Build a Bigger Grarage or Sell a couple cars ?
 

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

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!

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

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.

Car Storage...
 

While there are some folks who have lots of room for the toys, most don't. I share your concerns...we have the same problem.

Culling the herd so you don't need a big corral can be a difficult choice...especially given how hard it would be to replace them.

I have been looking for new storage space...tough to find.

Now you got me thinking again...:dunno:

Maybe you can find a shared space with another hobbyist?? Paying rent and controlling the situation is better than worrying about the personal stuff with the old boss.

Given the crazy costs for building materials and the difficulty in finding a good contractor...a rental spot seems like a better choice. Then if you decide to sell a car or two....you won't be carrying the extra expanse of the new garage.

Good luck...

Tom

I knew you guys would know what i was feeling !!! Some great views on my situation already, please keep the thoughts coming...

I retired two years ago and had just finished building a new garage /barn. I’m glad I did because it is full and I’m looking into lifts at this time. In my area I was able to do a Pole barn construction which was cheaper than a stick built. Maybe something to consider along with 4 pole lifts.
Funny tho, with the “extra” time I have I still don’t feel I have enough time to drive my stuff and do all the other stuff I like to do… makes me wonder how I did it before. I’m thinking about selling stuff, just because I hate to see it sit. Such high class problems to have LOL!

I am 62 and just went through a major building project with retirement in mind. Building that building is one of the best things I have done. My wife and I spend a lot more time in it than I would have ever imagined. The only regret is I should have built it bigger.

I am turning 63 this year and am in a similar situation. I have the option of retiring early but something will have to give.
I have 2 cars stored at my aging mother's place, but I am not sure how long she will keep the house.
I also do not have enough time to play with everything while I am working and looking after two properties.
Some days I have my mind made up and am ready to hang out the For Sale signs. Other days, I am good with just waiting and seeing how I feel tomorrow.
The one thing that I have done is start selling off parts and pieces which I will never use.

I have a 7 car garage. Last year I ran out of garage space. I ended up renting a 20x40 storage unit offsite and have since filled that up. I sold off 2 cars and should sell off 2 more so I won't have to keep paying $450/mo for storage. I'll probably end up buying 2 more cars instead.....

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.

I built a 7 car garage and a loft apartment in 2019/2020 at my lake house. I love the building and having cars at my lake house. However, I would wait a little while and let the supply chain and pricing stabilize before starting a construction project. Maybe start next year when the recession hits.
As far as the money side goes, if you can afford it do it. Tomorrow is not promised, and at 58 (my age) plenty of people close to me are passing away.
I personally plan on throttling back next year and working part time and enjoying life and my cars less a few that I will sale this year.

Here's a couple of thoughts...
1) How long do you anticipate staying at this house?
...10, 15, 20 years?
2) Will your neighborhood (real estate values) support a 4/5 car garage?
...check with a local realtor...they should be able to help you with the return on your investment.
3) What hobbies do you and your wife like to do?
...my wife and I like gardening and she likes to paint/crafts so an artist studio/craft area and garden shed areas are on our list for when/if we expand our footprint.

If you are going to stay there for awhile and the real estate values in your neighborhood will support it AND your better half will utilize it could be a win-win.

Last 2 thoughts...periodically car mags will run "garage" issues ...check out Hemmings Classic Car Magazine Oct 2021 (issue #205) they had an inside look at home garages. One guy from Cali built in a lounge (couch and tv) so that his wife could sit out there with him while he works on his cars.

Improving your home is usually a solid investment but remember garages don't sell homes, kitchens, baths and bedrooms do so take in the full picture of your real estate investment for other improvements not just the garage.

Best of luck!
C

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.

I echo the comment already made about the cost of construction products, I'd probably wait though I understand you wanting to have all your cars under the same roof.

I'll be 55 in May, I hope to move to Western MI in 3 years when our kids will all be in college, and then I hope/plan to big enough piece of land to build a shop that can hold 4-6 cars. Only reason I have 4 is I park 2 on the street though it's a very nice street. :)

When I was in my late 20s I had 5 cars...sigh.

Tough decision for sure! Just a comment on garages. Decades ago, houses with no garage or 1 car were common in many areas. Then 2 car garages became the standard. Now 3 car garages seem to be the norm. Funny thing is I see as many cars parked on the driveway and street in the 3 car garage areas as in the 1 or 2. So I think the extra garage/shop area will only be a plus when eventually selling your house. I totally agree with the "wait a bit for building materials prices to come down a bit" sentiment. Local Home Depot has 7/16" osb for $45.50 a sheet, that's insane. Fed tightening and raising interest rates should cool the construction boom and bring prices down a bunch. If you don't need to sell the cars, think about waiting it out a bit.

We gearheads don't understand mortals that can't envision what to do with a 6 car garage...:dunno:
The guy that bought my previous place with the 2,000 sq ft pole building couldn't care less about all the upgrading we had done in the house. That was for the female person. He understood it would've cost 100k to duplicate the building from scratch with 1,200 ft under insulation, natural gas fired indirect heat, running water, concrete floor with drain, 100 amp/ 240 volt service.

I'm not so sure about the first part of the statement, historically, the ROI on most home improvements is negative. Generally, kitchens and baths are better investments than other home improvement projects, but still negative.

I do agree that strategic home improvements will help sell the house quicker, and for more money, but it's doubtful you will recover 100% of your investment.

Of course, with today's runaway housing values, and today's runaway building materials costs, who knows which one is outpacing the other.

Congrats on an early exit from the grind Jeff.

While in different boots, going through some changes up here too and that left me wondering what to do with all my stuff. Sold the house with the 6 bays of garage, and bought another with only two bays. I know right...what the hell was I thinking? Obviously room was going to be an issue and atop that I just bought a new car trailer. (have you seen the price of trailers now days) So, I looked at buying a business condo, looked at other options and settled on renting a cheap little W/H bay at 1000 square feet which solved all my storage concerns. Short term lease and cheap at $650 a month to store my junk.

Maybe look at a short term lease of a small bay and then see what you want to do with the 4 cars as time moves along. At least they'll be under your own control. Maybe you sell one, keep three and stick a lift in your two bay garage to squeeze them in together? Sounds like your having fun no matter the storage concerns? Again...glad to hear you're having fun.

As was said earlier, don't jeopardize retirement, or fulfilling your bucket list, just to have more cars.
That said, the best thing I ever did was consolidate everything onto one property, laid out such that I can back out and drive any car at any time. ROI? I don't know, it makes me happy, and I didn't build it till age 64.
It depends on the neighborhood. In my little subdivision lots are measured in acres. A neighbor has a barn (a beautiful 1,800 sq. ft. stable actually).
If not for cars, my place could appeal to someone with a motorhome and a tag along trailer, or other types of toys. The cost of off-site storage is crazy these days!

Just my.02 - Bill W

Just another idea for short term storage, to get your cars out of the off site parking. Rent 2 lockers that the cars will fit in.

When I moved and downsized the shop, I rented a 10X24 storage locker 25 miles from the new house, but it was a rural area, so rent was CHEAP...$80/month. I PACKED it full with all the "stuff" from my previous shop for 2 years while getting concrete floor poured in the new shed and finishing the interior of the existing 1,200 sq ft building for heat and lighting. Like Bill, it is wonderful having everything in 1 place now. I used to move 2 cars every fall to outside storage to have room to work in the old shop and bring them back every spring. No more of that crap.
And yes, acreage is the key to much of this ability, here and at the old place and you will never see me living under HOA control...:mad2:

Lots of great thoughts from you guys ! Adding to the resale value or marketability of my home is not really a concern, as i plan to be here for as long as possible. I don't really have any other interest or hobbies. So i believe i would regret selling the cars more than spending the money to build ? I tend to over think everything ,especially financial stuff. As said ,We don't know where the collector car thing will be in 10/15 years from now? but i'm not sure i really care ? Having everything under one roof would just make what i love to do even that much more enjoyable. Probably just not the best time to be building because of the cost that's for sure...

Man did you hit it right on the head William, atleast for me.

Over the past several years now, I have come to realize (personally) that two vehicles are just what I need and here is my reasoning.

1. I still work so I am a busy guy with life.
2. I am not a millionaire, just a smuck with average life/income/family which has granted me the ability to have an average size shop which holds two cars.
3. I do not have the ability to drive more that one car at a time, let alone four/six/ten/etc.
4. If you have more than one car, that means they do not all get driven like they need to be.....in my world.
5. I really don't like paying storage/insurance for my toys if I am not using them.

I am also a believer that our beloved muscle cars will not be a great long term investment. Just read the above quote/facts which tells me the writing is on the wall and has been on the wall for 10 years or so. Covid really messed that natural progression. The ONLY reason cars and everything else went to the moon lately is obvious. In my world (1969 Camaro's) they were steadily dropping in value (slowly) for years prior to Covid and I was fine with that. Everything has a shelf life.

So in a nutshell, downsize the fleet a bit while prices are at all time highs.

And more important, prepare for your well deserved retirement.

Paul

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

Yes you would regret selling your cars. You can't unring a bell. Seems to me like you already know what you want to do. I do understand that cars are just stuff, but sometimes they are irreplaceable.

Grimpy, if you are thinking about keeping your cars, and you can afford building, then just do it and build. There is litterally no down side to building onto your place.

At this time I have 4 cars. I have 2 car garage at house, so 1 there, and own rental stuff where my single unit will hold 6 plus work space. I like having options and I doing what I want with my stuff.

Go for it buildon. You won't regret it. Now selling off and downsizing?? I can see regrets and seen it happen before.

I think you'll find when everything is at home, you tend to appreciate the cars even more. One of the things I enjoy most about my building at home (aside from having my cars in one spot), is the things I have collected for memorabilia.

In short, it's my happy place. You cannot put a price on that:biggthumpup:

Anyone remember when muscle cars had PEAKED in value in the 80s and they’d never be worth that money again? What happened there? I’d say right now the euro trash (as we affectionately call them) is at a peak. Muscle cars are in a valley. Only time will tell what it brings when the whole world goes electric. (Assuming that happens) remember the 70s when muscle cars weren’t worth squat people were offing them and a 62 vette was $400 to $1800 people were standing in line for gas on odd and even days and solar panels were going on roofs all over America? What happened with that? It’s hard to judge what tomorrows markets will bring
Think of the cars you may have sold and what they’d be worth today? Now think of what a new car cost is today? A model X Tesla tri motor is $165k well optioned. Again hard to say because that car will run a 9.90 new from the factory. And a muscle car ran 14s We know our cars will become more and more rare as some people decide to drive and enjoy them and use them up. Only question that remains is will they be desirable still? Rare isn’t what matters, it has to be coupled with desire. So to answer your question. Do what you enjoy and worry about the money as a secondary because there’s no way to know for sure.

Quit posting all this logical chit. You guys are making me feel like a moron..... and old... I am pushing 70. Reality is starting to set in, and I don't even have my dream garage / storage facility done yet. Lord, I hope I live long enough to enjoy it.

I hear ya.....sorry to make ya feel bad. That was not my intention.

Go borrow $125,000 and build the "best damn garage in town" as Grumpy would say. Mortgage it over 50 years and and you will be the smartest one of us all.

Just make sure you invite us all down for a nice cold beer when you have your grand opening shin dig.

Paul

Purely tongue in cheek. Your self evaluation is nothing but good. I would be glad to host a shindig here in Guthrie, "Murca" when I get this shop done. I bet my buddy at Short's automotive would co-host. He is in the original Chevy dealer location (Austin Chevrolet). One of the members here has a car that was originally sold from that dealership. There is a pic of it on the wall in the showroom (which is now a bicycle shop). The elder Mr. Short just recently passed. He worked in that garage right up to the end. His daily driver was a beautiful 69 Chevy, 283 PG car. He started working there in the 50s.