Re: [DMCForum] Is It Worth It?

["Ryan Wright" <ryanpwright@xxxxxxxxx>]

Hi there,

> I'm struggling with a dilemma right now.  My beloved Belinda needs a
> lot of work done.  She is at Rob's shop.  Apparently, the whole
> exhaust system is shot, and will require $3000 worth of repairs.

You have to ask yourself if you're really in it for the long haul. If
you are, bite and fix her yet again.

I understand your frustration because I have been there myself many
times with various other cars and projects. However, look at it this
way: You've already replaced a large amount of parts. So much of your
car is new again. If you bail out now, you lose all of that effort.

> Does anyone, particularly those of you that have seen my car, have
> any advice as to whether it is worth it?  All total, I have spend
> $27,000 on this car.  For that price, I could have had a perfect
> Delorean.  I'm still left with one with 24,000 miles, and cosmetic
> problems.

24,000 miles is no big deal. Cosmetic problems can be fixed easily. It
sounds like you've replaced most of the mechanical, so you're getting
closer to being "done". Of course, you'll never really be done - even
the new parts will eventually wear out - but it sounds like you're
past the worst of it.

> I hate to sell it, because I love the car and also because I have
> sunk so much money into it, but I don't know what to do.  I can't
> really afford another $3000.

Then wait to perform the repairs until you can. But don't let the car
rot in your garage for several years - start throwing a few hundred
bucks a month in a savings account. That will get you fixed in less
than a year. In the meantime, start the car and run it around the
block a couple times a month, just to keep everything working well.

When you're done, continue putting a bit of money away here and there
so you'll have cash for the next repair. I compare old car repair
bills to the price of a new car. Think about it: $3,000 to fix this
one, or $30,000 to buy a cookie cutter car at the local dealership?
Even if you had to spend $3k a year for the next several years you'd
be money ahead AND you'll have a lot more fun driving the DeLorean.

> Any idea what a car with moderate aesthetic problems (chipped paint,
> saggy rear fascia, torn seats, dashboard crack) and a bad exhaust
> would fetch?

Unfortunately, not much. I wouldn't pay more than $10k. You might be
able to fetch $15k, if you're lucky.

But that's how it works with old cars. You put a lot more money into
them than they're worth. The key is, is it worth it to you?

After you fix the car you'll have $30k into it, right? Think about
other cars you could have bought for $30k and ask yourself if you
would have rather had them over your DeLorean? I know the answer to
that because I made it myself 2 years ago: Buy a new sports car (RX-8,
new Z, MR-2 Spyder?) or buy a DeLorean? I chose the DeLorean.

> After this, I think I will have replaced every part of the engine
> except for the transmission.  Any idea how long that will take to
> go?

Hehe, who knows! But if you make car payments to yourself for the next
few years, you'll have the cash on hand to replace it when it does!

BTW, even newer, "normal" cars are not immune to the repairs you've
been going through. A brand new car will be for a few years, but
eventually the warranty runs out and things start to break and you end
up sinking money back into it. That's just the price you pay for
transportation... and it's almost always cheaper, even in the long
run, to fix old cars than to replace them with new ones.

-Ryan


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