Will reality ever phase Cobra owners? (economic crisis) - Page 2

bdeutsch · #1 (**permalink**) 10-10-2008, 09:23 AM

Trying to distinguish hype from reality at the moment is interesting particularly given continued volatility of the stock market and related impact on 401k and other instruments created to fund your retirement years.

I think that in general, we can expect to see a number of specialty car manufacturers crash and burn in 2009; combination of lowered demand and difficulty in obtaining credit at reasonable rates. How/if that impacts the Club Cobra community is hard to determine.

In regards to Cobra market and prices, flat at best, likely to continue to fall through next year. At the end of the day, demand for these cars is elastic. It is not clear though where biggest hits will be...meaning the two $$ ends (high-low) of the spectrum. Only thought to add here is that if you do not need to sell now, don't.

Not an economist, so no particular credentials that give me any insight into any of this. All disagreements welcome.

madmaxx · #2 (**permalink**) 10-10-2008, 07:53 AM

"The truth of the matter is, at least for me, that driving a high-end car like a Cobra is not as much fun during bleak economic times, regardless of the degree that those times may be affecting you personally."Well said.

I completely disagree, I enjoy mine in bleak and good times I did not buy for other people, what have they ever bought me. Everyone that bought on credit finally has to pay the reaper. I have never paid a penny of interest in my life and started with nothing, worked since I was 9 and I am 41. Always lived at 50% my means and proudly own a 20 plus year old boat that I bought when it was 10 years old. Not the same for some of my aquantenances with $90K boats that are now being repossed. Sure I will call the bank in December and offer $30K on the boat, the buyer and bank both made bad decisions and now I will try to help dig them out. Guess we should blame it on everyone but them.

As far as college funds the two 529's I set up my kids are down $30K, I set them up when they were just born, 3 and 1 year ago. Probably a good thing, let pay for their own I paid for mine, makes you a better person IMHO.

ekrupa2 · #3 (**permalink**) 10-10-2008, 08:00 AM

Sold two investments to pay for my SPFa year ago September. Had I kept those two investments they would have been worth what they originally started out as...so I am happy about that. I am looking the other way on the current crisis (i have 20 years to retirement as I am confident now is the time to buy rather then sell). I have put 2700 miles on my car this season and plan to keep enjoying it as much as possible.

Sal Gerace · #4 (**permalink**) 10-10-2008, 08:04 AM

Since I have my Cobra on the road I have had many memorabile experiences that I otherwise would not have had. I have met new people, drove on a race track at SAAC. Talked to many at the local gas station that I probably would never have met. I have also became a pretty good wrench in the past two years. It is definatly a smile maker when there are other things on the mind (stock marker). Dow down to 8366 right now as I am typing.
Financially yes I have had to cut back a little. Taking the trip to NY for some touchup is going to have to wait since the trip will cost me a $300.00 truck/trailer rental each day, two days. I take the Cobra out less now for the casual cruise. Mainly to try and offset some of the losses with this economy. But besides all this,
Cobra Ownership is Priceless

JBCOBRA · #5 (**permalink**) 10-10-2008, 08:26 AM

Times are hard, but for me, driving the Cobra is the best therapy. When I am out cruising it is the best form of escapism from what is going on in the world. No phone, radio, tv or computer. Gas is cheaper than a "shrink"

RedBarchetta · #6 (**permalink**) 10-10-2008, 09:15 AM

Damn that was a good read. I just forwarded that to 20 of my close friends.

Jamo · #7 (**permalink**) 10-10-2008, 11:33 AM

With apologies to the Fabulous Furry Freak Brothers (for those of you are old enough and inhaled)...

A Cobra will get you through times of no money better than money will get you through times of no Cobra.

Thieleng · #8 (**permalink**) 10-10-2008, 12:38 PM

Well, I just read a newspaper article yesterday that stated Nevada was the lowest in the 50 states as far as economic conditions. I sold my business 3 years ago with the intentions of slowing down and being more selective as to what client's I wish to maintain and work for in the future. I sold a business that had two offices and combined revenues above $10M, 77 employees etc. on an installment plan that has 2 years left, and that is down to approximately 10% of it's original value. I had to draw out my retirement funds about 6 weeks ago in order to continue, client's that I have had for over 20 years and have worked with through several boom and bust cycles are now filing BK and cannot afford to pay their bills. My plans for slowing down have now been exceeded by the need to start over and to raise the Phoenix once more out of the ashes. I cannot do much with the economy other than endeavor to persevere and hope to survive long enough for the turn around, when and if that occurs. I have all my equity and liquidity invested in my home, which is on the market, the value of which has declined by 31% over the past 6 months. I will be 56 in a month and still have one daughter in school that will graduate next spring. Meanwhile I watch the news and see the potential evolution of the United States into a socialist state re: Socialized Health Care, Feds majority owners of Banking, interference into money markets etc., for some reason the Cobra is not as much fun as it use to be and probably will be sitting in the garage for a while.

MaSnaka · #9 (**permalink**) 10-10-2008, 01:09 PM

Privatized profits with socialized risks. I'm not sure what the best course of action is but I hope those smarter than me do. Things are going to be different for some time to come. I hope my kids don't have a depression story to tell their kids. What is happening is just unheard of. Best of luck to us all.

John

madmaxx · #10 (**permalink**) 10-10-2008, 02:11 PM

Anyone looking for work, there is always some in the golden triangle, houston, beaumont, lake charles. Massive refinery project by Motiva in Lake Charles/Beaumont area. It is like my plant manager said a while back, there are less than 1% of the people walking through our plant gates making less than $100K a year, including 25 year olds. The landscape is ugly, the weather is hot humid and usually raining, there is only summer and very hot summer as far as seasons. realestate is very cheap, no state income tax but high property taxes about 5%. Liberal rules as far as killing thiefs, drug dealers, molesters and the rest of vile society, if you do not want to do it your neighbor will, still a big problem with drinking and driving, but since everything is flat the roads are not challenging.

rbray · #11 (**permalink**) 10-10-2008, 04:08 PM

Hey MadMaxx,

where do I apply?

GTA · #12 (**permalink**) 10-10-2008, 05:55 PM

Hey Trularin, I heard about Delphi. Sorry to hear your in the sinking boat. I can't retire now.Thats why I'm tring to get a job out of state.I am very ticked off about this whole thing. I also lived under my means.I bought a smaller home when they were pushing me to buy a larger home.I think a lot of people went out and bought large homes they were told they could afford.My daughter worked for one of the largest loan companys out there. They kept tring to get her to sign off on bad loan and she refused. She ended up quiting before she would do it.One of the loans was a lady from Detroit wanted a equity loan of $20,000 .The lady had the house apraised at $54,000. My daughter went out to the house to see for her self. My daughter appraised the house at about $8,000.My daughter has a license to appraise homes in Michigan. Her boss signed off on that loan becouse Crystal would'nt.Guess who got the big bonus that year.Intill they get a handle on this kind of stuff, nothing will change.In 10 to 15 years we'll be back in the same boat. Bailing out the fat cats and crooks.

sharpe 1 · #13 (**permalink**) 10-10-2008, 06:28 PM

I am retired, but manage a small city operated General Avation Airport for something to do, and my cobra still gets a lot of use. Will soon put away for winter months. It gets cold here in Iowa.

VE4MM · #14 (**permalink**) 10-10-2008, 07:21 PM

I am just waiting for the vintage Shelby Mustangs to drop in price already so I can buy one for the 2002 price of $40,000.00, not $100,000.00.

It will happen.

People will need to liquidate assets to save their homes and pay their credit cards.

Just waiting patiently.

MM

Power Surge · #15 (**permalink**) 10-10-2008, 08:41 PM

The sinking economy over the past few years caused me to get into 6 figure debt to keep my business alive, hoping I'd be able to get through it. I didn't. Closed the shop down two months ago and still am in 6 figure debt. Currently rent a house here in FL, which is fine by me because I actually feel better paying rent than forking over interest to some scumbag mortgage company.

I could sell my Cobra (and maybe a few other things) and be out of debt. I won't do it.

I told my wife we'd be living in a box on the side of the road before I sell the Cobra.

She agreed.

VE4MM · #16 (**permalink**) 10-10-2008, 08:51 PM

Quote:

Originally Posted by Power Surge

The sinking economy over the past few years caused me to get into 6 figure debt to keep my business alive, hoping I'd be able to get through it. I didn't. Closed the shop down two months ago and still am in 6 figure debt. Currently rent a house here in FL, which is fine by me because I actually feel better paying rent than forking over interest to some scumbag mortgage company.

I could sell my Cobra (and maybe a few other things) and be out of debt. I won't do it.

I told my wife we'd be living in a box on the side of the road before I sell the Cobra.

She agreed.

I feel very bad for you.

I am an Engineer and own the firm. I could retire at 39.

I am 46 and have never made so much money in my life.

I am in Canada, and the economy is booming. The past 5 yeas have been crazy.

I only work 10-4 Monday thru Friday. Work is a hobby, fun.

Canada is very conservative and have banking controls in place.

I do not see any slowdown here.

God Bless.

MM

Madmiles442 · #17 (**permalink**) 10-10-2008, 10:53 PM

What i really wish is that I had a mattress full of cash so I could ENTER the market. 2nd best thing might be to sell the Cobra, buy into the market (in blue chips (apple, GE, Abbott) that have slid due to no fault of performance but just caught in the vortex of the financial crash) and sit for 5-7 years while that money doubles. Then get another Cobra and be ahead of the game.

trs900 · #18 (**permalink**) 10-11-2008, 07:01 AM

Think we have problems now, lets just hope the printing presses don't break down or we run out of ink...wait they could use our blood for that.. Cobra replicas even the cheap one's will increase in price to over $100,000 but will actually be worth $10,000 of today's dollars due to the worthless paper.. I have 100% confidence in most Americans ability to pull themselves out of the hole given a fair shake unfortunately we have a bunch of idiots in office who unless they have had their head up their arss's knew this was coming a long time ago, I wonder if they pulled out early and left us with this baby, it would be interesting to look over their financial records including stock trades, lets start with Barney's. Throwing figures of Trillions around scares the **** out of me, I had to take my shoes off to count that high.

Smokingcobra2 · #19 (**permalink**) 10-11-2008, 08:40 AM

I agree with you guys, just got back from a beautiful early morning drive here in ct where its around 60 degrees right now and close to 70 later- awesome weather for here. Afer realizing we are stuck here in ct for another year cause of this mess i went for a quick ride passing our local Mobil station full trottle in second gear. I know alot of faces smiled as i went by-- maybe there happier to!!
joeg

Rick Parker · #20 (**permalink**) 10-11-2008, 02:13 PM

Quote:

I''ll agree with my Cobra being the perfect therapy for the blues. Whenever I'm feeling down about something all I have to do is open my garage door and take at look at my Cobra and the depression starts to melt away. I hop in the car and turn the key, it fires with that sidepipe rumble and a smile appears on my face everytime.

BETTER THAN ANYTHING! ..................................(BECAUSE IT CAN BE FIXED!)