Quote:
Originally Posted by mikemustang514
I have to disagree here. I bought my car from a private seller, as most of us do; that means no tax. It cost me $23 dollars to get a title and tags. To the DMV these are 40+ yr old cars. Insurance cost me $400 for the year. So I'd be out 30k +$423 bucks.
I don't think you can count gas because regardless of what car you buy you will use gas. Interest rates are pretty low now; $30 in the bank is gonna make you about $50 bucks a month. You do have to maintain the car but if it's a weekend toy there's not much maintenance except cleaning. Maybe the occasional part here or there. Oh yeah, Ebay will cost you about $100 bucks...I know I just had my car on ebay last month.
No matter how you look at it these cars are inexpensive to own. Try to buy a Ferari, register it, and insure it for a year for less than $500...Good luck. Same goes for any car of this caliber. This is why replica cobras appeal to me.
If you buy for $30k and sell for a few though less you are still ahead. These cars cost $300+ per day to rent and I keep one in my garage for much less than that.
Lets see $423/12 = $36 per month, + Gas which is about $100 per month for me. That's $136...call it $150. Add to that the opportunity cost of keeping $30k in the bank ($50...before tax) and your at $200. Then say you lose $2k in value. $2k/12 = $167 per month depreciation. Total it up and it costs you $367 a month for me to drive my cobra. Compare that to $300+ per day to rent one. I'd say its not a bad way to spend money. And, if you can sell for more than what you paid, you might be lucky enough to drive around in a cobra for next to nothing...ignoring the fact that money depreciates over time.
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Your point on taxes depends on the state. In California and a good number of other states, they are not (legally) 40 year old cars, and taxes will be charged based on the purchase price (or build costs).
Always risky to generalize given how spread out our membership is.
