Build a Bigger Grarage or Sell a couple cars ?

[GrumpyJeff]

Hey guys ,just looking for a little advice or input. I recently took my foot of the gas and took a step back from my previous job after 38 years (I'm 57 years old now) While I do still plan to work for a few more years just to maintain my life long Savings. That being said i did take a huge pay cut with my decision, but i am debt free and content with my toys ! The reason for this post is I'm currently ready to pull the trigger on a nice addition to my existing 2 car garage .But with the contstruction cost of today its a significant chunk of money. My dilema is that i currently have my long time Street/Strip 67 Camaro & a Anglia Gasser project filling up my existing garage . And my two life long dream cars that Ive been lucky enough to acquire over the last 10 years and i would never be able to replace with today's values (70 RS/Z28 & 70 SS Chevelle) are residing in my former bosses part time home's 5 car garage. While there are no hard feelings or drama between us and he says i can keep them there as long as i want... I just would feel better having them "at home". I do know how much more i would enjoy them, having them here in a new bigger garage/man cave. While my only real passion is Motorhead type stuff and i do drive both cars occasionally . Sometimes i feel downsizing by selling off the 2 cars while their values are hot and saving the money from the garage build would be the smart thing to do ? Sorry for the long winded post, but i knew you guys could feel my thoughts ... thanks

[Zedder]

I’ve been having the same thoughts Jeff after turning 60 recently and focussing on my upcoming retirement. For me, the biggest decision revolves around driving vs collecting stuff. Also, the more stuff one has the more problems that arise. I’m just getting too old to want to deal with lots of problems.

I’m going to try and have one older car, one older motorcycle and one newer fun car. All of those will fit in my current garage in addition to our daily drivers. I just don’t need more than that although I may want more at times!

[William]

Study the crowds at Barrett-Jackson and Mecum auctions. What do you see?

[GMC_Typhoon]

Originally Posted by GrumpyJeff

Hey guys ,just looking for a little advice or input. I recently took my foot of the gas and took a step back from previous job after 38 years (I'm 57 years old now) While I still plan to work for a few more years just to maintain my life long Savings. That being said i did take a huge pay cut with my decision, but i am debt free and content with my toys ! The reason for this post is I'm currently ready to pull the trigger on a nice addition to my existing 2 car garage .But with the contstruction cost of today its a significant chunk of money. My dilema is that i currently have my long time Street/Strip 67 Camaro & a Anglia Gasser project filling up my existing garage . And my two life long dream cars that Ive been lucky enough to acquire over the last 10 years and i would never be able to replace with today's values (70 RS/Z28 & 70 SS Chevelle) are residing in my former bosses part time home's 5 car garage. While there are no hard feelings or drama between us and he says i can keep them there as long as i want... I just would feel better having them "at home". I do know how much more i would enjoy them, having them here in a new bigger garage/man cave. While my only real passion is Motorhead type stuff and i do drive both cars occasionally . Sometimes i feel downsizing by selling off the 2 cars while their values are hot and saving the money from the garage build would be the #smart thing to do ? Sorry for the long winded post, but i new you guys could feel my thoughts ... thanks

Adding space to your garage will increase the value of your property. It's not like you would be pissing it away, and if it's what you want to do and it makes you happy I would do that instead of regretting selling the cars later on.

[Kurt S]

Originally Posted by GMC_Typhoon

Adding space to your garage will increase the value of your property.

True, but lots don't want a 4 car garage, so it could decrease the pool of interested buyers in the future.

[scuncio]

Originally Posted by Kurt S

True, but lots don't want a 4 car garage, so it could decrease the pool of interested buyers in the future.

Truth - we were able to get our current house for a very fair price as most folks had no clue what to do with a 6 car garage. Can you imagine!!!!!

[napa68]

I think as time has wore on, people are looking for more that the 2.5 / 3 car garage. I can appreciate your concerns about spending the money. But also, a tasteful addition or appealing second building draws in a different buyer.

It's well documented, people have stuff........and not just collector cars.

Tim

[Too Many Projects]

Originally Posted by napa68

I think as time has wore on, people are looking for more that the 2.5 / 3 car garage. I can appreciate your concerns about spending the money. But also, a tasteful addition or appealing second building draws in a different buyer.

It's well documented, people have stuff........and not just collector cars.

Tim

No kidding, just look at all the self storage rental places being built in the last 10 years.
I'm probably not the one to ask about a larger building and more cars either. My wife says I'm a bad influence in that regard. I had a 2,000 sq ft pole building at our previous home because I was an owner/operator and kept my semi and an end dump trailer at home. I managed to gradually fill it with cars and parts over a 13 year period and when I got out of trucking in 2013, and basically retired, I really filled it for the next 6 years. I did work 3 days a week after 2013 and still do, but that is coming to an end also.

It was very difficult to find a different home that would accommodate my hoard and we ended up with a nice home, but a 1,200 sq ft pole building. Once our offer was accepted and a closing date set, I had contractors looking at the lot and getting estimates on a second building in the back yard. We moved in in Sept and the new 1,440 sq ft building was completed at the end of November.
The house we sold was nice, but what really brought the price and quick sale was the pole building.

As William said, the car values may drop and you may sell them off, but you'll always find something to do in a bigger garage and it will increase the value of your home/property.

[scuncio]

Originally Posted by napa68

I think as time has wore on, people are looking for more that the 2.5 / 3 car garage. I can appreciate your concerns about spending the money. But also, a tasteful addition or appealing second building draws in a different buyer.

It's well documented, people have stuff........and not just collector cars.

Tim

I totally agree...which is why I was surprised to hear that the garage on my lot had been such an impediment for other potential buyers.

[GMC_Typhoon]

Originally Posted by Kurt S

True, but lots don't want a 4 car garage, so it could decrease the pool of interested buyers in the future.

I was speaking more of an outbuilding per se, not actual garage doors.