Being a car guy as you all are, I’m constantly on eBay, Craigslist, etc, checking cars, parts, etc, etc, etc. So this weekend I find on eBay an 86 GT, black 5 speed, 11k original miles. Car looks right, clean car fax, original tires and wheels come with car, along with books and original keys. A find, right? Bidding is low, in my opinion. 7200. Our Foxes are getting hot, and this looks to be a pristine example with crazy low mileage. It was a no A/C car, with manual windows but still, I thought that number was low. I already have an 87 GT which is my baby. But I tell the wife I’m gonna bid on this 86 because it’s so low and if it doesn’t go much higher, I’m gonna buy it and bring it to Barrett Jackson when we go in June. It should be a 12-15k car there I would think, right. Even with the fees and getting it there, there should still be a few thousand dollars left. So then she starts. You don’t need another car, why is the mileage so low, if you lose our money I’m leaving, etc, etc, etc. Since I have a six year old daughter, I felt guilty about taking the risk. I should put that money in her college fund if I’m gonna throw it at a car I’ve never seen. So wife wins. I don’t bid on car. It sells for $7600. I’m kicking myself today for listening to her. Am I crazy? Or was that a real missed opportunity? I think I know cars and their values? Could I be that out of touch? Could the wife have been right? I think not. Think I just missed an opportunity to put a few thousand dollars in my pocket. Another dream, crushed.
Dream Crusher Strikes Again
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Just my opinion, but cars are too risky to invest in unless you have the extra cash to lose. It's not like putting the money in an IRA or mutual fund, you never know what might be hidden. Also, the fact that an online auction ended at 7600 might be just an indicator of what would have happened at BJ. I think the recent fox mustangs at BJ were rigged and not a true representation of what they bring.
Joe
Joe
I saw the title of your thread and wondered why someone was talking about my wife!
It sucks a little bit, but it’s not the end of the world.
Let’s say it worked out for you and you made three or four grand. Would it be worth the hassle your wife would have been to you?
Speaking for myself, I’ve spent buttloads of money I’ll never see again to keep my wife off the crazy train.
Another opportunity will arise when things are better suited for your situation.
Don’t let it eat you up.
It sucks a little bit, but it’s not the end of the world.
Let’s say it worked out for you and you made three or four grand. Would it be worth the hassle your wife would have been to you?
Speaking for myself, I’ve spent buttloads of money I’ll never see again to keep my wife off the crazy train.
Another opportunity will arise when things are better suited for your situation.
Don’t let it eat you up.
That’s the thing. I don’t have cash just laying around to do something like that, and I own a Fox Body because I love the car, not because I want to make money off it one day. I just thought this one was a sure thing. Believe me I’m not a gambler. But hey, whatever. Wife always tells me when I come home bitching about my job that I should do something with cars because that’s my passion. I finally try to do something car related that probably would have put some money in my pocket and.........squash. Smh
Yes, all kinds of rumors about agreements between sellers and buyers at the BJ auction regarding those Fox's... also heard they were bought back by the seller...
I can see a mint low mile Fox going to 10-12 to the "right buyer"... but I'd not want to chance it in an auction environment.
Being a regular Joe, you're not likely getting you car across the blocks on Saturday night... more likely Wednesday/Thursday, and, then there are folks looking for drivers not investments.
So, my .02, you made the right move.
Instead of making $2k once, invest that money and make $1k+ annually for the next 20 years.
I can see a mint low mile Fox going to 10-12 to the "right buyer"... but I'd not want to chance it in an auction environment.
Being a regular Joe, you're not likely getting you car across the blocks on Saturday night... more likely Wednesday/Thursday, and, then there are folks looking for drivers not investments.
So, my .02, you made the right move.
Instead of making $2k once, invest that money and make $1k+ annually for the next 20 years.
Here's my take on this subject on BJ autions, I've been watching them for a few years, I have been to a couple near me in Kissimmee FL, the buyers are regional, what sells good in one place like Las Vagas don't do well in others, and yes I felt that the mustang 'collection' that recently went across the block was suspect, not the cars but the buyers and sellers. One suspect is known to 'plant' bidders to jack up the price. It's a haven for flippers,
That mustang with 11k on it would have proof and the seller would likely have used a classic car specialty dealer to sell it, not say'n it was suspect but a Craig's list find like that would be rare. You'd be better off try'n to make money on toyotas,
That mustang with 11k on it would have proof and the seller would likely have used a classic car specialty dealer to sell it, not say'n it was suspect but a Craig's list find like that would be rare. You'd be better off try'n to make money on toyotas,
Got a link to the auction?
Honestly, unless it's a clean notchback or a '93 Cobra, I don't see it pulling $15k. So by the time you buy car, clean it up, drag it around plus expenses (fuel, hotel, etc) and fees I don't think you'd make much. I think your buying pool is smaller as that figure is creeping into notch/cobra territory. The internet is full of people hyping up the value of those cars despite no intention of actually buying it.
I even think coyote swap cars are a bubble that will pop one day.
put the money in an IRA or 529 instead or some good dividend paying stocks
Honestly, unless it's a clean notchback or a '93 Cobra, I don't see it pulling $15k. So by the time you buy car, clean it up, drag it around plus expenses (fuel, hotel, etc) and fees I don't think you'd make much. I think your buying pool is smaller as that figure is creeping into notch/cobra territory. The internet is full of people hyping up the value of those cars despite no intention of actually buying it.
I even think coyote swap cars are a bubble that will pop one day.
put the money in an IRA or 529 instead or some good dividend paying stocks
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We are getting a little off topic, but I will add this about my investment education. I bought my used f150 a few years back and needed to borrow about 15k, which was going to cost me just shy of $1500 over the course of a 5 year loan. Rather than pay the bank money, I decided to take the 15k out of an investment account. Luckily my advisor slowed me down and made me look at it another way.
The 15k was earning me about $500 per year in interest, which means that it would earn $2500 over a 5 year time span, 1k more than the vehicle loan would cost me, and I would always have that money for emergencies.
Just echoing what others have said, if you have some cash laying around, invest it! Wisely of course.
Joe
The 15k was earning me about $500 per year in interest, which means that it would earn $2500 over a 5 year time span, 1k more than the vehicle loan would cost me, and I would always have that money for emergencies.
Just echoing what others have said, if you have some cash laying around, invest it! Wisely of course.
Joe
Found the car
https://rover.ebay.com/rover/0/0/0?mpre=https://www.ebay.com/ulk/itm/173158683064
Not ebough pictures to really analyze condition. It's modified, but being s New York car, I would want to see the underside of the car, the strut towers, and generally better pics. The caliber of mods really doesn't speak to a high end car. Seems like cheap mods. I think you made the right choice not bidding. A bit of risk
https://rover.ebay.com/rover/0/0/0?mpre=https://www.ebay.com/ulk/itm/173158683064
Not ebough pictures to really analyze condition. It's modified, but being s New York car, I would want to see the underside of the car, the strut towers, and generally better pics. The caliber of mods really doesn't speak to a high end car. Seems like cheap mods. I think you made the right choice not bidding. A bit of risk
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I was a little leary about the underside being it spent most of it’s life in PA which I confirmed via car fax. I figured a car that old with such little mileage probably wasn’t a daily driver so it would be ok. I’m gonna put the money in my 6 year olds 529. Everything happens for a reason I guess. Thanks guys. Feel a little better now.
Steel1
Mustang Master
Yeah when I see pictures of a low mileage, mint car parked on some city street it always makes me a little nervous...just my opinion.
I don't know, I guess if your serious about selling a car as an investment and don't have a private residence for taking pics at least find a parking lot or something.
I don't know, I guess if your serious about selling a car as an investment and don't have a private residence for taking pics at least find a parking lot or something.
The bigger issue I usually have is if I buy something nice to flip, when it comes time to sell I usually don't want to. This is how you end up with a really angry wife...my wife tried to get me to shake and give my word that I will sell the 94 Cobra at some point. I asked for a definition of "some point" to which she just shook her head and said I was hopeless. Yeah, I can live with hopeless as long as I have my cars..
Yeah I have a hard time letting things go. My mustang parts pile is too big and I really need to downsize it but I just can't
mikestang63
SN Certified Technician
Can't tell you how long I've spent today trying to figure out what to put in its place on that shelf.
