fireman1600

So I have a 1994 Cherokee, and it has a cracked head, the previous owner let all the fluid out of the transmission through a cracked cooler line, so it's supposed to be an automatic, but you have to shift it manually, and there is no second. The one thing good is, it absolutely doesn't slip at all. The body is alright, the interior needs some help. Is there any value if I rebuild it myself? Based on my calculations, I can sell it for what ever I put into it, at least as far as the mechanical: $1000 for the engine=sell for $1000, etc.

Rogue4x4

Is this a flip? You're never going to get out of it what you put into it. Sounds like the trans is toast. So, is it worth it? If it's a flip, no...if it's your daily driver, it MIGHT be. Depends on what all else is wrong with it.

Fred/N0AZZ

Sounds good........buy it for that and sell it to me for $200

GreenXJ98

Seems like the start of a new project. To me it's worth it to save it and fix it up. Rebuild the engine and get a new tranny. Bring that Jeep back to life, it deserves it.

xjeeper87

The issue with the trans shifting is most likely the TCM Transmission Control Module. I bought an 88 that didnt shift other than manually. with no second gear also. bought a TCM at the junkyard for about $20 shifted like new.

Firestorm500

" I can sell it for whatever I put into it..."

That's just the parts.

Apparently you think your time working on it is worth absolutely nothing.

extrashaky

We can't really answer that for you, because we don't know what you want from the truck. You're not likely to get your money back out of it or make any money from it, if that's what you're asking. I'm an accountant by training and feel compelled to work up a spreadsheet in Excel whenever I do a project. I create a budget, then track actual costs compared to my original estimate to see how I did. That helps to keep everything realistic, but these projects never really work out ahead when you include all the miscellaneous costs you forget to include in the initial budget.

Accountants like to look at pure numbers, considering whether one thing costs more than another in dollars. Economists look at the intangible costs of things, what's referred to as "opportunity cost." Suppose I have the choice of car A that I hate for $1000 or car B that I like for $2000. Is the difference in how much I like the cars worth $1000? Let's suppose it is. That would mean that the accounting cost of car A is $1000, but the economic opportunity cost is actually $2000. From an economist's standpoint, the cars "cost" the same amount, so why not buy the one I'll like better?

It's useful to look at a decision like this in terms of opportunity cost. What are the intangible factors involved in the decision whether to keep your truck? You have to consider other factors and ask yourself some hard questions:

Are you only considering this for sale, or do you have any interest in keeping the truck?

If so, can you buy another truck already set up like you want it for the same price or less than what you'll put into it?

Is there any value to you in having done the work yourself that will make up the difference?

Can you buy another truck to build that is in a better starting condition?

If you dump this one, will you get anything out of it? Any non-monetary advantages to not having it around?

Is there anything special about this particular truck that would be difficult to substitute with another truck?

Overall, what is your next best option, and will keeping this one cost more than that, not just in money but also in time, satisfaction, etc. (opportunity cost)?

Personally, I'm about $12K into a build that is currently budgeted at $22K but seems to keep growing as I learn more and get new ideas. If I get it to the $22K mark as the budget stands right now, the truck will only be worth a max of $15K on the used car market. So in purely accounting terms, I will "lose" $7,000 on this build (probably more).

However, I can't buy a substitute truck set up exactly the way I want it on the market. I could buy something similar, but then I would have to put more time and money into making it my own, which increases opportunity cost. I also put a value on doing the work myself and the education that will come with it, the value of "knowing" this truck inside and out. I have a Limited, which has a few special features that make it a little more difficult (though not impossible) to replace. I have also owned this truck since it was brand new and still made that cute little purring noise these made when you first drove them off the lot, and even though it is irrational, there is an emotional value attached to that as well.

So even though I cringed when I first worked up what it would cost, after considering all the variables I decided that building out my own rig was worth more than the opportunity cost of not having a truck at all or buying someone else's problems. A lot of times when people make these apparently irrational decisions, they're not irrational at all. They're just based on more than just dollars.

But you have to be really honest with yourself and make your own decision.

Firestorm500

One of the admins needs to make extrashakey's post a sticky.

Well said.

southsidecatac

Here's a simpler math equation: that vehicle is worth about $1000 in average condition. It needs about $1500 In repairs to get it back to average condition. So, if you haven't bought it yet, make the owner pay YOU $500 to take it. Then you can put $1500 into it and be right were you need to be economically.

No spreadsheet needed for this decision.