Quote:
Originally Posted by William
At 57 you're 8 years from Medicare eligibility, 10 years from SS FRA. Unless you want to pay for private health insurance, you need to keep working until 2030. You just took a pay cut and are now contemplating burning a large sum of cash for a garage addition to store cars you don't drive. Even you know those cars have probably peaked in value.
Were I in your position, I would not bet a good chunk of my future retirement funds on old Muscle Cars being a wise investment. There is tremendous pressure to get rid of fossil fuels. 12 state governors have asked the current administration to ban the sale of new fossil-fueled cars by 2035. Maine has already raised the possibility of banning gasoline.
By the time you retire, the world and our hobby will be a very different place.
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Man did you hit it right on the head William, atleast for me.
Over the past several years now, I have come to realize (personally) that two vehicles are just what I need and here is my reasoning.
1. I still work so I am a busy guy with life.
2. I am not a millionaire, just a smuck with average life/income/family which has granted me the ability to have an average size shop which holds two cars.
3. I do not have the ability to drive more that one car at a time, let alone four/six/ten/etc.
4. If you have more than one car, that means they do not all get driven like they need to be.....in my world.
5. I really don't like paying storage/insurance for my toys if I am not using them.
I am also a believer that our beloved muscle cars will not be a great long term investment. Just read the above quote/facts which tells me the writing is on the wall and has been on the wall for 10 years or so. Covid really messed that natural progression. The ONLY reason cars and everything else went to the moon lately is obvious. In my world (1969 Camaro's) they were steadily dropping in value (slowly) for years prior to Covid and I was fine with that. Everything has a shelf life.
So in a nutshell, downsize the fleet a bit while prices are at all time highs.
And more important, prepare for your well deserved retirement.
Paul