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Joel from Fairfax, Virginia, called into a recent episode of “The Ramsey Show” with a bold what-if: Would trading in his paid-off 2023 Ford Bronco Sport for a classic muscle car actually help his net worth?
“I know that when you buy a new car, it loses value as soon as you drive it off the lot,” Joel said. “My question is, what about restored classic muscle cars?”
Joel, 56, earns $95,000 annually, has no kids, never married, and said he got a late start on investing. He’s currently in Dave Ramsey‘s “Baby Step” 4 and contributes 25% of his income to retirement. His net worth is around $194,000, and that includes the Bronco, $25,000 in savings, and over $143,000 in his two 401(k) accounts. He currently rents and has no plans to retire.
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“I honestly don’t have any plan on retiring,” he said. “I’m just going to keep working until I pretty much can’t.”
But could a classic car change that equation? Not quite, according to co-hosts George Kamel and Ken Coleman.
“Should I invest in a classic muscle car? No,” Kamel said flatly. “Under no circumstances would we consider that an investment. It’s a liability disguised as a hobby.”
Coleman agreed, explaining that while some classic cars have sold for millions, it’s only the extremely rare ones with famous backstories, and certainly not daily drivers. “A 1962 Shelby Cobra… sold for a record $13.75 million,” he noted. “But it was the first Shelby Cobra ever made and was owned by Carroll Shelby.”
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Joel clarified he wouldn’t be flipping cars for profit; he just wanted to drive a nostalgic car like the one his dad used to own, ideally a 1971 or 1972 Buick GS convertible. He found a few in the $30,000 to $40,000 range.
“That’s a cool dream,” Kamel said. “I would just separate it from—well, two birds one stone: Get a cool classic car, drive it around, it becomes my retirement. That’s a fool’s errand.”
Instead, both co-hosts urged Joel to slow down on retirement contributions and redirect that cash toward a home. Coleman suggested trimming his investing rate from 25% down to 15% and using the difference to save up a down payment.
