1995 vert with 202 original miles. To drive or not to drive?

[MemphisMan]

So I just purchased a 95 vert with 202 original miles. It's dark green with tan top and interior and the 3.4L engine. It's been in climate controlled storage 99% of the time since new and is perfect in every way. It even has the window sticker still in the window. It's never been registered.

 

I bought the car to drive since I've been wanting a modern 5 seater for my family. But now I'm wondering if I should put it in storage in anticipation of it's value going up in the future. I haven't taken delivery of the car yet, but it's scheduled to be dropped off at my local GM dealership in a couple of weeks so I can get it "road ready"...or I can have it dropped off at my home to be put in storage "as is".

 

Drive it or store it? How valuable could this car get if I don't drive it? I really want to drive this car, but for some reason, I'd feel a little guilty putting miles on it. What should I do?

[Night Fury]

First of all, that's awesome.

 

And that is a super hard decision...... If you have the $ to buy another, I'd store it. Otherwise...........

[Twenty]

Store store store store store!

[94 olds vert]

It's meant to be driven. That being said it is still a hard decision. If you were going to drive it I'd say there is no harm taking your family out for dinner in it once in a while or going to church. But in no way should this car be a daily driver.

[bg35765]

Nobody anywhere can tell you how much it might be worth someday. But you probably have one of only a few that have never been registered. (I know there is a 1988 pace car out there and the GM Heritage museum might have one.) There is nothing special about your color combination -- it was very common for a 1995. So once you start putting miles on it, it will depreciate rapidly.

 

It is tough to say whether these cars will be collectible in the future. Remember that people were junking all these muscle cars that sell for big money today back in the late 1970s --- just like people were junking these cars last summer during the Cash for Clunkers program.

 

Pretend that a guy bought a 1965 Pontiac GTO in 1980 that had 200 miles on it. What would it be worth today if he put 80,000 miles on it? A good amount. But imagine the reaction to it at a classic car auction if he had just stored it for 30 more years. He would have been an idiot to put miles on it.

 

Of course the future demand for these cars might be more like a Pontiac Tempest than a Pontiac GTO, but only time will tell.

[swift13]

since mine has the same color combo....i will trade you and you can drive mine. im doing you the favor here.

[IRONDOG442]

Drive it. I am sticking with Chris on this not driving your car to preserve it is like not having sex with your girlfriend to keep her nice and tight for the next guy. Nice car and if you drive it carefully youd be surprised how long it can look like it does.

[IRONDOG442]

Nobody anywhere can tell you how much it might be worth someday. But you probably have one of only a few that have never been registered. (I know there is a 1988 pace car out there and the GM Heritage museum might have one.) There is nothing special about your color combination -- it was very common for a 1995. So once you start putting miles on it, it will depreciate rapidly.

 

It is tough to say whether these cars will be collectible in the future. Remember that people were junking all these muscle cars that sell for big money today back in the late 1970s --- just like people were junking these cars last summer during the Cash for Clunkers program.

 

Pretend that a guy bought a 1965 Pontiac GTO in 1980 that had 200 miles on it. What would it be worth today if he put 80,000 miles on it? A good amount. But imagine the reaction to it at a classic car auction if he had just stored it for 30 more years. He would have been an idiot to put miles on it.

 

Of course the future demand for these cars might be more like a Pontiac Tempest than a Pontiac GTO, but only time will tell.

 

 

I'll explain futher and give you a better example. In 1967 a L-88 Stingray was $5,000 new. if you were to moth ball it and store it until today heres what youd have.

 

 

Car payments total $7,000

Insurance premiums for car for 43 years assume insrance is $200 per yeah which we know its not that cheap. $8,000

Storage $ $100 per year (its not that cheap either $4,000)

Battery, new tires replacing other wear items (never mind the custodial duties of actually doing this)

 

Invested total (at minumum probably more) $19,000 do a compound intrest table for 40 years with a run of the mill average intrest rat 5%...You get $195,428.64

 

Your L88 vette unrestored is probably worth about that right now. So less work same result. Your Cutlass Convertible is one hell alot less desirable than a 1967 L-88 Corvette

[GOT2B GM]

I think it depends how much you paid for the car.

[IRONDOG442]

I think it depends how much you paid for the car.

 

 

i was going to ask that as well!!

[MemphisMan]

Yeah, I don't have the money (or enough of an understanding wife) to buy another one!

[MemphisMan]

Yeah, I wouldn't be putting a lot of miles on it even if I did drive it. I work from home, so I don't have a daily commute. Every time I hit a pothole or something like that in my car now, I think "Do I want to put the Cutlass through this?"

[MemphisMan]

lol, I appreciate the offer!

[MemphisMan]

I haven't heard it put quite like that Irondog, but that's so true. As a matter of fact, the gentleman who originally purchased this car new in 1995, unfortunately, passed away a couple of years ago I'm thankful that I have a "nice and tight" car, but I almost feel like I have to carry the torch and keep this car a virgin for some reason.

 

What's ironic is that when I was dating virgins in high school, I tried my hardest to not keep them that way

[MemphisMan]

I paid less than the sticker price that's still in the window!

[White93z34]

Look at it like this, the guy who paid 30od thousand dollars for it is dead now. How much did he really enjoy it before he died? And for what, you to get a screaming deal on a mint cutlass? Last owner hosed himself IMHO. I don't drive my z34 daily, hell it has nearly 95,000 on it now. But I still enjoy it.

[WhatTheFehl]

Yeah, cars are meant to be driven. If you don't drive it, you just have a really expensive, really boring piece of art. The joy of owning a car is driving it.

[jeremy]

I paid less than the sticker price that's still in the window!

 

 

I sure hope so

[bg35765]

I'll explain futher and give you a better example. In 1967 a L-88 Stingray was $5,000 new. if you were to moth ball it and store it until today heres what youd have.

 

 

Car payments total $7,000

Insurance premiums for car for 43 years assume insrance is $200 per yeah which we know its not that cheap. $8,000

Storage $ $100 per year (its not that cheap either $4,000)

Battery, new tires replacing other wear items (never mind the custodial duties of actually doing this)

 

Invested total (at minumum probably more) $19,000 do a compound intrest table for 40 years with a run of the mill average intrest rat 5%...You get $195,428.64

 

Your L88 vette unrestored is probably worth about that right now. So less work same result. Your Cutlass Convertible is one hell alot less desirable than a 1967 L-88 Corvette

 

If we were having this conversation in 1995, I would be with you 100%. But the first 15 years of storage, insurance, etc. plus the original sticker price are sunk costs now. What is relevant is what he paid plus future costs.

 

Upon further review I think the right decision is somewhere in the middle as was suggested above. Drive it on beautiful Sunday afternoons and in parades. Park in the back of the parking lot with no other car within 10 spaces. 500 to 1,000 miles per year will not bother anybody 20 or 30 years from now.

[Twenty]

What you have there is something enthusiasts of any rare/limited/hard to find vehicle would love-an all-original low mileage time capsule. Classic car restorers love these types of vehicles for the wealth of clues and information they can provide regarding building methods, details, and every last nuance you could imagine. With a car like this for reference, other cars of the same make/model (In this case Cutlass convertibles) can be restored to exact factory specifications. Especially for older cars (think muscle car era) something like this could be invaluable.

 

Even with a mid-90's limited production vehicle like this one, I would consder it worth it to preserve as-is. Daily driving would be out of the question for me. However, I do agree that the odd Sunday drive with it would be reasonable, as you can enjoy it while still keeping mileage, wear, and the chance of damage low. You've found a real treasure, and I'd hate to see something happen to it.

[Euro]

That is a sweet time capsule. I honestly don't think it'll bring anything like you're imagining at auction/sale. Even still, it'd be a toss up for me. With triple digit miles on it, I'd almost feel guilty driving it. If it had a few thousand on it...I wouldn't feel AS bad.

 

But that'd sure be fun to take to some Oldsmobile events and shows!

[IRONDOG442]

If you paid 1/3 of sticker price in this market you got screwed, and yes I know what sticker price on this car was as I have owned 2 ultra low mileage pristine 1995 verts ONE EXACTLY like this one. I have owned at least 100 Oldsmobiles and probably 20 Oldsmobile Cutlass Convertibles. Drive it, enjoy it or just continue carrying someone elses torch that shouldn't have been carried in the first place.Take it from me, I have a 1 of 1 GM show car that has been verified as the last Oldsmobile Show car GM ever made, when my Daily Driver Intrigue dies, guess where its going? Heres the answer it will be my next Daily Driver and I am sure it will be worth more than this Cutlass!

[Crazy K]

VERY NICE!

 

I vote for good sunday use.

[supreme_style21]

Park in the back of the parking lot with no other car within 10 spaces.

 

Oh Jesus don't even do that. Come back in five minutes and you'll find one lone dumbass that parked right next to you, out there in the middle of nowhere, and put a nice ding in your door.

[jimmyfloyd]

I vote for sunday driving. With a car like this, being that it's not super desireable right now except to a small number of people, I would think that 200 miles or 2000 miles would be around the same amount in value.

 

With the example above, one thing to remember is that aside from the initial purchase of the car, those other things were spread out over time. If the person in 1967 had $19,000 to just drop into a savings or money market account, that would have been great, but chances are they financed it, as in the example, so that was paid over time, plus the cost per month was paid over time, so it's not exactly what you would find. I do agree that that car is more desireable now than this one is, but who knows what's to come in the future.

 

 

Just for reference, according to the Department of Labor, $19000 in 1967 has the same buying power as $124,018.23 today:

 

http://www.bls.gov/data/inflation_calculator.htm

Edited August 19, 2010 by jimmyfloyd