jensenracing77

As most of you know, I bought that barn full of cars and parts in April 2012. Since then, I sold enough in 10 months to pay off my parents house that I got the loan from, then sell enough to build this 442 W-30. This is one of the cars from that barn. I could have NEVER done this without the members here. Between people buying parts from me to fund it to others offering their knowledge I was able to build this without a single dime from our income. As I am finishing it up I could not be more pleased with it. 90% of all the funds came directly from ClassicOldsmobile.com people. I just wish Larry Conn was still alive to see it.

I am reluctant to name specific people because I know I will miss many but here are some names that I must thank

Larry Conn (the one I bought out and since passed away)
My parents
oldspackrat
joesw31
Ron Memmer
cutlassefi
Mr Shifty Sidney
Great motivation from costpenn and NDERISE
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jensenracing77

Now for the bad news.... Now that I am in the final stages it looks like I will have to sell it. I built this car for me and had NO plans to let it go. I even sold the Rallye 350 because this was it's replacement. I have had a serious offer on the car about halfway through the project. I didn't take him to serious but I should have. Well, turns out he is very serious. I would not consider it but I have the opportunity to pay off the house if I let it go. I simply can not justify a 30 year mortgage to keep a car. I am a poor country boy and this would be life changing for the entire family. Have some very mixed emotions about it but know what I have to do. I know an offer is not the same as cash in my hand but I underestimated this guy before and he proved me wrong. I plan to be at the nationals with it but after that I don't know if I will list it and see if I can get more or just take his offer and be done with it. I know what the book value says it is but the ONLY place I see those figures is at auctions and I will not take it to one of them.

Again, thank you to everyone here for all the support...

ELY442

Your family is more important than the car. You can find a 442 anywhere but you cannot find another family. If I had to sell my 2 Cutlass to help my family than I will do so. Having pay off a 30 year mortgage is like having an elephant off of your back. I know how it feels to pay off a loan or a mortgage. You're debt free. Now you will have more money in your pocket. Good luck.

Allan R

Eric,
What a beautiful result (I bermember when you first started this) after all the hard work. It's simply a stunning looking car.

Bittersweet after the fact though. Only thing I can tell you from experience is it's a great feeling to not have the bank own the house. When mine was paid off it gave me a lot of opportunities that wouldn't have been available while I was still in debted to the mortgage. You know what mortgage is? It's a french word that literally translates to "Debt for Life". You know what happiness is? Not having a mortgage.

IIRC you still have a ton of other cars that would qualify for projects. I understand your dilemma. You talked this over with your missus? I know she's gonna support whatever you decide.

Dave Siltman

Do it Eric; and don't look back. Take the offer and don't try to squeeze every last dime out your buyer. I believe in karma.....what goes around comes around. If you use that offer as a backstop and keep trying for more and don't get it, and then your buyer gets P/O, you end up worse.....you will have lost your buyer and your car could have "freezer burn". I've been in this game for quite a long time and learned from my father many, many years ago to NOT get greedy, and HONOR your word. To me, a handshake is my word and reputation and no amount of money will ever change that. You are a smart, talented young man and can restore another car or more, but not having that mortgage will take a tremendous burden off of you and your family; trust me, I know.

rollerball

Jay Leno said: "If you make any money in the classic car hobby….you are doing it wrong" It seems you did it very wrong….;-)

….take the money and run!

z11375ss

Yep. Pay off your house? Done.

tru-blue 442

Go for it Eric. Nothing like owning your own home. Another project will come along.

kjr442

pay the house off. nice car by the way. you do nice work.

jensenracing77

I would completely agree with this in most instances. I made a BAD mistake with a 72 W-30 with under 20,000 miles. I did this exact thing and later found out that the guy doubled his money in less than a month. I have been spooked ever since. I know this guy would not double his money but I do get worried to let something go to quick without getting a professional opinion. If it were a $1000 or less part it would be one thing but with not fulling understanding the market verses auction value... Only thing I am doing is taking the auction value (book value) and subtracting the fees an auction would take. This offer is less than that but these numbers are not something I am not even comfortable thinking about.

starfire

Why not just sell more parts from the barn? That way you can keep the car.

Mr Shifty Sidney

The car turned out great. I am really looking forward to seeing it at the Nats. Its been a plesure getting to know you and your family over the past few years.

Don W

jensenracing77

I sold most of it to build this car. I still have some good stuff but nothing close to enough to pay off the house. If I sold everything I had I could not come up with $20K. It would take the car and most of these parts to pay off the house. The offer on the car is a little shy of the house.

jensenracing77

Thanks Don, I wish I could have kept the red (reef) car because it would have made a good project if this one is gone. Have you seen that car lately?

oldcutlass

Nice work, I'd do whats best for you. I always believed a bird in the hand...

Mr Shifty Sidney

I have not seen the red car lately. I drive by the road that it is on several times a week. I plan to stop in now that the weather is nice.

Don W

Dave Siltman

I don't think it is wise to discuss price on an open forum. Don't feel bad if the buyer makes money on your car. Just like the profits you realized on the parts, that buyer is entitled to TRY to make money if he/she chooses. The "gamble " is on their investment; you will have been paid a price both parties agreed upon. Don't let the '72 W-30 cloud your judgement. "Even a blind squirrel gets a nut once in a while". That sale and this sale probably have little in common. I'm sure, that over the years, you and most anyone that buys and sells in this hobby has had a "doubler". Like I said earlier, NEVER look back; you can't undo what has happened.....chalk it up to a learning experience. You know the old saying "A bird in the hand........"
Owning your house and real estate will give you an entirely different outlook on life. You will not only FEEL like you accomplished something, you WILL HAVE! There are far more 442s (W-30 or not) to restore if you choose, but how many chances do you have to pay off your house? Not near as many. I'll never get rich unless I hit the lottery, but I did work darn hard to pay off two properties (primary and beach house) and it feels damn satisfying and I wake up every day knowing I don't owe anybody anything. DO IT!!!

Dave Siltman

Eric, let me add a few more thoughts and then I'll bow out. I attend car auctions four days a week in addition to the many collector car auctions throughout the year. In auctions, the only guarantee is that there is no guarantee. Look at B-J or Mecum and search all the different results for just a 1970 W-30. Now, look at all the differences in not only the prices, but at what venues the cars were sold, what time of year, what time of day, if the auction was televised, if the auction had an open bar (alcohol), if there were several of the same type of car at the same auction. Also, you can fine-tune the research to see that the same car may have been offered at several auctions before it was sold. Or, you may find the the car has been sold at the same or different auctions for different (some drastically) amounts of money. The auction business is a form of legalized gambling. Not all cars are winners. When you took the "gamble" by buying that collection, you won when all the chips fell and smoke cleared. In my opinion, you can still "cash out" from that initial "gamble". I say let someone else try their luck. Out of all the cars I buy and sell for the dealership, there is a percentage of losers......you have a chance to do business and the odds are still in your favor. My motto is and always has been this: "Part of something is better than all of nothing". Good luck in whatever decision you make.

RetroRanger

Eric the car tuned out beautiful, your thread sharing the build is informational, instructional, and art as well.

If you can sell the car and pay off the house, the money you won't be spending on a mortgage could go towards a nice driver that you can build any way you like and they entire family can enjoy. If you were to take the W anywhere you would constantly worry about It. With a driver you can take it anywhere and enjoy it.

Reality is it's just a car, sure I've sold cars I wished I still own, and I've bought cars that I said I would never sell, but in the end I always find some other mechanical toy that fits in where the last one left off!

To be fair since really this thread is about you thanking us, wouldn't it really be thanks if we all got to take the W30 out for a little joy ride?

So yeah I would sell!

ent72olds

Awesome car Eric. Well.....you did it! There is no shame in selling this car, in fact, look at it as part of the American Dream. The fact that you paid off the loan, funded the car build and now have a chance to own your home is what it is all about. Your dedication and hard work and long hours have paid off my friend! Sell it and be happy. No one will hold it against you! There will be another car in the future. Loved watching your build!

BangScreech4-4-2

Congratulations! Gorgeous car. Sell it. Don't even hesitate.

2blu442

Congrats Eric, what a beautiful car! I'm with the other guys. Pay off the house, then start putting money in savings for a new toy when your ready. There will always be another car down the road, and now you know so much more about what it will take to restore it. Make a copy of the photo album to go with the car and one more to keep for yourself. Take pride in what you've accomplished!

John

jensenracing77

I guess in the end I will be thanking all of you for paying off my house. I called a friend tonight and he has some great recommendations. He has far more experience in classic cars than I do but mostly Ford. I am not going to be in a hurry and as long as something don't change I am not letting it go till after the nationals.

marxjunk

i guess im screwed up..if i was able to make my mortgage payment easily, and live well..and my family didnt suffer or want anything...in other words..living in my means comfortably...id keep the car...

the only way a "poor country boy" can get into one of these cars is to do exactly what you did...it went from an enthusiast hobby to something wealthy people want...

If the bills are paid step back...live life a little,....and enjoy the car...not many can be where you are with that car...so before ya do anything...slow down...drive it a bit..show it at the nationals...and hold out for what its really worth..if you think its worth more..then it is..to you....

if you keep it nice...you can sell it any time...dont bite on the money if you think its too low...you'll regret it the rest of your life....

If you want to pay bills off etc...sell some of your other stuff...keep rolling the parts over...but keep the car..what you did..or even have, is one in a million...enjoy it

RonFX

Eric:
Sell the car and take care of business, back in the 80's during the Pro Street Craze, I had a Chevy Vega at the Chassis Guy getting everything narrowed and redone for 33/21.5 Mickey's and rack & pinion steering. We were living in a rental property at the time, the bank called and said our loan for a house was approved and they needed a Huge amount of money for a downpayment. The chassis guy bought the Vega, Tires, Wheels, Big Block Chevy and everything else I had to finish it. I was able to get the downpayment and put a Big chunk onto the principal also. Best and Smartest thing I ever did, other than marry my wife! The house gave me a place to store my 66 Cutlass I've had since 1974 and a place to do the restoration you guys have also been a Big part of in the last couple years. Sell the car and never look back, you can always get another toy! Beautiful shifter handle you sent me by the way!
Thanks, Ron

jensenracing77

This is exactly what my boss at work said and many of my friends said. My boss thinks I am crazy for even thinking about it. I told him I would keep it if he pays off my house, lol. He is the owners son.

jensenracing77

And here I started this thread to thank everyone and it turns out that you are all just helping me more.

Thanks,

marxjunk

look at it another way..

You sell the car, you pay your house off...down the road you want a car, and it runs thru your mind for months..."my house is paid off...i can get an equity loan"..etc...so youre back in debt,,, with out the car you built....and back in debt...and another project car you probably wont get to soon


you will probably always be in debt...its the way of the world...so...if youre comfortable and can keep the car....keep it...if youre young...and healthy...you have time to pay bills..but ya live once...enjoy the car...


after all you hit the car guy jack-pot..you have a nearly free w30(cash wise)...but you worked for it..you didnt buy it..you used your common sense..you wheeled and dealed and you made it happen..i dont think youre giving yourself enough credit here...


sell your lesser cars..keep the parts rollin'....

after all..investment grade cars like that is wealth..but its the kind of wealth you can touch and enjoy..

mrhotrod

I would keep it myself, if 20,000 is all you have to worry about .. now days that is very minimal and replacing that car would be harder than you realize I think. I would be looking into rolling as much as I could out of the parts you have left and see if you can't reinvest again to keep it rolling. owning your home outright is a good feeling but you still always find another expense you have to save up for , it never ends and you will be hard put to find the cash to buy another nice car like you have that car is part of you now anyway...

ThePackRat

I can see both sides of this.

Admittedly I didn't follow each & every detail of this project .....

But I don't think you had any MAJOR catastrophe's with it.

Having been around long enough to accept I'm one of those poor saps that will always be a poster child for chit happens + the fact I have a pinch of OCD .....

A project of this undertaking would have had me under intense stress.

So many people take on a complete resto like this & have nothing but bad luck.

I've lost track of how many stories I've read in my time about unexpected surprises - bad engine builders - body shop jail - things getting so botched up one has to start from scratch all over - etc etc etc.

Sometimes things go so far south, they just want to wash their hands of the project - walk away - never look back & never ever want to go there again. It can ruin the entire hobby for someone.

You made it past all that potential mess & that's a major WIN in my book.

You know EXACTLY what went into this project, not only money wise but you got your own two hands dirty & know exactly what you had when you started & what you have now.

Keep an open mind & consider all your options before making any decisions.

Perhaps you can find another way to pay down your mortgage over time.

Maybe not as quick as selling the car, but much sooner than 30 years.

If you do ultimately decide to sell the car, unless you made some sort of actual promise to the person that made the offer .....

Don't feel obligated to that one person. Be certain you are getting what it's really worth.

As you said above, not a good feeling to know you sold something for too little money.

PS -

Forgot to say the car came out incredible.

drop top olds

I would keep it if you can. My kids would disown me if I let any of my stuff go without giving them a crack at it.

pogo69

Lol, Poor country boy my eye...more like shrewd sharp as a tack businessman

starfire

I agree with marxjunk for all the reasons he lists, plus you know this car inside and out. If down the road you want to get another one you will have to deal with all the problems that come with an unknown car (I don't know how many years I lost that I could have been cruisin' in my '68 because I was trying to fix something a dipstick former owner did to it).

In the big picture, a $20,000 note on a house is not much. Hell, most people have that much in credit card debt. There's a lot of ways to pay that note down quicker (pay extra towards principle each month, even $20 helps, etc). You put your blood, sweat, and tears into that car, you can't replace that.

I have my house paid off and it does feel good, but if I had had to do it at the expense of not having my '68 in the garage, well, I don't think it would feel very good at all. Especially when I saw other people out enjoying their classic cars.

Just my $.02. You need to do what is right for you and your family. If you do decide to sell your car to pay off the house, make sure you do talk it over with your family. You don't want to pull off a "Gift of the Magi".

jensenracing77

Not sure where the 20K figure came from but I owe much more than that. If that is all it was I would keep the car for sure.

Mr Shifty Sidney

As Dave Ramsey would ask, if your house was paid off would you borrow money against your house to by the car?

Don W

starfire

It came from post number 13.

firefrost gold

And whats behind door 3 again ?? Keep it find mister deep pockets another car and restore it for him and make bank

jensenracing77

I was talking about parts. If I sold all the parts I have I am not sure I could come up with that much. It was a reply to selling parts to pay off the house. I owe much more than the parts would cover.

starfire

Well then, as Roseanne Roseannadanna would have said... Nevermind!

droldsmorland

You could always sell the car then refi the house with a 7 or 15 year mortgage. Youd cut the mortgage way down and now have enough to do another car for you. At least in 7-15 youd be into another car verses waiting till you too old to do it again.
I also suggest speaking with a investment adviser. Let a pro guide you to what the right move is with the 6 digits you stand to earn off the W30. With 6 digits earning money the right way you could see a return in less than 7-10 years??? Maybe even enough to purchase one already done?