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  #41  
Old 04-11-2022, 01:27 AM
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If you have the room build a 30x40 pole barn and section off two spots, Rebt the rest to quality car guys but the space and have a little income from it and still have you cars with little to no headaches.
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  #42  
Old 04-11-2022, 01:58 PM
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Sell the 2 cars you like the least and save your money. You are gonna need it. And drive the wheels of the 2 you keep. I'm doing the same thing but dealing with parts and I'm only 43 (44 in June).
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  #43  
Old 04-11-2022, 02:22 PM
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Another insight that comes to mind that may help in your decision process. When researching when to take SS you will find that there is no argument that if you wait until you are 67/70, (every year after 62 you gain 7% each year), you get more monthly. The monthly numbers don't lie, but what impacts the total you will get in your lifetime is when you are asked the question, "how long are you going to live"? No one knows with certainty the answer to this question and this really is the biggest factor in making this decision along with others you decide as it relates to money. There is some discussion SS will go bankrupt in our lifetime, but that is another discussion.

My Mom is 91 and we were talking about this. Her and my Dad took it at 62 for financial reasons. Had they waited until 67 or 70 she would have more now, dad passed at 80. She is fine money wise and is glad she took it when she did, but clearly has lived longer than the expected range and would have received more had she waited.

So when I consider decisions like building a bigger garage or buying another car I do consider the life/death factor. There are downsides to spending like you are going to die soon, or "saving" to only leave an inheritance for your family, not necessarily a bad thing.

One other thought. You can borrow against stocks you have and pay interest only on the money/stock until you die at which time the stock is sold to pay the debt. There are some down sides to this strategy and researching such is highly advised.
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  #44  
Old 04-11-2022, 06:51 PM
William William is offline
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The #1 concern in retirement is out living your money.

Even if you have a decent amount of retirement savings, a serious health problem prior to being on Medicare can wipe out much or all of it. I had both knees replaced after 65; the total was a bit over $200k. My out of pocket was $44 for a required visit to my PCP for a checkup. I have had two eye surgeries for a problem that came out of nowhere.

My cousin had a brain tumor that could fortunately be removed. Unfortunately, she was 62 at the time and the copay wiped out much of their savings. Her retired husband had to return to work.

Just got off the phone with a long-time friend [63] that is recovering from serious cancer. The costs to date are over $2m; his out of pocket was $150k. His monthly drug/treatment costs are over $20k, he is responsible for at least $8k. Every month.

A friends wife died of cancer 10 years ago, prior to retirement. He had to borrow $200k to cover the copays until her life insurance settled.

Health is wealth.

IMHO, there has been some really bad advice on this topic. Maybe never heard the Parable of the Boiling Frog. Look it up.

Based on what I have personally seen and experienced, I would cash out both cars NOW [probably $100k+] and not do the [$30k] addition. Take the $130k and invest it somewhere safe, not the stock market at this time. Still have the '67 Camaro and the Anglia to mess with. When you retire, the money will be there. The hobby will have moved on like it always has, '60s muscle cars will have faded into the past. Car collecting is largely generational.
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  #45  
Old 04-12-2022, 10:33 PM
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I recently downsized from two homes to one. My 4 Camaros were kept two at each house. I have contracted with Morton buildings to build a 42X48 steel building. They always say go bigger than you think you need!
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  #46  
Old 04-13-2022, 02:01 AM
Chevelle SS 396 L78 Chevelle SS 396 L78 is offline
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Jeff,

Many of us have been there. I built my detached garage in 2004 when I was 54. I worked another 16 years until COVID-19 put the cabash on my position (Civil Engineer) so I retired taking unemployment...not my choice obviously.

I started out with three garage doors in my detached garage behind the house for the 3 cars I had planned to be in there, restoring my last vintage BMW in 2004 filled the garage up nicely with "3" cars. I had two 8ft wide doors and one 9ft wide door (I originally planned on a trailer going into that bay but it didn't happen, "yet".

Then, in 2008 we had a really bad house fire and I lost much of my vintage car parts in our basement. To make myself feel better I bought another car! Well, it did help and it was a great investment. My problem is I have a problem letting go of cars (been that way ever since selling my beloved '67 Chevelle L78 circa 1970 before going into the service during Vietnam). I found out that my garage was deep enough to turn one car sideways and put it against the front wall of the garage (on rollers), leaving 3 clear spots for other cars. So, I had 4 cars in a 3 car garage.

I have had a 2 post 9,000 lb lift in the garage from day one, but last summer I moved ahead with my next phase, which I had planned even before COVID (but it was delayed by it), and I bought two 4-post lifts.

So now I have 5 cars easily in the garage, and just enough space for that special '67 Chevelle SS 396 I'm looking for (when the time is right) to be built as a clone of my original '67 L78 Chevelle (which I haven't been able to find since starting the search in 2007). Yes, the prices are getting ridiculous!

I have never planned to use the 2-post lift as storage, but I know it will work just fine until I relinquish 1 or 2 of my cars.

The moral of this story is, plan BIG because you will never have enough space! Most of us just make do with the lot size we have, but I've always wanted some rural land where I could spread my wings and have more privacy out in the country. There's a lot to consider, but time passes quickly, and I swear it passes faster the older I get! LOL!

I designed my garage myself, putting together the plans and lot layout. I'd be happy to help you in any way once you get going with what you want to do. Remember to have more depth to the concrete if you get a 2-post lift, including rebar. Know your local building code also, so you don't run into any snags with permitting.

Best of luck with things,

John

Last edited by Chevelle SS 396 L78; 04-13-2022 at 02:08 AM.
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  #47  
Old 04-13-2022, 02:25 AM
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Interesting, different situations for everyone. I have a decent garage, 3 old cars, one newer hot rod. I'm getting too close to 70, but just seem to have lost the motivation to do much with them anymore. Haven't had the covers off of them so far this season. Should probably thin the herd, let someone else enjoy them.
If you're still into the hobby, and can swing it, buy what you enjoy, life is way too short.
And boy does it go by fast when you get into the last quarter....
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  #48  
Old 04-13-2022, 01:16 PM
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Would something like this work in your two car garage?

https://www.wildfirelifts.com/double-wide-car-lift

It's more economical than building an addition to your existing garage and solves the problem of storage for two other cars. It would allow you to save your funds to continue to invest for retirement while keeping your toys as well.

I built a 40x60 steel building in late 2019/early 2020 right before material prices skyrocketed. If I attempted to build that same building now I couldn't afford it. Prices have to come down eventually, and I would recommend trying to hold out until that happened. I had the foresight at the time to build my building with 14' walls so that I could add a few of those wildfire lifts in the future if needed. I'm almost out of floor space now so I know I'll be needing at least one before too long!
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  #49  
Old 04-14-2022, 12:40 AM
Chevelle SS 396 L78 Chevelle SS 396 L78 is offline
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Quote:
Originally Posted by Andy View Post
Would something like this work in your two car garage?

https://www.wildfirelifts.com/double-wide-car-lift

It's more economical than building an addition to your existing garage and solves the problem of storage for two other cars. It would allow you to save your funds to continue to invest for retirement while keeping your toys as well.

I built a 40x60 steel building in late 2019/early 2020 right before material prices skyrocketed. If I attempted to build that same building now I couldn't afford it. Prices have to come down eventually, and I would recommend trying to hold out until that happened. I had the foresight at the time to build my building with 14' walls so that I could add a few of those wildfire lifts in the future if needed. I'm almost out of floor space now so I know I'll be needing at least one before too long!

You were lucky to be able to build the inside ceiling height to 14ft. Typically, in detached garages anyway there will be a height limit in residential zoning districts, as I had to deal with. I tried getting a variance form 15ft to 18ft to have enough height clearance for my 2-post lift but it was denied because my wonderful neighbor next door complained. Everybody at the hearing liked my plans, but well so it goes. I ended up having a scissor truss roof designed with a 12ft peak inside the garage so my lift would clear. Scissor trusses work great if there is an overall height issue.
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  #50  
Old 04-15-2022, 11:19 PM
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Scissor trusses worked great in my 10' garage for my lift. Plenty of room to get my cars up as high as needed.


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