may have to sell
10-28-2009, 11:38 PM
#11
5th Gear Member
Join Date: Jul 2006
Location: San Diego, CA
Posts: 2,990
don't sell it if you don't have to, you'll definitely regret it in the long run. However, if it needs to be done it needs to be done, simple is that! Your families well being is ultimately more important than the car.
But do everything in your power to find other alternatives first before having to sell it. The only bright side I see is if you do sell it, later on down the road you can build another one!
But do everything in your power to find other alternatives first before having to sell it. The only bright side I see is if you do sell it, later on down the road you can build another one!
10-29-2009, 09:11 AM
#13
Moderator
Join Date: Sep 2006
Location: Northernish Eastish Central Texas
Posts: 3,302
Selling the car needs to be the last possible alternative. The economy that caused your wife's loss of job is the same economy that has made the market soft for modified cars. They are a luxury item. While it may be worth 25-35 to you, I suspect it would be hard pressed to find a buyer that would go anywhere near that.
If you decide to sell, just be prepared to take a substantial loss and recognize that getting back into the hobby will cost you twice what it did when you built this car.
not trying to be gloom and doom, but reality bites.
If you decide to sell, just be prepared to take a substantial loss and recognize that getting back into the hobby will cost you twice what it did when you built this car.
not trying to be gloom and doom, but reality bites.
10-29-2009, 10:30 AM
#14
2nd Gear Member
Join Date: May 2009
Location: SFV, Calif.
Posts: 404
If I absolutely had to sell, I would sell it in parts. Mainly because, as you know, the parts are worth a lot more than the car together. They would also be easier to sell individually piece by piece on a site like ebay or craigslist and might bring even more than you would expect.
Another reason, you could start by selling parts that you may have wanted to upgrade, while the money is holding you over to the next part sale, things might change for you and you would still have your car and be able to fix it with the upgrades you wanted.
Every nut and bolt on a Mustang is worth money to someone restoring theirs, lots of people buy junk cars/motorcycles on eBay, part them out and make several times over the original value. OEM parts can bring outrageous prices for those that don't want aftermarket parts. I've seen dented OEM parts go for 2-3 times what an NEW aftermarket part would cost. With your car so hot and in great condition, you would not have a problem doing that.
It's the only way you can really get the money back that you have put into it. More than you could sell it for as a whole car. You would have a hard time getting what it's worth with the way they economy is. Hardly anyone can get a luxury item like your car, but everyone can still afford to get the parts.
Just a suggestion of what I might do in your situation... (believe me, we are all in the same boat! My aunt got laid off from Disney/Buena Vista Pictures after 27 years! They reorganized her department and her job, high pay and almost all benefits were gone. The kids she trained over the last few years all got new jobs doing the same jobs (same low pay, no benefits) in a newly named department!!!)
Another reason, you could start by selling parts that you may have wanted to upgrade, while the money is holding you over to the next part sale, things might change for you and you would still have your car and be able to fix it with the upgrades you wanted.
Every nut and bolt on a Mustang is worth money to someone restoring theirs, lots of people buy junk cars/motorcycles on eBay, part them out and make several times over the original value. OEM parts can bring outrageous prices for those that don't want aftermarket parts. I've seen dented OEM parts go for 2-3 times what an NEW aftermarket part would cost. With your car so hot and in great condition, you would not have a problem doing that.
It's the only way you can really get the money back that you have put into it. More than you could sell it for as a whole car. You would have a hard time getting what it's worth with the way they economy is. Hardly anyone can get a luxury item like your car, but everyone can still afford to get the parts.
Just a suggestion of what I might do in your situation... (believe me, we are all in the same boat! My aunt got laid off from Disney/Buena Vista Pictures after 27 years! They reorganized her department and her job, high pay and almost all benefits were gone. The kids she trained over the last few years all got new jobs doing the same jobs (same low pay, no benefits) in a newly named department!!!)
Last edited by MetalEd; 10-29-2009 at 10:32 AM.
10-29-2009, 10:40 AM
#15
2nd Gear Member
Join Date: Sep 2008
Location: The garage (near SF bay- Calif)
Posts: 469
You'll both regret it if you sell, it's sooo final and it sounds like it has sentimental value too.
Better idea, get it professionally appraised and take a car loan out on it. Credit union banks are giving good interest rates these days.
If you get in deeper trouble (most likely you probably won't), you can always sell later it and pay off the loan. Maybe prices will be up then.
Better idea, get it professionally appraised and take a car loan out on it. Credit union banks are giving good interest rates these days.
If you get in deeper trouble (most likely you probably won't), you can always sell later it and pay off the loan. Maybe prices will be up then.
Last edited by 1971mach1; 10-29-2009 at 10:51 AM.
10-29-2009, 10:44 AM
#16
2nd Gear Member
Join Date: Oct 2009
Location: texas
Posts: 190
sorry to hear you might have to sell the car. Economy definately sucks right now. I have to agree that in the current economy, you will probably need some luck to get the kind of money you are looking for. Course it only takes one buyer so you never know. I'd say the sell it quickly price would be around 15k and the full value price would be 25k. Car really looks nice and you should get full value but might have to wait several weeks to a few months for the right buyer to come along.
10-29-2009, 11:00 AM
#17
2nd Gear Member
Thread Starter
Join Date: Aug 2008
Location: Tennessee
Posts: 190
guys, i appreciate all your comments. i know the market is soft on classic cars these days. maybe i could sell one of my wifes kidneys! lol! she has asked me to wait and see how things go.
there is alot of sentiment with the car, probably more so of my wifes incouragement and understanding. she would come and sit on the stairs and talk to me while i was lost somewhere underneath.
there is alot of sentiment with the car, probably more so of my wifes incouragement and understanding. she would come and sit on the stairs and talk to me while i was lost somewhere underneath.
10-29-2009, 11:05 AM
#18
1st Gear Member
Join Date: Oct 2009
Location: Texas
Posts: 83
I bought my car from a guy that had was hard up for cash, but didn't feel so bad because he had three other cars he was currently restoring in far better shape. Ended up paying almost half of his original asking price, and that was after talking to him for several months. Nows a good time to buy, horrible time to sell. The borrowing value of the car even in the condition it was in is more than twice what I paid, so I agree with 1971mach1, take out a loan on it if you need money up front. You've got a beautiful car, i only hope i can get mine looking like that without having to break the bank.
