The Plan

[ShortBus]

Okay, so I'm looking to simplify, reduce my monthlies, AND to pursue a more car-centric life. So, here's the plan:

 

Step 1: Sell the Miata.

 

Step 2: Trade the Legacy for something*:

A) Older

B) Cheaper

C) Just as comfy

D) Just as fast/faster

Step 3: Buy wheels and R-Compound tires for said car so I can autocross next season. This car will be my commuter AND my race car.

 

Step 4: Save some money and work on my house. Gotta happen.

 

Step 5: Upon reaching a pre-determined personal goal, such as:

A) Completed living room/dining room

B) Tiled kitchen floor

C) Replaced bathtub

D) Etc.

Buy another car. Something classic, and in decent-but-not-carshow shape. An old galaxie or cornet or something.

 

Step 6: Do stuff with the car, such as:

A) Drive it

B) Fix it

C) Drive it some more

D) Get it good and shiny

E) Try to sell it for more than I've put into it. Longshot, but what the hell, right?

Step 7: GoTo Step 4, repeat until I Get really good at this classic-flipping thing and make a lot of money, then:

A) Build a hot rod and try step 6 with that

B) Buy a Westfield kit and try step 6 with that

C) Enact the more complex plan of moving to a patch of land with a decent garage and start over from step 4.

*Here are my thoughts so far:

A) 97-98 BMW M3

B) 00-01 Audi S4

C) 03ish WRX

So, is this totally crazy, or workable? Any other thoughts on cars?

[SLegacy99]

Reliability go with the WRX. Pure fun, the M3. Enjoyment, but least reliable would be the S4. Audi interiors are sweet though.

[RangerMan]

Okay, so I'm looking to simplify, reduce my monthlies, AND to pursue a more car-centric life. So, here's the plan:

 

Step 1: Sell the Miata.

 

---Probably a good plan, the Miata market is strong and you'll get some decent cash for the car---

 

Step 2: Trade the Legacy for something*:

 

A) Older

B) Cheaper

C) Just as comfy

D) Just as fast/faster

 

---Also probably a good idea, except, you are going to end up taking a decent hit on your trade in. Unfortunate fact of the Legacy. So you will want to 1) get a great deal on the used car and 2) it will need to be cheap enough so you can roll in whatever hit you take on your car. Even if it is paid off you will still have some depreciation that needs to be "on the books" so to speak---

 

Step 3: Buy wheels and R-Compound tires for said car so I can autocross next season. This car will be my commuter AND my race car.

 

Step 4: Save some money and work on my house. Gotta happen.

 

Step 5: Upon reaching a pre-determined personal goal, such as:

 

A) Completed living room/dining room

B) Tiled kitchen floor

C) Replaced bathtub

D) Etc.

 

---Great idea. Money in the house is worth SO much more than money in a car---

 

Buy another car. Something classic, and in decent-but-not-carshow shape. An old galaxie or cornet or something.

 

Step 6: Do stuff with the car, such as:

 

A) Drive it

B) Fix it

C) Drive it some more

D) Get it good and shiny

E) Try to sell it for more than I've put into it. Longshot, but what the hell, right?

 

---Another great idea. I bought a '64 Comet that was solid but doesn't drive yet. Just need some brakes, fuel system stuff and will be good to go. Cost $1000 and the market for "classics" keeps going up so I have a feeling I will be able to sell it for at least what I put into it.---

 

Step 7: GoTo Step 4, repeat until I Get really good at this classic-flipping thing and make a lot of money, then:

 

A) Build a hot rod and try step 6 with that

B) Buy a Westfield kit and try step 6 with that

C) Enact the more complex plan of moving to a patch of land with a decent garage and start over from step 4.

 

---Don't let the classic thing become a job or burn you out. I do it as a hobby for fun and to relax. If you can do both that is AWESOME, but don't let making cash be the only reason you do it.---

 

*Here are my thoughts so far:

 

A) 97-98 BMW M3

B) 00-01 Audi S4

C) 03ish WRX

 

So, is this totally crazy, or workable? Any other thoughts on cars?

 

---From your short list I would go with the WRX. Probably the cheapest overall cost of ownership.---

[IwannaSportSedan]

Definitely WRX, or turbo conversion 90's legacy, or turbo'd 2.5RS. You could get a nice one for a modest amount of money. MR2 Turbo, also, if you don't mind 2-seats, but that is less practical for everyday, if you have more than just a spouse.

 

Good performance for both autocross, and daily driving, reliable, and the Subie AWD goes in the rain or snow, which can hamper some other daily driven performance cars. previous gens of imprezas, especially with turbos, would seem like great inexpensive fun on the street and the track.

 

M3 would be cool, some parts might be a bit $$$. older Audi S4... ???? reliability, and $$$$$ if busted. Nice cars, but can derail your plan if something happens. In that case, rather than german hardware, I would actually trade your 07 Spec B on an 05 Legacy GT, and pocket the difference for your house projects.

 

An 07 spec B might sell to someone on this forum, or NASIOC for a minimum depreciation hit, and the 05 Legacy GTs are under 20k, and just as fast as your 07. You might still walk away with a few grand net gain, to put toward car debt, or home equity.

 

Good luck. Get debt free, and then spend money above board on the equity and the hobbies... I am gradually working there myself... Mortgage, Student loans, and Legacy payment are all that I have left. we have a sweetheart of a nice, inexpensive classic 1920s house on a flat rate mortgage, and owe less than $65K on, Student loans are well below schedule, and I owe less than 11k on my 05 Legacy, and it is going down fast. I borrowed twice that much, just a year ago, to buy it used. Debt is going down for the count, and it won't be back afterward, short of a different house someday.