Classic car purchase - unexpected?

[G-Money]

I never thought my father would want to sell a classic car that's been in our family for the last 35 years. He bought it as a father/son project for us and I have many fond memories of working on the car, helping him restore it, going to shows, taking it to school dances. It's part of the family. I don't really want to say what it is, just out of privacy. But here's the situation.

I'm a car guy and have a few toys of my own. This is a car I love and enjoy but the value is primarily sentimental. It's a little outside of my wheelhouse for my own enthusiast interests, but it's still very fun. It's not something I'd drive much if I bought, but I'm in a good position to house it and tend to its needs, maintain its good condition, but.. do I want to.? I think I'm more afraid of losing my father eventually (who is getting up there in age, btw) and besides the obvious loss, nobody lives forever, also the fear of wishing I would have kept the car if we sold it.

The car is probably worth about $35k. I believe he mentioned once that the car is actually willed to me, although I'd never ask about it, and I guess that doesn't matter now since he's planning to put it up for sale. There's also a chance he'd just give me the car, but again, I'd never ask about it or expect it, and would be inclined to say no even if he did so voluntarily. I have a sister who wasn't ever/isn't interested in the vehicle, but there are some hard feelings that I got a better overall shake when we were kids, she perceives mom and dad were more permissive and giving with me than her. Always been a sore spot, true or not. So I would not want to cause a rift, I would want money to change hands, and it should be for what the car is reasonably worth and ideally with documentation (either an appraisal, or stated value from a guide) to back that up should there ever be questions. That brings up another point - should he also offer the car to her, even if it's just a formality and there's a 99.99% chance she'll say no and think the question is silly. Maybe he is planning to, I don't know.

Am I approaching this rationally?

$35k wasn't a planned expense, again, never though he'd sell it. It won't significantly impact any trajectory for our retirement plan nor cause any immediate hardships, but $35k is $35k. It's not a drop in the bucket and then I've got another car to deal with, I have 4 just for me, this would be 5. Mental health issue? Hey, I'm not Jay Leno...

I'm guessing "car guys" would tell me to buy it and keep it, if nothing other than to buy time and figure out what I really want to do with it. I don't want to slow down my dad's plans for receiving the money, or whatever he has planned next. I'm guessing the hardcore finance gurus would say sell it. I should add, the car is probably at "peak" value, I wouldn't expect much appreciation from here, and I would of course assume the expense of insuring it and paying for ongoing upkeep as needed.

Thoughts, other than this ended up being WAY too long?

 

[Aerides]

Couple of thoughts:
What does this do to the cost of your car insurance?
What does your spouse think?
Is your Dad actually talking about selling it outright or just a hunch?

I'm pretty good and looking at future me and seeing how I'd feel if I missed out on something like a big purchase. As you mention, one day your Dad will pass, try to imagine yourself at that point both with the car, and if it had been long sold at that point.

 

[RetiredHappy]

Money and sentimental reasons/emotions don't mix. Pick one. If it is simply about the money, let your father sell it. If it is about sentimental reasons, then get an appraisal/valuation on it and have him offer it to both you and your sister to buy, if neither wants it, then let him sell it.

I had a car that I bought that was my garage queen, that I kept 8 years too long because of sentimental reasons. I finally sold it, still a little sad over it, but it is the right anwer.

 

[Graybeard]

It has great sentimental value to you, $35k is peanuts (to many here, not sure if that would apply to you). Only you can decide but if it is sold it is gone forever...

 

[street]

If I was a car person and a car that has history with you I would buy it. My way would be talk to your dad and explain your thoughts. Suggest what ever he wants for the car ask your sister if she wanted to buy it for that amount. If not ask you if you want it for the same price. The risk is she will want it.

 

[Al18]

A car is NOT something that gets better by not driving it. Once the ethanol gas crystalizes in 6-12 months, the mice move in and chew all the wiring, the tires flat spotting it can take $$ to get the car back in running condition.

I think it would be fun if dad took everyone for a final ride, take a few pictures of everyone going for a ride and then sell the car, splitting the proceeds.

 

[RetiredHappy]

A car is NOT something that gets better by not driving it. Once the ethanol gas crystalizes in 6-12 months, the mice move in and chew all the wiring, the tires flat spotting it can take $$ to get the car back in running condition.

I think it would be fun if dad took everyone for a final ride, take a few pictures of everyone going for a ride and then sell the car, splitting the proceeds.

Or the father just keeping the money.

 

[PlayinwithFIRE]

Is there an underlying reason your Dad wants to sell it ? Maybe he is having money trouble ?

If it were a car my dad and I worked on, I would probably want to keep it.

pwf

 

[ferbm]

I'm in a good position to house it and tend to its needs, maintain its good condition, but.. do I want to.?

This is the crux of the situation. Even if you don't want to drive it a lot, you may find joy in the maintenance, triggering fond memories of the build years. This will be especially true down the road when your DF is no longer with you. I like your idea of figuring out how much he wants to sell it for, finding a reasonable appraisal to be fair, and then buying it outright from him. As far as the sister is concerned, you have to be certain she doesn't feel like you got a "sweetheart deal," or she will feel slighted again.

Good luck and would love to see a photo if/when appropriate!

 

[RunningBum]

I can't tell if the car has a lot of sentimental value and you want to keep it in the family and it will be a nice memory of your father when he passes; or will it be an unplanned burden to garage and maintain it?

What if you sold one of your other cars to make room for it, in your garage, budget and time? Or do you value the cars you chose to buy too much to give up?

 

[splitwdw]

I'm a car girl. If your father decides to sell the car offer to buy it if your sister doesn't want it. I miss the cars that my husband and I sold before he passed. We brought some of them home in boxes and put all those pieces together
Your sister may be right. Most parents have a favorite child. I see it in my family and friends. It's the child that's the least amount of trouble or the one that needs help. Some favorites aren't that obvious but they are there.

 

[Mr. Tightwad]

I wouldn't want the hassle.

I'm a modern vehicle kind of guy.

 

[Koolau]

I don't think I heard you actually say that your dad wanted to sell the car. In any case, I sense that there are a lot of questions in your mind.

I think you need to decide what YOU want to do. Then do that.

All the best to you as you w*rk through this with your family.

 

[jazz4cash]

I could not tell from OP why your dad is selling the car. Is he driving/enjoying it regularly? Sometimes sports cars are hard to get in and out of as we age. If your dad is not using the car he probably wants it to go to someone who will enjoy it and appreciate the years of caretaking. Thay could be you or someone else. If it's you your dad might continue to enjoy it without the burden.

 

[Car-Guy]

My antique car collecting is done/over/finished, but if I had the opportunity to buy a ~35 year family project car from my Dad, I do it. (As long as it was a car I was reasonably interest in)

 

[Koolau]

Nobody's asking so I will. What is the car?

 

[G-Money]

All great questions and responses, thanks. This is more for my own rationale, I know people weren't necessarily expecting answers.

Money and sentimental reasons/emotions don't mix. Pick one. If it is simply about the money, let your father sell it. If it is about sentimental reasons, then get an appraisal/valuation on it and have him offer it to both you and your sister to buy, if neither wants it, then let him sell it.

I had a car that I bought that was my garage queen, that I kept 8 years too long because of sentimental reasons. I finally sold it, still a little sad over it, but it is the right anwer.

Money and being a car enthusiast don't really mix, unless one tries to make a living at it. The car has sentimental value moreso than anything else.

It has great sentimental value to you, $35k is peanuts (to many here, not sure if that would apply to you). Only you can decide but if it is sold it is gone forever...

Once it's gone, it's gone. That's what gives me the most pause.

Couple of thoughts:
What does this do to the cost of your car insurance?
What does your spouse think?
Is your Dad actually talking about selling it outright or just a hunch?

I'm pretty good and looking at future me and seeing how I'd feel if I missed out on something like a big purchase. As you mention, one day your Dad will pass, try to imagine yourself at that point both with the car, and if it had been long sold at that point.

Insurance cost is negligible.
The spouse isn't helpful and also likes cars. "If you want it, buy it".

And that's why we're married.

It's time to sell, he says. That doesn't mean today, necessarily, but probably "this season" or early next season. But if he says it will happen, it will.

If I was a car person and a car that has history with you I would buy it. My way would be talk to your dad and explain your thoughts. Suggest what ever he wants for the car ask your sister if she wanted to buy it for that amount. If not ask you if you want it for the same price. The risk is she will want it.

I'd be shocked if she did want it, and she's not spiteful. I.e. she wouldn't buy it just to slight me. But I think it's fair to ask anyway.

A car is NOT something that gets better by not driving it. Once the ethanol gas crystalizes in 6-12 months, the mice move in and chew all the wiring, the tires flat spotting it can take $$ to get the car back in running condition.

I think it would be fun if dad took everyone for a final ride, take a few pictures of everyone going for a ride and then sell the car, splitting the proceeds.

Let's assume I am well versed in the long-term keeping and maintenance of cars that don't get driven often. This car will be in good hands.

Now that's interesting, splitting the proceeds. I wouldn't want a penny of it. I'd rather my father buy something he can enjoy before he becomes too old to drive.

Or the father just keeping the money.

This. It's his.

Is there an underlying reason your Dad wants to sell it ? Maybe he is having money trouble ?

If it were a car my dad and I worked on, I would probably want to keep it.

pwf

I severely doubt money trouble, but, if there was, he's got a buyer lined up and ready to pay full price. Me!

The reason for selling is actually a little sad. It's hard for him to work on now. And, it's a very small and "unsafe" (by modern standards) post war era convertible and I think he's become somewhat intimidated to drive it. Most people give things like old classic cars and motorcycles space on the road. And a growing number of people are angry, reckless bullies on the road with no regard for the safety of others. He has said he may want something more modern that's safer for him and mom to enjoy. Most likely in a size Porsche, from the last 5 or so model years. But probably not in red.

This is the crux of the situation. Even if you don't want to drive it a lot, you may find joy in the maintenance, triggering fond memories of the build years. This will be especially true down the road when your DF is no longer with you. I like your idea of figuring out how much he wants to sell it for, finding a reasonable appraisal to be fair, and then buying it outright from him. As far as the sister is concerned, you have to be certain she doesn't feel like you got a "sweetheart deal," or she will feel slighted again.

Good luck and would love to see a photo if/when appropriate!

Exactly. If I can say we hired an outside appraiser who independently came up with a fair value, I think we're good.

I can't tell if the car has a lot of sentimental value and you want to keep it in the family and it will be a nice memory of your father when he passes; or will it be an unplanned burden to garage and maintain it?

What if you sold one of your other cars to make room for it, in your garage, budget and time? Or do you value the cars you chose to buy too much to give up?

I'm trying to weigh the logical and emotional reasons. Love the car, good memories. The money is also halfway to a completely different car I'd like to have, which isn't this. But those cars are just cars, I can have them anytime. This isn't my dream car, it's my father's dream car, but it's part of me in a different way.

I'm a car girl. If your father decides to sell the car offer to buy it if your sister doesn't want it. I miss the cars that my husband and I sold before he passed. We brought some of them home in boxes and put all those pieces together
Your sister may be right. Most parents have a favorite child. I see it in my family and friends. It's the child that's the least amount of trouble or the one that needs help. Some favorites aren't that obvious but they are there.

Deep! I'm not sure my parents had a favorite but I was the younger one and my parents were absolutely a little more permissive with me. She paved the way. But I was also smart and learned from her plight that getting good grades and not being outwardly rebellious allowed me to fly under the radar and gain undeserved trust. Boy howdy that would make her furious. Little bit of Ferris Bueller going on in our household growing up

 

[splitwdw]

Nobody's asking so I will. What is the car?

He said he didn't want to say.

 

[copyright1997reloaded]

A car is NOT something that gets better by not driving it. Once the ethanol gas crystalizes in 6-12 months, the mice move in and chew all the wiring, the tires flat spotting it can take $$ to get the car back in running condition.

I think it would be fun if dad took everyone for a final ride, take a few pictures of everyone going for a ride and then sell the car, splitting the proceeds.

Never, ever put ethanol gas in a vehicle like that. For that matter, no ethanol in your snow blower, power washer, or chainsaws.

 

[RetiredHappy]

Sort of a side story, my sister resented me for being my parents' favorite. Maybe that was true because I was the youngest. My sister was very protective of me when I was young, and bailed me out in art class because I was very bad in art. She would do my art homework for me. When we were in our early 20s, she hated me and refused to talk to me for about 20 years because I was my parents' favorite. During the whole time, I had never gotten angry with her when she refused to speak with me, did not invite me to her wedding etc. I would always remember how she took care of me when I was in school, and I knew in my heart that she would eventually speak with me again. She did initiate communication with me, and we have gotten closer in the past 20 years.

 

[copyright1997reloaded]

I severely doubt money trouble, but, if there was, he's got a buyer lined up and ready to pay full price. Me!

The reason for selling is actually a little sad. It's hard for him to work on now. And, it's a very small and "unsafe" (by modern standards) post war era convertible and I think he's become somewhat intimidated to drive it. Most people give things like old classic cars and motorcycles space on the road. And a growing number of people are angry, reckless bullies on the road with no regard for the safety of others. He has said he may want something more modern that's safer for him and mom to enjoy. Most likely in a size Porsche, from the last 5 or so model years. But probably not in red.

So what about you "help" him work on it (i.e. you do the work) and offer to drive it around to keep it in running shape? That (your time with him) is more valuable than the money (likely to both you and he).

 

[Al18]

100% of the gas sold in NJ, and other states has 10% ethanol. There is no other choice for road legal cars.

 

[G-Money]

I don't think I heard you actually say that your dad wanted to sell the car. In any case, I sense that there are a lot of questions in your mind.

I think you need to decide what YOU want to do. Then do that.

All the best to you as you w*rk through this with your family.

Yesterday during our Father's Day get together he intentionally brought it up and said he was going to start getting it ready to sell.

When I said let's have a chat before you list it, I may be interested, he seemed surprised. He said he didn't ask me because he was almost certain I didn't want it, which broke my heart a little bit.

There's a little guilt there. The cool cars when I was coming of age were decidedly not this car. I was into muscle cars, huge power, V8's, and big cars and trucks. I probably hurt some feelings at some point...he was very involved in an enthusiast group specifically for this genre of vehicle and he tried to get me into it, including racing, and I never did. Racing just wasn't my thing, I was in my 20's and hanging out with a bunch of old guys wasn't my thing, there were no other people my age racing or enjoying these cars, really. The expense alone would have killed me.

Anyway, he kind of lit up when I said I might be interested. Similar to a comment above, it could be a way for him to still enjoy and see it, but without the burden. He even said maybe I can ask you to store it for a while while I figure out next steps.

While I appreciate the direction of his last comment (because I do have room), I need to make sure there's clear terms out of respect for my sister. And I intend to buy it, if I am certain I want to keep it around.

 

[G-Money]

100% of the gas sold in NJ, and other states has 10% ethanol. There is no other choice for road legal cars.

We have ethanol-free 92 octane widely available here. But there's a whole regimen around storage and keeping fuel systems fresh in seldomly-driven vehicles. Removing the ethanol doesn't stop most of the entropy.

 

[Mr. Tightwad]

Sort of a side story, my sister resented me for being my parents' favorite. Maybe that was true because I was the youngest. My sister was very protective of me when I was young, and bailed me out in art class because I was very bad in art. She would do my art homework for me. When we were in our early 20s, she hated me and refused to talk to me for about 20 years because I was my parents' favorite. During the whole time, I had never gotten angry with her when she refused to speak with me, did not invite me to her wedding etc. I would always remember how she took care of me when I was in school, and I knew in my heart that she would eventually speak with me again. She did initiate communication with me, and we have gotten closer in the past 20 years.

And now she's enjoying breakfasts with you and loading up on sausages to take home.