I know this is a highly subjective area which ultimately comes down to how much you love the car, but are there any suggestions as to a formula or other objectively quantitative method for determining how much to spend on a "vintage" C4 'Vette?

This question was inspired by reading in these forums about people who have spent untold thousands on their middle-aged cars, so that their total investment is worth multiples of the car's actual market value. I have to admit to some of this tendency myself, having now replaced tires, radiator, starter, and shocks on my new '94, and currently mulling a mental inventory of further replacements and upgrades. This wouldn't be so bad if my improvements were limited just to things that NEED to be done, but I'm afraid I'm already beginning to venture into the world of "wouldn't it be cool if...." It's not a budget issue I'm tussling with, thank goodness, but one of basic common sense and reasonable limits -- the same thing that keeps you from putting a $5000 radar system in your $2000 fishing skiff.

So are there any practical standards or rules of thumb that anyone could suggest to know when the obsession is getting out of hand? Some percentage of annual income? When total upgrade and farkle investment equals original purchase price? When annual outlay on the car exceeds the family vacation budget?

Please, HELP ME BEFORE I SPEND AGAIN!

 

My formula is do I want it? Y/N?
If Yes, can I afford it? Y/N
If Yes, put CC# in order form.
If No, post on Corvette Forum about how happy I am without it.

 

It's my most expensive hobby. But it's just a hobby. I think if you let it consume you then it's taking it too far... Beyond that, your feelings are perfectly normal...

 

IMO no investing in toys its just money spent.

If it makes you happy do it, better than being miserable not spending/ liking the car while convincing yourself its the "smart" thing to do whats the use in that?

 

The only rule is "It's your car, do what makes you happy". Not trying to sound philosophical myself, but you only get one shot at life. If you constantly base decisions on a cost/benefit basis you'll surely miss out on some of the better things. If you can afford it without depriving yourself or your family of the necessities of life, do what you want to do. Steak & lobster tails and hot dogs & tuna salad can both be called "surf & turf". Which would you rather have for dinner?

 

A new supercharger or maybe crate motor

 

bankruptcy or two along the way never hurts either

 

Your wife will let know when you're spending to much

 

Can I get it past the wife without being killed? If yes, then it is a definite go. If No, then schedule delivery on the days that she is at work

 

These are not "vintage" cars by any means, and will never have the status that the current vintage cars today do. Any modification (not repair/replace) you do to the car will not increase the value over all, maybe to a specific buyer but not the general public. There are no standards or rules about what you should or shouldn't do to your car, have fun with it. Each person's ideas, purpose for the car, financial situation and time are different. As for spending more than the price of purchase, my wheels, tires, stereo and brakes cost roughly the amount I paid for the car two years ago and I have almost triple the price I bought it for wrapped up in it now and will continue to do so as long as funds allow.

 

We keep separate accounts and I get to spend whatever I want/can afford on my hobbies. So of course I still get nagged about them.

 

Did you see the blown blue-flamed C4 show car sold at Mecum in St Charles last weekend? After several failed sale attempts, he sold it for $66k.

Unfortunately, he said he spent over $350,000 on the customizations.

This would be an example of "too far."

(incidentally, I saw it going into a trailer with plates from where it came from, so it might not even be sold.)

Regardless of what year I'm working with, I keep a spreadsheet on all my cars' expenses, and I start putting the brakes on when I'm getting close to current market value, whether it's a $50,000 C1 or a $5,000 C4.

Still, there's something to be said for the "hobby/fun" factor. Common sense should rule the day, though.

 

Everyone needs a hobby. Just tell the wife to be happy the 'hookers and blow' phase is behind you.

 

Speaking of hookers and blow... your avatars and the constant parade of troubled Hollywood starlets kills me.

 

The right answer is, just about every dime you put into your car is simply money spent, as if you spent it on beer, or going to the movies, or golfing, or whatever.

If you have $5k in upgrades or modifications you want to do, that's $5k you'll simply spend. That's easy.

The hard part is deciding if it's worth it to you.

 

Pretty much any car you intend to drive is a loser from a financial perspective. Buy a new car and it's worth a shadow of what you spent on it by the time you've paid it off. Buy an older car and then sink money into it to make it run well/better and/or mod it as you wish and you'll find you have more in it than it's worth.

Owning/driving something you really like and want to enjoy is an indulgence otherwise we'd all drive a Kia. Just enjoy your car!

 

I feel owning a Corvette is a hobby. Especially a 23 year old one.

I think it is much the same as the hobby my dad had at one time. He was a rock hound and made jewelry. So, he went out and bought the tooling, gear and whatnot to do so. He must of spent 20K back in the early 80's. It is what made him and mom happy. He loved to give things he made to others. He just liked to do it.

I look at my Vette the same way. It is a hobby.

Some people collect stamps, go hunting, go fishing, woodwork, etc. Corvettes are my hobby. You can spend exorbitant amounts on any hobby.

I also collect Star Trek stuff too. Maybe that is one reason I love the dash of my 87.. It looks Star Trekkish !

 

...and well put too! Haven't had to put anything in the 95' C4 I purchased last December, because the original owner (a C4 forum member, Doug Silver) took incredibly good care of it and I'm following the tradition.

When I did get it, I did get the full-flush on the transmission and I've had to replace the battery (which Doug told me would need replacing anyways). I got the chassis serviced too at a Chevrolet dealership and lubed all the moving parts, such as the doors, hatch and numerous other misc. items, including the hood release cable (sure opened a heck of a lot easier after that!). So I'm doing my best to stay on top of it with preventive maintenance and I think that's the key!

Even if I had to rebuild the transmission, replace the bushings, etc, etc, I'd still consider it a bargain, based on my experience with the car. It is the most enjoyable, comfortable, freakin' fastest car I've ever owned and I loo-ooo-ve driving it!!! Driving my 2006 Ford Focus wagon is sure a different experience now.... I am spoiled rotten by this car!

 

My dad has had a 1947 Willis Jeep for decades. Growing up I learned to drive on it. I've seen it many different colors and seen the engine in pieces several times.

He's spent more on it than it's worth, but that's not the point of having it in the first place.

I got my C4 as a 2nd car. I think if you're trying to keep it up and going as a daily driver that may change the equation. If you're fixing it more than you're having fun with it (unless you like working on it) then perhaps it's time to move along. If it becomes a burden and you're begging for rides to work while it sits in pieces, then maybe you need a different car.

My car is in nice shape and needs nothing. I know it'll pretty much never be worth more than it is now. At least not a considerable amount more anytime soon. Anything I add or replace will just cost me money. I figure so what. As long as I can comfortably afford it, and it's doesn't become a pain I'm happy.

 

My expenses have been more towards changing the looks of the car to make it more "my own". The engine I'm leaving stock and will replace parts only as needed. I'm done spending for now except for routine maintenance. "Yeah...right!", which my wife always says to me.