What to sell... or not

So I'm getting funds together for brewing school. I've got tuition paid for, but need to come up with the money for at least 6months in Europe. I've got three vehicles I can potentially sell to help raise funds: 944Spec race car, Van, and Miata. I do not plan to sell the Van until after selling the race car, since that's what I use to tow it around. I'm not worried about storage for any of my cars. I'm sure I can also get loans to cover essentially all my expenses if need be.

The race car has been up for sale for a while, but I haven't seen any interest in it. It's priced well compared to other 944Spec cars, but not cheap enough that I think it would appeal to someone just wanting a cheap track toy.

Basically, do I want to sell the Miata?

Sell the race car and van? If so... do I lower the price on the race car $1k-2k below where I'd like in order to make it easier to sell?

Or sell all my vehicles?

Or not sell anything yet, get loans, and only worry about selling vehicles if I find I need the money to help pay off the loans?

Not great with finances, but the first thing that occurs to me is to wonder how much you could drop the price on the 944 and still come out ahead against interest on any loans? Worth a napkin calc?

ransom wrote: Not great with finances, but the first thing that occurs to me is to wonder how much you could drop the price on the 944 and still come out ahead against interest on any loans? Worth a napkin calc?

Good point. Probably about $1000. The flip side is, how much extra would I be spending to prep a comparable race car? Again, probably about $1000 more than what I'd sell my car for.

Another important question: where are the best places to list a used race car? I've got it on the NASA, 944Spec, and GRM classifieds. Something like EBay or Craigslist don't seem like good forums to sell a race car.

1st: That's berkeleying hardcore, dude! Can't wait to try some of your brews!

2nd: Tough call on the 944/van. Any chance you could "rent" the whole rig to someone for the rest of the season? Or sell it to someone at a great price with first right of refusal at the same price should you ever wish to buy it back? You've said it. You're never going to be able to prep another one for what you sell this one for. If you plan on racing when you get back, I'd try to hang on to it if you can...or just plan on buying rather than prepping next time.

Either way, I'd definitely sell the hemorrhoid (miata.)

Are you earning any income while in Europe for your edumacation?

If not, sell everything unless you have a special attachment to it. Storing stuff is expensive. What happens if you stay over there longer? What happens if you have an unexpected expense (reasonably, you should have at least $1k to cover such things). Not saying you don't, but like I said, unless there is some attachment to it, sell it.

Storing won't cost me anything. My fellow racers have offered to store my race car, I have a good buddy who will hold onto the Miata for free, I have another buddy who would be beside himself to have use of my van for 6 months.

I really like the idea of renting out the race car. Or first right of refusal thing. I wonder if I could convince the area 944 guys to pool together to purchase it as a regional spare car. Kind of like a loan with the car as collateral.

I actually bought, not prepped this car, and I got a good deal on it. I'm already listing it for less than what I'm seeing other prepped 944Spec's listed for. I think there just aren't many new people trying to get into the series.

In reply to Salanis:

From what you've told us, it occurs to me that the worst selling candidate of all of them is the 944. It will cost the most to recoup when you get back (unless you can buy it back for what you sold it - no easy thing). Keeping it seems, to me, to be your least-cost option to get back into racing when you come back.

This brings us to the Miata. We haven't much discussed it in this thread - how special is it, and how much would it cost to replicate any mods it currently has? The answer to those questions would influence the desire to sell it - again, the crux of the issue is re-creating that car when you get back versus how much you'd get for the car in its current state. On the other hand, if you were thinking about trying something different when you got back, this may be a good time to sell and buy something different down the road.

And finally, the van. I would encourage you highly to separate the van from the race car and sell it. To me, this is the vehicle that is most easily replaceable for little to no loss. Were I you, I would move the race car to its storage location and sell the van. I am certain that you'd be able to find something comparable when you get home for about the same cost or less. Also, this is less time sensitive - you won't really "need" the van until your first track event after your return home. That could be weeks or months, but it's not something you'd need immediately, and that would give you some more time to find the right van/truck/tow vehicle.

In reply to szeis4cookie:

Good ideas.

The Miata is not terribly special. Basically a base model 94 with FM shocks and springs, some bolt on intake and exhaust, and a hard dog rollbar. I had actually been thinking I'd sell it because, with the race car, it no longer sees track duty anymore, and I'd been planning to get a less expensive, more comfortable DD. Even if I do replace it, I've learned a few things since putting it together and would choose different suspension package next time.

The van will definitely be both the easiest to sell, and replace for roughly the same price. I'm also not worried about having to unload it right now, since it should move pretty easily whenever I list it. The Miata I would need to sell before summer is out.

I'm going to float the idea to the other 944Spec guys for me to "sell" my car to the region as a group spare car that I can then buy back in a year for the same price.

I'd say sell the Miata for now. They are a dime a dozen if you want to get another when you get back. Not that hard to put it back to stock if you want to sell the FM goodies separately.