Hate to say I'd think of selling/replacing my car but....need opinions

[ChargerZach]

I know the post is long, but please bear with me. I am at a crossroads and really need advice right now. Bottom half of post is just specs on my car, you dont have to read that if you dont want.

I don't know why this idea has entered my head in the last few days, but I am stuck on it and can't seem to move on. Lately I have been considering selling my '73 Charger and replacing it with a modern sports/muscle car. Let me tell you why.

Reasons to sell: I am a college student with probably 1 1/2 years or maybe two years left before I graduate. I am daily driving my Charger to the tune of 9mpg in mixed driving on premium gas. This is a big factor by itself. I am a member of a sports car club and LOVE to autocross and take corners fast. I have come to accept that my Charger, especially being a '73, cannot possibly hope to keep up in the handling department with a modern sports car. Well...maybe if I dumped a lot of money into it which I don't have it would be OK, but I really can't afford that. Also, my car does'nt have any of the modern amenities like A/C, power windows, and other options that would be nice on a day to day basis. Furthermore, the way the car is set up, it would be a fun drag car, but I can't afford to fix it any more if it breaks, much less spend $80 in gas plus entry fee to even get to the track. I really only drag race about once or twice a year at most. But I autocross 8 times a year in my dad's Z06 Corvette. I would really like to go to more events, but he won't let me take his car to out of town events(he does'nt want to go that far) and again gas is murder and my Charger would just get stomped anyway. Even C5 corvettes these days are getting 27mpg on the highway. I could go to far more car events with triple the gas mileage and a more comfortable ride to boot.

Reasons not to sell: This car is indeed my first car. I bought it when I was 16 years old(6 years ago) and have put countless man hours of work into it. I did everything myself on this car including building a new engine(completed a month ago), rebuilding and swapping to a 4-speed trans, interior work, electrical, etc. I have really enjoyed building this car and it is probably faster in a straight line than most cars I could afford to replace it with. Mostly the fact that it is my first car is the only thing holding me back at this point.

I have to consider too, my '73 was the Mopar I settled for when I was 16 because I had a very strict budget. Don't get me wrong, I am happy to have gotten a Mopar muscle car at all, but I really wanted a '68-70 Charger or a Challenger. Thus, I could sell my Charger now, buy the modern car to get through college, and get the Challenger I always wanted(built for modern handling and lots of power...read: $$$) a few years down the line.

If I did sell my car, I would probably be looking at getting a '99+ frc Corvette by selling my car, putting down about 5k and financing the rest. This is the only reasonably priced car I can see myself being happy with trading to right now and can see myself keeping for many years to come. These can be had with decent mileage for between $18k and $20k. I think I could sell my car to the right person, get enough cash to put the 5k down and have at least 12 months worth of payment ready to go(probably ~$400 per month car note). I have an engineering internship lined up for next summer that should pay very well and I could go home and live for free at my parents place. Thus I could pay off even more of the car then without worry. My former plan was to buy a Z06 for an autocross/daily vehicle when I graduate in a couple years anyway and keep the Charger for a drag car. I figure by buying the Vette now I could save a ton of money on gas and travel a lot more, thus having more time and fun with my friends at out of town competitions/car shows/what have you while I am still in college. Plus it would probably be more reliable than my Charger. With the amount of driving I do, I figure I could save about $50 a week in gas alone over driving my Charger. This includes driving to campus and work mileage. (Or about $2600 a year if you want to put it that way). This is only if I stay in town and never do anything extra. Including extra trips I make in a year, this would add up to probably $3000 or better in gas savings over a year or $6k in the two years of college I probably have left. That is a lot of dough.

I really don't know what to do here. I have been wracking my brain and needed to talk to someone about it. I would love some opinions as to whether you think I am crazy and will regret doing it or if I should seriously consider it.

Specs on my current car for reference:
'73 Charger 440, 4-speed
No rust to be found on this car. It has a couple small dents in the right-rear quarter panel(above wheel well and next to bumper) that are easily fixable by a good body man.
The paint has a few chips and scratches in places, but overall not bad. The worst scratch can easily be sanded and repainted for cheap
New headliner, seats in great condition except driver's seat has a couple tears in the vinyl.
Front seats are out of a modern car with good side support recovered to match the original rear seat.
New headliner
Rallye Gauges
Power steering and power brakes(front disk, rear drum)
440 engine puts out ~500hp. Fresh rebuild with 800 miles on it. Specs at end of post
Freshly rebuilt 4-speed trans w/ 2000 miles on it
Hurst Super Comp shifter
Centerforce Dual Friction clutch and brand new Lakewood SFI approved bellhousing.
8 3/4 posi rear with 3.55 gears
Front suspension completely rebuily two years ago. Added 1 1/8" front sway bar and replaced k-frame "isolators" with solid metal.
New leaf springs installed 3 years ago w/ poly bushings
American Racing Torque Thrust II 15x8": 4 of them on the car plus one extra for a spare.
CD player

440 .030 over, forged crank internal balance, zero deck
KB237 flat top pistons on LY rods
Edelbrock Perf RPM 84cc cylinder heads
Edelbrock Perf RPM intake
Comp XE275HL cam
MP reinforced rocker arms
Hooker 1 7/8" primary full length headers
Holley 750DP #4779 carb
MSD Digital6 ignition
Norther 2 core aluminum radiator w/ 1" tubes

[Troy]

I can't tell you exactly what to do but be sure to really check your math. You could drive three times as much as you do and still come out cheaper per month than loan and insurance payments on a Vette. Don't forget the extra money in interest you're throwing away! I sold my Celica (32-34 mpg) and daily drive my Tacoma (18 mpg) and Barracuda (16 mpg) but they are both paid off so I still save $300+ per month. I also drive 500-600 miles per week and take trips about twice per month so it's not like I'm hovering around home. If you're doing it for the money then sell it and buy another car with the cash - but don't take out a loan! If you're strapped for cash now then imagine having a payment on top of it when you break your car. Better yet, buy 2 cars - one beater to drive and another fun car to autocross. You don't need a Vette to autocross and I've been seeing some very competent race cars at very reasonable prices lately. Buy the Vette as a graduation present once you've secured a job.

As for having what you want, if you weren't dead set on the Charger as your first car then it doesn't matter too much that it is your first car. The fact that you've done all the work yourself is an accomplishment though and you may regret selling it for that reason. You have to figure out what will make you happy and go with that. I'm not much of a drag racer so I wouldn't keep it around just to go in a straight line. It will just get neglected and it would be more fulfilling to see someone else enjoying the car.

So, to recap, I'm all for selling the car if it isn't making you happy. However, don't try to justify selling it to save money on gas because the math doesn't work. You need a better reason than that.

Troy

[resq302]

One thing to consider is when you finance a new car, they require you to have full coverage on the car.  Chances are on your 73 Charger, you might only have liability insurance.  IF you do get a new car, your insurance will be higher, have to pay for a loan, and still have to replace the normal wear and tear parts that are not covered under the warranty such as the brakes, tires, etc.  I can almost guarantee that your 73 Charger was built better part wise than any crap that they push out of the assembly plants today!  If you are looking for  better fuel economy, try putting a fuel injection kit into your 73 Charger.  Not only will it give you better gas mileage but added power and reliability as well. 

Another option is to wait till next year when the 2008 Challenger will be out!  You said that you would have prefered an original Challenger as your first car like the 68-70 Chargers.  Well, this might be the best of both worlds as the new Challenger looks very similar to the old ones. 

If you do not have your heart set on your 73 and you are CERTAIN you would not regret selling it, then I would say get rid of it and get the car you always dreamed of.  As for the gas issue, I have noticed that you can really adjust your mpg's by the way you drive.  I have started easing off the gas lately and noticed a significant increase in mpg's on my daily driver which is a 05 Ford F-150 4x4.  Instead of driving around 75 mph now, I am cruising between 65-70.  Slower take offs from stop lights and intersections and just using common sense.  I think overall, I have seen my mpg's go up by 3-4  miles per gallon.  Now that does not sound like much in short form but think of the long run.  Another thing I found to increase your mpg's is to make sure your tires are correctly inflated.  You won't believe how much you will lose if your tires are down 2-3 lbs.  Again, there are a lot of things to do to get your car to run better and get better mpg's so that should not be the main reason why you are looking to get rid of your car.

[ChargerZach]

Good advice guys. I probably could'nt bring myself to actually try to sell it, but needed the proverbial "slap to the face" to snap me out of this mode. I will most likely(98%) keep my car unless the deal of a lifetime falls into my lap someday. I just wish it could go a little farther on $60 worth of gas and turn a little better. The new engine pretty much ate up all my savings or a Keisler kit would be awesome.

I have thought about getting a beater daily/autocross second vehicle, but can't seem to find anything cheap and still relatively fast. Ah well...what are ya gonna do. meh.

Thanks for the wake up call folks. Glad to get this off my chest.

[4402tuff4u]

Also if you buy a new car your insurance costs will be much higher, especially on a vette. Sock away the Charger and get a economical beater. When you secure your diploma and a good job, the Charger will be there waiting for ya. Just remember, just like I told the guy who wanted to trade his new Corvette ( I don't think he was serious anyway) for my restored Charger, I told him "anyone can go buy and have a new Vette"! can't say that about a "real" Charger!

[myk]

Having a car without modern creature comforts isn't a problem as long as you're not driving it daily.  I know that I wouldn't be able live with my Charger on a daily basis.  Unfortunately, as a College student I'm sure that money is an issue and you can't afford to purchase a daily driver to provide relief for you and maintain the '73; that's what I would have suggested.  Based on your post you truly want a 2nd 'Gen Charger anyway, so I would sell the '73 and buy a newer performance car and continue with your life plans. 

In my opinion however, if cost is an issue I wouldn't want to be saddled with the cost of maintaining a 'Vette.  The cost of tires alone for that thing is ridiculous.  A late model GTO would be alot cheaper to buy and a little cheaper to maintain and it has a backseat which makes it perfect for daily living and the occasional hot date.

Hmmm...what would it cost for you to finance something like the new GTO?  Maybe you should get a Lancer Ralli-art or something...   

[gtx6970]

Find a cheap neon or shadow (or similar )for the 25 to 35 MPG's  in the $500 to $1000 range,Both could easily made into respectable autocross cars a lot cheaper than a new vette.
Park  the charger and still no payments

[rt green]

hey, if you can stay at your parents house for free, why cant you store your charger there to? get into a turbo charged little mopar. one thats older, like a daytona. cheap on gas, goes like hell, and you could autocross it and probably beat some vettes. your first car........sell it ,and you'll regret it.  i do. you are getting out of college in a short time, and you'll be able to plan to get all the cars you want. 1 and a half years at my age is a short period of time.  my 2 cents.       bruce

[Blakcharger440]

Ummm....I dont mean to mention any other brands than Mopar in this thread (but since you already mentioned getting a vette) then I would suggest you get something cheaper like 5.0 Liter mustang. They are cheaper,handle wel, have decent power and the insurance wont break ya either.

[nakita7]

Look at it this way...

5 years from now the Charger will be worth more.

5 years from now the Vette will be worth less.

Factor that into your equation...