Important life question!
Thread Starter
Instructor
Joined: Dec 2007
Posts: 127
Likes: 0
From: Dover Delaware
Important life question!
Hello Corvette forum,
I have a dilema I am seeking advice on. I have a 62 corvette I inherited when my dad passed away. My mom is under some financial constraints since she moved my grandma in with her to take care of her (she suffers from Alzheimers). My mom is pretty stressed now that she can't afford everything. I was thinking about selling the corvette to put my mom in a better financial state. It would hurt to see the car go, but it would be a joy to not see my mom stressed out. What are your thoughts? Thanks.
I have a dilema I am seeking advice on. I have a 62 corvette I inherited when my dad passed away. My mom is under some financial constraints since she moved my grandma in with her to take care of her (she suffers from Alzheimers). My mom is pretty stressed now that she can't afford everything. I was thinking about selling the corvette to put my mom in a better financial state. It would hurt to see the car go, but it would be a joy to not see my mom stressed out. What are your thoughts? Thanks.
Safety Car
Joined: Feb 2006
Posts: 4,367
Likes: 59
From: FL
Take a loan against the car, then you can slowly pay off the car, keep the car, and still put your mother in a better financial state.
Provided you have a secure job, of course.
Otherwise, family comes first, doesn't it?
Provided you have a secure job, of course.
Otherwise, family comes first, doesn't it?
Le Mans Master
Joined: Feb 2008
Posts: 6,482
Likes: 1,918
From: Folsom CA
Another Option, the Corvette is worth money for sure, if you are able, take a loan out on your Corvette and give Mom the money, you both will win.
She probably needs physical help as well as financial.
Sounds like you have your priorities right. Good luck.
She probably needs physical help as well as financial.
Sounds like you have your priorities right. Good luck.
Melting Slicks
Joined: Oct 2003
Posts: 2,187
Likes: 830
From: Chapel Hill NC
2025 c3 ('68-'73) of the Year Finalist - Unmodified
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Don't sell the Corvette. The money from the sale will quickly disappear and you will still be faced with you problem, minus the Corvette. Try to find some long term solution if possible.
Pro
Joined: Sep 2006
Posts: 504
Likes: 2
From: Santa Clara CA
My take is that you help your mom develop a good reasonable budget, evaluate the shortfall and then come up with a plan. My parents have never been great at savings/budgets. Sometimes having a plan helps alleviate the anxiety. I helped my parents come up with their retirement plan, looked for areas of savings and then helped them come up with a withdrawal plan for their savings/401k to help stretch it as far as possible. So many ways to spend it, so few to make it. If the shortfall is a couple hundred a month, you may want to consider gifting her a set $ amount per month to help cover the shortfall. You keep the car and just pretend like you are making payments on it. You should also check into govt assistance to ensure your mom/grandma are maximizing their available benefits. Good luck!
Le Mans Master
Joined: Mar 2010
Posts: 6,501
Likes: 1,938
From: The Golden Triangle, Florida
2024 C2 of the Year Finalist - Unmodified
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St. Jude Donor '20 thru '25
Family has to come first.In 2005, I told my wife we should take early retirement and move from our long-time home in FL to MN to take care of her aging parents (mother: Alzheimers. Father: mobility issues). I knew I'd have to put my plans on hold for buying a Corvette if we did that but that was OK.
Now, 6 years later, we're winding up things here and will be moving back to Florida soon and I'll start looking for a car.
Try to keep your car and help your family if you can do both using the suggestions you've been given here. If you can't, give up the car. You may end up not enjoying the car as much knowing you had an opportunity to help your family and you chose it instead
.-- Steve
Last edited by RatDog; Jul 31, 2011 at 04:27 PM. Reason: Spelling
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Drifting
Joined: Oct 2008
Posts: 1,901
Likes: 10
From: Woodstock GA
My take is that you help your mom develop a good reasonable budget, evaluate the shortfall and then come up with a plan. My parents have never been great at savings/budgets. Sometimes having a plan helps alleviate the anxiety. I helped my parents come up with their retirement plan, looked for areas of savings and then helped them come up with a withdrawal plan for their savings/401k to help stretch it as far as possible. So many ways to spend it, so few to make it. If the shortfall is a couple hundred a month, you may want to consider gifting her a set $ amount per month to help cover the shortfall. You keep the car and just pretend like you are making payments on it. You should also check into govt assistance to ensure your mom/grandma are maximizing their available benefits. Good luck!
find out what her budget is and where the money is going...
Burning Brakes
Joined: Oct 2004
Posts: 752
Likes: 113
From: Charlotte NC
Michael,
One other option not mentioned yet; does your mom own the home where she lives? If so is a reverse mortgage a possibility.
I don't know how far the proceeds of the sale of your Corvette will go to assist your mother, but a loan against the car, as suggested above is a possibility.
Good luck, and you are thinking right,
George
One other option not mentioned yet; does your mom own the home where she lives? If so is a reverse mortgage a possibility.
I don't know how far the proceeds of the sale of your Corvette will go to assist your mother, but a loan against the car, as suggested above is a possibility.
Good luck, and you are thinking right,
George
Burning Brakes
Joined: Aug 2002
Posts: 1,145
Likes: 0
From: Texas
St. Jude Donor '09
selling the car and giving your mom the money is not much different then selling the car to yourself and giving her the payments- that way you both are winners----once its gone, its gone- this way you have it as an insurance policy if things really go south.
Race Director
Joined: Jan 2000
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From: Corsicana, Tx
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Find a way to get $$ to Mom...but keep the car. You'll never again have the chance to have *Dad's* car. As mentioned...the car $$$ will go fast.
JIM
JIM
Le Mans Master
Joined: Sep 2001
Posts: 5,404
Likes: 45
From: Arlington Tx
St. Jude Donor '08
Take out $20K against the car and give it to Momma. You have to keep Dad's Vette. My Dad's went away in '96 and it still makes me sick. I have a shot at maybe getting it back, but I'm waiting to see.
Drifting
Joined: Aug 2010
Posts: 1,794
Likes: 304
From: Charlotte Area North Carolina
Agree with Jeff62. The money will come and go. It would be impossible to replace "Dad's 62" and the memories that go with it. I think you'll regret letting it go, if not now then some time later on.
Sold my 1969 Z28 Camaro after owning it for 26 years because I needed the money to help get out of a mortgage when largest employer in a small town went on strike and all of the property values tanked overnight. Have regretted giving up my treasured Z28 many times.
Good luck with your decision.
Kevin
Sold my 1969 Z28 Camaro after owning it for 26 years because I needed the money to help get out of a mortgage when largest employer in a small town went on strike and all of the property values tanked overnight. Have regretted giving up my treasured Z28 many times.
Good luck with your decision.
Kevin
Tech Contributor
Joined: Jan 2007
Posts: 19,450
Likes: 1,155
From: Dyer, IN
Hello Corvette forum,
I have a dilema I am seeking advice on. I have a 62 corvette I inherited when my dad passed away. My mom is under some financial constraints since she moved my grandma in with her to take care of her (she suffers from Alzheimers). My mom is pretty stressed now that she can't afford everything. I was thinking about selling the corvette to put my mom in a better financial state. It would hurt to see the car go, but it would be a joy to not see my mom stressed out. What are your thoughts? Thanks.
I have a dilema I am seeking advice on. I have a 62 corvette I inherited when my dad passed away. My mom is under some financial constraints since she moved my grandma in with her to take care of her (she suffers from Alzheimers). My mom is pretty stressed now that she can't afford everything. I was thinking about selling the corvette to put my mom in a better financial state. It would hurt to see the car go, but it would be a joy to not see my mom stressed out. What are your thoughts? Thanks.
Team Owner
Joined: Aug 2008
Posts: 33,025
Likes: 6,538
From: Rochester NY
St. Jude Donor '09 thru '26
I agree with several of the above. If it was just any Vette it might be different, but since it came from your Dad and obviously has meaning to you, explore other options to solve the problem. As a very last resort, it might have to go but hopefully it won't come to that. Good luck, it's not a fun position to be in!
