lucky you.............this is still available http://www.jalopyjournal.com/forum/threads/1926-model-t-traditional-hot-rod.1021931/
Here are 2 I'm following right now. Neither one of these will break the bank. You might not even have to raid the 401!
My wife and I just had this very talk as the O.P. This thread has been very timely and been of great value to me. I have nothing to add but I'm hearing every word. Thanks O.P..........Al
3 years and not much progress? What have you been doing?? Just kidding. I bought a "done" OT car 13 years ago, because I want to spent time with my wife and 8 year old instead of restoring a car. It worked out great. However since then, while we have enjoyed the car, I've completely redone the interior, rebuilt the engine, trans, suspension (twice) and completely restored the engine compartment. But I realized my short comings and farmed out the stuff I could not do (didn't trust myself, hey I wanted it to look and run great!) --> paint dash, recover seats, machine and assemble engine, rebuild trans, restore wiper motor, rebuild hood hinges. But I still did much of the installation and assembly of the sub-assemblies myself with the help of friends. And I had a great time!! My point is the is no shame in buying a car already done, but I'm sure you will be making some changes to it.
Do what you need to do! I have a coupe that was built a long time back. I ended up taking it mechanically all apart to rebuild just about everything and made some improvements along the way. It feels more like mine now. I need to build my own but that's just me. Use the funds to get it done! My 2 cents.
Whatever you do, have fun with your wife. Life is very short. No one knows how many days any of us has.
There has been some wonderful advice here, I took out a small amount of my 401 money when I retired and bought the avatar car which still looks just like I bought it. But I have changed everything under the car, repainted the interior just like it was and improved the car with detail work. I have driven the car 50K miles total, driving it every summer and improving it every winter. Its my wife's favorite car and we have enjoyed it tremendously since 2007, I don't regret buying someone's else's car and I don't mind saying that I didn't build it. I tell people that I have really improved it though. So this is what I have done and I have no regrets at all and I feel the money was well spent. Good luck in your decision.
I guess I should have 'splained a little more . The money ,or the 401K is not an issue . I am doing a 4 door 57 conversion to a two door. It is currently a three door (half way finished). I can not have more than one toy due to space so keeping both and still working on one is not possible. The car she wants belongs to a friend ,it also is a 57 two door. This is a very small hot rod community and if I buy it it will always be known as HIS car. I'm 70 years old and still kicking , not sure what the future brings. Thanks to everyone for the advice.
have you looked into farming SOME of the work to finish your car out? maybe pay someone to get you over the hump. if you were closer i would bring it into my shop and do the stuff that may be holding the project back, give you some "homework", finish some more stuff, you assemble it, etc... there must be a shop around your area that could choreograph that process for you. then you can say you built it.......with some help .
We are all only custodians of these steel and rubber machines for a little while. Eventually they will all belong to someone else again. Unless you bought it new, it's always been someone else's car before you got it. We all put our touches on them to make them ours, the next owner may redo everything we worked hard to do, just because they want to make it theirs. You don't have to have an old car to go out and enjoy shows and cruise in's, there have been many times both of ours were down and we ended up going anyway in her Expy or my Pickup. The time spent together is more important than what you go in...... Not much help on your original question, just something else to think about.
Now that you've explained even more...... I say buy the car and take some trips with your wife. Just my opinion.
4 to 2 door conversion sounds like alot of work, no matter what your age is.. What if you sold your project, bought the other '57, drive it and change it to your liking while you are enjoying it as a driver?
Whatever you decide, remember that taking that money from the 401(k) may be subject to penalties for withdrawing early and income tax.... i know i know, I suck....
If buying "HIS car" bugs you that much, cast a wider net and buy outside your community. There has to be a selection of '57 Chevies within 150-250 miles. The good news is: If you stall a couple more weeks, it'll be 'too late in the year' & you can put the decision off until spring. It may be difficult to sell a 3-door '57, so the more you can have done when you make the call, the better off you may be.
Probably not what you want to hear but another thought for you...4 years ago,my lady was out raking the leaves one Thursday evening,,Friday at 6 AM she had a massive heart attack and is now gone forever...had NO previous heart problems. Life is very uncertain,
if you know the car and owner for a while and the car is built right buy it and enjoy it. a friend son bought a 33 plymouth coupe that the same person owned for the past 30 yrs. and where ever he goes someone always says that is larry's old car. and he is proud that it is his
Remember its cheaper to buy then build. Not to mention you can be out enjoying yourself instead of spending years in the garage. I certainly wouldn't worry about someone saying its someone else's car your driving. That doesn't mean anything. Some of my friends have cars I wouldn't mind owning. Gary
I have no problem owning someone elses car, but I'd be careful raiding the 401k, as 57JoFoMoPar mentioned above, there can be penalties and taxes owed, might not be a good move financially. It might be better to contribute less to it on an ongoing basis and put the money instead toward a car. With interest rates as bad as they are right now, cars can actually be a better investment. Cars have often outperformed the stock market in appreciating value, and bank interest these days totally blows.
When I retire, I'm going to BUY a bass boat, not BUILD one. Its the fishing I like. . Anyhoo, be sure to tell us what you did. We're nosey that way.
I did just what your wife suggested. I'm building a '29 Chevy. Right before I got married we found my shoebox for sale. Had the money and pulled the trigger. Have had tons of fun cruising the 51 while still working on the 29 to finish someday, better yet I can now fit our 2 daughters in the 51, i'd be cruising alone if I had just kept going on the 29. Bottom line, have as much fun as you can.
This probably won't be popular, but you should not borrow from your retirement funds to buy a car. If those are your only savings, you really don't need another car. Your retirement financial future is much more important.
This is good info. I say don't raid the 401 k. but hey it's your money. The harsh truth is [I may get kicked out of here for this!] It's a car. period. Most of the people on this planet don't have any affection for them other than to get from point a to b. Life and family are the only things that matter.
Clearly you have a wife that loves you very much and has been looking forward to sharing/enjoying additional time with you. What a blessing! It is also clear that many of your fellow Hambers care enough about your future financial well-being to point out the risks of tapping your 401. From your second post, it appears the money is not an issue either so that too is a blessing. If each of us knew what our future health care/cost needs we're going to be and when our expiration date was, making retirement decisions or any other financial savings or purchasing decisions would be much simpler. Most of us do not know these things so we naturally wrestle with what to do. I have a car that " I built" and one that I bought. The one I bought is frankly the better built of the two. I love both. Driving the one "I built" just feels right for me. So I get your reservation. Driving the one I bought is also great too, but different. So they are both extremely enjoyable. What makes them both so enjoyable is this: Typically, my best hot rodding times / memories have been with my wife riding alongside me. Those times always bring me more comfort and joy than my chemotherapy drug or the mutual funds I own. Whatever you choose to do I trust will be the right decision for both you and your wife. And if you are anything like me, you will wonder why you wrestled so long with the decision?
As long as this thread has gone on I could have relocated the second b pillar and hung the other quarter panel. Just bang that car out and rough it in enough to drive it and finish it between driving the wheels off it. I'd never buy a buddy's car. Too close to home. That would drive me crazy. Start getting in the groove. Organize your tools. Lay out your parts. Look at pics of finished cars and get pumped up about it again. Selling a half converted 4 door doesn't sound too easy and kinda sells you short for all the work you already put in. You deserve the bragging rights. Finish it but just knock it out even if you hire out a lot of it. You can do this
As stated dipping into ones 401K can be a detriment but it all depends on how much you have in other investments and how large your 401K is. It goes without saying don't blow your old age nest egg on a car which can be a depreciating asset. The key to investments is to have a varied portfolio. Don't put all your eggs in one basket and don't consider an old as an investment. Consider it a toy. Gary
We dipped into what was left of my 401K for two things. One a house on a third of an acre with room for a shop, which we built from the sale of the other house Two a land speed roadster that was built by a friend that had passed many years ago. The house has room for the projects Ill never get done, but I own And every time we take out 'George's Roadster', his old friends and race buddy's stop by to tell us stories. Did we do this because we are stupid? And car crazy? (Maybe on that one) But life is too short and I have seen rodders pass with never driven projects because it needs to be perfect before it is brought out. Or sudden health issues no make it impossible to do anything. We did it because I now fight Leukemia, I am way passed by used by date, I only have the energy to work in the shop until about 2 pm. But hell, I have a shop to play in and a race car, that was someone elses, we have fun with. And about 8 too many project cars. And one day when the cancer takes over, Ill have a smile on my face because I did it, I did it with my wife and my friends. And maybe Ill get used to the flavor of Alpo. My house and my shop is the 401K that would have been bought with the 401K. Maybe I could hock it again for 200mph,,,,,,,
Don't worry about driving someone else's auto.Go for it and make it your own over time.Life is too short as others have said. Snowman
I sold my 34 Airflow to a really good friend of mine 15 years ago. I drove the car in primer for 12 years. I never regret selling the car. My friend redid the car and loves it. He says he will never sell it. People still ask him if it my old car and he tells them yes. Enjoying time with your wife will make you forget whose car you are driving. If you can afford it I say go for it.
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