"FlipperB" (flipperb)
12/06/2013 at 15:55 • Filed to: None
1
17|
"FlipperB" (flipperb)
12/06/2013 at 15:55 • Filed to: None | 1
| 17 |
Insurance companies don't spend more on a car than the car is worth.
Last week, I got back my 1974 Porsche 914 with a rebuilt (and improved) engine. The engine rebuild alone cost a few hundred dollars more than I paid for the car four years ago. Throw in the transmission rebuild, parts orders, and other stuff that I took care of while the car was apart, and we're looking at about 150% of the original purchase price.
All in all, the purchase price is now about 1/4 of the total I've spent on this car in four years. I keep track of the spending, but I'm not sure if I should.
On the plus side, the car is probably now worth nearly double what I paid for it... or roughly half what I've spent on it.
How many Jalops out there are way over-invested in their cars?
Oh, and for the record, I'm not saying I regret any of it. The difference between the car's value and the amount I've spent is the price of the big goofy grin on my face when I'm driving it.
HammerheadFistpunch
> FlipperB
12/06/2013 at 15:58 |
|
We're all upside down on our cars. My gas bill this year alone will be about what I paid for it. That big goofy grin though...yeah, worth it.
Party-vi
> FlipperB
12/06/2013 at 15:59 |
|
I had new suspension, header, full exhaust, tires, wheels, and a stroker motor into my '88 Cherokee. Waaaaaaaaaaaay over budget.
KB Garage
> FlipperB
12/06/2013 at 16:01 |
|
By the time I was done with my CJ-5, I probably could have bought new wrangler unlimited.
|
FlipperB
> HammerheadFistpunch
12/06/2013 at 16:04 |
|
Maybe that's part of the definition of a Jalop. The relationships with our cars aren't rational.
|
HammerheadFistpunch
> FlipperB
12/06/2013 at 16:05 |
|
Its a tough thing to try and explain to people. And frankly, summed up nicely.
|
KB Garage
> HammerheadFistpunch
12/06/2013 at 16:07 |
|
That's why I bought my DD beater. If I recall correctly, you too actually have a need for a real SUV.
|
FlipperB
> KB Garage
12/06/2013 at 16:10 |
|
Yes, my DD is a 2007 Kia Rondo. When it came time to buy a DD, I was purely rational. Couldn't justify the extra $5K for a FWD RAV4, so I went with the most practical appliance for the job.
Every $1 spent on the DD is $1 I can't spend on the 914. :)
|
HammerheadFistpunch
> KB Garage
12/06/2013 at 16:13 |
|
I do, and I'm hoping that I can get a more fun DD beater in the near future, maybe summer.
Viking03
> FlipperB
12/06/2013 at 16:15 |
|
To date I have spent 250% of my purchase price on my '69 Charger for restoration. I still can't drive it, but every time I see it, I get a huge smile.
quarterlifecrisis
> FlipperB
12/06/2013 at 16:17 |
|
I always try to be rational about things. For example, C6 Vette = less to operate on a monthly basis than TrailBlazer SS. So, that was how I sort of justified the purchase. Let's not talk about silly things like equity, interest rates, and the time value of money though.
Almost related though, I drove my trusty, rusty 18 year old 220k mile 96 Chevy pickup from home to new location this weekend, and got all sorts of hyped up about all the awesome things I can do to it...value aside. Then I remembered it basically needs a full respray and my attitude changed.
|
KB Garage
> HammerheadFistpunch
12/06/2013 at 16:42 |
|
I'm on mobile. Were you kinja'd or am I?
|
HammerheadFistpunch
> KB Garage
12/06/2013 at 16:47 |
|
looks like I was.
Brian, The Life of
> KB Garage
12/06/2013 at 16:51 |
|
But then you wouldn't have a CJ-5 so ...
|
KB Garage
> Brian, The Life of
12/06/2013 at 16:54 |
|
I do not any longer. So there's that. :(
|
Brian, The Life of
> KB Garage
12/06/2013 at 17:12 |
|
:(
::brofist::
Luken10
> quarterlifecrisis
12/06/2013 at 20:56 |
|
Are you just basing it off of the gas consumption? Just curious to see how cheap a Vette would be to own.
|
quarterlifecrisis
> Luken10
12/09/2013 at 08:16 |
|
I see most of my savings at the pump. Purchase price was higher, resulting in a $45 increaes per month in my payment. Like I said, you have to look away from real figures, like equity, and TVM. It really isn't an expensive car to own though. I'm 27, and pay under $100/mo for insurance on that, plus my truck, plus my renter's policy. At the end of the day, it's still a Chevy...not difficult to work on, and while yes, the "Vette tax" does exist, it's not like buying parts for a Ferrari.
Definitely falls into the category of "if you have the means, I highly recommend it." I don't see myself hanging onto the car forever, it's the rarest color for 05, but it's not a rare car by any measure, and I don't treat it as such.