What happens with your car after your gone?

[JP Emerson]

Originally Posted by Too Many Projects

A few years back, after the attorney advise, I did make a list of what I had at that time and my perceived values, being most are project cars, and my wife knows those values. BUT, are those values relevant when the time comes ? I believe as we, the muscle car era guys that value these cars are gone, the values will drop rapidly. The collector models and restorations may hang onto some decent value, but the LSx and electric motor generations aren't going to want to pay 20k+ for a project car. Like I said earlier, they will only be worth what the market and people are willing to pay on the day they go up for sale.

This is a valid point. While values may drop or increase when the time comes, it is equally important to understand "what the car may be worth" even if it was a few years ago. This may prevent someone from losing out on real value if they decide to sell.

Knowing where to get the info and what they have in front of them is paramount. Also understanding that regardless of what a book or website says, it probably isn't realistic.



Sometimes the answer isn't as important as knowing where to find it.


JP

[Lee Stewart]

Just a suggestion:

Name a close friend in your will who will take care of disposing of your car(s) and parts. Someone younger than you who is knowledgeable about the market if you aren't going to leave it/them to your child/children. An executor so to speak.

[GrumpyJeff]

Luckily my only Son is in his mid 20's and a serious Motorhead ! and is real sharp when it comes to values on Muscle Cars & Vintage Harleys , While it would be Great if he could Keep everything for himself, being that he has worked on and even helped build some of the bikes. A lot would depend on my Wifes financial situation when im gone I guess? Worst case scenario is he pics a few of his favorites to keep and sells the rest for his Mom. But I feel confident "my stuff" would be in good hands regardless. I m thinking I should put some serious thought into this and have some some legal stuff written up asap. Great thread !!! always thought about this ,just never seriously

[x44d80]

Originally Posted by Lee Stewart

Just a suggestion:

Name a close friend in your will who will take care of disposing of your car(s) and parts. Someone younger than you who is knowledgeable about the market if you aren't going to leave it/them to your child/children. An executor so to speak.

This is great advice and this thread hits home. After a medical issue I had I started thinking about all the parts and junk and things I'll never use again. Fortunately I have a son that's really good at selling things on Facebook and the local ads. I give it to him and say lets split whatever money you get for it and lets get rid of what we don't need now because I know I probably wont need it later.

[GrumpyJeff]

But I have thought of the worst case scenario more than once where my Wife remarries some Chump and he steps into a Nice Pile of my Cool Stuff !!! But I’m sure my Kid will be all over this situation ! Haha

[wheelhop]

Originally Posted by marxjunk

i'm giving them all away..done cars, projects and all the parts that go with them..some to friends..some to family

Remind me to invite you over for the holidays once this Covid-19 is gone! :-]

[tom406]

I'm seeing more and more of this as an appraiser. Though you may worry about things going "cheap", I'm actually seeing the opposite in many cases. The family is overwhelmed with things to go through, and either the deceased talked about how "valuable" this car/stuff was or some friend or family member is telling them to expect Barrett Jackson prices for the Malibu that hasn't run since Dad took it apart and got sick 10 years ago. They're grieving and are afraid of getting taken advantage of so they hang onto stuff until moving or taxes force their hand. And then they're still conflicted. Make a will , educate your family on what you have. Remember, to 95% of the world and a lot of your heirs, your date coded LS6 parts look just like the parts your kid took off his Honda when he was in college. Check your titles-make sure that you have them all in one place, and that the numbers actually match the cars you have. Not too great making your grieving heirs navigate estate lawyers, DMV, and State Patrol inspection because you couldn't be bothered to get your stuff in order.

[RPOLS3]

Great topic.

Set up a trust and avoid the probate headaches for your heirs. Many don't want to spend the time or money to do this as it is a bit of a pain and forces you to think about your own mortality (not fun stuff for sure) - but you are really not doing your heirs any favors if you don't.

[Burd]

Maybe my cars should be crushed after I’m gone.