Hey all.
I've been thinking. Over the years I have had a bunch of cars and dumped a ton of cash into them. The worst I ever lost my tail was on a 95 Z that I bought new, installed about 5G's in upgrades (ZR1 rims, SLP hood, SS spoiler, borla exhaust, etc..) I sold that car in late 98 for $14,000 to build a duplex and still owed 9 on it.. OUCH.. I learned a lesson there.. The best I ever did on a car was a 88 Pontiac Grand Prix. Bought that car for 900 bucks and sold it for a grand. Owned it for a year and made $100 on it. The 94 mustang GT conv I just sold I bought for 7,500 and sold after 6 mos for 7,000. 6 mos for 500 bucks... not bad, less than 100/month to drive it. The Z I just bought was 8,000 with 51K on it. book shows 10. I feel pretty good about this car and the money in it. I don't feel bad about having to replace the clutch.
Lessons learned:
1) no more car loans. If I cant pay cash, I don't need it.
2) no more brand new cars. Let some other sucker eat the first year depreciation. Better yet, buy nice examples of cars that are fully depreciated. Around 10 years old. I cannot see my Z ever being worth much less than 8 in good shape. Maybe 6 or 7 but not less.
3) stock cars only with "free" mods... maybe rims if I keep the stock ones to sell with it. Unless you are going to keep a car forever, mods are a waste of money. Just like holding up your money and burning it.
4) If I want a faster car, I will buy a faster car. My next car will most likely be a 98 LS-1 firebird 6-speed conv. (I'm saving some bucks)- then a early C5 vette after that.
5) It is very hard to sell a car that is messed with and modded. Not worth as much as a stock virgin car. When people look for a car they want a babied virgin. NOT someones beat up dragstrip veteran all modded up. I have to protect my investment!!
What are your thoughts and experiences?
I've been thinking. Over the years I have had a bunch of cars and dumped a ton of cash into them. The worst I ever lost my tail was on a 95 Z that I bought new, installed about 5G's in upgrades (ZR1 rims, SLP hood, SS spoiler, borla exhaust, etc..) I sold that car in late 98 for $14,000 to build a duplex and still owed 9 on it.. OUCH.. I learned a lesson there.. The best I ever did on a car was a 88 Pontiac Grand Prix. Bought that car for 900 bucks and sold it for a grand. Owned it for a year and made $100 on it. The 94 mustang GT conv I just sold I bought for 7,500 and sold after 6 mos for 7,000. 6 mos for 500 bucks... not bad, less than 100/month to drive it. The Z I just bought was 8,000 with 51K on it. book shows 10. I feel pretty good about this car and the money in it. I don't feel bad about having to replace the clutch.
Lessons learned:
1) no more car loans. If I cant pay cash, I don't need it.
2) no more brand new cars. Let some other sucker eat the first year depreciation. Better yet, buy nice examples of cars that are fully depreciated. Around 10 years old. I cannot see my Z ever being worth much less than 8 in good shape. Maybe 6 or 7 but not less.
3) stock cars only with "free" mods... maybe rims if I keep the stock ones to sell with it. Unless you are going to keep a car forever, mods are a waste of money. Just like holding up your money and burning it.
4) If I want a faster car, I will buy a faster car. My next car will most likely be a 98 LS-1 firebird 6-speed conv. (I'm saving some bucks)- then a early C5 vette after that.
5) It is very hard to sell a car that is messed with and modded. Not worth as much as a stock virgin car. When people look for a car they want a babied virgin. NOT someones beat up dragstrip veteran all modded up. I have to protect my investment!!
What are your thoughts and experiences?
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