Cobra persuasion

[praterm]

Hello everyone! My name is Martin Prater from South Carolina. I haven't ordered my Cobra yet, need a little persuasion from you guys to tell me how much fun it is to build a Cobra. And to give me the push I need to take money out of my 401k to do this. I had a 30 x 40 shop built last September and have been getting it ready. I need to take out around $40,000 to order the kit I want to get started. Is the Cobra build really worth it? Thanks, Martin

[TXeverydayDad]

Hello everyone! My name is Martin Prater from South Carolina. I haven't ordered my Cobra yet, need a little persuasion from you guys to tell me how much fun it is to build a Cobra. And to give me the push I need to take money out of my 401k to do this. I had a 30 x 40 shop built last September and have been getting it ready. I need to take out around $40,000 to order the kit I want to get started. Is the Cobra build really worth it? Thanks, Martin

Welcome to the forum Martin! For me, it’s incredibly fun to build a roadster and is highly recommended. At the same time, it’s hard to give financial advice without having the overall financial/life situation picture. Personally, I wouldn’t use 401k funds for a toy (which this ultimately is), but would rather set up a clear goal to save, work hard towards it and then enjoy the day when I can make the purchase. But that’s just my view - and I’m just a stranger on the internet…

[edwardb]

I'm going to stay away from the financial aspect other than to say most financial planners would tell you don't take money out of a 401K until retirement except in very specific situations. Likely a depreciating car build isn't one of them.

But how much fun to build? For me it's about 50/50. Love the build process but also the ownership/driving process. I'm on my sixth Factory Five build. Not as many as some but probably more than most. I find the build process enjoyable and very satisfying. I'm retired now and still at it. But the first three were while I was still working. Looking back though, it would have been hard to find the time (and money) while we had kids at home, working a demanding job with a lot of travel, etc. So the timing is right for me especially now. I always caution prospective buyers whether they have the time, are able to sustain the effort over what usually is a significant time period, and are going to stick with it through multiple issues and questions. This is a custom build. Sadly, lots of stalled builds out there for some of these reasons.

Final comment regarding cost. $40K for the kit I understand. Prices have gone up and sounds like you're going with a number of options. What engine? I tell people a typical build is probably going to be at least twice the kit cost. Not hard to do with a new crate motor and all the fixings. Posts like this typically attract members to cite low build costs from XX years ago. Nice, but not today's situation and not real meaningful for someone just starting out. Good luck whatever you decide.

[gbranham]

If you need a bunch of strangers to persuade you to build one, you might not be up for it. If you're asking us if it's worth it, well, we're all here hanging out, so we all think it's worth it. And none of us are going to convince or persuade you how to pay for it. None of our business.

That said, it's an absolute blast. There are many folks on this forum (me included) that have built multiple FFRs. I think I actually like building more than driving, and driving is wicked fun!

As for cost, my MkIV Complete Kit was $31k delivered in July 2023, and I'll be at $80k when it's all said and done. Whatever you think your budget is, add 50%, and thank me later.

Greg

[cv2065]

"Fun" is subjective. It really depends more on your drive and vision than wrenching experience. There are lots of unfinished builds where the builder flew enthusiastically out of the gate but then lost their drive a couple of years into the project as they were discouraged, ran out of money or just lost interest. As I'm sure you know, this isn't a Lego kit.

The question around "worth" is also very subjective and applies to both money and time. Although I did well on the sale of my first build, it's not typical and you can most likely count on losing some of the value of your investment, not including labor of course. A 401K is going to come out ahead every time. Then there is time away from the family, job, etc. Is that sacrifice worth the end result? Only you can answer that.

Now for the good stuff. Is the build creatively and mechanically the most satisfying experience you will ever have? Of course! When you are flying down the road in a car that you built and the engine is blaring, the eyeballs are clicking, the heads are snapping, the thumbs up are everywhere....does that make the sacrifices worth it. Absolutely!

If you can muster the first part, FFR is the best place to be to get to the second. If you can't build one of these cars with the help of this forum and its members, then you just didn't want it bad enough in the first place. Good luck with your decision!

[praterm]

The only reason I'm thinking about using money from my 401k, is because I'm 62 years old and I have saved money in my 401k all my life and I want to enjoy some of this money before I check out of this old world. We just don't know how long we have left.

[rthomas98]

So my take. I loved the build and I love driving it. However I planned for years before starting it. It was a goal that I planned for and organized my garage for. Spent time researching, seeing other cobras and sacking money away the whole time. I loved going out to the garage and working on it. I broke it up into a bunch of mini projects and suddenly I had a running driving car.

With all that said, if you are asking for people to convince you to buy it. Are you going to need people to help convince you to work on it? and then make the push to register it? Then pushed to do the proper maintenance on it? so on and so forth. If you believe any of that is the case I would recommend finding a complete one. These are tedious to build. They will frustrate you. If you love a good problem to solve then this is for you. If you ever stop projects when they get a little overwhelming I would hold off. That is a big pile of money that you are very unlikely to get the full value back if you change your mind.

On the financial side is $40k your top number or your starting point? Car with options and the engine will be $35K-$45k alone. That is not including things you change along the way. and does not include paint which can be as low as $2500 (DIY) to $30k+ depending on what you want and who does it. So go make a plan, lay it out and do some real soul searching on the commitment.

Also not sure if you have a significant other or not. Make sure you have this conversation with them as well. I laid it all out for my wife and did not sugar coat it either as this will be sitting for sometime as you work through it. I hope this helps as this is something you need to decide the guys on this board are really good at blowing your money with ideas real quick. LOL Good luck and god speed no matter the decision you make.

[Al_C]

Martin,

You have some really good answers to your question from everyone who has responded here. My response to your question asking if it is worth it will be much shorter: yes.

[LSX]

Do it. You cant take it with you when you go. At 62 you seem like you are looking to stay busy. This project might just add years to your life by keeping you busy!

[Cobraman]

I can certainly relate to your wanting to build one before you check out, I'm 67 and I'm not checking out until I drive this car totally finished with my grandson's. So far it's been the experience of a lifetime and I've dreamed of this since ffr was started. If you're very motivated and have a good mechanical background will succeed fairly easy but all the upgrades can set you back not only $$ but the ability to fabricate some items. For me I'm building a more traditional no frills all business roadster. So far I'm in 47,990 without body and paint which I'm doing myself. My suggestion is put everything on a spreadsheet and there costs you can put all your wants on it then decide what is really important. This method helped keep my budget on track and divide the cost up into individual stages and projects during the build. Good luck on your adventure your in good hands on this fourm.
Kie

[edwardb]

The only reason I'm thinking about using money from my 401k, is because I'm 62 years old and I have saved money in my 401k all my life and I want to enjoy some of this money before I check out of this old world. We just don't know how long we have left.

Age matters and knowing that I would adjust my previous response a little. If this is really something you want to do and are sufficiently motivated, etc. etc. (all the things already said) then go for it. I've had a number of hobbies over the years and this one is far and away the most satisfying. The process, the final result, and the community around it. I'm a few years ahead of you. My wife and I just the other day had a conversation about not regretting spending from our savings (within reason of course) before it's too late.

[Claybuster]

Welcome to the community, Martin!
The "conundrum" you present is one that I suggest many before you and many after you will contemplate. I was in a similar situation when I chose to give it a go. I had been saving for a few years for a big project like this, be it a FFR Roadster or a resto-mod of some other classic american muscle car (1965 Mustang was at the top of my list). The conversations with my wife about it were tense at times. It took me about a year to convince her that I wouldn't go grossly over budget, and I wouldn't be so consumed by the build that I would forget who she was. Some might laugh, but it was important to discuss.
I ordered my complete FFR roadster MKIV kit and my BluePrint Engines SBF 302/TKX transmission package in December of 2022 with cash I had been setting aside for the project. The kit arrived in July 2023, and the engine/transmission arrived in August 2023. The build process was the most difficult, yet most gratifying thing I've ever done with the exception of being a good husband and father. It has taught me alot about myself, and has given me insight on so many other things. I am happy to report that 2.5 years later, working mostly on weekends and occasional weeknight, my kit is complete and street legal. And all in, I have a little over $66,000 in costs, which includes the kit, the engine/tranny, paint, and other miscellaneous 3rd party addon/replacement parts and tools that you will find, like all of us did, that you'd like to have on your build.
This forum is a wealth of information and help getting you through the build. I found it invaluable on several "problems" that really became "Aha moments" when members like several above shared their experience and knowledge with me. I am sure you will find the same. The fact that you are seeking advice on this forum tells me that you know it isn't something to be taken lightly. It is a substantial comittment in many aspects, and I hope what I've shared helps you decide where to go from here.
Good luck!
Jason

[TXeverydayDad]

As you can see Martin, we’re an engaging group of people, and it’s a great group to be a part of! Since you’re 62, it could make financial sense to use your 401k. I was envisioning a 25-30year old when I first read the post…

To others’ points above, being upfront with your wife about costs and time expectations is wise advise.

Good luck as you think through this. We’ve all been there. You will of course find strong confirmation bias among us as a group, but it’s a really rewarding adventure.

Finally, if you haven’t yet, download and read through the manual to get a sense of the build process. There are some build videos on YouTube as well.

[GoDadGo]

3:42 seconds of persuasion:

https://youtu.be/GpqvBPwIbzI

[RJD]

Twenty years from now you will be more disappointed by the things you didn't do than by the ones you did.

- Mark Twain

[egchewy79]

Deep down you know the answer to your question. I mean, you’ve already built the shop for it, right? My wife convinced me to build my own garage for my projects. If yours agreed to building the shop, she's a keeper and will likely support your dreams.

[rickster991]

Go to the build school. It will give you an idea of what you’re in for.

https://www.factoryfive.com/build-school/

[Jeff Kleiner]

...My wife convinced me to build my own garage for my projects. If yours agreed to building the shop, she's a keeper and will likely support your dreams.

About 10 years ago over dinner my wife announced "We need less house and you need more garage." Being the model husband that I am I built us a smaller house and then built myself a bigger shop.

Jeff

[ggunter]

That's a smart man who follows his wife's suggestions.:cool:

[ggunter]

As for Martin, if you venture down this road. And I hope you do. Do yourself a monumental favor and put a lift in your shop. You will never regret it. A few thousand bucks and your knees will love you. Also just makes everything soooooo much easier to deal with.

[mrmustang]

Hello everyone! My name is Martin Prater from South Carolina. I haven't ordered my Cobra yet, need a little persuasion from you guys to tell me how much fun it is to build a Cobra. And to give me the push I need to take money out of my 401k to do this. I had a 30 x 40 shop built last September and have been getting it ready. I need to take out around $40,000 to order the kit I want to get started. Is the Cobra build really worth it? Thanks, Martin

I've built them (MK I.5, and many others afterwards) in a 10x20 one car garage with a 7 foot ceiling, with a 30x40 shop, you won't have any issues. As for building vs buying a car already built, that is a choice for your hard earned money. Either way it will be an enjoyable event.

Bill S.

[praterm]

thanks

[mrmustang]

thanks

There is a MK II on BAT right now, great drivetrain but missing smaller items like a heater/defroster/wipers, replace the bulky rims and aged tires, that if you could get at the right price, would make a great project, ripe for those basic upgrades.

Just saying

[jalojay]

welcome to the forum

[Shamilton289]

If you are taking money out of your 401K remember it’s not like spending it on a vacation, entertainment or gambling. The money isn’t lost, it’s just sitting in a different asset. You may not break even in the value of your car, you may lose money, but there are also those who through their sweat equity will get a return on the investment.