Dsmith

Here we go. I'd never thought I'd say this but selling the black in black '80 to help my family buy a new house has come to my mind. I will not find another like this beauty period. And I put so much blood sweat and tears into it. I think we can achieve our goals and still keep the Vette, but the xtra $$$ sure would go a long way. But you know what I'd use the money for? To pay off some stupid credit debt. That's gonna eventually get paid off in time anyway so why still not have the Vette? I've read so many stories about guys giving up theirs for the sake of their family and I thought they were fools. I'm seriously thinking about becoming a fool???!!! :crazy:

BigBlockVette

I have a family with 4 kids. They come first. You sound like you are getting your priorities straight! Family first, hobbies can come after. Get a roof that is yours over your head. You will be able to jump back into the hobby down the road. They made thousands of these cars. You can always come back into it. We have all made our sacrifices. I have been in your shoes. It will work out.

Good Luck,
Dwayne


[Modified by BigBlockVette, 7:58 PM 11/23/2001]

X-OTIC

I did it..! :yesnod: It was not a vette but a new 98' Benz and 98' Dakota back in 99' I was lucky to hang onto my Pantera. I have a great wife..! It was her Benz too. Now I drive a 87 toyota pick-up with 70K on it to work and she has a new Durango. She always ask me if I want a new Dakota but its nice not having another car payment. Plus it give me more money to play with..! :D

Dsmith

Well, we already have a house, a town house. We are just looking for something bigger now. We're busting out the seams. I talked with my wife. You know, if I sell the Vette and pay off the credit cards what would I have to show for it? NOTHING! We've decided it's best to keep the Vette in case there is an emegency like I lost my job. Then we'd sell it. But not now, we'd be acting too desparetely. With interest rates so low, it really doesn't pay to put more money down in a non-lquid asset such as a house. It doesn't save much on the mortgage payment. phew! I feel much better!!!!! :D

QuickVet

you gotta do what ya gotta do :seeya

SuperFast80

That sounds like a good deal! :cheers:

slide

I've sold five different hobby cars over the years to get myself out of credit card debt and I'm here to tell you that sooner or later you'll buy another Vette or whatever and end up with credit card bills all over again. My advice is, if you don't really need to sell the toy DON'T but like it was said earlier on, the family comes first. :D

ksbunting

I agree with the fact that family comes first, BUT that doesn't mean selling the Corvette is your only option.
I am old enough (54) to have been through some good times and some bad times. Sometimes selling isn't the proper option. Consider this, if you don't sell and struggle to get the bigger house, you always still have the option of selling but if you sell now that option is gone and the money may be gone real soon also. Why can't you sell the town house and get a lower percentage mortgage for a larger home using some fo the proceeds from the sale of the townhouse toward the new home and still keep the Corvette. In other words, use the current low rates in the mortgage market to "trade up". Don't know if that works for you but do the numbers to see.
I have sold things in the past and now realize that it is easier to struggle a little with the knowledge of knowing that if you have to you can always sell something off. That's not an option if you sell everything right away. Also, banks are more likely to work with you if you have some colateral (granted a car isn't the best colateral in the world but you get what I am trying to say.) Also, by not selling the car you will have an added incentive to bust your gut a little and make it work because you don't want to lose the car.
I say all this because I have done it both ways and at one time thought selling all was the only way to get out from under but have since learned that if you have something you are in a better bargaining position and as I said, you work just a little harder or spend just a little less to make it work.
You have an edge by having the townhouse and that should allow you to get into the new home that you need by trading up, not selling off.
Good luck, explore all your options, and family first, but don't be irrational and jump at the first option that comes to mind. You may have more options than you think.

Rolling Thunder

Credit cards are Killers! You might want to refinance your car to pay off the credit cards. Interest rates are better on a secured loan, and you will eventually pay it off. Not necessarily the case with out of control credit cards. Talk to your bank or credit union.

Good luck,
Dave

gearheadz

We've all been there. Do the right thing. This is what I sold when my first child was on the way. Let it go for $5.5K, now worth about $60K. No regrets.



Mark


[Modified by mdsmith, 11:16 AM 11/24/2001]

e3pres

Just remember... You can live in your Corvette. You can't drive a house. :D

Of course, I don't have a wife or kids yet. :)

The Wanderer

There are a few options you might want to look at about your CC debts. Call the card holders and negotiate lower interest rates. If you have a good payment history, I bet they will do it. Another is to go with companies that offer 0% or very low interest when transfering balances for a year or so. You'd be suprised how fast the balance drops with no interest as opposed to 20 % interest charges. If you do go with a low interest card... throw away the paid off high interest card so you don't use it again. When the low interest card is about to change to a higher interest, go to another card holder that is offering low interest balance transfers.

Good luck and keep the Vette if at all possible.

454Big

Well, I once did this too.:U
It was a beautiful 78 Vette - but the house is even more beautiful!
By the way, we have the house still and added just a nice conservatory to it (a Vette will look beautiful in it!!! ...sometimes!)

After 2.5 years without a Vette I purchased a new one and another one and another one and a Cadillac and another Cadillac and so on......:chevy

If it isnt a one-of-a-kind car, consider what will be the best for you all.......

I just give you my experiences - but no advice to act, thats up to you! :cheers:

Red73

Been there, done that, took 20 years to buy another vette.

Mark69

I have talked to three previous owners of my vette. Two of them told me: "Oh :cry , I should have kept her...."

Dsmith

Right on KSBunting! I have just come to the conclussions you had. Why get rid of something and then not have it as backup. We will use the proceeds from the sale of the townhouse and we will put forth the xtra effort to make it work. AND STILL HAVE THE VETTE! :cheers:

Ron 75 L48

Before you sell anything you need to find out what the mortgage company is willing to go with. You may be spinning your wheels for nothing. Depending on your credit history and how long you have been in the town house you may not have to sell anything except the the townhouse to move into another house especially with todays low interest rates. Good luck.
:flag

MotorHead

Live in a tent, park the Vette in front of it :D

Stingray1967

If you can make it and keep the vette, do it! But, if you run the risk of putting your family in financial jeopardy, then DON'T.