That is actually a pretty bad deal! In general storing cars is a bad deal.
Since you mention this guy profited 30K I assume that the car was about 10k when new in 1981. $10,000 1981 dollars is $28.5k in 2020 dollars. That means that this guy really netted $11.5k on the sell in 2020 dollars.
So this guy had a car that he stored, looked at and never drove for 38 years. 38 years x 365 days per year = 13870 days. Essentially this guy made about $0.8 per day for 38 years in exchange for storing and staring at a cool car that he never got to drive.
I doubt that you would ever accept that deal. I wouldn't! I would much rather drive the Camaro and have fun with it for 38 years instead of the 80 cents a day.
I agree, drive it, enjoy it. After all, if the profit was 11.5k, then in 38 years, they did better as far as making money than if they drove it, but still, when comparing the amount of years with the amount of profit, it simply wasn't a great investment. Most people could probably set aside 80 cents a day, and save that much, and make even more if they put it in a 401 k. So on top of not making a decent profit, they also neglected to enjoy a cool car. That's 2x the fail.
That is actually a pretty bad deal! In general storing cars is a bad deal.
ReplyDeleteSince you mention this guy profited 30K I assume that the car was about 10k when new in 1981.
$10,000 1981 dollars is $28.5k in 2020 dollars.
That means that this guy really netted $11.5k on the sell in 2020 dollars.
So this guy had a car that he stored, looked at and never drove for 38 years.
38 years x 365 days per year = 13870 days.
Essentially this guy made about $0.8 per day for 38 years in exchange for storing and staring at a cool car that he never got to drive.
I doubt that you would ever accept that deal. I wouldn't! I would much rather drive the Camaro and have fun with it for 38 years instead of the 80 cents a day.
I agree, drive it, enjoy it.
DeleteAfter all, if the profit was 11.5k, then in 38 years, they did better as far as making money than if they drove it, but still, when comparing the amount of years with the amount of profit, it simply wasn't a great investment. Most people could probably set aside 80 cents a day, and save that much, and make even more if they put it in a 401 k.
So on top of not making a decent profit, they also neglected to enjoy a cool car.
That's 2x the fail.