Anyone expressed interest in your cars when you pass?

[knuckleharley]

Just curious about this. I sometimes have strangers in their 20's come to see me because someone has told them I have several old cars,and they are looking for "old car projects".

 

They get here,look around at the 30's to 50's stuff,and tell me,"No,I meant old cars,like a 68 Camaro."

 

It won't be long before "old cars" will be crap like 95 Mustangs and Camaros,and our stuff will seem to be like Model T's.

 

What is to happen to our old stuff when we pass? Will it be sold by the pound for scrap,put into a museum,or are there people you know that are interested in it?

 

I have it written into my will that all my old cars and parts are to be sold,and have two friends that don't really know each other more than casually named as the people who will handle the sales. Both are restorers and hot rodders,both are in their early 60's,and both grew up working in their fathers garages,so they know the stuff,and know what it is worth. They both even know people who would want to buy it.

 

When it is sold,they will each get 10 percent of the sale price for their services,and the rest gets split between two named charities. 

 

There will be a lawyer overlooking the books.

 

I figured that was the best way to keep the sales legit.

 

Seen stuff just sit around forever and not get sold because family  members got involved and nobody wanted anyone else to get anything because each one of them wanted it all. Neither one of these guys is related to me,or to each other.

 

I have also seen stuff worth thousands sold for hundreds before any auction even begins,and somehow it ended up in the guys garage that was "helping the family get fair prices."

 

Not trying to get morbid,but it is a good idea to have written and notarized plan in place regardless of your age. If nothing else,it might keep your relatives from fighting each other over the spoils once their spouses and children spot something they want.

 

It's your stuff,and it is YOUR wishes that should dictate what happens to it all.

 

 

[Andydodge]

Knuckle...........interesting thread...........I'm 66 and to be honest I have started thinking about this situation over the past few years...........I only have the 1940 Dodge Sedan now but a heap of parts and spares that I've collected over the years... plus a good selection of workshop manuals and parts books.............then of course theres the 400 unbuilt model cars and plane kits I have and the 300 built models and 5-6000 car sales brochures and 3-4000 car magazines like full sets of Rodders Journal, Oz Restored Cars magazine, Oz Custom Rodder magazine, Scale Auto Enthusiast magazine, Model Cars magazine, Classic Wings Downunder magazine, Rodders Digest magazine, Rod & Custom magazine, Australian Rodding World magazine,  Hot Rod International magazine, Rodders Digest magazine......and a few others whose names escape me..........lol........so yeh, you have got me thinking..........lol.........Andy Douglas   

[Tooljunkie]

Seems to be a sensible decision. 
obviously there is a collection with some value. 
in my case, not so much value, more sentimental than anything else. 
i was dealing on a ‘65 barracuda before the gentleman passed away. Its basically a parts car, a good donor to finish my car. Kids dont want it, its on the son’s property rotting away. 
wife wants double what i think its worth, way more than i paid for my solid roller. 
old guy should have put something on paper. 
mine simply stipulates it all gets sold,and money divided equally. 

[Hamilton]

I've owed a number of cars over the last decade or so (ex: '79 Porsche 930/911 Turbo, a number of "regular" air-cooled 911s, `70 Mercedes 280SL Pagoda, '70 Judge, '70 240z and a few more) that had a fair amount of market value - some had quite a lot, actually.  In the absence of any real sentimental value ... they're all gone. 

 

I now have just a `49 Plymouth Special Deluxe Club Coupe and a `49 Dodge Meadowbrook.    My tools are worth more than my cars but I could give a whit, as I'm able to take them out without having to worry about theft or damage, parts are readily available (and, compared to the world of air-cooled Porsches, crazy cheap!) and I get more interest in them from Joe Q Public than most of my others cars ever did.  Young folks are interested in what they are and people from their mid-fifties and up either had one, or remember their parents or grandparents having one growing up.  And for me, that's part of the joy of having them.

 

It's nice to be able to enjoy the hobby for hobby-sake, if that makes any sense ...

 

_

 

 

[greg g]

My wife is seriously concerned about what she is going to do with my stuff after I check out.  She is deep into de cluttering.  Recent article she has read in several sources say off spring want nothing to do with parents stuff.  Our cherished belongings are just so much junque to them.  Even heirloom quality furnishings are without value.  My wife has a point, but as a child of parents who went through the depression, I have the " we need to save that, I sure there will be a need for it someday" gene. So disposing of stuff is hard.  At least I have stopped accumulating items .  I think the car and parts will be curated by trusted individuals, tools and other stuff I have no idea who would want those, probably go for pennies on the dollar at an estate sale.  There is a local guy who will probably take my Studebaker truck and it's associated pile o parts.  As far as the Bugeye Sprite, no body knows what it is anymore, Motorcycle probably scrap.  I did throw a lot of stuff out of the garage and she'd last year and organized and labeled the rest so it can be identified as to what goes to which. But there is still a lot that could be gotten rid of. I mean who needs 300 feet of logging chains, a small cooler ful of wheel weights, and 60 or 70 car show teophies.??

 

Anybody out there want Playboy magazines from 1968 to 1988????

 

Facing mortality is a trial ai don't have the energy for.at this stage of life.

[keithb7]

I figure this is my hobby. May family only loves that I am happy tinkering with my old cars. They get to ride along and smile when we all jump in. They have no interest otherwise. They have no idea on value. I don't expect them to take care of my old cars and spare parts to generate as much money as possible when I am gone.  It's all only worth what someone else is willing to pay. That's it. No these aren't old Camaros or Mustangs. They won't be attracting much in the way of dollars. My family can give it all away if they want. They can try getting $xx,xxx dollars if they want. When the cars sit and parts sit unsold for months, perhaps they will lower the asking price. Keep lowering it until potential buyers start to make inquiries. That's how I'd do it today.

 

Used parts? Well old Mopar guys who love the hobby sometimes see young up-comers.  Some are apt to give away their spare old used parts to a good home. Where a younger guy will  be likely to use them. That's happened to me and I intend to pay it forward when my time comes. Yes, I have a growing pile of spare parts. I find that when I get a good deal on a lot of old parts, paying cash,  often that when 1 or 2 spare parts are used, I've already easily saved what I paid for the entire parts lot. I don't care if what's left of the spare parts pile can generate $1 at that point.  For example a spare sized engine core. Maybe it costs $75 . A year later you pull the water distribution tube you need. Then your generator bracket cracks. You use the spare. Next thing the old pressure plate and clutch disc on the old engine are good and you use them. You're way ahead now on your initial $75 spend for the whole engine. 

 

When I am gone if someone in my family has no interest, so be it. Send it all to scrap if they want. If they want to try sell it, that's fine too. I will be having a chat with my family about market value and how to get it, if they want. While I am here, I will enjoy the cars and the parts immensely. 

[greg g]

Wife is reading an article of what the Queen of England actually owns.  In addition to all the swans on the Thames, all the dolphins in the British seas, and a large collection of Fabrege Eggs, she also has an extensive motor car collection.  Rolls Royce, Bently, Daimlers and Land Rovers make up the bulk.  Apparently with here service  as a lorry and ambulance driver during the war she is considered quite the gear head. The royal motor collection is apparently valued at more than 3 million pounds. And one Aberdeen Angus cow that resides in Calgary Canada.

 

Who is going to clean that up.

Edited September 14, 2020 by greg g

[Frank Elder]

I then will play the devils advocate, the money I spent on my cars and parts is long gone, all the other cars are gone........I decluttered nearly a decade ago,  we have one car and one truck.....so I really don’t care what happens to my car or minuscule parts stash because the money spent was under the table and not a part of the budget.

So regardless if it is stolen, sold, or given away there is no loss of profits as the money was not earned by her or her’s in any way at any time. I worked hard on second and third jobs to earn that cash.......

Edited September 14, 2020 by Frank Elder

[NickPick'sCrew]

9 hours ago, knuckleharley said:

Just curious about this. I sometimes have strangers in their 20's come to see me because someone has told them I have several old cars,and they are looking for "old car projects".

 

They get here,look around at the 30's to 50's stuff,and tell me,"No,I meant old cars,like a 68 Camaro."

 

 

Sign of the times I guess.  Initially tried to steer Nicholas towards the 60's (I wanted him to do a thunderbolt tribute. I worked for Ford for a good bit) but he wasn't having it.  He also fell in love with a Super Olds Trombone manufactured right around 1946/1947 so it may some sort of karma thing with him.   Some of his friends are taking more interest in his projects  as he gets closer to completion.  It all comes back around.  The real shift will come when gasser repair and maintenance parts get nearly impossible to find.  Accordingly, I'm hoping to get both my boys interested in an (hide your eyes if your of weaker constitution) all electric retrofit project.  Plan to let Nicholas lead the design on that once he gets some engineering classes under his belt.  My older son studies economics and politics so perhaps he can help us with marketing and selling.

 

2 hours ago, Frank Elder said:

I then will play the devils advocate, the money I spent on my cars and parts is long gone, all the other cars are gone........I decluttered nearly a decade ago,  we have one car and one truck.....so I really don’t care what happens to my car or minuscule parts stash because the money spent was under the table and not a part of the budget.

So regardless if it is stolen, sold, or given away there is no loss of profits as the money was not earned by her or her’s in any way at any time. I worked. hard on second and third jobs to earn that cash.......

  Frank,  Nicholas may be around long enough to see the price come back around on these cars ?

Edited September 14, 2020 by NickPick'sCrew

[Hamilton]

I'll admit that my first thought when I read the thread title was "Wait, you actually pass people in your car?"

 

_

[knuckleharley]

2 hours ago, Frank Elder said:

I then will play the devils advocate, the money I spent on my cars and parts is long gone, all the other cars are gone........I decluttered nearly a decade ago,  we have one car and one truck.....so I really don’t care what happens to my car or minuscule parts stash because the money spent was under the table and not a part of the budget.

So regardless if it is stolen, sold, or given away there is no loss of profits as the money was not earned by her or her’s in any way at any time. I worked hard on second and third jobs to earn that cash.......

Frank,it is obviously not about the money,but preserving the cars,parts,and tools,so they don't get sold for scrap and disappear forever.

 

After all,*I* am going to be dead,so what good is the money to me?

 

BUT......,what money they do bring after expenses,half it is is going to St.Judes Childrens Hospital.

 

I see this as a "two-fer".

[Booger]

I have only one charity. (and its not me)  St. Judes. Right on, Knuckle

[Sam Buchanan]

2 hours ago, Hamilton said:

I'll admit that my first thought when I read the thread title was "Wait, you actually pass people in your car?"

 

_

 

Yeah, I thought it was one of those deals like the bikers do when they meet someone.................

[Frank Elder]

3 hours ago, NickPick'sCrew said:

Sign of the times I guess.  Initially tried to steer Nicholas towards the 60's (I wanted him to do a thunderbolt tribute. I worked for Ford for a good bit) but he wasn't having it.  He also fell in love with a Super Olds Trombone manufactured right around 1946/1947 so it may some sort of karma thing with him.   Some of his friends are taking more interest in his projects  as he gets closer to completion.  It all comes back around.  The real shift will come when gasser repair and maintenance parts get nearly impossible to find.  Accordingly, I'm hoping to get both my boys interested in an (hide your eyes if your of weaker constitution) all electric retrofit project.  Plan to let Nicholas lead the design on that once he gets some engineering classes under his belt.  My older son studies economics and politics so perhaps he can help us with marketing and selling.

 

  Frank,  Nicholas may be around long enough to see the price come back around on these cars ?

Dude.....I so want to do an electric conversion on one of these old Mopar’s, just think if you used a businessman’s coupe how much battery space you would have.

[NickPick'sCrew]

3 hours ago, Frank Elder said:

Dude.....I so want to do an electric conversion on one of these old Mopar’s, just think if you used a businessman’s coupe how much battery space you would have.

Exactly ?   add that to the engine compartment space and your cruising 300+ miles a charge at normal speeds, or going 0 to 60 in 4 seconds if that your kick.

Edited September 14, 2020 by NickPick'sCrew

[knuckleharley]

6 hours ago, Hamilton said:

I'll admit that my first thought when I read the thread title was "Wait, you actually pass people in your car?"

 

_

Well,I used to pass a lot of people in my green P-15 coupe,back before it backfired under the hood and caught fire. It's now waiting for a total redo,including a new Ron Francis wiring harness.

Of course,it's not exactly stock. Has a balanced and blueprinted 412 SBC in it,and the block  was balanced,and blueprinted by an engine guy in a NASCAR racing team shop. Has "long rods",Keith Black flattop  top  pistons,a pretty hot comp cams dual-profile cam,gear drive,roller rockers,Dart 2 heads with big valves,and a high rise intake with a 750 Holley.

 

Already had the engine I pulled from another car I owned,so I used it.

 

Punch it hard,and stuff happens pretty quickly.

 

Generally speaking,I never had much trouble passing other cars.

[DJ194950]

7 minutes ago, knuckleharley said:

Well,I used to pass a lot of people in my green P-15 coupe

 

Or gas stations either I'd guess.

But what fun for short runs!

 

DJ

[knuckleharley]

7 minutes ago, DJ194950 said:

 

Or gas stations either I'd guess.

But what fun for short runs!

 

DJ

It is actually a pretty nice car to drive until you punch it. Little lumpy at idle,but no big deal.

[Jerry Roberts]

You guys have been talking about wills . If your estate is sizable , it will will go through probate court and the government will take a huge amount of the proceeds . The answer to preventing all of that loss of value is a trust . 

[knuckleharley]

4 hours ago, Frank Elder said:

Dude.....I so want to do an electric conversion on one of these old Mopar’s, just think if you used a businessman’s coupe how much battery space you would have.

Think about how much torque you would have!

[TodFitch]

4 minutes ago, Jerry Roberts said:

You guys have been talking about wills . If your estate is sizable , it will will go through probate court and the government will take a huge amount of the proceeds . The answer to preventing all of that loss of value is a trust . 

 

I guess if you define government to include lawyers and court costs. Especially lawyers. 

 

Estate taxes, at least in the two state's I've had to deal with recently kick in on estates worth far more than average. Same for the Feds. So there is a good chance that the actual taxes (other than the most recent year's income taxes) won't be a problem. And a trust, at least a straight forward legal one won't protect against taxes anyway.

 

But I agree, if you don't have a trust (or actually a trust and some other things setup properly) then the lawyers and court fees will eat up a huge amount and will also make things a lot of work for whoever it dealing with your estate. My parents screwed up and had some assets that weren't properly setup for transfer to heirs and we had to go through probate on it. A lot of calendar time, work and money involved. The only good thing, from my point of view, is one of my siblings handled it so all I had to do was sign things from time to time. My wife's parents handled things better, having a proper trust setup, and that was a breeze to go through in comparison.

 

While you are at it, figure out all the paperwork your state wants for medical power of attorney or equivalent. There is a reasonable chance that you'll end up in a condition where you are unable to make your own calls on medical treatment and you need someone you trust to have the legal ability to do what you want.

[Los_Control]

People just need to step up and prepare for this adventure .... nobody gets out of this world alive.

I really felt sad for myself when my favorite uncle passed. He had basically a 2 acre junkyard of old cars and junk.

It was a huge and daunting task for his children to dispose of. Uncle was in upper 80's. Oldest son was 64 and partially paralyzed from a stroke, next daughter is in worse health, youngest daughter in her 50's and a busy manager at her job. Lives 6 hours away. She has no time to deal with this.

You get down to the nephew's, grandsons, nieces etc ... They are into cars .... They are building modern jeep rock crawlers, they have no interest in the old stuff.

And they have a job and a life and no time to mess with this stuff.

 

I was 1200 miles away and could not get involved.

The 2 acres of property was actually in a prime location and would sell quickly once the junk was cleared off.

1957 chevy 2.5 ton truck with a hotrod 283 cam etc, 5spd transmission, 2 spd rear end starts runs stops .... $100 to scrap yard.

1952 chevy 2 ton rebuilt 235 motor with almost zero miles, Grampa built a extra heavy duty dual piston dump bed ... $100 to the scrap yard.

1957 packard clipper, 2 door hard top black & white, nice body  paint interior, start and move, but had a rod knocking and needed rebuilt ... scrap yard.

The engine room where all the goodies were kept,  rebuilt 283 with less then 1k miles, rebuilt 312 y block with overdrive trans zero miles.

There was a rebuilt 218 Plymouth flathead engine, Just one shed of many and was packed full of good stuff.

They gave the contents away to someone with a trailer to haul off for scrap.

 

I think they got about $200k for the house and property, everything else nobody could care less. Just get rid of everything quickly, so they could get this monster of a project off their backs.

I think it is a really wise idea to deal with it yourself while you can.

[kbuhagiar]

Interesting discussion.

 

My wife an I have talked about this a lot. We have no descendants, and none of the nieces and nephews (except for one) have expressed the least bit of interest in my cars or tools (or cars and tools in general). The one nephew showed some interest a few summers ago but I think girls and computers may have superseded all other interests. So right now he is top on the list, but that could change. 

 

Honestly, I think we would rather bequeath it all to a young gearhead who would appreciate it (related or not) rather than pass it on to a relative that would liquidate it.

(We are fortunate enough that we wouldn't need the proceeds from the sale of my cars and tools, which give us more options for their disposal.)

 

Lots more thinking to do about this before we make a decision.

[Sam Buchanan]

41 minutes ago, Los_Control said:

 

I think it is a really wise idea to deal with it yourself while you can.

 

Yep, when we get to the age where our productivity is dropping off....if we haven't touched something in a year, we most likely never will.....time to get rid of it. It is a huge burden to leave this task to our kids....and their opinion of us will not be enhanced.......

[knuckleharley]

1 hour ago, Jerry Roberts said:

You guys have been talking about wills . If your estate is sizable , it will will go through probate court and the government will take a huge amount of the proceeds . The answer to preventing all of that loss of value is a trust . 

Please define "sizeable" in dollar terms,if possible.

 

BTW,please correct me if I am wrong,but since 90 percent of my estate is going to 2 charities,I shouldn't have any tax problems,right?