Author Topic: I’m glad...  (Read 672 times)

Offline wrench

  • Posts: 999
  • CLC Number: 27930
  • Name: Jim Cullen
I’m glad...
« on: May 09, 2020, 02:39:36 AM »
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.
1951 Series 62 Sedan
1969 Eldorado
1970 Eldorado (Triple Black w/power roof)
1958 Apache 3/4 ton 4x4
2005 F250
2014 FLHP
2014 SRX

Re: I’m glad...
« Reply #1 on: May 09, 2020, 02:52:03 AM »
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 
1955 Cadillac Eldorado
1973 Cadillac Eldorado
1995 Cadillac Seville
2004 Escalade
1997 GMC Suburban 4X4, 454 engine, 3/4 ton
custom built by Santa Fe in Evansville, IN
2011 Buick Lucerne CX
-------------------------------------
CLCMRC Museum Benefactor #38
Past: VP International Affiliates, Museum Board Director, President / Director Pittsburgh Region

Offline chrisntam

  • Posts: 3472
  • Dallas, Texas
  • CLC Number: 29206
  • Name: Chris Jessen
Re: I’m glad...
« Reply #2 on: May 09, 2020, 06:38:23 AM »
I use Quicken, I can tell at any time.

 :o
1970 Deville Convertible 
Dallas, Texas

Offline harry s

  • Harry Scott 4195
  • Posts: 1924
Re: I’m glad...
« Reply #3 on: May 09, 2020, 09:13:52 AM »
...as our grandmothers would say, "some things are better not known".     Harry
Harry Scott 4195
1941 6733
1948 6267X
2011 DTS Platinum

Offline Jeff Hansen

  • Administrator
  • Posts: 978
  • CLC Number: 4225
  • Name: Jeff Hansen
Re: I’m glad...
« Reply #4 on: May 09, 2020, 09:22:55 AM »
The ONLY reason I totaled my receipts is for insurance purposes.  Other than that, it isn't about the money!    8)

Jeff
Jeff Hansen
1941 6019S Sixty Special
1942 7533 Imperial Sedan

Offline hornetball

  • Posts: 824
  • CLC Number: 32697
  • Name: R. Price
Re: I’m glad...
« Reply #5 on: May 09, 2020, 10:01:01 AM »
What free time?

Offline wrench

  • Posts: 999
  • CLC Number: 27930
  • Name: Jim Cullen
Re: I’m glad...
« Reply #6 on: May 09, 2020, 10:12:52 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...
1951 Series 62 Sedan
1969 Eldorado
1970 Eldorado (Triple Black w/power roof)
1958 Apache 3/4 ton 4x4
2005 F250
2014 FLHP
2014 SRX

Offline cadillac ken

  • Posts: 701
  • Name: k caskey
Re: I’m glad...
« Reply #7 on: May 09, 2020, 01:19:24 PM »
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. 

Offline Lexi

  • Posts: 2004
  • CLC Number: 28634
  • Name: C.R. Foley
Re: I’m glad...
« Reply #8 on: May 09, 2020, 02:09:25 PM »
Jim/Ken spot on comments as usual. And no, I won't be tallying my receipts either. Let sleeping dogs lie. Clay/Lexi

Offline chrisntam

  • Posts: 3472
  • Dallas, Texas
  • CLC Number: 29206
  • Name: Chris Jessen
Re: I’m glad...
« Reply #9 on: May 09, 2020, 03:58:38 PM »
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.

 ;)
1970 Deville Convertible 
Dallas, Texas

Offline David Greenburg

  • CLC #3830
  • Posts: 1997
  • CLC Number: 3830
  • Name: David Greenburg
Re: I’m glad...
« Reply #10 on: May 09, 2020, 07:30:57 PM »
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.
David Greenburg
'60 Eldorado Seville
'61 Fleetwood Sixty Special

Offline bcroe

  • Posts: 3895
Keeping Busy
« Reply #11 on: May 18, 2020, 01:13:13 PM »
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
« Last Edit: May 18, 2020, 04:37:20 PM by bcroe »

Offline Scot Minesinger

  • Posts: 6004
Re: I’m glad...
« Reply #12 on: May 18, 2020, 02:29:37 PM »
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? 
Fairfax Station, VA  22039 (Washington DC Sub)
1970 Cadillac DeVille Convertible
1970 Cadillac Sedan DeVille
1970 four door Convertible w/Cadillac Warranty

 

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