To sell or not to sell??
01-03-2008, 08:56 PM
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To sell or not to sell?? Guys, I am divided on whether or not I should sell the SS or not...
The car, while fun and fast as hell, has cost so much god dam money its rediculous. I have about $6000 left in performance mods left before she is where I want her to be (a nasty street strip car). As of now the car sits in the garage stripped in preparation for a cage installation. I really just want to put it back together, part the performance parts out, put her back to stock and let her go. I think I could get $17-20,000 realistically for her as the car is IMMACULATE.
I have had the urge lately to sell it and invest the money in property, ie, a home or something of the sort, and get serious about making money over the next decade or so. This would be a GREAT head start you know!
I just hate the thought of spending another 5 or 6 grand on the thing...UGH!!
Anyone have any opinions either way? I have little or no savings because of the car, and while it is fun, I would rather invest and maybe 10 years down the road buy whatever the hell Camaro I want and mod the **** out of it with my eyes closed lolol...or better yet, my favorite, a new Z06!
What ya'll think? I'm just not sure! Anyone ever thought about it before?
Erik
The car, while fun and fast as hell, has cost so much god dam money its rediculous. I have about $6000 left in performance mods left before she is where I want her to be (a nasty street strip car). As of now the car sits in the garage stripped in preparation for a cage installation. I really just want to put it back together, part the performance parts out, put her back to stock and let her go. I think I could get $17-20,000 realistically for her as the car is IMMACULATE.
I have had the urge lately to sell it and invest the money in property, ie, a home or something of the sort, and get serious about making money over the next decade or so. This would be a GREAT head start you know!
I just hate the thought of spending another 5 or 6 grand on the thing...UGH!!
Anyone have any opinions either way? I have little or no savings because of the car, and while it is fun, I would rather invest and maybe 10 years down the road buy whatever the hell Camaro I want and mod the **** out of it with my eyes closed lolol...or better yet, my favorite, a new Z06!
What ya'll think? I'm just not sure! Anyone ever thought about it before?
Erik
01-04-2008, 05:18 AM
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keep the car and just keep yourself from spending money on it...if you sale the car and get property you are going to kick yourself in the *** for selling the car...if you keep the car you can still invest in property...just have to have the "want to" to do it
01-04-2008, 07:36 AM
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Just depends on where you're at in your life and what's important to you. I sold my T/A for a '68 Camaro that I absolutely love, but realistically, i'm not in the greatest position to have it. I am 20 years old and it has made me really think about what's important. I'm an aspiring singer/songwriter and trips to Nashville are nearly impossible with my junked up DD, and the Camaro is not gonna make a 2 hour drive with a 3.90 gear and 4500 stall. So I guess we learn from our mistakes and mishaps but my best advice to you is to just pray about it and ponder what means the most to you. God speed!
01-04-2008, 09:35 AM
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I hear you about spending $$ on your car. The past two years have seen 7k down the tubes for me with no seat of my pants return. I did all the mods to my engine then had to repull the engine to fix a bearing that making some noise, THEN when my car is finally all back together and running like a champ i take it out to a cruise night and bam the mother F%#$#r won't start and i have to get it flatbeded to a local chevy shop. VATS system failure, another 450$ gone. I bought my house two years ago and now want to sell to move out of state and realize that i have not done anything to my house to increase the value of it and instead dumped all my money on the car!! So now i am way behind the eight ball and yes my car is listed in the for sale thread on this site. I will hate myself for selling but at some point you have to stop the bleeding. There are always more cars, with that said i will now contradict myself if it was a six speed i would probably pimp myself out to make exta $$ to keep it!! Good luck.
01-04-2008, 09:59 AM
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How many miles on your SS? What roof does it have? Is it a 35th LE? Might sound like a silly question if there's a pic in your sig, but here at work I can't see most of the pics posted. 
Anyway, assuming it's just a normal hard top/t-top SS, if you return the car to stock, I think $20k is an optimistic price for a basic '02 SS, unless it's an unmolested ultra low mileage show car. To give you an example, I've recently been looking at two different show quality, 100% original (with full documents) '02 SS hardtop cars, one had 2k miles and the other 5k miles. Their prices were listed at $22k and $25k, and that was from dealers.
I think you'd get something closer to the $17k you listed if you return it to stock for sale. IMO. That's assuming the car is not a 'vert or 35th LE, etc., but just a normal SS. Not trying to put the car down at all, but if you're counting on a certain dollar amount to venture into an investment, don't put all your faith into the sale of a used car. I've been very dissappointed in the past myself with what I've been able to get out of some cars that I felt should've sold for more, so now I never count on getting top dollar.
Just a thought.
Anyway, assuming it's just a normal hard top/t-top SS, if you return the car to stock, I think $20k is an optimistic price for a basic '02 SS, unless it's an unmolested ultra low mileage show car. To give you an example, I've recently been looking at two different show quality, 100% original (with full documents) '02 SS hardtop cars, one had 2k miles and the other 5k miles. Their prices were listed at $22k and $25k, and that was from dealers.
I think you'd get something closer to the $17k you listed if you return it to stock for sale. IMO. That's assuming the car is not a 'vert or 35th LE, etc., but just a normal SS. Not trying to put the car down at all, but if you're counting on a certain dollar amount to venture into an investment, don't put all your faith into the sale of a used car. I've been very dissappointed in the past myself with what I've been able to get out of some cars that I felt should've sold for more, so now I never count on getting top dollar.
Just a thought.
Last edited by RPM WS6; 01-04-2008 at 10:05 AM.
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01-04-2008, 11:13 AM
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i still say don't sale your car....do what i did, join the military, pcs to england for 3 years...buy a house when you get there for 80k...pay 60k into it...sale it at market value then...which was 180k(sterling) and walk out with just over 340k(us) all pocket money.....oh and only be 23...god the military rox
01-04-2008, 11:47 AM
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i say dont sell it. Right when i bought my house i decided to sell my WS6, and i dont think a day goes by i dont either talk about it or miss the hell out of it. Property is a great investment, cars on the other hand really are not. I say keep your car, sell some mods off of it and just make it a fun street/weekend car and dont put any more money into it. I think you would miss it once its gone, and to me, i have had about 3 different f-bodys since then and i still miss the original one.
01-04-2008, 11:52 AM
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Hey man,
I just did a year and a half at Bagram, small world. Although I wouldn't say the military rocks. I'd say to do like myself and go as a civilian and rake in 200 grand a year, i'm currently in Baghdad. Anyway, back to the important topic...CAMARO....Do not sell!! I currently own an 02 SS. Mint low milage. This is my 4th. Every time i've sold one, I hate myself so bad, I go buy a better one. Life's gonna kick you in the ***** anyway, might as well accept it, the saving grace to me is when life kicks on me, I can always go for a drive in my SS and suddenly life's not kicking so hard. DO NOT SELL!!! It's therapy in motion!!
I just did a year and a half at Bagram, small world. Although I wouldn't say the military rocks. I'd say to do like myself and go as a civilian and rake in 200 grand a year, i'm currently in Baghdad. Anyway, back to the important topic...CAMARO....Do not sell!! I currently own an 02 SS. Mint low milage. This is my 4th. Every time i've sold one, I hate myself so bad, I go buy a better one. Life's gonna kick you in the ***** anyway, might as well accept it, the saving grace to me is when life kicks on me, I can always go for a drive in my SS and suddenly life's not kicking so hard. DO NOT SELL!!! It's therapy in motion!!
01-04-2008, 12:10 PM
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I just did a year and a half at Bagram, small world. Although I wouldn't say the military rocks
01-04-2008, 12:18 PM
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Goals are important. Otherwise you're like a rudderless ship, always changing direction with the waves, but never really getting anywhere.
There are only two ways to get ahead in life:
A) Goals. Set them, form and complete a path to acheive them, then set new ones. Re-evaluate if life changing events occur.
B) Luck. Hope that great things will just "happen" to you.
Guess which one works best.
There are only two ways to get ahead in life:
A) Goals. Set them, form and complete a path to acheive them, then set new ones. Re-evaluate if life changing events occur.
B) Luck. Hope that great things will just "happen" to you.
Guess which one works best.
01-04-2008, 12:18 PM
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Wow guys, thanks a lot for all the insight!
I realize at this time, and with the market the way it is, property may not be a wise investment unless it is a home I am going to live in over the next couple of years.
I am VERY passionate about these vehicles! Hell, I get to work on them a hell of a lot and it is always fun to me. I get excited thinking about driving it as well when the weather is right!
I guess it is just the fact that it has been sitting for some time, and needs to be completed. I guess when you don't drive it, you forget how sweet it is lol! I got to drive a C5 vette last night, BONE stock, and I just about pissed myself. What a blast! Reminded me of the SS!
For now I suppose I can hold onto it. Hell it is paid for and it in MINT condition. All I pay is insurance which aint so bad (thanks USAA and the US ARMY
) I'll save up for now and if I feel like it is time to mod, I will. If not, I will invest that money
The other thing I figure is I have come this far, I may as well bite the bullet and just finish it. Once it is done, then I can begin my next venture in life which would be investing! $15 to $20 g's would be a nice headstart though, but I guess I am young- what the hell!
I really appreciate everyone taking the time to respond. I was just curious to hear other opinions and what others have done.
Thanks
EB
I realize at this time, and with the market the way it is, property may not be a wise investment unless it is a home I am going to live in over the next couple of years.
I am VERY passionate about these vehicles! Hell, I get to work on them a hell of a lot and it is always fun to me. I get excited thinking about driving it as well when the weather is right!
I guess it is just the fact that it has been sitting for some time, and needs to be completed. I guess when you don't drive it, you forget how sweet it is lol! I got to drive a C5 vette last night, BONE stock, and I just about pissed myself. What a blast! Reminded me of the SS!
For now I suppose I can hold onto it. Hell it is paid for and it in MINT condition. All I pay is insurance which aint so bad (thanks USAA and the US ARMY
) I'll save up for now and if I feel like it is time to mod, I will. If not, I will invest that money The other thing I figure is I have come this far, I may as well bite the bullet and just finish it. Once it is done, then I can begin my next venture in life which would be investing! $15 to $20 g's would be a nice headstart though, but I guess I am young- what the hell!
I really appreciate everyone taking the time to respond. I was just curious to hear other opinions and what others have done.
Thanks
EB
01-04-2008, 12:26 PM
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You can lose your car, shirt, house, dog, and gold fish investing very easily. There are no get rich quick schemes out there or everyone would be doing it. Money does not come fast and easy even if you invest it. You need to know what your doing to play the market and you obviously dont so you'll need to use someone .. who then takes a percentage and charges you maintenance fees.
Poperty isnt a a bad investment as long as you invest in the right area. Never and I mean never do reverse loans or interest only loans or floating interest.
Fixed protects you. Buy in an area that's delevloping and you will see a gain in your investment. Buy in a dead area and no matter what loan you use you wont make money but will lose.
Everything has its risks, it's the steps you take to minimize loss that puts you ahead. Always look at what could happen and take other people bad experiences to heart. Learn for others mistakes all you can and it will help to minimize your own risk
Poperty isnt a a bad investment as long as you invest in the right area. Never and I mean never do reverse loans or interest only loans or floating interest.
Fixed protects you. Buy in an area that's delevloping and you will see a gain in your investment. Buy in a dead area and no matter what loan you use you wont make money but will lose.
Everything has its risks, it's the steps you take to minimize loss that puts you ahead. Always look at what could happen and take other people bad experiences to heart. Learn for others mistakes all you can and it will help to minimize your own risk
01-04-2008, 01:09 PM
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All very true. I am earning a degree in Management and Finance so I can better prepare myself when I do decide to invest. I also read a lot on the subject, and have about $10,000 right now invested in some strong mutual funds which yield slow but good returns (I like to think of it as a start up 401K ) I do not touch that money. It just matures.
I guess a goal I could set is getting the car done the way I want. Spend the cash, enjoy it for a long time to come and never look back. I guess you can always ask yourself "what if" no matter which direction you choose.
Thanks Blanco!
E
) I do not touch that money. It just matures. I guess a goal I could set is getting the car done the way I want. Spend the cash, enjoy it for a long time to come and never look back. I guess you can always ask yourself "what if" no matter which direction you choose.
Thanks Blanco!
E
01-04-2008, 07:09 PM
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Considering that you sait the car was paid for and you arent paying anything but insurance it might be foolish to sell it. Its a tough decision. If the car is in nice shape it will still lose value no matter what especially if you mod it like you say you want to with your plans.
Personally me I would put the car back together and leave it like that. Just dont spend the money on it. Wait til you are older and more mature in your money funds (IE House, good amount in savings and getting your retirement straight) then go after your fun stuff.
Real estate is ALWAYS a good investment. Its been proven time and time again that if you buy a good house in a good neighborhood then you will get money back when you sale it.
Also you can do your own investments. If you read just a little bit and can understand what you are reading there is no reason to pay someone money for something you can do. For me Im basically sticking with mutual funds that range from conservative to down right scary. Its best to invest in the scary stuff at a young age because if you screw up then you have longer to get it back. I find it pretty fun to do it all myself actually.
Personally me I would put the car back together and leave it like that. Just dont spend the money on it. Wait til you are older and more mature in your money funds (IE House, good amount in savings and getting your retirement straight) then go after your fun stuff.
Real estate is ALWAYS a good investment. Its been proven time and time again that if you buy a good house in a good neighborhood then you will get money back when you sale it.
Also you can do your own investments. If you read just a little bit and can understand what you are reading there is no reason to pay someone money for something you can do. For me Im basically sticking with mutual funds that range from conservative to down right scary. Its best to invest in the scary stuff at a young age because if you screw up then you have longer to get it back. I find it pretty fun to do it all myself actually.
01-04-2008, 08:52 PM
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It's a buyer's market, and will be that way for some time to come. If you buy in now, do it for the long term. Don't count on turning a quick profit in the next 3-5 years, IMO.
01-04-2008, 09:05 PM
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RPM WS6, you have done your real estate homework lol...things are looking hairy for those who bought investment properties which are now worth less than they thought...
YIKES!
YIKES!