Taking My Best Shot
My wife and I have a decent combined income, but we're not wealthy and this project was a bit
of stretch for us. The following is the text of a "proposal" I typed up and gave to my wife. I
asked that she read it over and not respond for a while--just think about it. About a day later
she dropped the document into my lap, gave me a hug and said "You're crazy and I don't
understand it-- but go ahead".
Shelby Cobra Pros/cons
Pros
· Purchase kit with convertible top and side windows making it all weather car.
This becomes a new car for us and because it is aluminum and fiberglas it will not
rot. Not for snow use, but certainly the rest of the time, presumably April through
November. Reliable and inexpensive to repair and maintain due to Mustang
running gear.
· I would agree to give up my dream of racing! I would also attempt in the next few
years to move _______ (our 11 year old son) out of racing into the appreciation of this
kind of project as a substitute. I have come to feel that my real love is not so much
racing as the pristineness of these kinds of machines and a love of the look and feel . I
think the same impulse lies at the heart of his racing interest and can be molded.
· Insurance is reasonable--based on an assigned value ( 20K) and insured as a regular
car, similar to a Mustang. State Farm quotes $616 yearly with $1,000 total deductable.
· Without a hopped up motor, this is safer than a regular road car due to race car
construction including side collision bars in doors and frame, racing seats, 5-point
racing harness seat belts and a structural, not decorative roll bar.Because of the light
weight of the car, it stops in about half of the distance as a regular car. Obviously it is
extremely limber and outhandles most any normal cars on the road. With the standard
Mustang motor it is quick but not crazy.
· If we ever have to sell it we should be able to more than recoup our investment.
The estimated cost to build is 13-15k compete. The cost of one pre-built with the
same parts is 28k. Unlike conventional cars these do not decline in value.
· I'm 41 years old. We have been conservative and have made a nice home for
ourselves. I don't think this at all jeopardizes that financially or otherwise. I'd like to do
this for me, but I think it can fit into other family things nicely and wouldn't become all
consuming, especially working on it across several years before I even got to the
Mustang installation parts. . If I wait five years to do something like this _____ (my
daughter) will be in college with ________ (my son) fast behind her. It won't ever
happen. Frankly I can't believe how quickly I'm aging and I'd like to live one of my
dreams while I can still enjoy it.
· I have no doubt I can build this thing pretty easily, in many ways more easily than what
I am doing with the MG since it is all new and clean and comes with excellent detailed
instructions. It also uses modern junk yard parts for the major mechanical items so it is
affordable to maintain.
· As part of a total fiscal plan during this time, I would agree to limit spending to pre-
agreed minimal amounts on items such as computers , tools, microd stuff, and other
cars or interests. I'm willing to give up most all of my other spending to do this.
Cons
· The only one I can think of is going into debt for what is a toy. In my mind it is a toy
with practical uses such as your daily commute, but certainly it's still a luxury. That
said, I don't think it is a major debt, the incremental payment is still in keeping with our
approach of keeping our monthly payments low.