People selling their GN's because they got kids on the way!!!???

[V6UnderPressure]

I am about 25, and I see alot of people selling their toys because they got kids on the way. While in a few years, I expect to get married, purchase a house etc. I also expect to have kids maybe a bit after all that. All this worries me. I DO NOT and WILL NOT part with my car for any reason at all. Is having a kid really all THAT bad on your finances? Maybe I should hold off?!

Signed,

Worried!!

 

[BADINBLACK6]

Yes they cause havoc with your money!! I used to say the same thing " I'll never sell my GN, no matter what!" And so far I don't have a reason to. I have a 2 yr old and one on the way but my wife and I have pretty good jobs so the GN should still be safe for awhile, I hope But to tell you the truth since I had my daughter, she is my world and I would take a sledge hammer to the GN if I had to no questions asked! Let's hope I'm never asked I always wanted to have kids and everyone is different, But the amount of fun I have with my GN really doesn't compare to the happiness of my kid (get the tissues out), To me when I see my daughter smile it's worth selling 10 GNs. But back to the money thing, if you plan right and get things in order then money shouldn't be a problem, unless something unexpected happens. I think alot of people may not be expecting to have a kid and it happens and then they a scrambling for money and have to get rid of their toys. Just my .02HTH

 

[Pat Adkins]

My wife told me she wanted kids ,Then told me to go buy a harley or a gn while we have the money before the kids get here and suck up all the money. Funny thing is , is that she got pregnant the same month I bought the gn

 

[Audiowizard]

Originally posted by Scott4DMny
All this worries me. I DO NOT and WILL NOT part with my car for any reason at all. Is having a kid really all THAT bad on your finances?

Yes children and their care is expensive but not enough to sell your GN!!! and I am living proof!!

I have a son from a previous marriage and I have a daughter with this marriage while owning a Corvette and a GN and there was never a need to sell one or the other for that matter. Now I own 5 cars with the added expense of raising 2 children!

I think for the most part some people panic and believe the need to liquidate is the solution to help the projected financial strain for children. Dont let it scare you! Been there....done that.....

Good luck Scott and never fear!!!

 

[Little6pack]

I have 4 kids.. 3 in private school... GN & 3 dirt bikes, 2 homes.

My teenager is the most expensive with special clothes & sneakers. He somehow gets my wife to buy the stuff as they both have shopping in thier genes.

If you can manage to have all the same gender it actually works out cause you can pass down clothes, sports equipment. ETC.

I could not afford a house & GN back in 1986 when I got married.
So the House won & was the way to go at the time.. Probably your #1 best investment in life. Each home I had kept going up in value.
I also worked 7 days a week for many years to make EXTRA $$

 

[V6UnderPressure]

Thanks guys for the confidence. I am pretty good with my finances so all should be well. AUDIOWIZARD! Great to hear from ya! Been a long while hasnt it!

Scott

 

[Snorman]

Being of father of two, with another due in November (my third boy!), I can say that in the early years the cost of raising children is overstated. The biggest expense will be diapers and formula once you have the basics (kids' furniture, clothing, etc.), and if you've got a fairly sized family on both sides, it seems they're usually very generous when the first kid comes along. I think the "knee jerk" reaction is that people think they'll be run into poverty by the cost of raising a child. Remember a few important things...infants don't need to wear $50 Tommy Hilfiger sweaters and $40 Nikes. And spending top dollar for everything you buy your kid doesn't necessarily make you a better parent. Some parents, regardless of their finances, tend to go overboard on frivolities.
That being said, I think alot of people also try to squeak by too tightly regarding their finances. The extra cost of a child can't be absorbed because they're already living "hand to mouth". While you're young, eliminate debt, particularly high-interest accounts such as credit cards, personal loans, etc.. I personally would rather be paying another car payment for a tangible asset than a $250-300, 19% APR credit card payment.
As previously mentioned, try to buy some type of property for a primary residence. The tax savings are tremendous. All of the mortgage interest and real estate taxes are tax deductible. A $1000/month payment really only costs you $600-700/month because of the effective tax relief.
If you've got your car now...keep it. If you're making payments, by the time you're married, you'll own it. Then it'll be time for another toy.
I've been fortunate to have a career that has positively progressed. I had the same concerns ~8 years ago. Now at 33, I live in a nice house, have 4 cars (the TR, my GT, a '99 Taurus daily beater, and my wife's new '03 Suburban Z71), plan on moving into a bigger house in the next year and am putting money away for my kids' education.
Good luck.
S.

 

[turbojimmy]

Originally posted by Snorman
Being of father of two, with another due in November (my third boy!), I can say that in the early years the cost of raising children is overstated.

I have a 2 1/2 year old son and we're expecting another one (a girl) in November. I've found that the costs are overstated, too. It's definitely not free, but I haven't had to make any dramatic changes to our lifestyle to afford it. My wife quit her job after my son was born and I also had overestimated the impact of that. I was really afraid things would be tough, but in reality it cost a lot of money for her to work (clothes, car, lunches, taxes, etc.).

Now as they get older, the costs increase (education, bigger toys, clothes, furniture, etc.). But the first couple of years aren't so bad.

My son loves the GN and I'd really have a hard time selling it. Naturally I would if I had to, but in the grand scheme of things the money I'd get for it wouldn't go very far anyway. It's worth it in entertainment value just to keep it around.

Jim

 

[hanly2]

The biggest expense will be diapers and formula

I disagree diapers and formula are dirt cheap compared to daycare. So if you plan on marrying a lady thats going to be working then the expenses are going to be high especially if she has to work because she has 40g's in school loans. Daycare cost me $900 a month. If it wasn't for that then I'd be rich. But I still don't need to sell my car. I would just have more cars.

Oh and I'm 25 and I have a 2 yo son and he likes the cars more then I do cause he doesn't know they are POS.

 

[jdodman]

There are no absolute answers to this one. I have 3 kids and a GN now, but over the years I have owned a 65 GS with no kids, motorcycles, boats, etc and everything that may have a motor.

Maybe this is old age (45) talking but I think everything comes and goes' in your life for a reason. When you do not have kids, it is easy to come home frfom work, ,and spin the wrenches. When you have kids in diapers, you sometimes loose the interest to work on / race the car, and would rather go to the park, or swim in the pool with your kids, etc... Now my kids are older and I am back into the Buicks. All is good. Everything happens for a reason. Remember - If you get into a position where you have too, or want too, sell your Buick, you can always pick up another one later on..
I know some will disagree, but that is my 2 cents..

 

[Snorman]

posted by hanly2
I disagree diapers and formula are dirt cheap compared to daycare. So if you plan on marrying a lady thats going to be working then the expenses are going to be high especially if she has to work because she has 40g's in school loans.

Ahh...I didn't think of that because after my first son was born, my wife never went back to work. Over the past 4 years, we've weighed the benefit of the extra money against having the kids at home and not in daycare. We couldn't justify her going back to work.
S.

 

[hanly2]

Great news and this is not a joke, My wife just called and said that our daycare is going up from 846 to 880 a month cause they added a music program a gymnastics program and spanish. I said I can't understand a thing he says now if he starts speaking spanish I'll be screwed.

 

[Drew L]

Never say never....................

It takes a man to sell one of his toys for the benefit of the family. Keeping it out of selfishness will many times get you two things, to keep the car you always wanted or that new wife. Think kids are expensive? Thoughts to ponder my friend. Drew

 

[soonergn]

I have 4 kids and still have the turbo Regal I had before I met my wife. The car has been paid off for a long time and was my daily driver for several years. If I had sold it because I had kids then I would have been walking. Hehe, in fact, we were at the local drag strip when her water broke on our first baby. After I made a pass and pulled back into the pits my wife flagged me down and said she had something to tell me. Whoa!! We went to the hospital right then! Slicks, race gas, open exhaust, numbers on the windows, and helmet on the back seat!

And actually I have added another GN to the driveway so now I have 2. But I work for an insurance company so you know I'm not getting wealthy anytime soon. I would recommend having a health insurance plan as a must as it paid for the births and all the doctor visits afterwards, the biggest single expenses you'll have until college. I have to scrape the bottom of the barrel sometimes just to do the maintenance on the cars, much less buy the mods I drool over, but I will never get rid of them. I don't feel you should have to give up your passion in life to have kids. You now have have 2 passions. Just be careful to keep your priorities in line.

 

[GNSCOTT]

I think alot of people just use it as an excuse on why they have to sell "such a great car". It sounds better than..."its a money pit", "its a bitch to keep in tune", "i'm sick of it", " my tastes have changed and i want a different car".

 

[salvageV6]

No way I would sell a TR if I had a family.

Make it wifeproof maybe.

Plenty of room in the back for kids, and full frame safe car.

Good visibility big trunk, what's not to like?

Just like the 60's.

I think I'd like to have a little tyke in the back someday saying, "Daddy blow that ricers doors off!"

As long as they went away when we got home.

 

[RobR]

This was me a about 11 years ago. I was 25, our first child was due in September 92. We panicked and put the GN up for sale. Sold it for next to nothing because GN's were worthless then Regretted it ever since.

If you can make it, don't get rid of it. After all said and done, we would have been able to afford it.

 

[QuickWE4]

It all comes down to $.

If you have the $ to support your toys while keeping enough in the bank to live comfortably, pay your bills and support your family, then keep the toys. Other things comes into play - a lot of guys don't have the space for the extra cars or maybe they want a 4WD to be safer in the winter, etc. I mean, every situation is different. Some people may feel that they cannot devote as much time to their hobby, and that's fair too.

What I find odd is guys that sell their toys simply because they feel that they can't have a toy anymore now that a child is on the way - even if they're financially sound and have their priorities in order. Both can coexist, in my opinion. Plus, I think it's healthy for everybody to have an outlet such as a car hobby, etc. Again, just my opinion.

Rich

 

[jsta6]

Hi Scott!

Day care IS expensive. So is private school.

But what expenses do you really have? If your TR is a toy, and you race it and put major $$$ in to it, then no, you probably can't afford it.

My GN is my daily driver. Knock on wood it has been almost trouble free. New cars cost what, $300-$400 a month? My GN is paid off and the "repair/upkeep" bills only average about $75 a month if that. I keep buying toys for it, but I don't have to.

I make a modest living. We have four kids under the age of 5 1/2. My wife is a stay at home mom (no income). We have a very nice house and an almost new conversion van.

Why would I need to sell the GN?

On the other hand, when we first married, I did have to sell my car (chevy tracker) so we could use the $ for a down payment on our house. I carpooled with my wife for about six months before I bought a Suzuki Katana.

SO I guess if you have no $$$, and you live in an apartment, and you have a baby on the way, you won't want that baby growing up in an apartment and you may have to do what you have to do...

 

[fitz3820]

I have a kid on the way (January) and I am keeping the GN. It has been paid for for years and is only on the road for 6 months/year so it doesn't cost a whole lot.

You can always take it off the road for a year to save $$, I did it last year when they were laying off a bunch of people.

I probably won't race as often of put the roll cage in. Keep all of your other expenses in check and you will be ok. Save for a house and put down a big downpayment. I just got a house and a 5.3% interest rate

Simpson makes a baby seat...

Mark F. 87 GN 11.9 @ 115