Dynaflash8

HOW OLD IS TOO OLD TO BUY ANOTHER OLD CAR?

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1 hour ago, 60FlatTop said:

 Well, I'm heading up to Tim Horton's to meet my cardiologist for coffee and a donut. We talk about cars on Tuesday nights.

Bernie

 

Cardiologist?

Donuts?

No Cholesterol Concerns?

Congratulations !

 

My first big scare came after a couple of wonderful weeks of AACA activity. We were in "Hog Heaven" having a fantastic time with our 1912 Oakland Touring Car on the 1998 Glidden Tour in Mount Washington, New Hampshire and then Hershey Week. After the 2-day drive towing the Oakland home from Hershey, I got back to a busy work week schedule. I was returning to the New Orleans area from a Friday get-together in Baton Rouge, driving my "modern" unrestored 1958 Chevrolet Bel-air. I found myself totally exhausted to the extent that I had to pull onto the shoulder of the Interstate highway and lie down on the front seat. After a modest passage of time, and lots of traffic, I was able to cautiously drive the remaining 80 miles home. I felt so weak on Saturday that my family attended a Tulane football game in the New Orleans Superdome while I tried to get more rest at home, and missing a home game was not tolerated in our family. Our family doctor was away, camping for the weekend, and his substitute was of no help whatsoever. Ultimately getting my message, our doctor met me at the Emergency Room and later had me admitted to our local hospital. Ultimately, after several annoyances, hospital food, a sick roommate, and a nurse who kept waking me up to ask if I was sleeping, I learned that Bradycardia was in fact the slowing or stopping of my heart, and that she was probably keeping me alive. I met a gentle giant of a Cardiologist, Stan Bleich, now of blessed memory, who gave me my choice of brands for my Pacemaker. He laughed when I told him I wanted one made in the USA - no Chinese knock-offs. By this time next year I will likely have worn out my 4th pacemaker and be ready for yet another - wish I cold get one set for 6-VOLT AND 1000 CRANKING AMPS AND POSITIVE GROUND SO I COULD JUMP-START THE '41 CADDY AND '30 PACKARD !

 

My plan is to follow the  advice of Satchel Paige, an American Negro league baseball and Major League Baseball (MLB) pitcher who is notable for his longevity in the game, and for attracting record crowds wherever he pitched.  

 

"Don't look back - They may be Gaining on you".

 

A few other of his quotes include:

 

Work like you don't need the money.
 
Love like you've never been hurt.
 
Dance like nobody's watching.
 
How old would you be if you didn't know how old you are?
 
Age is a question of mind over matter. If you don't mind, it doesn't matter.
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Enjoy your cars, but I beg you to have a plan in place for the person in charge of dealing with the sale of the cars on your behalf. I have PTSD as a result of all I went through for my father. Dealing with selling his collection to pay for his care, while I was grieving and caring for him and watching his decline, nearly destroyed me. It was a hardship in the midst of a very tough time emotionally. 

 

I’m still recovering and I suspect I will be for the rest of my life. 

Edited by victorialynn2 (see edit history)
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What’s the difference to you (or me) if I pass with money in the bank or a car in the garage?  In those last few minutes this question becomes moot. 

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Marty, I finished reading the book you gave me. I look forward to reading the book you write about yourself. 

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36 minutes ago, kgreen said:

What’s the difference to you (or me) if I pass with money in the bank or a car in the garage?  In those last few minutes this question becomes moot. 

It really depends on the situation. 

What if you don’t pass, but become terminally ill and someone has to sell the cars to pay for your medical bills?

What if you’re too sick or have dementia and can’t help?

What if your wife or other people you planned to deal with things became unreliable and another family member, who lives cross country has to put their life on hold and loose almost 1/2 million dollars in income to deal with your $300k estate of old cars. 

 

Each situation is unique, but please make sure you anticipate things like that. 

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You mention two cars and two daughters. Have you asked them if they may each want one? The sentimental value, well, that may be more than any actual dollars. 

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10 hours ago, Billy Kingsley said:

You mention two cars and two daughters. Have you asked them if they may each want one? The sentimental value, well, that may be more than any actual dollars. 

Two daughters and three cars and they don't want them and can't afford them.  Actuall, we have six cars with the modern stuff.  My will says the cars will be sold and the money divided equally.  Same with the furniture.  I'm trying to get ahead of that a little by selling them one at a time as I age.  Victoria Lynn makes a good point since the cars are titled only to my wife and I.  If we both became disabled, they would be stuck, so eventually we'll need a power of attorney, but not yet.

Edited by Dynaflash8 (see edit history)

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1 hour ago, Dynaflash8 said:

Two daughters and three cars and they don't want them and can't afford them.  Actuall, we have six cars with the modern stuff.  My will says the cars will be sold and the money divided equally.  Same with the furniture.  I'm trying to get ahead of that a little by selling them one at a time as I age.  Victoria Lynn makes a good point since the cars are titled only to my wife and I.  If we both became disabled, they would be stuck, so eventually we'll need a power of attorney, but not yet.

 

A will isn't enough. At the very least, you should create a trust and put your assets into it so they can be managed without you. This protects your family and speeds things up when they have to settle your estate. I can't tell you how many teary widows and children come into my shop just hurting so much from the loss--dealing with the cars and everything else on top of the loss is like torture to them. Giving them "stuff" and making it their problem to dispose of it is just not right--there's so much emotional baggage in there that it's almost impossible and always painful. They're going to be stuck with things they don't want yet they knew you loved, and that will create all kinds of painful cognitive dissonance for them when trying to sell it. Saying it's not time for that yet is a mistake; very few people have the luxury of seeing death coming.

 

I don't mean to imply anything, but with my 82-year-old father, who is in good health, I've still instructed him to get his house in order so things don't have to happen the hard way should he suddenly become... unavailable. My uncle died with one of the most significant baseball card collections known to man--he'd been collecting since the '40s, lived alone his whole live, and spent every spare nickel on it, hundreds of thousands of dollars. With no other family, it fell on me and my wife to figure out what he had, what it was worth, where to sell it, who we could trust, and how to market it. It took more than a year of spare time and we still were never sure if we did it right. He was well-known in the community as a big collector but how to properly honor that? Would have been nice if he, as the expert, had made provisions so the collection went to the right people who would cherish it like he did. And he had esophageal cancer--he certainly DID see it coming yet did nothing. It was just dreadful disassembling his life's work and turning it into money, even though we ultimately donated the proceeds to cancer research. I nevertheless felt like a vulture picking over the corpse of someone I loved, not someone doing a good deed.

 

To me, wrapping it up right is falling over dead of a massive stroke in a parking lot. BAM! Done. But that certainly won't give you any time to get things in order. Please, if you love your family, organize things now. It's so hard to think about, I know that, but it's the adult way to handle it. I'm only 49 and I've already started putting things in place after seeing the heartache that walks in here every single day.

 

 

Edited by Matt Harwood (see edit history)
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Boy, this thread turned from How Old Is Too Old  to What Happens When I'm Dead or incompetent. I guess I'm blessed.  My grandkids have already decided which car(s) they want. Five grandkids (one great-granddaughter) and as of today 8 classic cars/trucks. I'm more concerned with how much enjoyment I can get in the remainder of my (and my wife's) life. BTW 4 of the 8 are registered to her. My mechanic is one of my best friends. He'll be sure to keep them well maintained. I hope the cars stay in the family for generations but I can't worry about that. I'm 70. I'd like to enjoy them for at least 15-20 years. Yes I'm an optimist. BTW I'm still looking for a '64 Malibu SS 4-speed like I learned to drive on if anybody knows of one for sale. 

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13 hours ago, Billy Kingsley said:

You mention two cars and two daughters. Have you asked them if they may each want one? 

 

2 hours ago, Dynaflash8 said:

Two daughters and ... they ...  can't afford them.  

I apologize for veering slightly (or further) off from OPs topic, but he brings up another very real and valid point many often ignore or don’t realize at all. 

Buying/obtaining an old/vintage car(s), even if in superbly restored condition and/or received for free (via will etc)  is just a beginning to serious financial commitments required to proper and respectful ownership of it/them.

 

Whenever anyone, especially someone new to this hobby asks my advise on getting  “some cool old car to have fun with” I usually immediately ask their ability to afford owning one since the acquisition or purchase price is merely an entry fee and fairly often even smallest expenditure associated with older cars.

Edited by TTR (see edit history)
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As a sidenote:  No one is better suited to sell a car than the owner (and some owners are far from good at it) and often times the knowledge disappears on their death saddling family members with things they are not geared to and/or do not understand - do some pre-arranging with an auction house, dealer, or ...matched to making sure you attorney knows what to do and so on - and otherwise just keep on enjoying what you are doing.  

Edited by John_Mereness (see edit history)
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How I see my automotive collection:

image.png.1fcf728932f7cadcf04ac553c1ef1705.png

 

How the family sees them:

image.thumb.png.deaa93bde8b3043031d05b3e8fff288b.png

Edit- if those were my trash barrels they would all be facing the same way. image.png.fb449cb22332500d514bacc7ebd2fc98.png

 

Edited by 60FlatTop (see edit history)
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By the way, a relative just died and what was blatantly obvious was that there were no personal effects at time of death matched to none on the estate inventory -  no photos, no purse contents, no 3 carrot diamond wedding ring bought in 1958 that she had on her finger every day, and/or ... - and ducks were supposedly in a row here so ... 

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The "how old is too old" question does not have a pat answer, it depends entirely on the health and financial circumstances of the car owner in question. I just turned 71 and just bought another prewar car. I can still work on my cars but it definitely takes more planning and recovery time to do so. I have paid others to work on my cars and for the most part have not been happy with the results. By the time I turn 80 who knows? My interest level is still strong to the degree of obsession but will that change along with other issues?  Each must decide for themselves.

Regarding leaving a problem for relatives, while I would love a warehouse full of cars reality and circumstances limit me to two hobby cars at a time and I have clearly stated my instructions and assistance for disposal if necessary. Having a son who is a financial advisor also helps.

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On 11/26/2019 at 7:48 PM, Bob Giles said:

Marty, I finished reading the book you gave me. I look forward to reading the book you write about yourself. 

 

Bob, 

 

I hope you enjoyed the book, and again want you to know the extent of my appreciation for all that you both do.

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image.png.fb449cb22332500d514bacc7ebd2fc98.png

 

That's Monk, the detective with OCD isn't it?

 

After the unsolved murder of his wife, Adrian Monk develops obsessive-compulsive disorder, which includes his terror of germs and contamination. His condition costs him his job as a prominent homicide detective in the San Francisco Police Department, but he continues to solve crimes with the help of his assistant and his former boss.

 

 

Edited by mike6024 (see edit history)

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On 11/27/2019 at 8:11 AM, Dynaflash8 said:

  If we both became disabled, they would be stuck, so eventually we'll need a power of attorney, but not yet.

      You need it now, a Durable Power of Attorney at that.

       I wish these reply's were still numbered.  There has been some really good advice and wisdom shared in this thread.

       Earl, re-read Steve, Marty, Matt and Victoria Lynn's posts.   If you are to old to learn form others experiences, hire a CFP

       (Certified Financial Planner) and you too can prevent the same fate.

       Then give Sebring FL a break and become the old guy in the nice old Buick with great stories to share at local events,

       You could be good at that. 

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@Paul Dobbin, do you realize a power of attorney is not valid once someone is incapacitated in some states? I had to get Guardianship in Oregon to make his medical decisions even though I had medical power of attorney. Actually temporary and permanent due to an urgent medical issue. It costs $12k. Waste of money. 

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1 hour ago, Paul Dobbin said:

I wish these reply's were still numbered. 

I also wish they were numbered.

 

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4 hours ago, Paul Dobbin said:

      You need it now, a Durable Power of Attorney at that.

       I wish these reply's were still numbered.  There has been some really good advice and wisdom shared in this thread.

       Earl, re-read Steve, Marty, Matt and Victoria Lynn's posts.   If you are to old to learn form others experiences, hire a CFP

       (Certified Financial Planner) and you too can prevent the same fate.

       Then give Sebring FL a break and become the old guy in the nice old Buick with great stories to share at local events,

       You could be good at that. 

Sebring, is not a good place for any pre-War stock automobile.  It's a hole street rodders live in.  Wife and i have a durable power-of-attorney for each other.

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19 hours ago, Tinindian said:

I also wish they were numbered.

 

Like in a firing order ?

😉

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18 hours ago, Dynaflash8 said:

It's a hole street rodders live in.

 

Up here in this neck of the woods all we know about Florida is what we hear on the news. Do they live in a hole to keep their cars from getting damaged by house trailer parts blowing by?

Edited by 60FlatTop (see edit history)
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23 hours ago, victorialynn2 said:

@Paul Dobbin, do you realize a power of attorney is not valid once someone is incapacitated in some states? I had to get Guardianship in Oregon to make his medical decisions even though I had medical power of attorney. Actually temporary and permanent due to an urgent medical issue. It costs $12k. Waste of money. 

   It's like car insurance, each state controls how you live and die and establishes the rules for that too.

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