Garage Space...
 

At 57 you're 8 years from Medicare eligibility, 10 years from SS FRA. Unless you want to pay for private health insurance, you need to keep working until 2030. You just took a pay cut and are now contemplating burning a large sum of cash for a garage addition to store cars you don't drive. Even you know those cars have probably peaked in value.

Were I in your position, I would not bet a good chunk of my future retirement funds on old Muscle Cars being a wise investment. There is tremendous pressure to get rid of fossil fuels. 12 state governors have asked the current administration to ban the sale of new fossil-fueled cars by 2035. Maine has already raised the possibility of banning gasoline.

By the time you retire, the world and our hobby will be a very different place.

I had the same dilemma last year Jeff and ended up buying a 4 post lift for my garage since I couldn't stomach the thought of paying more to add on to the garage than it did to build it on the first place. Another thought could be to sell one car to pay for the addition and keep the other? Best of luck whatever you decide to do. It looks like a lot of us are in the same boat.

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

"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."

REALLY, Do a thought exercise, Call your Insurer or Your Bosses and "say" (God Forbid) your Bosses Structure BURNS down w/ your vehicles.

You are at risk in my opinion.

Keep working and Build,,,,,,,,

I think a lot of us in are the same boat. When I saw this TV commercial during the Super Bowl it kind of made me think a lot about all my "stuff".

https://www.youtube.com/watch?v=CMaispXEh94

I posted recently...but seems appropriate here. - Bill W

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!!!!!

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.