car as an "Investment"...To me, there are those at the local cruise that have "Paid their dues" and those that simply when asked "What did you do to it? "Did you do all the work yourself?" "Where did you get your chroming done?" And the answer is always the same........"I filled it up with gas and tire shined the tires and now it has some starting/running problem and I have NO IDEA WTF is wrong with this POS"...IMO, the mentallity of just Get what you want by any means posible, is that "Instant gratification" type of thinking that got this country into the debt problem we face today...It's ALOT easier to "Invest" $20K-$30K over a 3-6 Year period a little at a time, than it is to take out a loan and you don't have to make that $500/month payment EVERY month if you can't either..Hell, the first night I had "Christine" out after 5 years of HARD work and listening to my buddies tell me how crazy I was, I had some guy come up and just wanted to buy all my hard work and suffering...I mean, how can you pay me for all those nights out in the cold block sanding when he was inside curled up next to the fire watching TV? It actually made my angry to think he thought I'd just sell that quickly as if I hadn't paid my dues....Just my .02...

[RECHRGD]

Exactly my thinking, I don't want a show car , but it has to be in decent driveable condition.  People finance 30K cars and trucks everyday, in the long run what's the difference?

Not to rain on your parade, but there's a huge difference between a new car and a 40+ year old classic muscle car.  The new car should run great with no problems for years to come.  Oil changes and tires should be your only expense other than the payments.  It's a totally different deal with a hobby car.  Spending 20+K on an old Charger does not guarantee years of trouble free driving.  Things go wrong and unless you can fix everything yourself your in for some serious sticker shock to have them worked on by others.  I bought my Charger in '97 for 5K and 2 years and 20K later it was on the road.  Since then I've probably put another 10K in it.  Some of spending was of my own choice, but a lot of it wasn't planned on at all.  I would fear that being strapped with payments and then having to deal with other unexpected expenses would take the fun out Classic Charger ownership.  Just my  . Bob

[Charger440RDN]

The bad thing is that the prices of all Chargers seem to be going up if you watch e-bay or craigslist. If you wait 5 years to save and buy one you probably still won't have enough cash saved. Chargers are EXPENSIVE!!!!!!!! even the non R/T ones.

[The70RT]

For me, I just can't seem to give the same respect at a car show to the person that bypassed all my suffering and hardship while restoring my car over a 3-6 year period, by just simply getting a loan, going into debt, and paying for a car over the next 5 years...To me, this hobby should be about the experience of owning an older musclecar...To just go down and buy the car of your choice, to me is the same thing as buying a new car...

I totally agree with you. I wouldn't ever do it (buy one done) but that's the pros and cons that I mentioned. It also upsets me when somebody gets a bunch of awards for a car they haven't got a clue about because they bought a done car. Lots of people don't have the skill, place, time, health or whatever.... so I guess they buy one done. If you can buy one I guess more power to you but don't expect everyone to look at you the same when they put (well for me almost 4 years now) a lot of time in on a resto. Some people buy the car and then have it restored to there liking and then get credit for it so what's the difference I guess  

[PrisonHack]

  The reasons I though of trying to buy one closer to done are these: 1. I am not afraid to tackle pretty much anything mechanical. I have spent many hours outside in the cold/heat in a driveway wrenching on my mustangs over the years before I had a garage. 2. I know nothing about body work at all.

 Now even if I decide to tackle body work and learn as I go wich I am no totally opposed to doing, most of the cars I have found that are in need of major body work aren't that much cheaper. Maybe I am looking in the wrong places but all I seem to find are rolling chasis needing half the panels replaced and the still want 10K for them.  

I

[Cooter]

Well, the days of a $2000.00 running and driving Charger, in 1966-70 range needing only a scuff and paint, are gone, never to return...I have hunted and hunted for a car I didn't have at least 3 years of bodywork ahead of me on, and I've found out only one thing.....YOu are gonna PAY OUT THE AZZ cause that is a GREAT selling point when time comes to sell a good,solid, project car....


Now, as for the not knowing anything about bodywork? well, guess what? I didn't either..I got burned by a bodyshop when I was 16 Y/O and LEARNED...You only need to do about one maybe two cars to get pretty good at it...Now whether you WANT ot learn is another matter. I've found in my 38 years on this god forsaken planet, that things I used to consider "VooDoo" were NOT "VooDoo" afterall..That's just what the person charging me an arm and a leg WANTED me to think....You are NOT in the Mustang world here...Ever heard the old saying to build a Chevy, all you need is a catalog, to build a Ford, all you need is a catalog, it takes a real man to build a Mopar...This is true..Afterall, why do you see so many damn Mustanks and Camarios at the local crusie night? Cause they are easy to get parts for, everybody and their brother has one..Only the "Elite" build Mopars...ESPECIALLY A '68-'70 Charger...Think about it, there were NO Four door Chargers to rob parts from, there were NO Wagons for front clips, There weren't even any Convertibles in 1968-70.....A Second Gen. Charger is ALL to itself...You Can't "Clone" a Charger like you can a GTX out of say a "Sport Satellite"..Or a RR out of a Belvedere in 1968-70...Sure, I can tell you where there are about 10 $500.00 '68-'70 Chargers for sale right now, but you know the FIRST thing that comes out of most peoples mouths when I tell 'em about my "Honey hole"?  "Hell Chaney, I don't see nothin' but JUNK"...If you hadda seen my 1969 GL Charger when I got it, you would know WHY I got it for trading an engine block for it, with NO TITLE...I got it cause NOBODY else wanted to fool with it....It was a parts car that needed EVERYTHING....But, I got it, I did it, and I have less than $7000 in it DONE...Does it look as good as most here, prolly not, but It's MINE! Sorry, but with AMD out there Making damn near ANYHTING for these cars, it isn't hard to hear a seller say, "Hell, you canget anything you want for one of these now!" And they'd be correct. Even the biggest turds only a short 4 years ago seem to be bringing big bucks now cause if you have the VIN number and the title, you can buy the rest...

Lemme give you just a taste here....
1. Bent frame rail on driver's side.
2. Rear quarters gone
3. Roof had rust holes in it
4. back glass was almost rusted to where it fell over in the car
5. windshield was almost as bad
6. Doors were in need of straightening
7. Trunk lid was bent all to hell
8. Winshield was cracked
9. One quarter glass wouldn't go down at all
10. Floors were solid as this is why I got it
11. Engine gone
12. Trans gone
13. Had a Maverick 8" rear under it held in with two LOOSE bolts
14. Fell off the trailer inot the creek when we moved it across the bridge where it was sitting
15. rear valance was gone
16. Front valance was gone
17. Hood was missing
18. Grille was missing
19. Wiring was missing
20. Dashboard was missing the cluster and all wiring
21. Seats were missing
22. Steering column was in there, but loosely bolted in
23. all Emblems were missing
24. Both front fenders were gone
25. Trunk floor was gone rusted all the way into the fuel tank
26. Fuel tank no good
27. Rear wheel wells rusted out
28. No tilte
29. No dash pad
30. No rear wiring harness
31. No tail lights


How bad you still want a Charger?

[PrisonHack]

 If all I had to do was trade an engine block for it I coul dsee taking on a project such as that . 

[chargergirl]

OW man...But she's a beauty now right...that is what makes it all worth while.

[Charger-Bodie]

If it werent for borrowing the money,I would to this day never had a car. For me its far easier to make payments than save money.   

[PrisonHack]

For me its far easier to make payments than save money.   

Exactly

[squeakfinder]

..Only the "Elite" build Mopars...ESPECIALLY A '68-'70 Charger...










Oh, I can relate to that. Not to mention the snobs that look down on you for takeing something they consider a rotted out parts car and putting it on the road again.

[chargerboy69]

For me its far easier to make payments than save money.  

Exactly

Believe me, I am not trying to piss on your dreams, I am really not.  It has just taken me years to learn to be financially responsible.  I do not have any credit cards or loans besides my mortgage. And if I do not have the cash I do not buy the item.  I realize it seems like a rough way live, however if money ever becomes tight, I will not have a stack of payments due, without a way to pay for them. Paying for things with cash can be done, it just takes self discipline.

[Charger440RDN]

There is another company called Motor cars financial, where the minimum loan amount can be $6,000 but with JJ Best the car has to cost a minimum of $7,500 here is a link

http://www.motorcarsfinancial.com/

[Cooter]

I can't believe nobody's said anything about buying a total POS yet....Ok, so what happens if you go down to the bank, borrow $15K and buy someone's big, fat, rusted out, hacked up, pieced back together, POS? Then, have to make payments on it and save money in order to redo it again?


Seems to me someone here had that very problem a while back with a General Lee or something...

There are folks out there that care Nothing about you, your dreams, your family, your well being, etc. and will screw over their own mothers in the name of money...Buyer beware hasn't even been said right now in this thread and there's someone's dreams crushed because of this....

[Charger440RDN]

I think I would like to get a nearly rust free one, that runs and drives, that hasn't been restored yet for around 12K-15K than buy one finished for 30K at least then you know what you have.

[Troy]

One thing to note - no one loans money on project cars. It would be lovely to go buy that rust-free shell you just found and have the money to also purchase all the parts/paint/labor but, to do that, you need cash in hand (which not everyone has).

I have 6 old cars in the garage and I was tired of working on them all the time and never having anything to drive. At one point I had 11. The worst part is that I can visualize the cars when finished but getting there will take a looooooong time (not necessarily due to money either). I paid off nearly all my debt, got rid of a bunch of excess "toys", sold some cars, and lowered all my monthly bills (phone, utilities, etc.) so I don't feel bad at all about financing something that truly makes me happy. Also, just because someone can go buy an old car that's finished doesn't mean they don't know anything about the car or what it takes to build one. In a way, they may be the smartest ones out there. I figure I'll have twice as much in most of my cars as what they're worth so when I have to sell them someone will get an awesome deal.

Troy

[elacruze]

Also, just because someone can go buy an old car that's finished doesn't mean they don't know anything about the car or what it takes to build one. In a way, they may be the smartest ones out there. I figure I'll have twice as much in most of my cars as what they're worth so when I have to sell them someone will get an awesome deal.

Troy

I've had mine for 30 years, and I'm capable of doing everything on it and to it (although not at a professional level)
I'm having most of it done by others because my time is more valuable than the cost of the time of others.

Not everybody who pays others to do the work is a poseur who offs their car as soon as it doesn't draw enough attention to suit them.

[Aero426]

For me, I just can't seem to give the same respect at a car show to the person that bypassed all my suffering and hardship while restoring my car over a 3-6 year period, by just simply getting a loan, going into debt, and paying for a car over the next 5 years...To me, this hobby should be about the experience of owning an older musclecar...To just go down and buy the car of your choice, to me is the same thing as buying a new car..part of the experience should be finding out how much fun and a PITA it is to build one of these cars. Sorry, but I just deplore those who complain about the debt problem in the US, then in the same turn, go down and take out a loan on a 30 plus Y/O car as an "Investment"...To me, there are those at the local cruise that have "Paid their dues" and those that simply when asked "What did you do to it? "Did you do all the work yourself?" "Where did you get your chroming done?" And the answer is always the same........"I filled it up with gas and tire shined the tires and now it has some starting/running problem and I have NO IDEA WTF is wrong with this POS"...IMO, the mentallity of just Get what you want by any means posible, is that "Instant gratification" type of thinking that got this country into the debt problem we face today...It's ALOT easier to "Invest" $20K-$30K over a 3-6 Year period a little at a time, than it is to take out a loan and you don't have to make that $500/month payment EVERY month if you can't either..Hell, the first night I had "Christine" out after 5 years of HARD work and listening to my buddies tell me how crazy I was, I had some guy come up and just wanted to buy all my hard work and suffering...I mean, how can you pay me for all those nights out in the cold block sanding when he was inside curled up next to the fire watching TV? It actually made my angry to think he thought I'd just sell that quickly as if I hadn't paid my dues....Just my .02...

I see no shame in purchasing a a "done" car and be able to enjoy it today.     What is this "holier than thou" attitude because you did it all yourself?  Does that make you a "better" enthusiast?   Not everyone has the same skill sets or the desire, or even the time availability to do all their own work.     There's the quality issue as well.   I can do decent body and paint myself, but not at the level you'd want on your show car.   Some stuff I'd farm out even though I can do it.  

As to the loan, if you can repay it, so what?  There is a place for the product.   I am sure things have slowed way down now that muscle car prices have dropped.   The collector car finance rates are not cheap.   The days of floating a loan on muscle in hopes the value will rise by the time you sell are pretty much over.     But when the right car comes along, financing makes sense.   

[ITSA426]

One thing I've learned with cars, airplanes and any other toys is to buy the best you can afford.  If you borrow for it, be sure you can afford it or all the fun will disappear in a hurry.  I think this lesson may even apply to spouses.  It's only money and if you can make it work for you fine.

I don't know why but as I was writing this I thought of Robert Service's line of poetry "a promise made is a debt unpaid" from the Cremation of Sam Magee.  Some things are worth going into debt over and it's up to each of us to make that decision.

[PrisonHack]

  I have thought about this a long time for sure. I just feel like in the long run I would come out cheaper buying an already driver quality car than trying to build one. As I said before I know nothing about body work, could I learn? Yeah I am sure I could, but I would never be as good at it as someone who does it all of the time. I am not going out tommorow and borrowing 15K and buying the first car I see. I plan on looking around and reading this forum to learn all I can learn for about 6 months or so and then start seriously looking at cars and then line up the financing. My truck and wifes car will be paid for and I will not put myself in a situaion where I am struggling to make a payment on a toy.

[Cooter]

I see no shame in purchasing a a "done" car and be able to enjoy it today.     What is this "holier than thou" attitude because you did it all yourself?  Does that make you a "better" enthusiast?   Not everyone has the same skill sets or the desire, or even the time availability to do all their own work.     There's the quality issue as well.   I can do decent body and paint myself, but not at the level you'd want on your show car.   Some stuff I'd farm out even though I can do it.  

As to the loan, if you can repay it, so what?  There is a place for the product.   I am sure things have slowed way down now that muscle car prices have dropped.   The collector car finance rates are not cheap.   The days of floating a loan on muscle in hopes the value will rise by the time you sell are pretty much over.     But when the right car comes along, financing makes sense.   

There is no "Holier than thou" attitude...The way I see it, there are two basic types in this world..The guys/gals that build cars and the ones that don't for whatever reason..As long as there are people that won't/can't/refuse to learn, etc. there will be people to buy from the ones that build. Is one any better than the other? Personally, I think so, but that's why I put "My .02"..It's MY opinion, not popular opinion...Most on here given the chance, would prolly buy one done and be riding tomorrow..But, some on here are of the "If I didn't build it, I don't want it" mentality and asking someone who doesn't understand it, clearly leads to the post above..

[PocketThunder]

I see no shame in purchasing a a "done" car and be able to enjoy it today.     What is this "holier than thou" attitude because you did it all yourself?  Does that make you a "better" enthusiast?   Not everyone has the same skill sets or the desire, or even the time availability to do all their own work.     There's the quality issue as well.   I can do decent body and paint myself, but not at the level you'd want on your show car.   Some stuff I'd farm out even though I can do it.  

As to the loan, if you can repay it, so what?  There is a place for the product.   I am sure things have slowed way down now that muscle car prices have dropped.   The collector car finance rates are not cheap.   The days of floating a loan on muscle in hopes the value will rise by the time you sell are pretty much over.     But when the right car comes along, financing makes sense.  

There is no "Holier than thou" attitude...The way I see it, there are two basic types in this world..The guys/gals that build cars and the ones that don't for whatever reason..As long as there are people that won't/can't/refuse to learn, etc. there will be people to buy from the ones that build. Is one any better than the other? Personally, I think so, but that's why I put "My .02"..It's MY opinion, not popular opinion...Most on here given the chance, would prolly buy one done and be riding tomorrow..But, some on here are of the "If I didn't build it, I don't want it" mentality and asking someone who doesn't understand it, clearly leads to the post above..

There is no "Holier than thou" attitude

Sure there is.  You just contradicted yourself with your next point.

. Is one any better than the other? Personally, I think so

I used to be like you Cooter where i would think that i was better because i did my own work on my cars, but as i grew older and started a family i dont have time anymore to do much work on old cars so the next one i bought was a driver (almost)ready to go.  Put me in the checkbook mechanic category if you want.

[Charger440RDN]

I once read an article that said the golden rule of the muscle car hobby is you cannot restore a muscle car for less than the cost buying one that is already restored. I really believe this now. If you add up all of the parts you have to buy, the time spent plus the initial cost of a "Project" which can cost 7-10K than buying a finished one makes sense.

[PrisonHack]

 How far do you take it?  Sure AMD sells repop fenders and 1/4 panels, but a real enthusiast would learn the skills to hand hammer there own out of sheets of raw steel. Rebuild an old 440 block, pshh that's poseur stuff. REAL car enthusiast would build a foundry in their back yard and cast their own block from iron ore they mined off their property.     Just joking of course

[elacruze]

How far do you take it?  Sure AMD sells repop fenders and 1/4 panels, but a real enthusiast would learn the skills to hand hammer there own out of sheets of raw steel. Rebuild an old 440 block, pshh that's poseur stuff. REAL car enthusiast would build a foundry in their back yard and cast their own block from iron ore they mined off their property.     Just joking of course

Exactly. My Charger is a big part of my life but not the only part.

Y'know, back when these cars were new, EVERYBODY bought one complete...

[bakerhillpins]

There is no "Holier than thou" attitude

Sure there is.  You just contradicted yourself with your next point.

. Is one any better than the other? Personally, I think so

I used to be like you Cooter where i would think that i was better because i did my own work on my cars, but as i grew older and started a family i dont have time anymore to do much work on old cars so the next one i bought was a driver (almost)ready to go.  Put me in the checkbook mechanic category if you want.

Couldn't have said it any better myself Paul!

Put me in that category. I have my house torn apart because I can and have the skills. It taught me the value of my time and effort and to make a balanced decision about where I spend my effort and where I reap the rewards of my checkbook.

[Ghoste]

Even when they were new a lot of the people buying these cars paid someone else to do the work on them.  Mr. Norm built a thriving business from it.

[Aero426]

There is no "Holier than thou" attitude

Is one any better than the other? Personally, I think so

Cooter is never shy about sharing his opinion.  

I have concluded over time that he once considered that he could be wrong, but decided he was only mistaken.      Go Cooter!

[Cooter]

No, I just refuse to get into yet another "Debate" about who's the alpha dog here in this thread...Did it really make you feel THAT good to come out and crush on me? Are you REALLY that hard up for entertainment? Ok, you did that, now go to hell...I mean, I told you my opinion, and you in turn decided to play keyboard cowboy, so guess what? You want to turn this into an all out war? Be my guest...I'm trying to take the high road here...I have never thought of myself as "Holier than thou"...I just simply look at things differently than you..I guess cause I Prefer the 440 wedge to the "Everybody jump on this same bandwagon" 426 Hemi, that makes Me "Holier than thou"? That HTT sh*t is in your mind, not mine....



Quote from: Cooter on September 26, 2010, 04:19:00 PM
For me, I just can't seem to give the same respect at a car show to the person that bypassed all my suffering and hardship while restoring my car over a 3-6 year period, by just simply getting a loan, going into debt, and paying for a car over the next 5 years...To me, this hobby should be about the experience of owning an older musclecar...To just go down and buy the car of your choice, to me is the same thing as buying a new car...

I totally agree with you. I wouldn't ever do it (buy one done) but that's the pros and cons that I mentioned. It also upsets me when somebody gets a bunch of awards for a car they haven't got a clue about because they bought a done car. Lots of people don't have the skill, place, time, health or whatever.... so I guess they buy one done. If you can buy one I guess more power to you but don't expect everyone to look at you the same when they put (well for me almost 4 years now) a lot of time in on a resto. Some people buy the car and then have it restored to there liking and then get credit for it so what's the difference I guess" Quote:  





You expressed your opinion and I respected it..Now you seem intent on bringing out some kinda Bullsh*t pissing contest here...It really seems funny to me how someone can totally agree with someone's opinion in a thread, then once someone like yourself comes along with some kinda axe to grind and gets everybody in the sandbox to "Jump on board"...I stand by my opinion and don't give two rats asses what YOU or anybody else thinks..This is a discussion forum..Holy sh*t, someone posting opinion's on a Forum? How dare them...And BTW: Just because someone's being quiet in a thread, doesn't nesessarily mean they are "Scared", "Embarrassed", "Shamed", "Put in their place", or whatever else you think....It just might mean they are trying not to do what I have done here...It's clear dude is gonna do whatever he feels is right for him..That's great, more power to him. He asked for opinions, He didn't state he only wanted to hear from positive people that think Exactly like himself....You let you insecurities get the best of YOU when you came out thinking I THINK I'm "Better" or "more of a car guy"...Never said that in my original post, but since I have stated to you that it does matter to me, (and one helluva lotta other folks where I come from), I just can't seem to get them to post here..Just because 50 people agree with you in a thread, doesn't mean you are correct with all that "Majority rules" BS, It simply means to ME MY OPINION HERE NO PANTIES IN A BUNCH, that there are 50 people that might be just as misguided that's all.....I don't know you, and don't care to now..And here I thought some of the Cuda-Chally guys were asses...Geeesh..

[Back N Black]

I Say, get a loan and find a good runner and it don't make you less Passionate because you did not do the restoration.

[NHCharger]

And here I thought some of the Cuda-Chally guys were asses...Geeesh..

Now that's' funny.

I bought both my Chargers cash, $1,200.00 for the 71 and $2,000.00 for my 72. I have put a lot of work into both. My 71 I'm still ahead money wise but the 72 was a real money pit. So it makes sense to buy a done car and let the previous owner take the big loss on the restoration. This is especially true if you don't have the time, tools, place and knowledge to do the work yourself.
After doing my 71 I have found that now that I have gained the knowledge and confidence that I can do the majority of the work myself I enjoy working on the cars as much as driving them. So I personally would look for another project over a finished car.
I see no problem with financing a classic car. People finance boats, motorcycles, ATV's all the time and none of those vehicles will ever appreciate in value.

[TeeWJay426]

The only musclecar I've owned over the years that I paid cash for was my 71 GTX, which I bought back in 1981, when I was still single (that's NOT a coincidence). I've financed to some extent every one since; sometimes, it worked out better than others. But with a wife, two kids (in college now) and a mortgage, if I waited to 'save' up enough to buy anything decent, I'd be Moparless now and for many years to come. It's only an issue if you get in over your head financially. If that's gonna happen, you don't need to buy a classic car to put you there, either. It's a matter of what your budget can handle.