I’ve had a dream for a while now: a little business of my own. Ideally, in my little dream world, it’s a BMW restoration shop. There are many pitfalls to having a business (especially an automotive business). However, it’s something that’s mine. (All mine!) There’s a lot to be said for ownership. So I’ve been methodically setting it up, frugally self-funding as I go. Every little bit counts.
A few of the cons:
- The tools for dealing with expensive cars are hilariously far out of my reach. I’ll have to start at the bottom of the ladder.
- Cars are space-intensive and require continual upkeep. They also tie up large amounts of money capital.
- Many servicing requirements deal with toxic materials. They’re poisonous and don’t mix with children nor residential neighborhoods.
There are many pros.
- Building something from scratch that I can share with my kids.
- I typically have one or two surplus cars available for transportation or loan.
- It’s frugal: salvaging & recycling are very high on my philosophical agenda. So is pre-cycling.
- It’s a wonderful hobby. It mixes troubleshooting, planning, problem-solving, and requires (a little) physical & mental toughness. Like many other worthwhile disciplines, you’re essentially forging your mind into a tool. Maintain it well!
- A worthwhile focus on income rather than spending. I’m buying fully depreciated cars at the bottom of their value cycle.
- I just like interesting machines. I’m not opposed to a little two-wheeled fun either. Basic tools & techniques are the same for most cars.
- Financial incentives. I just like selling stuff to people that need it. Making money the honest way is hard, but so very rewarding. I can also save a little on maintaining my own vehicles, and a deducting legitimate business expenses off my taxes is never a bad thing.