To sell or not to sell the dream car ??

[TimC]

Another option is to look at how much can sell the car with the loan on it and see if can cut the car debt in half or more. Then buy a used car with cash. This would depend on wife being on board and not feeling like onesided sacrifice if the car she drives is one with loan.

good idea but Honestly I dont want to do that to her , her one request was to have a good car that she can get in and out of with 3kids , its really difficult for her when I am away at work for a month so anything to make it easier on her when im gone i will do .

 

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[biophase]

good idea but Honestly I dont want to do that to her , her one request was to have a good car that she can get in and out of with 3kids , its really difficult for her when I am away at work for a month so anything to make it easier on her when im gone i will do .

yeah you can’t sell the minivan and keep the Datsun. She would kill you!

What do the numbers for this online business look like?

 

[Vegvisir]

Just throwing an idea out there. Sell the car and use it as motivation to get a fastlane business going. Take a picture and put it above your desk to remind yourself that you will one day get the same car or better one back.

From a fellow oilfield worker just south of you in North Dakota.

 

[TimC]

yeah you can’t sell the minivan and keep the Datsun. She would kill you!

What do the numbers for this online business look like?

Well I’m currently saving to be able to do this , I will save 10k then look to purchase, I’d like to see at least 50% ROI From it current earnings . Once I can successfully do this a few times to cover my expenses I plan to call it quits with this job . I may even want to save 20k before purchasing . In the mean time I will sell my photography to be able to get to the goal amount faster . I’m planning to sell my prints quite a bit cheaper than what’s available from landscape photographers at the moment for faster and more frequent sales . I will try this method anyways .

 

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[TimC]

Just throwing an idea out there. Sell the car and use it as motivation to get a fastlane business going. Take a picture and put it above your desk to remind yourself that you will one day get the same car or better one back.

From a fellow oilfield worker just south of you in North Dakota.

Oh hey , well I just live in Canada I work offshore Malaysia where it’s nice and toasty .
I hear what you’re saying , but honestly if I sell this car I don’t care to have another sports car as I’ve had many in the past , but yes if my finances permit it later on it will be nice , it’s not a goal of mine .

 

[TimC]

Just throwing an idea out there. Sell the car and use it as motivation to get a fastlane business going. Take a picture and put it above your desk to remind yourself that you will one day get the same car or better one back.

From a fellow oilfield worker just south of you in North Dakota.

Oh hey , well I just live in Canada I work offshore Malaysia where it’s nice and toasty .
I hear what you’re saying , but honestly if I sell this car I don’t care to have another sports car as I’ve had many in the past , but yes if my finances permit it later on it will be nice , it’s not a goal of mine .

 

[minivanman]

Another option is to look at how much can sell the car with the loan on it and see if can cut the car debt in half or more. Then buy a used car with cash. This would depend on wife being on board and not feeling like onesided sacrifice if the car she drives is one with loan.

But then the doctor bills would be sky high because if he would do this, his penis is the next thing to go.....

 

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[Ubu_roi]

I believe that if you're asking that question, you do need to sell it.
When you'll really be able to afford your dream car, you'll only get joy from using it, not doubts. It would also be a great exercise at setting yourself free from something you do not really need.

 

[James Klymus]

As a car guy my self, I would tell you don't sell it.

Yes it is just a car, But it has a special meaning to you.

If you owed money on it, or you were in dire financial need I would tell you to get rid of it because car debt sucks. But as something special to you that costs you a few hundred bucks a year to own...

I sold one of my dream cars because I was in a situation where I owed money on the car and it was hindering my ability to take financial risks with my business. That $500/mo car payment +gas, full coverage, and maintenance + repairs could go towards building my business where I could buy any car I want.

But that was a late model Dodge Charger R/T with a HEMI, They're a dime a dozen, depreciate like mad, and theres tons out there. There aren't many 240z's left. It's a legendary car and you can't buy another like it today.

 

[Get Right]

The car isn't the problem, your mindset is.

You can absolutely figure out a way to keep it and pay off your debts. You just have to commit to figuring it out.

 

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[TimC]

The car isn't the problem, your mindset is.

You can absolutely figure out a way to keep it and pay off your debts. You just have to commit to figuring it out.

thats the plan , my mindset has changed drastically within the last 6months , I am pretty much obsessed with being of more value and the systems to continuously do so .

 

[Primeperiwinkle]

You put your heart into that car. Not many ppl take the time to make something w/ their own hands nowadays.

It’s not going to depreciate. You don’t need the cash. Unless you’re junking up a LOT of garage space that the kids could use with “extra” car stuff.. I don’t know why your wife even cares.

Don’t sell it if you’ll regret it.

 

[ChewingCandy]

Don’t sell it

 

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[Kak]

Don’t sell it

 

[lunga ngcobo]

Hey everyone ,

I have been battling this question to myself for some time , I have a 1972 240z which ive owned for 8years , I rebuilt this car in my garage by myself so there is a strong emotional attachment to it . I really do not drive it as much as i would like to as i live in Canada and i wont drive it in winter , and i also work on a offshore oil rig where I am there for one month and home for a month , so even less time to drive it . I have three small kids now and my time home is mainly spent with them and my goal is to be free of this job within 5years or less .

My current money situation isn't where I would like to be as I have not been good with money in the past but have changed things drasctically in the past 6months , agressively paying off my debt. I have a mortgage which will be paid off by end of next year and a car loan for the family vehicle which I will pay off asap .

Now I could realistically get 25-30k for my car , right now the car just sits in my garage but everytime i drive it i fall in love with it over again and the thought of selling it goes out the window. I dont owe anything on it and pay a few hundred dollars a year in insurance on it so its not costing much to have it , as I have not been spending any money on upgrades for it. But I beleive if i sold it i will get a better ROI allocating that money to something else. My wife isnt a car person and couldnt care less , she wants me to get rid of it . I think I already have the answer to this but emotional attachment to a sports car is a hell of thing .. but if it will take me that one step closer to becoming free of my job and being financially free i will do it . Interested in your thoughts ... thanks for reading .

Emotions don't pay a cent. Infact emotions is the main reason people remain poor.

Think about it... If you sell that car and later become millionaire. You can then buy yourself a better car. Sell it but use the money on something that will add to your progress.

 

[MrChill]

Buying your dream car is fine, as long as you can pay for it in cash and all your other obligations are met. For someone starting out in the wealth curve, if you can't afford to pay for it with cash IMHO, you're buying too much car for your current financial situation. I've seen a lot of folks get in trouble that way, and even one who got their car repo'ed because they couldn't keep up on the payments when they had a health issue that kept them away from work.

 

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[meridian_blue]

Here's an alternative take. Use the car as motivation. Set a goal for yourself that would make the car affordable. If your car payment is x per month, set a goal for yourself along the lines of:

"Within 3 months my side business will generate x (or .8x, 1.2x, etc.) per month, allowing me to afford to keep the car. If I don't hit my goal, I will admit that I cannot afford the car and will sell it."

What makes this work is that your channeling your love of your car towards something meaningful (your FL goals), instead of just making you feel guilty for keeping something you really care about.

 

[TimC]

Buying your dream car is fine, as long as you can pay for it in cash and all your other obligations are met. For someone starting out in the wealth curve, if you can't afford to pay for it with cash IMHO, you're buying too much car for your current financial situation. I've seen a lot of folks get in trouble that way, and even one who got their car repo'ed because they couldn't keep up on the payments when they had a health issue that kept them away from work.

not sure if you have read the original thread but I already own the car , paid cash for it a long time ago.

 

[TimC]

Here's an alternative take. Use the car as motivation. Set a goal for yourself that would make the car affordable. If your car payment is x per month, set a goal for yourself along the lines of:

"Within 3 months my side business will generate x (or .8x, 1.2x, etc.) per month, allowing me to afford to keep the car. If I don't hit my goal, I will admit that I cannot afford the car and will sell it."

What makes this work is that your channeling your love of your car towards something meaningful (your FL goals), instead of just making you feel guilty for keeping something you really care about.

I have no car payments on my 240z , its the family car that has the car payments. I owe nothing on the sports car and its costs me a few hundred a year to keep it . And yes a side business is in the works now . thanks for your feedback much appreciated

 

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[ChewingCandy]

Don’t sell it

I know I've made a terrible advice.

For business point of view, you should definitely sell the car for $30k and pay your debt, invest rest to your side business.

but dude, it's a 240z, just walk to the garage, start the engine, and listen to what she has to say to you before you sell the car.

Yes, you can buy a lambo or the new supra after you become a millionaire, but the old 240z will never come back and I hope you don't regret that you sold her just for $30k.

 

[OnTheWrox]

Hey everyone ,

I have been battling this question to myself for some time , I have a 1972 240z which ive owned for 8years , I rebuilt this car in my garage by myself so there is a strong emotional attachment to it . I really do not drive it as much as i would like to as i live in Canada and i wont drive it in winter , and i also work on a offshore oil rig where I am there for one month and home for a month , so even less time to drive it . I have three small kids now and my time home is mainly spent with them and my goal is to be free of this job within 5years or less .

My current money situation isn't where I would like to be as I have not been good with money in the past but have changed things drasctically in the past 6months , agressively paying off my debt. I have a mortgage which will be paid off by end of next year and a car loan for the family vehicle which I will pay off asap .

Now I could realistically get 25-30k for my car , right now the car just sits in my garage but everytime i drive it i fall in love with it over again and the thought of selling it goes out the window. I dont owe anything on it and pay a few hundred dollars a year in insurance on it so its not costing much to have it , as I have not been spending any money on upgrades for it. But I beleive if i sold it i will get a better ROI allocating that money to something else. My wife isnt a car person and couldnt care less , she wants me to get rid of it . I think I already have the answer to this but emotional attachment to a sports car is a hell of thing .. but if it will take me that one step closer to becoming free of my job and being financially free i will do it . Interested in your thoughts ... thanks for reading .

It's understandable to be attached to the car which represents an experience and a journey of your own. At times, it helps to figure out what the emotional attachment is about as well as the timing. I bet you were single ( had lots of time to rebuild engine) and no kids yet. Which is totally great!

We humans forget that often times we are moving through life and yet we hang on because the way something made us feel. I think this car is a lot for you because you really grew as a person through the process of rebuilding it was almost like a representation of you building yourself as a man. That is powerful bonding to a physical through the emotional. I think that once you recognize that you are a whole person and the car was meant to be there to help you through your journey at that point in life, you will be able to let go easier.

Once you're able to take those funds put towards debt or whatever it is you will be THAT much closer to your goal but more importantly you're focusing on the future rather than looking back. Once you move closer to your goal you'll find that you may want to rebuild another car, but perhaps with your kiddos bonding with them because that's the stage in your life. The car is simply a stepping stone is all, it's okay to let go. You've already moved on to other chapters in your life this is the last. In fact you may find when you do sell the car, energy will open up and shift bringing other opportunities you never dreamed up unfolding. Life is funny like that.

I hope this helps, I may be off the target a bit-- but that's just my two sense.

 

[TimC]

I know I've made a terrible advice.

For business point of view, you should definitely sell the car for $30k and pay your debt, invest rest to your side business.

but dude, it's a 240z, just walk to the garage, start the engine, and listen to what she has to say to you before you sell the car.

Yes, you can buy a lambo or the new supra after you become a millionaire, but the old 240z will never come back and I hope you don't regret that you sold her just for $30k.

yeh Im not selling it at the moment , i can save that 30k on the side right now with my current job and some side projects. Everytime i drive it theres no way i can think about selling . Honestly I don't care for a lambo or any exotic car , sure it would be nice to have when I am financially there ,but as a car guy from a kid nothing comes close to driving a classic car especially a 240z .

 

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[TimC]

It's understandable to be attached to the car which represents an experience and a journey of your own. At times, it helps to figure out what the emotional attachment is about as well as the timing. I bet you were single ( had lots of time to rebuild engine) and no kids yet. Which is totally great!

We humans forget that often times we are moving through life and yet we hang on because the way something made us feel. I think this car is a lot for you because you really grew as a person through the process of rebuilding it was almost like a representation of you building yourself as a man. That is powerful bonding to a physical through the emotional. I think that once you recognize that you are a whole person and the car was meant to be there to help you through your journey at that point in life, you will be able to let go easier.

Once you're able to take those funds put towards debt or whatever it is you will be THAT much closer to your goal but more importantly you're focusing on the future rather than looking back. Once you move closer to your goal you'll find that you may want to rebuild another car, but perhaps with your kiddos bonding with them because that's the stage in your life. The car is simply a stepping stone is all, it's okay to let go. You've already moved on to other chapters in your life this is the last. In fact you may find when you do sell the car, energy will open up and shift bringing other opportunities you never dreamed up unfolding. Life is funny like that.

I hope this helps, I may be off the target a bit-- but that's just my two sense.

Well I did have two small kids whilst building the car , I enjoy working on older cars that aren't all electronics like today , gives me satisfaction .
I wont sell it right now as my mindset towards money has changed drastically within the past 6months and money I used to waste is now going to good use . If I cant achieve what i want to financially and really need that money from the car I will sell it , right now I dont need it . I will save that 30k from my current job and other side income in order to keep the car . I do appreciate your reply and outtake on this . The one thing I will not do is spend money on any upgrades for the car .

 

[OnTheWrox]

Well I did have two small kids whilst building the car , I enjoy working on older cars that aren't all electronics like today , gives me satisfaction .
I wont sell it right now as my mindset towards money has changed drastically within the past 6months and money I used to waste is now going to good use . If I cant achieve what i want to financially and really need that money from the car I will sell it , right now I dont need it . I will save that 30k from my current job and other side income in order to keep the car . I do appreciate your reply and outtake on this . The one thing I will not do is spend money on any upgrades for the car .

BAAM! You've got your answer and you're crystal clear. Awesome!

 

[Mark Trade]

If I was in your shoes, I would do the following. (this is me, not you). I could approach my parents who are well off and explain my situation. Dad would agree to buy the car off me for $24k, I get too keep the car at my place. In an agreed time period and after all my debts are paid, I agree to buy the car back off dad for $26k, in installments. The extra $2k is a sweetner.

Works for some, not for all. Think outside the square.!!! Hire it out for weddings. In the summertime, take tourists on a joyride, etc etc.

 

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[MrChill]

not sure if you have read the original thread but I already own the car , paid cash for it a long time ago.

I wasn't talking about you specifically, more so a general principle for those people who are not in a financially secure spot. I don't see any problem with owning a luxury or exotic car as long as you're financially ready for it.

 

[TimC]

Update !
In April 2020 i lost my job in the oilfield as I refused to travel and was laid off from the company I worked for but I played that move as I had been travelling back and forth to Malaysia for 10years , I was tired of it and tired of the job, I basically had enough of the management . I worked for this company for over 15years.

Despite COVID , 2020 was a good year for me and my family as we spent the most time together ever and I enjoyed it despite not having income , but we did have money put aside for times like this . We still has fun , camping was our get away for 2020 summer and it was the most fun I’ve had in my life .

I successfully planned and executed a classic car track day in 2020 which was a success , did not make money but did not lose any . I plan to continue this.

Fast forward to today , I am back working for the same company closer to home , i know it’s not where I want to be , but I payed off my mortgage within the first couple months of working with them . And now with no significant debt my plan is to use this job’s pay check as my stepping stone to the next level.
My biggest problem is figuring out what that should be , constantly battling with myself on what I should do next .

What I do in the oilfield does not really transfer over into anything . The only aspect of it is my ability to plan , supervise and execute a job successfully , in a nutshell it’s what I am good at in my current job .

Last but not least , I kept my car !
But now is the time to kick things in high gear and unscript my life .

Id appreciate any advice you guys can give .. thanks for reading

 

[Johnny boy]

I’ve got a 280z. How did you restore yours, all yourself? I want to fix mine up as well. Needs some stuff to make it more reliable.

 

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[TimC]

Yeh did most of the work , it didn’t need much restoration