Sell FD with blown engine or rebuild it?
01-05-07, 05:15 PM
#1
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Sell FD with blown engine or rebuild it?
So here I am with a big decision to make. Just recently my engine gave out and now I must decide on whether to rebuild the engine or sell it as is.
I am in the process of filing bankruptcy mainly due to the FD and 4 rebuilt engines. I took out a loan for $20,000 against the FD to consolidate some debt. I have no credit available to rebuild the engine and I have to make the payments on the FD in the amount of $430 per month.
Should I gather up $4k to rebuild the engine and continue driving my dream car or sell it as is and take a huge loss on the loan?
Does anyone have any idea how much I might get for my FD(main mods. and mileage in sig. below) with a blown engine?
What do you guys think I should do?
I am in the process of filing bankruptcy mainly due to the FD and 4 rebuilt engines. I took out a loan for $20,000 against the FD to consolidate some debt. I have no credit available to rebuild the engine and I have to make the payments on the FD in the amount of $430 per month.
Should I gather up $4k to rebuild the engine and continue driving my dream car or sell it as is and take a huge loss on the loan?
Does anyone have any idea how much I might get for my FD(main mods. and mileage in sig. below) with a blown engine?
What do you guys think I should do?
01-05-07, 05:31 PM
#2
If I were buying I'd have a hard time paying more than 10k for it. The mileage on the chassis doesn't help your case. I'm figuring the blown engine to be about a 6k drop in price.
To a casual buyer, a clean car with a freshly rebuilt engine is appealing and the test drive is vital to making a sale to these folks. To them, a blown engine represents a whole lot of unknown. It might help a lot to get a detailed estimate from a good rotary shop for the rebuild and share that with the buyer.
To a buyer who is not new to this scene, a fresh rebuild may be seen as a negative since a whole bunch of good stuff was just put in there but it might not have been done the way they would have preferred. But again, having it rebuilt helps them establish confidence that the car doesn't require additional spending.
Your call, really. I don't think you'll win or lose too much either way - I would make the decision based on your own financial best interests. You're probably not going to profit at all on the rebuild, and since time is money it could be best to get cash now.
If you sell it now as is, that pop of cash in the short term may go a long way in making your creditors comfortable with your seriousness about paying off your debts, and it's money saved in interest. No doubt you have some very high interest debt chewing away and you want to stop that ASAP.
Dave
To a casual buyer, a clean car with a freshly rebuilt engine is appealing and the test drive is vital to making a sale to these folks. To them, a blown engine represents a whole lot of unknown. It might help a lot to get a detailed estimate from a good rotary shop for the rebuild and share that with the buyer.
To a buyer who is not new to this scene, a fresh rebuild may be seen as a negative since a whole bunch of good stuff was just put in there but it might not have been done the way they would have preferred. But again, having it rebuilt helps them establish confidence that the car doesn't require additional spending.
Your call, really. I don't think you'll win or lose too much either way - I would make the decision based on your own financial best interests. You're probably not going to profit at all on the rebuild, and since time is money it could be best to get cash now.
If you sell it now as is, that pop of cash in the short term may go a long way in making your creditors comfortable with your seriousness about paying off your debts, and it's money saved in interest. No doubt you have some very high interest debt chewing away and you want to stop that ASAP.
Dave
01-05-07, 06:10 PM
#5
My honest opinion, I feel your situation because I was there not more than two years ago with my financial situation and my Eclipse i was trying to maintain not motors but drivetrain taking out loans and credit cards in order to maintain it and drive it. Cut your losses sell your FD pull all the modds off sell them seperatley and sell the roller with blown motor. You have the rest of your life to own the car of your dreams, try to settle your debts without filing bankruptcy. I know it sucks and im not a very emotional person but the day i watched my Eclipse go on a flat bed to a new owner i teared up but no joke ever since that day i was determined to get everything in line and it happened. Sometimes its just not the right time. Looks like you have a list of tastful mods and im sure they would go qiuck. Ill be your first buyer if you want to sell your 1300 injectors lol. Anyways good luck with the whole situation.
01-05-07, 06:36 PM
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wow your fd made you go bankrupt? thats sad man.. sorry to hear it.... i'd say sell it fast for whatever you can get for it and forget this nightmare... thats what i did 
although i turned a slight profit on my fd
although i turned a slight profit on my fd
01-05-07, 06:54 PM
#7
Constant threat
You CAN'T sell the car if there is a lien against it! So you are in for 20 grand on something you couldn't get a third of that for....it sucks but it happens. What sort of bankruptcy were you filing? Chapter 13 where you repay what you can? You MIGHT be able to keep the car if it is your ONLY car, otherwise it is history. Chapter 7 they will come in and liquidate ALL your assets and....your car is history.
You are kind of fucked.....
You are kind of fucked.....
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01-05-07, 07:02 PM
#8
Originally Posted by bajaman
You CAN'T sell the car if there is a lien against it! So you are in for 20 grand on something you couldn't get a third of that for....it sucks but it happens. What sort of bankruptcy were you filing? Chapter 13 where you repay what you can? You MIGHT be able to keep the car if it is your ONLY car, otherwise it is history. Chapter 7 they will come in and liquidate ALL your assets and....your car is history.
You are kind of fucked.....
You are kind of fucked.....
Sure he can sell it.
All he has to do is at LEAST get the money back he owes on the loan that was used to purchase the FD from the buyer, any balance left and he would pay out of pocket, then title gets transfered to new owner.
If you dont mind me asking, what is the loan balance?
I would sell car ASAP. This car aint worth going in debt over.
Damn i cant believe what people would do to keep this car running.
Its a damn rx7, not a ferrari, jeez.
01-05-07, 07:22 PM
#9
with your mods how you get 4 rebuilts under your belt?
Tri-Point Cold Air Intake
DP
Reson. MP
Nippon Denso FP
Greddy 3" Exhaust
Greddy Underdrive Pulley
HKS Twin Power,
Greddy SMIC
Efini Y-Pipe
where you runing higher boost with the stock ECU?
Tri-Point Cold Air Intake
DP
Reson. MP
Nippon Denso FP
Greddy 3" Exhaust
Greddy Underdrive Pulley
HKS Twin Power,
Greddy SMIC
Efini Y-Pipe
where you runing higher boost with the stock ECU?
