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personal financial dilema

6K views 34 replies 20 participants last post by  billt460 
#1 ·
Well I was just getting ready to pull the trigger on about 2 tubes of ASE's or equivalent when I get a call from a guy to purchase a car for 1500.00.

The car is a 2000 Jag XK8 convertible, it has 108k miles and looks to be in okay shape, it has a large dent in it and a smaller one and some scuffs. I could fix nearly all of it.

The problem is it will not start and is sitting at a mechanics place. Turns out the owner of the shop is a good fiend of mine and he has worked on this car for a number if years. He pulls up the record and it has had over 6k worth of stuff to it in the last 2 years. (Dont get excited the front brake job was 1500, its a Jag remember). Anyway he said the car ran excellent until it didn't start one day and his shop can not figure it out. They think it is a security issue and would cost 1500 at the nearest Jag dealer 100 miles away.

Here is the dilemma, I was a European car mechanic for years and a driveability mechanic a specialty so this is up my alley except its a Jag and I don't care for British cars, (No offense to the people of England) I'm not so sure about the diagnosis but can I fix it if they are right? I always have the toggle switch starter button option:thumb:.

The numbers. 1500.00 for the car or 1500 or so for sideways silver

Book on the car is 7-10k. This one should bring 5 k or so in running order with a bit of bodywork.

There is always a risk of not being able to fix the car or fix it properly

The car is worth a fortune in parts if you can find a buyer for the parts

Usually my decision is fairly quick and easy in these situations. This one not so much. I usually buy cars lower with the lower profit margin. This would most likely be a resale unless my wife falls for it in which case it will remain against my better judgement. Oh what to do??????:confused:

Lets end with a joke at our English brothers expense.

Why do Brits like warm beer?
Because Lucas manufactures their refrigerators....

If you don't get it I understand. Peace,out
 
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#6 ·
id say the likelyhood that there will be a monetary crisis and silver will 'zoom up' in rice before an experienced mechanic can fix up and sell a car is slim to none - and slim just left on the last train outta town.

buy the car, fix it up and put away half a monster box's worth of ASEs
 
#3 ·
... on the other hand - what a bugout ride! LOL...

Tell ya what kills the jag for me: it's year - 2000. If it were early 70s or prior, I'd say go for it. (I know someone with a '69 in her garage.) But ever since all the computerized crap was added to vehicles, and how famous Brit cars are for electrical issues in the first place... well, I'd buy the silver.
 
#10 ·
I'm still sitting on the fence. Going to give a good look today and ask some more questions of the mechanic that looked at it.

It depends on the answers he gives me whether I will buy it or not. If the security system has locked it out then it has to go to the dealer (100 mile tow and 2 hours labor) to reprogram it. If it won't crank then we are likely looking at something else. I honestly suspect silver will go sideways for a bit yet, everything we do here is a gamble and I'm not a gambler so I usually take the safe route, but the returns here make me think.

On a side note my wife it totally on board and I suspect if I fixed it it would not leave w/o a fight so there is a reason to not get it as it becomes a liability not an investment. Peace, love, out.
 
#11 ·
I will no take on another man's problems.

I recognize you might make serious money on this car. A quick look never hurts, right?

But the cars owner F'ed it up, let him tow it to the dealer and pay to fix it.

Buy the silver and let the damn fools in life struggle with their own burdens.

Btw, didn't the Queen of England declare Lucas to be the Prince of Darkness.
 
#12 ·
I never would have pulled the trigger on that deal. I use to own an MGC. That my friend was a money pit that was only about 6 years old at the time. I promised I would never take the keys to a British Leyland car again if it was willed to me. Come to think of it, I think I Paid 1500.00 for my MG in 1974. (It was a 68 MGC).

Now if you love Jags and you "always wanted one" That's another story. Nobody would fault you if it turned out to be a "Paper weight of Passion" except for maybe your wife. I would take the ASE's. But it's YOUR MONEY.
 
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#13 ·
Well since the price of Silver just tanked I suspect my decision might be made for me, I'm sorry BobSmith I may have let you down.......


No actually my wife looked at a picture of it and said "Mine", That kinda defeats the purpose, now it becomes a liability not an asset.

No the Jag is most certainly not a dream car, I love the looks of the Jag and Astin Martin's. the Brits do a hell of a job in the looks dept.

Heres my baby and primary track car. A heavily breathed on 135i. Which is to be expected since I was a BMW tech.

So lets end this with an old joke?

Whats the difference between a Porcupine and a BMW?
A porcupine has the pricks on the outside.........
 

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#17 ·
Well since the price of Silver just tanked I suspect my decision might be made for me, I'm sorry BobSmith I may have let you down.......


No actually my wife looked at a picture of it and said "Mine", That kinda defeats the purpose, now it becomes a liability not an asset.

No the Jag is most certainly not a dream car, I love the looks of the Jag and Astin Martin's. the Brits do a hell of a job in the looks dept.

Heres my baby and primary track car. A heavily breathed on 135i. Which is to be expected since I was a BMW tech.

So lets end this with an old joke?


Whats the difference between a Porcupine and a BMW?
A porcupine has the pricks on the outside.........
The only reason I mentioned the Dream car aspect is because I just Kicked out 5K for a Red car I've always wanted. It does run great. Only issue is a Tranny vacuum line (It Klunks into gear, automatic) it is leaking something very very slowly, like a few drops after I park it. Then again, since I moved to northern Nevada where it often stays around freezing, my Astro cargo van and the Taurus have been doing it. I'm guessing oil filter gasket. And it's 29 years old. I won't mention the make or model for two reasons, My BMW mechanic told me to stay away from them, and people treat me like a porcupine when they see me driving this "red car" that averages 146 MPH Top end. Oh and they don't make them any more.
 
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#20 ·
The T bucket thing did not go unnoticed, However a friend said buy it and make it into a "Chump car" thats basically a endurance road race with scrap iron..

Red or Silver dream car? Depends on what age I was, when I was six the red one was my dream car. When I was 12 it was a plastic indy car, 18? a monster 1962 4x4 chevy, now an Astin Martin barring no money conflicts, maybe a Bugatti.

You know not mentioning the model and make is a tease right?

Silver /gold site are you looking for spot or what you can buy it for.

https://www.comparesilverprices.com/

http://www.monex.com/liveprices

There are tons others. These are the ones I glance at. I usually don't buy from anyone listed on compare silver prices site but I use it as a standard because Liberty seems to be lowest.

Which 06 do you hate?
 
#23 ·
My car was the highest price car AND according to the manufacturer, the fastest "Street Legal" car in America. I bought it for 5K. I know that if I drive it much over a 1 K a year, I'll be putting at least that much into it.

Incredibly, the previous owner said he put a new "Timing Belt" in it. :) he did brakes front and back, and from looking under the hood, there are NO oil splatters AND all the rubber is MINT. Belts, Vacuums, the works. I think he got tired of putting 4 digits into it every time. I bought it from L.A. and they drive this particular brand for commuter cars. In Europe they're used for week end drives in the country/Autobahn.

I'm afraid to park my red car in a semi-crowded parking lot.

As for not mentioning the make and model, half of you will call me stupid and the other half will call me a porcupine. Cool part is, there's plenty of room in my garage. I don't leave it out in the drive way. I washed it 3 days ago and people were circling my block because I've only seen 2 of this make in Northern Nevada since I've moved here. Mine sticks out like a Cover girl. :)
 
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#24 ·
But seriously, how much further do you think PMs will drop? You realize the market spiked just before the October Crash in 08. If I'm not mistaken, people are selling off their PMs to get into the market. I would imagine most of the peeps on this site aren't falling for that. It's an Obama Bowling technique. "Set em up then ........ Blame Bush"
 
#25 ·
When I lived in Scotland, I had a Jag.

I got into the idea that I wanted to bring a Jag back to the states with me.

Then, ... I became used to working on them. The guys who designed those things drank way too much.

A Jag is a tinkerers car. When everything is perfect, it will need to be tweaked on every week. They CAN NOT stay tuned for more than a few days. Side-mounted upside-down carbs have to be vacuum synced constantly.

I would not buy another Jag.

I would get a Mercedes Uni-Mog before I got a Jag.
 
#28 ·
The problem is it will not start and is sitting at a mechanics place. Turns out the owner of the shop is a good fiend of mine and he has worked on this car for a number if years. He pulls up the record and it has had over 6k worth of stuff to it in the last 2 years. (Dont get excited the front brake job was 1500, its a Jag remember). Anyway he said the car ran excellent until it didn't start one day and his shop can not figure it out. They think it is a security issue and would cost 1500 at the nearest Jag dealer 100 miles away.
I wouldn't go in this direction. Although I understand that you're a mechanic, if this guy has been working on it for the past several years and can't figure it out that isn't a good sign. If you buy it for $1500 and it takes $1500 to resolve the starting issue you are at $3000 even before doing anything else to it. Electrical problems are a bear.

If you can buy it for less - say $750 or so - go for it. Non running cars aren't all that great.

Suppose you could get it and try parting it out.
 
#29 ·
Sometimes, "It just won't start" and a mechanic has been working on it for several years, can often be something really simple. To simple for the complex mind.

But I digress. I look at your statement about 1500, plus 1500 (and probably 200 for transportation) so 3200 for a Jag is a pretty damn good deal. (If you liked jags, which I don't) In fact, there's not much about England other than Elizabeth Hurley that I do like.
 
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