60 Today
July 26th, 2013, 05:25 AM
#1
Registered User
Thread Starter
Join Date: Jun 2010
Posts: 71
60 Today
I turned 60 today and Classic Oldsmobile sent me a greeting, Thank You!
In the last ten years I have acquired a 1966 Champaign Mist Toronado with black interior, a 1964 Wedgewood Blue Cutlass Convertible with a white top and a 1965 Maroon Cutlass convertible with a white top.
Needless to say I went overboard depleting my retirement money to buy and restore these. They all run good and look good, the 64 has required the most attention , but its just been repainted and they are putting the chrome pieces back on and it should look the newest. The other two are very good originals. Now as I get older, I am not sure whether to keep or sell them. I titled them TOD to each one of my kids, but they may not appreciate the value or may dump them for the cash. Also I am concerned about the value of these vehicles in the next 20 years simply because the generation that grew up with them will not be around, hence the future value could be more speculative.
In the last ten years I have acquired a 1966 Champaign Mist Toronado with black interior, a 1964 Wedgewood Blue Cutlass Convertible with a white top and a 1965 Maroon Cutlass convertible with a white top.
Needless to say I went overboard depleting my retirement money to buy and restore these. They all run good and look good, the 64 has required the most attention , but its just been repainted and they are putting the chrome pieces back on and it should look the newest. The other two are very good originals. Now as I get older, I am not sure whether to keep or sell them. I titled them TOD to each one of my kids, but they may not appreciate the value or may dump them for the cash. Also I am concerned about the value of these vehicles in the next 20 years simply because the generation that grew up with them will not be around, hence the future value could be more speculative.
July 26th, 2013, 06:30 AM
#2
Registered User
Join Date: Jun 2009
Location: southeastern Michigan
Posts: 14,193
I'm a little curious about a few things as I am only a few years younger than you.
Did you deplete your retirement savings to the point that you need to sell one or more of these cars at some point to have enough to live on?
Are you looking at them as investments that you hope or expect will appreciate in value in the next decade or two?
I don't think an old car should ever be purchased with the expectation that it will be a successful investment. Ten years from now, what you own might bring exactly the same nominal dollar amount they would today, so their value might not even keep up with inflation.
You're right, your kids might rather have the cash than the cars if they were to end up with them. They might be looking for a down payment on a house, a car, putting their own kids through college, or who knows what. The old car hobby tends to be more for those who are later in life, not those starting out a career and a family and who may have lots of expenses and not yet much in the bank.
According to the Old Cars Price Guide, in close to showroom condition, your three cars are worth about $10,000 to $12,000 each, so you've got maybe $30,000 to $35,000 in automobile hardware there. Of course, you'd have to sell them at some point to actually get the cash as it is difficult to eat a bumper when you get hungry!
Did you deplete your retirement savings to the point that you need to sell one or more of these cars at some point to have enough to live on?
Are you looking at them as investments that you hope or expect will appreciate in value in the next decade or two?
I don't think an old car should ever be purchased with the expectation that it will be a successful investment. Ten years from now, what you own might bring exactly the same nominal dollar amount they would today, so their value might not even keep up with inflation.
You're right, your kids might rather have the cash than the cars if they were to end up with them. They might be looking for a down payment on a house, a car, putting their own kids through college, or who knows what. The old car hobby tends to be more for those who are later in life, not those starting out a career and a family and who may have lots of expenses and not yet much in the bank.
According to the Old Cars Price Guide, in close to showroom condition, your three cars are worth about $10,000 to $12,000 each, so you've got maybe $30,000 to $35,000 in automobile hardware there. Of course, you'd have to sell them at some point to actually get the cash as it is difficult to eat a bumper when you get hungry!
July 26th, 2013, 08:23 PM
#5
Administrator
Join Date: Oct 2009
Location: Poteau, Ok
Posts: 40,576
Happy birthday! Live for today and hope for another tomorrow. I'm right behind ya bud. Most cars suck as an investment, but since I don't drink, gamble, chase woman (I tire easily), or <fill in the blank>, what else am I gonna waste money on.
July 27th, 2013, 09:04 AM
#7
Registered User
Join Date: Oct 2004
Location: Forest Ranch Ca.
Posts: 7,721
I had a sixtieth some time a while back, as I remember it was a pretty good affair.I don't think I would get into my retirement money to finance any new or old car, to many things can happen in life that can suck up a bunch of money quick and cause a guy to have to fire sale most everything you own just to keep the wolf away from the door,a little buffer is always good especially as one gets older. As far as willing ones cars to family members I am willing my Olds to my son-in-law mostly because he is the only one who has the finances to keep it up plus he loves it. Most every thing else will be sold and cash distributed.That's the way I'm doing it anyway your mileage may differ...Tedd
Thread
Thread Starter
Forum
Replies
Last Post
Nailhead 88
General Discussion
1
July 15th, 2008 02:01 PM
mumpspro
Cars For Sale
6
September 24th, 2006 11:03 AM
