No one has posted about taking their free time during lockdown to total up their receipts.
I have a filing system and I looked at the files the other day and thought to myself, now would be a good time to add that up just out of curiosity.
But then I decided to climb under the car and clean the starter and battery ground points.
One golden rule with restorations -- you don't want
to add up all of your receipts. It will likely ruin you
day and it will just ruin your fun. One exception.
Suppose you spent $100k to restore a car that the
market will bear $75k and you get that. Maybe
(and I'm not a tax attorney) you can claim the
difference as a loss vs. a capital gain when you sell.
Mike
I use Quicken, I can tell at any time.
:o
...as our grandmothers would say, "some things are better not known". Harry
The ONLY reason I totaled my receipts is for insurance purposes. Other than that, it isn't about the money! 8)
Jeff
What free time?
Quote from: hornetball on May 09, 2020, 10:01:01 AM
What free time?
It’s funny as I am busier than I normally am as I still go to work, but I am doing only 3 days a week at work so I wind up working more in less time and then wind up with extra time at the garage.
It’s sort of a redistribution of resources thing.
The thought occurred to me as I was in the garage actually accomplishing things and I was standing next to the file cabinet with the files in it.
Then I thought, nah...not a good idea. I have better use for my time...
Agreed. Cardinal Rule of this hobby: NEVER add up receipts.
However, I admit I will do it at some time down the line. Most times only after many years of enjoyment of the car in question. And I think that is the key-- getting your use and enjoyment out of it for many years. Once restored or refurbished to a reliable car most things don't have a lot of reason to fail and cost you.
Surprisingly, I find more often than not that it really didn't cost me much per year to enjoy the car. And I'm pretty sure if you figure the cost of a new car, insurance, interest payments, and repairs out of warranty, you may actually feel a lot better about your "old car" expenditures.
I feel like I'm willing to take a $2500 hit every year to my old caddy's value for the enjoyment of a hobby I totally love.
Jim/Ken spot on comments as usual. And no, I won't be tallying my receipts either. Let sleeping dogs lie. Clay/Lexi
I think that's the dirty little secret of our hobby.
If you get the car and work on it to make it better, once you do total the receipts, you'll be surprised.
Havin' fun anyway.
And, we're doin' our part to keep a (small) segment of the economy well lubed.
;)
I like to think about it in terms of what I would be spending on other forms of entertainment, hobbies, and perhaps therapy if I didn’t have my old cars. Then it doesn’t seems so bad! You want expensive? Join a country club, and go on a couple of diving trips every year.
Some of us long retired are just as busy as ever. Reasons I fix these old cars,
A. I save a FORTUNE on maintenance, and
B. I know it will be done right, and
C. the practical years of using vehicles can be FAR extended, my new
cars have becoming ancient but still on the road saving more
FORTUNEs by not buying new, and
D. it is a lot more convenient to do it at home on my own schedule, and
E. there is much opportunity to recognize weaknesses and upgrade.
The average vehicle mileage here is nearing 300,000 miles. But there is much
more to do on these acres than fix my cars. Bruce Roe
Yes, what free time?
Yes, never add up the receipt unless it is for a tax, insurance, or other money benefit.
Yes, perform all the work you can yourself because it will be done correctly, less expensively, and other needs may be discovered and cured.
And again, what free time?