 Click here to return to the Prowler Online Board Main Page |
 ProwlerOnline, Plymouth/Chrysler Prowler Discussion Forum
 General Prowler Discussion
 Is this stupid or what ? (Page 1)
|
| Bottom of Page This topic is 2 pages long: 1 2 |
next newest topic | next oldest topic |
| Author | Topic: Is this stupid or what ? |
Stray Cat              POA Site Supporter Prowler Junkie From:Dayton, Ohio, USA |
posted 04-02-2007 07:51 AM
    
If you have read my other posts recently, you know I put my Firebird, 2+2 and Viper for sale. Last evening, I had all of them out (actually all day yesterday as it was just beautiful in Ohio). My wife comes outside and says,; "John, just take the money out of your IRA and pay them off and keep them all. They are all special to you". Holy %$#*&. I am seriously considering this - getting another lift and just keeping them all. The Old ones have and I believe will continue to appreciate. I believe the new ones will at some point as well. I would be taking approx 1/4 of my retirement out. I'm 47. I have lost 2 friend this year already. Am I nuts ? Should I do this ? Other than my family and wife, this is the only thing I do - I do not Golf, etc. My passion has always been cars and these are all special and pristine cars. Am I nuts ? Should I do this ? The penalty's would be stiff but hell, who cares. Selling the Viper I would lose approx the same amount of $$$ as the Penalty. What would you do ? Thanks, John
------------------ 2001 Orange, Mopar Exhaust, MTD Intake, Front and Rear Mud Flaps, Chrome Shimmers, Orange Prowler Logo Valve Caps, Ceramic Brake Pads, Prowleronline.com License Bracket, Eric Wolf Chrome Trans Cover, Mopar Hitch and Trailer. This message has been edited by Stray Cat on 04-02-2007 at 08:02 AM |
Pantera POA Site Supporter Prowler Junkie From:Connecticut |
posted 04-02-2007 07:57 AM
John, Keep the cars. When you are an old man you will be happy to have them. Your Grandkids will love to go out for rides with Grampa in his neat old cars...and then someday you can pass them on to your children. I have a lot of great car memories associated with my Dad and Grandfather...I wish those cars were still in the family. ------------------ |
|
Stray Cat POA Site Supporter Prowler Junkie From:Dayton, Ohio, USA |
posted 04-02-2007 07:58 AM
  ------------------ 2001 Orange, Mopar Exhaust, MTD Intake, Front and Rear Mud Flaps, Chrome Shimmers, Orange Prowler Logo Valve Caps, Ceramic Brake Pads, Prowleronline.com License Bracket, Eric Wolf Chrome Trans Cover, Mopar Hitch and Trailer. |
TLRandall      POA Site Supporter Prowler Junkie From:CALDWELL, TX, US |
posted 04-02-2007 08:16 AM
Keep em John! I am so glad to be in the financial position right now to have bought my toys, and would hate the thought of having to sell them. This is my recreation also. I don't golf or travel, just work on my yard and my cars! It seems like the yard needs more work here lately! ------------------ |
BeWare  POA Site Supporter Prowler Junkie From:Acworth , Georgia , USA |
posted 04-02-2007 08:23 AM
Keep the cars. Most definitly keep the wife. |
|
docjc65 Prowler Junkie From:Derby, Ks. USA |
posted 04-02-2007 08:41 AM
That is quite a temptation..but now being retired with all the resources to do whatever we wish..it was worth the wait. I have a friend who took the other route earlier and I compare our financal conditions and I am sure glad that we made the decision we did. He ended up having to continue working after what one would consider a good retirement age. Only you can make that decision..I learned long ago that if you really question a major decision you might have..then take the high and safe road. We are all in it for the long haul. Good luck with your decision! |
agstoner Prowler Junkie From:Richmond, Virginia |
posted 04-02-2007 09:15 AM
Keep the cars! What would I give to have my big block 4 speed Polara that I sold 8 years ago under similar circumstances. I had choices and I will never be in a position to buy another one remotely like that one! You should be in your prime earning years and if you have good health care provisions and life insurance the amount at risk is minimal. Does the baby need new shoes? |
WildCat POA Site Supporter Prowler Junkie Personal ScrapBook From:North Louisville, Indiana, USA |
posted 04-02-2007 09:49 AM
John, sounds like she has the plan. Why not be able to play with your retirement money now. If in the future it gets to the point you have to sell at least you got to play with it while you could. I passed on buying the 61 Corvette last year I have wanted since I was 14 due to work. Now I wish I had taken some of my retirement money and bought it |
gadster POA Site Supporter Prowler Junkie From:Vineland,NJ USA |
posted 04-02-2007 10:05 AM
john:first of all you are indeed blessed to have a partner who cares enough about your feelings to suggest an alternative to selling. if you examine your financial options and part of the ira is workable, go for it. i would think that your viper is probably the easiest car to replace?? whereas the 2 pontiacs are not. i especially appreciated the fact that you have owned the firebird since you were 19. best wishes with your decision.just remember that life is not a dress rehearsal. |
|
Stray Cat POA Site Supporter Prowler Junkie From:Dayton, Ohio, USA |
posted 04-02-2007 10:44 AM
I am blessed and have known that for quite some time - She is as pretty as they come, nice as they come and her only comment was "I want you to be Happy". Wow.... The Viper is the easiest to replace but the least maintenance at this point, and still tops (my opinion) to drive. I took my brother Dave for a ride in it yesterday and then let him drive it. He got out and said; "Damn, I was sure that you should keep the older ones but after driving that, keep the two newer ones". I put the max in my 401K every year, company matches and so does Shelley and she just got a job at the University of Dayton after not working for 15 years. As an employee of UD, our Kids will be able to get a college education free at an excellent school. So expenses will go down considerably in a few years. So with our 401K's maxed out, we are putting away quite a bit per year, but still probably not enough to retire in 15 years (62 years old). I understand you always need more money in your retirement than you think. Isn't there a law that you can put more in your retirement after age 50 ? My home will be paid off and I will have no bills by that time. Once kids are out of private schools, college paid for , that will really help a ton. My house should appreciate (hopefully) and I think when I retire I will be messing with Cars. Don't think I'll ever quit working so I'll have some income coming in from buying/selling cars, fixing them up etc. By the same token, If I sell them now I have $1700 per month MORE to invest. That is a bunch of Money.... I just hate to pay the penalties and if I have a good year this year (I am in sales ) I'll get killed by Uncle Sam.... I continue to get calls on the cars so I better decide.... I understand that the old ones will be hard to replace and that I will kick myself if I sell them. The new ones, as someone mentioned to me, just fit in with my lifestyle better now. No maintenance etc. I have really valued peoples opinions and thank you all very much. This shouldn't be this hard. Thanks, John ------------------ 2001 Orange, Mopar Exhaust, MTD Intake, Front and Rear Mud Flaps, Chrome Shimmers, Orange Prowler Logo Valve Caps, Ceramic Brake Pads, Prowleronline.com License Bracket, Eric Wolf Chrome Trans Cover, Mopar Hitch and Trailer. |
1buddyc POA Site Supporter Prowler Junkie From:San Antonio Texas USA |
posted 04-02-2007 10:45 AM
My two cents worth John, I think it is a great idea to keep your cars.. And you are so fortunate to have a Partner who is in agreement. Use your cars like an Investment, a part of your Portfolio that YOU manage. If you ever need to, you can liquidate one of your Assets if the need should ever arise. I treat all my Toys like money in the bank. If I ever need to (and I hope I never do), then I can "cash one in" if necessary. This way, you have the best of both worlds. Something that gives you both pleasure and security but is a heck of a lot more fun than a Financial Statement..One final thing to add if I were you, now that you have been giving it some consideration. Finish up the value order of which one you would part with first so if you ever have to cash one in, you wont have to go through the valueing process again. Just my opinion though.  This message has been edited by 1buddyc on 04-02-2007 at 11:36 AM |
|
Roger Waring POA Site Supporter Prowler Junkie From:Vacaville California USA |
posted 04-02-2007 12:28 PM
Three Months ago I sold my small collection 66 Mustang Convertible, 66 Mustang GT Fastback, 64 Corvette Coupe, and 78 Corvette Pace Car. I paid off the house, and was able to buy my 99 Prowler with the remaining. To this day I still kick myself for selling my GT Fastback, and 64 Corvette. I didn't need to sell any, but on a whim I did it. It is nice not having a house payment, but I will never be able to replace my enjoyable hours with my special cars. KEEP THEM unless you have no attachment. |
ed monahan POA Lifetime Site Supporter Prowler Junkie Personal ScrapBook From:Cincinnati, Oh, USA |
posted 04-02-2007 02:45 PM
Five years ago the stock market tanked. I am sure everyone who had stocks, 401kK etc. took a bath. If your money was in cars at that point you would have been much better off than having that same amount in the market. Things change. Like you said John, some of your friends died this year. If you get really sick you could sell the cars at that time, but I would bet you would not be on your sick bed thinking, I am sure glad I got rid of those cars two years ago because now I have money in the bank. Money in the bank does not create memories. Your cars are not going to depreciate suddenly and radically. Your stock portfolio might. If you don't need the money desperately in the very near future, I would keep the cars. If you have to get some cash, sell one. |
SirReal POA Site Supporter Prowler Junkie From:Burtonsville,Md Good ole U.S.A |
posted 04-02-2007 03:44 PM
Keep 'em!  |
bjprowler POA Site Supporter Prowler Junkie From:Clarksville,Ohio,USA |
posted 04-02-2007 03:48 PM
Keep in mind that the penalty (10% I believe) for early withdrawal of retirement funds is IN ADDITION to having to report the withdrawal as normal income in the tax year it is withdrawn....Assuming you're paying 20% in state and federal taxes and counting the penalty, that works out to 30%!.....Pretty steep! Regarding the "classic" cars we all love so much.....A very learned collector of rare cars once cautioned me that the value of "muscle cars" from the 60's and 70's is high now due to baby boomers who have the resourses and want those cars for their nostalgic value....He believes that as the baby boomers pass on the next generation will view these cars as just "old cars" and have little interest in paying high prices for them.....Remember the only thing that makes collectibles valuable is because of demand.....No demand, no value.... At the very least, if you withdraw funds (and forfeit 30% of it) you should consider buying additional term life insurance to protect your young family in the event of your early passing...... It's a tough choice but there will always be cars for sale....Sell now and enjoy what you decide to keep....Thats my two cents worth..... This message has been edited by bjprowler on 04-02-2007 at 04:59 PM |
chasmccart POA Site Supporter Prowler Junkie From:Pembroke, MA USA |
posted 04-02-2007 03:50 PM
I would keep them if I could. If you pay them off then don't forget how much you would save in interest. Charlie |
Midwest Boy POA Site Supporter Prowler Junkie From:Des Moines, Iowa, Polk |
posted 04-02-2007 05:03 PM
John, I've never ment you, and I'm new to the site, but I say don't mess with your IRA. Compromise and sell one or two of the cars. Keep the one's that mean the most to you. Been married for 39 years and my wife would say the same thing as your wife. Retirement and plenty of funds sounds good to me. Wendell |
|
Snoman unregistered Admin Use |
posted 04-02-2007 05:05 PM
 Tough one,,,,sell or keep,,,,,,,,,,I have sold many things in the past that I now wish I had!!!!Sold my Goldwing which we miss a lot but no time to use it,,,I have sold 15 or more snowmobiles some of which I wish I still had!Right now I'm toying with selling all 4 of our snowmobiles...I don't need to but,,haven't used them much the last 4 years.If you can get by without selling them keep them!If it's something you think you must do then do it and don't look back!Only you know what you have to do,,,take lots of pictures and hold onto the memories!! |
cmblockhus POA Site Supporter Prowler Junkie From:Citrus Heights CA. |
posted 04-02-2007 06:23 PM
John: What ever it is that you do only you can make that decision. A quote from an old movie "Cars are a commodity to bought and sold." I have bought and sold well over 200 cars, spent all my retirement funds on some skeem or another and now retired cant work due to illness the wife lost her job in December and so far cant replace that income no telling what is ahead now but it is in Gods hands. My advice would be to keep the savings think of the future, sell what you must and enjoy what you can. Turn to the Lord for the right path Curtis |
|
Wil C. Keener Prowler Junkie From:Uniontown,PA U.S.A |
posted 04-02-2007 07:20 PM
Your a LUCKY MAN! You can replace the funds used to keep what can't be replaced. Your classic muscle cars will hold there value better than your 401k it fluctuates and your cars will hold or increase in value. Money in the bank or how I like to think "DRIVING MY BANK ACCOUNT" a great way to enjoy your fruits of your labor. When the time comes you need to raise some capitol than sale off one of the toys. JMO |
Kevin A POA Site Supporter Prowler Junkie From:Gahanna, Ohio |
posted 04-02-2007 07:23 PM
I'll be in the minority here and say sell, maybe one of them, and bank that payment. My personal rule is that a car like the Prowler (or if I had them, a Viper, or any other "hobby" car) should not be heavily leveraged with a loan since the interest adds to the overall cost paid. I was fortunate to pay cash for my Kat, and planned for years to reach that goal with a supportive wife. I wouldn't feel right if I was making payments on it, and driving just a few thousand miles a year. If I assume the Viper has a loan, that may make the most sense to sell. They will be around for years in plentiful supply. When the time is right (the kids at UD maybe) you get another one or something new that will inevitably be coming out. It's a tough decision, and I wouldn't want to have to make it. Whatever you do, don't look back in regret because, after all, it's just a car. If I had to choose between working five more years to build up my IRA/401k or sell the Kat, the Kat would be gone the next day. (let the flames start) This message has been edited by Kevin A on 04-02-2007 at 07:29 PM |
|
whealy POA Site Supporter Prowler Junkie Personal ScrapBook From:Carmel, IN USA |
posted 04-02-2007 08:33 PM
John What a great idea. I pitched the 401K idea to my wife. All she said is she wants to meet “this John”. I think she’s going to go for it after she has a chance to meet you face to face. Seriously, here’s hoping the agonizing decisions facing you fall in place. We always worry what the future will bring. But the truth is, you gotta plan based on what you know today. |
GenoTex POA Site Supporter Prowler Junkie Personal ScrapBook From:Oakfield, WI, USA |
posted 04-02-2007 08:56 PM
My 401K plan (all are different) allows me to borrow up to 50% of the total and pay myself back, with interest.... if your plan also has a loan provision, you are NOT going to be paying any penalties! What you do, in effect, is take your money 'out of the market'... i.e. if you have 150K in your 401K you can in fact loan yourself 75K (under the plan that I have at least...and there are many variations)... and now you have only 75K 'working for you' in stocks/whatever investments, and you are now repaying the 75K that you took out, and paying yourself the 4% or whatever yours is, ...so.... you do in a very real way effect the long-term in that you have reduced the total amount making money. But there is no penalty... only the 'loss' (IF ANY) that your money might have made had you left it there. I did it once, about 6 years ago when the market was slumped and invested elsewhere. Hindsight....GREAT move on my part, and now it's all back, plus I have the other investment too
|
adacus Prowler Junkie From:Houston, TX USA |
posted 04-02-2007 11:36 PM
Talk to your CPA about your options. |
392HEMI POA Site Supporter Prowler Junkie From:The Villages, Fl. |
posted 04-03-2007 04:31 AM
Check with a financial Planner. Borrow against your 401K, if possible, and pay the interest to yourself instead of to an institutrion. Best of both worlds. And I am a conservative midwest boy also. |
This topic is 2 pages long: 1 2 All times are CT (US) Top of Page Previous Page | Return to General Prowler Discussion next newest topic | next oldest topic |
  |
|
Contact Us | Prowler Online Homepage
All material contained herein, Copyright 2000 - 2012 ProwlerOnline.com
E-Innovations, LP
