[DML] Re: Owning a D

[Waernst@xxxx]

In a message dated 8/30/99 12:38:21 AM Eastern Daylight Time, DLoff80@xxxx 
writes:

<< if I got it to leave it in the garage becuase they would not 
insure me on such a car/....
Erik how do you do it, and if there are any other 19 yeara olds out there 
that own one, how do you guys do it? And, is it possible for a kid that has 
to pay ALL his bills to own one? >>

Dave, the answer is "yes & no." ANY car is expensive to insure under your 
own name when you're 19, which is why most teenagers try to get on their 
parent's policy, even if they are the ones who actually pay for it. At least 
you may get a multicar discount. State Farm (NJ) insures based on a 
recognized appraised value. The price is not bad, but I'm not a single male 
under 25! Shop around.
As far as 19 year olds owning one... my 16 year old son owns a '55 Chevy 
Belair - he's also a big DeLorean fan. He paid off the car himself by 
working in the family business after school hours. Now he's working to save 
up for a frame off resto since the bottom is seriously rusted. He paid $2500 
and it runs, though he has years of work ahead of him... and a lot of money. 
I've never seen a D sell that cheap though. Once you get down to around 
$5000 or below, you have a car which doesn't run and needs a lot of work and 
$$$. Owning a beautiful collector car has it's good points but it isn't a 
cheap hobby. And don't believe the appealing gearhead fantasy that "whatever 
you put into it you'll get back when you sell it." Unless you're rich 
enough to buy a creampuff, are very lucky, and wait 30 years, that won't 
neccesarily happen. I'm not just saying DeLoreans. Buy a run down '81 
Corvette and spend $20 or 30 thousand making it like new, and do you have car 
worth $20,000? Probably not. Do it for the love of it, like any hobby, or 
don't do it. 
I paid for my son's car, registered it in my name since he was too young, and 
let him pay me back in installments. (No pay- we sell it!) But he has been 
faithful to work hard and pay for it all. If you have no family support like 
that, better to enjoy shows and reading about them, join a club, save up and 
get one when you can affiord one you can drive away in. One of the nicest 
ones I've seen cost $15,000. Good luck!