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Author
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Topic: Is having old cars really cost effective?
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sigtauenus
Gearhead Posts: 1750
From: Beaufort, SC
Registered: Jun 2000
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posted 04-28-2002 05:26 PM
   
I was talking the other day with a buddy about the virtues of having cars that were paid for vice trading in for a new car every 2-3 years and always having a car payment, in regard to money saved.Then I got to thinking about how I've had my 68 fastback for 8 years, and my 78 F-150 for 5 years now, and I still am nowhere near done with them. With my budgeted $200 a month to spend on them, I won't be done anytime soon. Now, I guess I could argue that once they are "done" (we all know that is a fantasy never actually achieved) they will retain their value, and will be enjoyable with minimal further investment (again, a fantasy). But really, has anyone done the math on this? Is it really cost effective to fix up a classic over driving a newer model?
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ewokeric
Gearhead Posts: 169
From: woodbridge, va united states
Registered: Mar 2002
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posted 04-28-2002 05:42 PM
i don't think it is a matter of how much it cost. If that was the case you could buy a junker every couple of years and drive it to it drops. For me i don't have alot of money but liked and wanted one when i was in high school and it is a project to enjoy ( and the envy of everybody else). I got mine as a way to spend time with my kids and keep my out of trouble espically after the wife left. So i think if you enjoy the work and the pride that comes along with it, then it is worth the time and expense. But i know what you mean when it never ends.------------------
68 mustang coupe(california special)not real though but looks it(will be nice) 351w/c4
erics68coupe.mustangsandmore.ws
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Dave Gibson
Moderator Posts: 7157
From: Norfolk, Virginia, USA M&M#166 MCA#47921
Registered: Aug 99
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posted 04-28-2002 07:08 PM
Sig,
Look at your Mustang as an investment. Here is how. You drive a new car/truck off the dealers lot and loose a few thousand dollars from the get go. After driving that particular car/truck for five years, it has steadily depricated in value. Where as your '68 Mustang has gained in value as long as you maintain it and improve it's condition. I always look at our Mustangs as investments and pure joy to drive. Working on them is not always a joy, but can be.  Dave & Terri ------------------
Poison Ivy (Dave's)
'65 Fastback Modified 289 4V, C-4, dual exhaust, styled steel wheels, rally pac, A/C
Blue Belle (Terri's)
'66 Coupe, Silver Blue Metallic, 351W 2-V, 4 speed, A/C, future sleeper.
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The Iceman
Gearhead Posts: 2056
From: Shelton, CT
Registered: Jul 2000
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posted 04-28-2002 07:16 PM
If you mean old car as in a Classic, then TECHNICALLY its not really cost effective between the $ for parts and the hours spend tinkering/adjusting/etc.If you mean old cars as in used cars (say 80s to mid 90s) then by all means its cost effective (at least more so than owning a Classic)!!!
We have 7 cars in my driveway, 6 minus my Mustang, 5 minus my bros '87 Jimmy which he is selling and we havent spent more than $5500 to buy those cars.
Granted they may not be new, may not have warranty, but theyre all workhorses and have paid us back many times over from us being in tight jams where weve NEEDED 5 cars or an "old car" that we can BEAT UPON and not necessarily worry if the paint gets scratched or the inside gets a little dirty. Thats my 2cents   ------------------
CrAzY Dan~
1965 Coupe "BeeBop" 200ci Straight "6"~2.77 3-spd w/Hurst Shifter~Pertronix Elec. Ign.~Flamethrower Coil~Flex-Fan~Clifford 6-2 Header~26" Smithys~3" chrome tips~'85 T-Bird TC buckets~'66 guages
https://mustangsandmore.com//ubb/TheIceman.html July of 2000 pics
http://www.motorcities.com/contents/01GF9250033520.html July of 2001 pics
http://kingroyale.50megs.com/ Feb. 2002 pics!
There's Nothing Wrong With A Little Six In A Classic Mustang!  [This message has been edited by The Iceman (edited 04-28-2002).]
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sigtauenus
Gearhead Posts: 1750
From: Beaufort, SC
Registered: Jun 2000
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posted 04-28-2002 07:38 PM
quote:
Originally posted by Dave Gibson:
I always look at our Mustangs as investments and pure joy to drive. Working on them is not always a joy, but can be.
Well, technically, I've always looked at my car and truck from the enjoyment standpoint, but again, I've had my car 8 years. Now I'm a little older, married, talking about having kids in the next few years, and pretty soon gonna have to seriously be able to justify the expense. Its not really an issue now but once the first kid comes...
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steve'66
Gearhead Posts: 6150
From: Sonoma,CA,USA
Registered: Mar 2000
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posted 04-28-2002 08:06 PM
Sig,It's a hobby! Plus you will get your money back when and if you wanna sell.
It's a lot better investment than a new car.
SteveW
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mellowyellow
Gearhead Posts: 5629
From: So. Fl.
Registered: Aug 2000
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posted 04-28-2002 10:47 PM
Nothing's forever as far as toys are concerned. The 62 Vette I thought I'd never sell, different Mustangs, whatever. Priorities: kids, new wife, job relocation, illness, lost interest and a host of other reasons can change a person's mind. All of a sudden, a person looks at his boat, Harley, Mustang, Vette, and says to himself: what in the hell am I doing with that thing! Just about any material posession that I have can be purchased-for the right price. Either one of my Mustangs would be history in minutes for the right presentation of cash! That's not to say I wouldn't buy another!! LOL!
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fordfan
Gearhead Posts: 2857
From: Walla Walla, Wa, USA
Registered: Jun 99
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posted 04-29-2002 02:33 AM
well, Making payments on a new/used car is different than investing in an older car. With an older car, the money you expend to buy parts is not owed to anyone, while with new/used car payments the payment is mandatory. So in a pinch you don't have to output the money with the classic, like you would with car payments.Also the money you spend on a Classic (in most cases) Improves the Condition/performance/Value of the car. The payments you'd make on a newer car are just to make the car yours, any Improvement/matenance cost are ontop of the monthly fee.
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66HIPO&more
Gearhead Posts: 2920
From: SLC, UT
Registered: Jul 99
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posted 04-29-2002 03:23 AM
quote:
Originally posted by fordfan:
the money you expend to buy parts is not owed to anyone,
Obviously you have no idea how many Mustang parts I have paid with plastic - usually at higher interest rate than my car loan...  Of course, it is paid off fairly quickly though - so I can buy more parts. Side note...
Just returned from three day trip to a Hot Rod Run 300 miles away.
Today we returned with two other members of our Mustang club and their cars.
After filling our tanks at exactly the same stops and going same distance between two fillups... we noticed between point A and point B
Pony #1 (Mike's 1966 HIPO 289) took 9.7 gallons
Pony #2 (Ken's 1970 Mach 1 351C) took 10.4 gallons
Pony #3 (Kathy's 2001 4.6L GT coupe) took 4.5 gallons. J.
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Fastback68
Gearhead Posts: 1564
From: Sucat, Paranaque, Philippines
Registered: Jul 99
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posted 04-29-2002 04:35 AM
Now that side note is just depressing One day when I get my 429-powered Mach 1 back to the UK (where gas costs the Earth), I will remember NOT to do the same test against my brother's 1.2 liter Peugeot runaround.
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mustangs68
Moderator Posts: 17504
From: Hampton,Virginia,USA MCA#39406 M&M #12
Registered: May 99
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posted 04-29-2002 08:46 PM
new car=WARANTY!I'll always have one car in the yard with full warrranty so if the dang thing breaks They fix it The old (classics) are just toys for most of us,pre 1975 I bought new cars after '75 I bought "junkers" cause of House,Kids and such,since 90 our primary vehicles have been new. Been on both sides of the "road" and I like New better
sam
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n2oMike
Gearhead Posts: 1468
From: Spencer, WV
Registered: Jan 2001
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posted 04-29-2002 10:19 PM
I like to think of hotrods as a 'hobby' not a replacement for a daily driver.I own an 86 Pontiac Parisienne with 223,000 miles, and an 84 Ford Ranger that do regular 'beater' duty. Both have been paid for long ago, and are fairly easy to work on. Repairs are cheap (since I do them) and personal property taxes and insurance are virtually nonexistent. This frees up money to go into the hotrod! It's a 'toy' so it doesn't need relied on for everyday travel. This way, it can be taken apart for upgrades and service without having to hitch rides to work. It can also be built a little more 'agressive' since it's just used for good weather thrashing. If I had a new $20k+ vehicle, the mustang would probably cease to exist. Ya' just gotta' have your priorities. Good Luck! ------------------
Mike Burch
66 mustang real street
302 4-speed 289 heads
10.63 @ 129.3
http://www.geocities.com/carbedstangs/cmml_mburch.html
http://www.fortunecity.com/silverstone/healey/367
http://www.mustangworks.com/cgi-bin/moi-display.cgi?220 [This message has been edited by n2oMike (edited 04-29-2002).]
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John Z
Gearhead Posts: 327
From: Morgantown, WV
Registered: Jul 99
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posted 09-04-2002 08:29 PM
Since the advent of computer controls, not just for the cars but for the manufacturing process, cars are much more reliable than they were when Mustangs were introduced. Back in the day if you got 100,000 miles out of a car it was worn out. Now the lowest mileage car I have, other than the Mustang, has over 100K and no indication of problems. The car I paid the most for, and the one with the lowest mileage is my 68 Mustang.
If you look at the economics, it's the cost of depreciation, taxes and insurance of newer cars versus the maintenance of older cars. I figure I can spend $1500+ per year on maintenance and come out cheaper than owning a newer car. Operating costs, i.e. gas mileage, favors newer cars, but even with todays gas prices, the differential isn't that great.
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ccode67
Gearhead Posts: 1549
From: douglasville,ga,usa
Registered: Mar 2001
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posted 09-05-2002 08:02 AM
New cars are for commuting and using them till they are used up and disposing of, the classics are for fun.My mustang with 351 and 5 speed gets 19 miles per gallon, the F-150 with 302 that is my daily driver gets 15 miles per gallon on a GOOD day. Maybe I should consider the Mustang for a daily driver????? ------------------
Stuart MCA #48902
M&M #1091
67 stang 5 speed, 351W,
Edelbrock Performer RPM package
Currie 9 Inch
91 f-150 xlt
98 explorer xlt sohc v-6
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V8 Thumper
Gearhead Posts: 3267
From: Orange, Ca. United States of America
Registered: Dec 2001
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posted 09-05-2002 08:05 AM
Wow, my smallblock powered Mustang only gets about 9 mpg
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indyphil
Gearhead Posts: 642
From: Lafayette, IN, USA
Registered: Jul 2002
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posted 09-05-2002 08:40 AM
I think it depends on what you buy and whether you get lucky and make a real "find".
I think if you are spending money on the car its a hobby and shouldnt be compared to a car payment. Consider a new car... you spend several hundred dollars a month on depreciation alone. Now wheres your hobby money? We all need a hobby so the guy with the new car will have to spend ADDITIONAL money elsewhere.
Theres always the case where you buy someone elses "finished" classic car, that in theory doesnt need any money spending on it. Thats probably a fantasy situation but im sure it happens. then it doesnt depreciate and needs very little money in maintanence.
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Hell_Fish
Gearhead Posts: 637
From: Austin, TX.
Registered: May 2002
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posted 09-05-2002 08:50 AM
First 2 years of owning a new car, the worth drops in half. Thats without even driving it. Is it cost effective on an older car or classic? It depends on the owner. If the owner did a full ground up or concourse resto, then I would say no, but if the owner made a nice driver(on a budget) it would be more cost effective.------------------
Dustin C
[IMG]http://pages.moparpages.com/duster/sigs/hell_fish.gif[/IMG]
56 F-100
Mech. for wifes 69 Mustang coupe
65 Plymouth Barracuda
70 Dodge Swinger
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MidLifCrisis
Gearhead Posts: 253
From: USA
Registered: Oct 2001
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posted 09-07-2002 08:43 PM
Nothing that involves emotion is cost effective! If you love Mustangs, it shouldn't matter. If you hold on to them and take care of them, when it comes time to raise money for something like the kid's college, you usually will recoup your investment, but you will always profit on the enjoyment and memories. Charlie
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Boss302
Gearhead Posts: 841
From: Coleman, Wisconsin
Registered: Jan 2002
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posted 09-07-2002 09:20 PM
its all about nastalgia..yes, my spelling is horrible...and i'm not 100% sure what that word really means i've only had my car since middle of may, and i already have countless memories...can't imagine how im gonna feel about maxtang in 20 years. i am NEVER gonna sell ------------------
Max
-1989 Mustang GT (MaxTang)
225/50R15 tires
BBK Strut Brace
K&N Filter
4 cats, no muffs
180* stat
Member 1,861 "My Best Friends Are My Dog, and My Car" [This message has been edited by Boss302 (edited 09-07-2002).]
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Fastback68
Gearhead Posts: 1564
From: Sucat, Paranaque, Philippines
Registered: Jul 99
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posted 09-07-2002 10:26 PM
quote:
its all about nastalgia..
yes, my spelling is horrible...and i'm not 100% sure what that word really means
And you can look in your dictionary for the rest of your life and still not know what it means
I know we're not supposed to comment on spelling normally, but I think we can make an exception in this case
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SteveLaRiviere
Administrator Posts: 32655
From: Saco, Maine
Registered: May 99
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posted 09-08-2002 06:11 PM
For me, it's all about having a classic Mustang. I never worry about the cost; it's in the 'entertainment' section of my budget, not the 'transportation' section.------------------
All Fords since 1977!
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MidLifCrisis
Gearhead Posts: 253
From: USA
Registered: Oct 2001
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posted 09-08-2002 07:28 PM
quote:
Originally posted by SteveLaRiviere:
For me, it's all about having a classic Mustang. I never worry about the cost; it's in the 'entertainment' section of my budget, not the 'transportation' section.
Well put Steve! Charlie
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sigtauenus
Gearhead Posts: 1750
From: Beaufort, SC
Registered: Jun 2000
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posted 09-08-2002 09:58 PM
quote:
Originally posted by SteveLaRiviere:
I never worry about the cost; it's in the 'entertainment' section of my budget, not the 'transportation' section.
How'd you sell that explanation to your wife there Big Kahuna?
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jsracingbbf
Gearhead Posts: 1526
From: Batesville,MS. , U.S.A.
Registered: Mar 2002
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posted 09-08-2002 11:47 PM
My classic is a money Pit I absolutely LOVE it Actually, it's a race car and we all know how race cars eat money. That's the down side. The up side is They are most fun you can have without getting NAKED! ------------------
Jerry Smith
69 Mustang Pro ET Drag
70 Mustang retired former footbrake car
"Only Lil boys wear Bowties"
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jsracingbbf
Gearhead Posts: 1526
From: Batesville,MS. , U.S.A.
Registered: Mar 2002
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posted 09-09-2002 12:00 AM
Everyone is saying how New rides depreciate, well have your tired to buy a late model low mileage used car lately? new cars/trucks are getting big factory discounts lately. You can't buy a used one a couple yrs. old and come out as cheap as a new one.  I know, I've looked lately. Fianlly bought my wife a new 2002 explorer. Did it de-preciate? sure. very much, doubtful, price a used one only a year old. Reason I have bought new stuff lately is simple, I don't have to wrench on them, hence more time for the Money pit.
Jerry
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Big D
Gearhead Posts: 3523
From: WELLS, NEVADA
Registered: Nov 2000
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posted 09-09-2002 12:31 AM
This may seem strange,,, but we have been buying older Cadilacs the last ten years or so for my wifes cars... She travels 50 miles to work (one way) and we need a good highway car...I have paid from $3500 to $6000 for the cars... They drive great and get about 20 mpg's... We put so many miles on cars that it just does pay to buy new... Except we did get 235,000 miles out of '87 Maxima... We drive the Cads till they have 130,000 or so and sell them for a couple thousand... This system was working pretty well untill I had to put a new motor in our 92 Seville... But,,, it is like new and now has a new engine and 50,000 mile warranty... So,,, A big part of the equation is how many miles do you drive a year... Don
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sigtauenus
Gearhead Posts: 1750
From: Beaufort, SC
Registered: Jun 2000
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posted 09-09-2002 06:55 AM
I live in base housing and its a 5 mile trek one way from start to stop. Between deployments and driving my F-150, I've only put about 400 miles on the mustang since January, and even at that, I've got maybe 1500 or 2000 miles on the truck. Casey's Pathfinder though, wow, probably 15 or 20k per year.
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SteveLaRiviere
Administrator Posts: 32655
From: Saco, Maine
Registered: May 99
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posted 09-09-2002 06:51 PM
quote:
Originally posted by sigtauenus:
How'd you sell that explanation to your wife there Big Kahuna?
Don't need to. ------------------
All Fords since 1977!
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JAAZZY
Gearhead Posts: 745
From: Bay Area, CA
Registered: Apr 2001
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posted 09-10-2002 03:35 PM
For me it's a hobby but one that I can't imagine being without. Maybe I'll feel differently in 10 years. I've never considered it an investment. I've gotten used to the luxuries of newer cars and can't imagine giving that up. Since I like my classics a bit on the radical side I doubt I'd enjoy sitting in my 65 in bumper to bumper traffic trying to get across to San Francisco every morning.
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johnmustang
Gearhead Posts: 4088
From: Vancouver Island , British Columbia , Canada
Registered: Nov 2001
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posted 09-10-2002 04:09 PM
NO , but , it is fun JOHN ------------------
65 2+2 FASTBACK
68 COUPE
87 TAURUS WAGON
98 F150 XLT TRITON V8 4.6, 4 WHEEL DRIVE
Member:Vancouver Island Mustang Association
M&M #1710
MyPhotoPage
MY TRUCK
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