Do I sacrifice my first car?

[xoxbxfx]

Well, with all my projects debt is nipping at my butt and with school coming back up, I just wont have as much time. Right now I have a project 69 fastback and I also have my 69 coupe that I have owned since I was 16 (6 years ago)... Something ahs to go but whats the best way??

Strip the coupe of everythign (393 stroker, brand new fuel system, fuel cell, full interior with autometer gauges, windshield, built 9", full rebuilt front suspension, 4spd with a new scattershield and other stuff I cant remember) and put it in the fastback to sell it. Im hoping it will get near $20k on ebay (I have $7k into the motor) and the bodywork is just done and it will ahve a badass custom paint job. Then with the coupe, it will sit for a while till I have some cash and I will put an 02GT interior into it (have it), a cobra (DOHC) motor/tranny/rear (already ahve the tranny and rear end) with a Mustang II suspension (already ahve it). This will get rid of a lot of debt I have since I already paid off all the parts on the coupe but it gets set back even further. My first mustang will fall apart to a shell.

The other option is sell the fastback with all its relating parts that I have and keep the 393 stroker in the coupe and drive it on weekends? I probably wont break even on the fastback cause I ahve too much into the bodywork, but I get my first car going and have something to cruise.

What would you do if you were in my shoes?? Something has to go to alleviate (sp?) some debt. My mach 1 is almost ready to sell, then the 66 will go after that (need cash to finish it from the Mach1) then it sells. Between those two, it will get rid of most my debt but I will still have it. I think if I can sell the fastback, mach1 and the 66, I will be in the clear and ahead a bit. LOL...then im gonna build my cheby truck to sell too Maybe once all the cars are gone, I can pay off my daily driver too

Moral of the story...when trying to start a business...do more research, do 1 project at a time and NEVER go into business with friends.

 

[wild70stang]

if the coupe was your first car that you owned I would personally keep it. Also, why do you have 4 cars if you only intend to keep 1?

 

[xoxbxfx]

if the coupe was your first car that you owned I would personally keep it. Also, why do you have 4 cars if you only intend to keep 1?

I have so many cars cause my buddy and I tried starting a business restoring some old cars. We ran into problems with our first car (mach1) and had nothing but problems since. We were supposed to go 50/50 but I ended up funding all of it and am now way into debt cause of it. If I could, I would keep them all, but I need to pay off my debt before medical school.

 

[LUCAFU1]

stop dont sell. you will never get what you put in.

 

[Platonic Solid]

If you can manage to make the time, I would finish the 69 Fastback and keep it. Sell everything else as is.

 

[milner351]

Sometimes life bites you and you have to cut bait to save your financial future. I've had some tenants that have gone through bankruptcy, you don't want to go there.
I sold my first car that I'd built from the ground up in a divorce, along with a lot of other stuff.

If you can keep your first car and you're attached to it, I'd keep it. Try your best to get the other projects to a saleable state, and do your best to at least break even on the sale of each. Chalk up the experience to learning, pay off your debt, and when you graduate medical school and start making money hand over fist, you'll look back on all this and laugh!

 

[steel1212]

Chalk up the experience to learning, pay off your debt, and when you graduate medical school and start making money hand over fist, you'll look back on all this and laugh!

Strip down your first car to get the fastback to a good selling state so you can make the most off it. Sell it, clear your debt, go to med school, make bank, buy a done fastback and still have your first.

I would live in my 65 before I would sell it. I cut my teeth on that car and its not going anywhere.

 

[dennis112]

You only ever have "one first car." Obviously you have sentimental attachements to it, or you wouldn't be asking us.

If you don't get the same warm fuzzies and memories when being in the fastback, then don't sell the coupe. You would probably regret it down the road.

In theory, you can always buy another fastback in the future (assuming they are still in your price range--yet another consideration.)

 

[mustangman70]

Keep your first one man!!!

Im 19 and my 70 coupe was my first car... i dont even want to THINK about ever getting rid of it!!!

As stated before.....years from now you will be glad you still have "your first car"

 

[1320stang]

Well, as I recall, if you strip the coupe, your talking about doing all the stuff you wanted to do to it originally anyway. I'd paint the fastback and put the stuff in the coupe on it, sell it and pay off the debt and go to school.

Whatever you do, paint the fastback in some color that will sell. Likely something stock looking, remember, your not doing it to your tastes, your doing it to the taste of the masses. Likely a stock color. Black or red, look around on the 'net and see what's selling. What color was the fastback to begin with?

 

[Jester67]

I agree keep the coupe and sale the rest. I would not put a custom paint job on though. I think a very nice clean paint job will cost less and you would not regain what you paid for the custom paint job.

 

[66moneypit]

To get out of a hole you have to STOP digging and it sounds like you have reached that point. You can look around your shop and start to sell parts you don't need. Your car might be worth more taken apart than put together so make a parts list, go on ebay and see if you can gauge what kinda return you'd get if you pieced it out. It won't cost you anything to do the homework. It will take you time obviously to handle those parts individually but you were going to have to do that anyway if you moved them from one car to another....Just a thought.

The downside is you don't all your cash in one shot.
It could be a case of "slow dime" versus "fast nickel" type of situation.

 

[xoxbxfx]

I agree keep the coupe and sale the rest. I would not put a custom paint job on though. I think a very nice clean paint job will cost less and you would not regain what you paid for the custom paint job.

custom paint for me is just about free My good buddy is going to do it for free. It will be a single color wiht some pearl ghost flames or something like that. Tasteful, not some ugly flames.

To get out of a hole you have to STOP digging and it sounds like you have reached that point. You can look around your shop and start to sell parts you don't need. Your car might be worth more taken apart than put together so make a parts list, go on ebay and see if you can gauge what kinda return you'd get if you pieced it out. It won't cost you anything to do the homework. It will take you time obviously to handle those parts individually but you were going to have to do that anyway if you moved them from one car to another....Just a thought.

The downside is you don't all your cash in one shot.
It could be a case of "slow dime" versus "fast nickel" type of situation.

I totally understand where you are going but what I have invested in some of these cars, I will definately make a profit. Im hoping to sell my rotisserie restored mach1 for $25k+.. Honestly I have $16k in parts, cost of the car, and all the paint and body work. I will have $4k into the fastback + my coupe parts and Id like to sell it for $20k or so. I would see a good 5k profit after everything I put into it.

 

[mustbereel]

first car

My first car was a 68 Fastback that I bought for $1900 in 1981 and sold for $950 in 1984 (yes, it had some issues but I sure had fun with that car). I wish I still had that car. Not so much because it was my first car but because fastbacks are hard to find and worth so much today. My point is the fastback will always be the better investment.

Brad

 

[66moneypit]

Sounds like you would definitely come out ahead based on what you are saying. I would caution against the flames though bud. If you are truly trying to sell your cars QUICKLY you are actually cutting down the number of people you are appealing to. You'd have to find the right buyer who has the same taste as you....versus appealing to more people -> more people bidding-> higher price. I can't count how many times I have seen a car I'd be interested in but it's got a paint job I don't care for and thus don't want to buy the car because of the hassle of repainting it.

Obviously its your car and I TOTALLY respect what anyone does to their car, that's their right despite how some feel. I wish you luck either way my friend.

 

[xoxbxfx]

Sounds like you would definitely come out ahead based on what you are saying. I would caution against the flames though bud. If you are truly trying to sell your cars QUICKLY you are actually cutting down the number of people you are appealing to. You'd have to find the right buyer who has the same taste as you....versus appealing to more people -> more people bidding-> higher price. I can't count how many times I have seen a car I'd be interested in but it's got a paint job I don't care for and thus don't want to buy the car because of the hassle of repainting it.

Obviously its your car and I TOTALLY respect what anyone does to their car, that's their right despite how some feel. I wish you luck either way my friend.

hey man..i really appreciate the insight. I have been debating this stuff for a few days and its really bugging me. I believe you are right and i will probably stick wiht a solid color paint.

 

[66moneypit]

hey man..i really appreciate the insight. I have been debating this stuff for a few days and its really bugging me. I believe you are right and i will probably stick wiht a solid color paint.

No problem, making a decision is hard sometimes. It sucks your restoration shop didn't work. Do you mind if I ask what the problem was. Down the road, I'd love to open a shop that does restorations.

 

[xoxbxfx]

No problem, making a decision is hard sometimes. It sucks your restoration shop didn't work. Do you mind if I ask what the problem was. Down the road, I'd love to open a shop that does restorations.

the absolute best thing you can do is get reliabe places to do the work you outsource IF you cant inhouse EVERYTHING.

We sent our cars out to blast and body/paint. The mach was at the paint shop for 8 months (we paid upfront) and the owner lost interest I guess. Screwed me over BIGTIME. The other thing is have dependable help... Dont ever depend on friends for the help, depend on yourself. I paid one of my friends to help me and there would be days he didnt show up and what not. Losing friendships isnt worth it, dont do business with friends.

Get some money saved up to build 1 car at a time, dont end up with 4 projects and no money to work on them. Just because you get them for a good deal, doesnt mean its a good deal for you. You dont have to get a "shop" to do business. I would suggest starting in your own garage and just do quality work. Take tons of pictures. If I could show you all the way from the beginning of the mach1 to the end, you would be amazed how much work went into it. I did it for the glory really. Saving a car made me feel good cause I knew these cars wont be around much longer. Money would have been nice but dont expect to make tons of cash per car. I had 16k into the mach 1 and hope to sell it for $25k or so. If I had it done in 1-2 months and paid my labor and shop costs, I probably would have had an actual profit of $4000 over 2 months. You think its gonna be nice makeing $9000 per car, but its not what it seems

 

[milner351]

I'm trying to do some of this, but so far, setting up my shop, moving, getting married, and all my other projects have gotten in the way.... so far I've just got an ebay store, and LLC, and a lot of equipment that I'd have bought anyway and now get to write off.
I think we all have dreams of doing our own thing someday, most of us won't have the chance to do it.
I hope to maybe do a car a year at some point, buying them from out west or down south, or locally if they are not total basket cases, and doing restorations of varying severity depending on what the car is like when I find it.

I admire your tenacity and appreciate your honesty in how things have turned out.

Good points have been made here on all sides of the issue.

It's true, as far as market value, stick with a tasteful near stock paint job in a popular color.

Fastbacks always seem to bring more $$ than coupes, so, that either makes more sense to keep your first coupe, or more sense to keep the fastback since it will be worth more later....

Gods speed in whatever you decide, and thanks for opening up a good discussion.

 

[BDT 1967]

Keep the first one. To make the most money now you need to sell the fastback. Keep the coupe, and enjoy it. I managed to break even when i did my car, and i am working while in school to get my education from Wichita State, but i will not sell my first car. If i work enought hours i shouldnt have to.