Classic Car Financing

[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.