Could use some advice; financial woes

[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.