I’ve lost a small fortune to compulsive car buying and modding. Time to try and break the cycle?

I've been doing some reflecting here lately... especially after going through so many cars in the past year... 

I’ve been a car enthusiast for over two decades. What started as a fun, creative outlet has slowly turned into something that feels more like an addiction here lately. Years ago, I would trade a car in every 1-2 years and it didn't seem like it was too much of an issue... In just the last six years, I’ve bought 17 cars. Some I built pretty thoroughly, others I just lightly modded, a few I flipped quickly, and a couple I held onto for a while.

Not all of them were total financial disasters. In fact, I actually sold a handful for more than I paid—ones I bought cheap and sold at the right time. A few newer cars came close to breaking even if I ignore taxes. But when I start adding up the money I dumped into parts—especially for older builds like Miatas and double wishbone Hondas—the losses start to stack up fast. And some of the trades? The ones where I let go of cars quickly to avoid minor issues or discomfort without properly marketing them or taking the time to sell privately? Those hit the hardest. I rushed into replacements, didn’t exercise patience, and paid a steep price in equity loss.

This isn’t about flipping cars. It’s about chasing novelty. That dopamine hit of a fresh start or a new project. The itch shows up strongest when I’m bored and all of my other work has been completed—this voice in my head whispering, “Just get something different. Build something better.” And I listen to it. Again and again.

I’m not trying to quit cars entirely. I love to drive. I love  grassroots motorsports (so long as they're not bankrupting me or injuring my lower back!). I love the community and the mechanical connection. But I want to get back to a healthier relationship with this hobby—one where I enjoy what I have rather than constantly chasing what’s next.

Lately, I’ve been considering maybe trying to set some personal rules:

• Cooldown periods between purchases and big projects

• Minimum ownership goal: I've been kicking around the idea of 2-3 years minimum, unless there’s a legitimate financial reason to sell (not just some nonsense I made up in my head to justify my poor financial decisions)

• Avoid car content when the itch kicks in—no classifieds, no YouTube, etc.

• Shift my focus toward enjoying what I already have

I would be lying if I said I thought this would be easy. It's a struggle. I'll go a few days where I'm doing okay, but then the old habit seeps right back to the surface and I'm searching for my next project- be it a new car or a new project for one of my current cars. I can sometimes stave off the urge to buy and sell a car if I'm constantly modifying the cars I have- but at the end of the day, that's the same addiction that leaves me in the same place.

The hardest part is that I’ve built part of my identity around this constant search for the next thing. This seemingly got exponentially worse during/after Covid. Changing that feels like trying to rewire my brain. I don’t have debt problems—I’ve got an 800+ credit score, a healthy retirement account, an emergency fund, and enough equity to buy a smaller house outright when the kids move out. I’m pretty responsible in every other area of my life… just not this one.

This thing takes up a ton of my time, money, energy, and mental bandwidth—has anyone else ever dealt with a similar problem? If you've been down this road and found a way to break the cycle (or even just slow it down), I’d love to hear what helped.

You're not alone.

I was on a similar trajectory. Still am if I'm being honest. I don't know the answer to the question though about how to make it a healthy hobby though. 

What I have done recently is start a "long term" project knowing it would keep me busy for a while. It's kinda going quicker than expected but my goal after it's on the road is to continue it's evolution. Not cut bait and start something new. To keep me engaged it had to be something I've wanted to do for a long time. Parts of it are first time experiences which is what I crave the most. However I've already been considering projects after it is done so trouble is brewing. We need a support group.

It is very helpful. I did a big rest about 5-6 years ago. 

• What I have learned is two slightly worse cars for a purpose are not as good as one single good car. 
• A solid daily even a lease that you never have to work on is worth the expense. 
• Novelty is fine but it needs to be fit for purpose and actually used.
• Street legal and safe on the track is worlds better then dedicated. 

The big thing that stopped me was the lost income from investing. I had like 700K worth of running/registered cars. In my mind they did not cost me anything because I owned them outright. What I found was even with all my flipping and work I was paying myself about 20$ a hour. If I had put it into a low risk bond account I would have made about the same money. It was a bit sobering. 

I cut down the big dollar cars that were very track focused and got down to just the vintage corvette that I used as a fun weekend car  more then my job allowed me to get out for a weekend to race.  I also pick a few a year to cover under insurance and then I get a lot more use out of them instead of wrenching on things for 1K a year. So I will put 3K a year on the Corvette, look at the next year and decide if I want to use that one of the Thunderbird which is in hibernation. 

I don't have the same problem, in that I don't act on my impulses, but the impulses are there. My restrictions are partially self-imposed, but really because I have a hard time letting go of cars I like and that are still serving their purposes. I've got four now, and that's pushing my storage and garage time availability; I've owned one of them for 30 years, and the others have been with me for 8, 4, and 3 years. My usual turnover is ~10 years for daily drivers.

As for enjoying what I've got, there's always something that needs doing or improving, so I focus on that. Sometimes I experiment with stuff - little tweaks with homebrew or adapted parts - or work on dealing with small things that bug me. I don't have tons of money lying around to throw at cars; enough to keep things evolving, but not so much that I can build what I want when I want.

Were I in your shoes, I'd be thinking about ways to slow the process so I could enjoy it, not just the end product. I recently bought some shop tools I've been wanting, and I'm planning to finally fab up some structural braces for my 2002. Low cost, takes some time, and I get to learn some stuff and hopefully benefit from the end product.

How many times have you guys heard me say this "I track every penny"

Why? Because I don't want to own a $70,000 Geo Metro.

The excitement of a new project is real and tempting; I fight this as well.

Before any purchase I ask myself three questions:

Does it fill a need that isn't filled now?

What will I actually do with it?

Could the money spent on the shiny new bobble be used to go have more fun with the existing cars? 

Finally I wait at least a week beofre I purchase and I also use my wife as a sounding board.

What I have learned:

If the car is worth owning, it's worth owning stock.

If the car needs to be modified to be acceptable, it isn't worth owning.

Any changes from stock should only be done in the course of normal repairs and maintenance, like replacing steel control arms with STi arms if you have a Subaru that rusted one in half, replacing solid disks with vented If you have to do pads and rotors on a VW of a certain persuasion.  Ideally nothing you do will be externally visible.

Consider if therapy and or medication should be part of your plan.  If you are truly chasing dopamine to deal with something, redirecting from cars might not "fix it" if you just may wind up getting it somewhere else.  

I'm by no means suggesting that you can't be successful with a more DIY plan, but simply consider if this is something bigger that should be addressed.  

I've struggled for years with anxiety and realized that one way that manifested in my life was this need to always do more and constant dissatisfaction with where things are with cars.  Dealing with the anxiety and other underlying issues with help hasn't changed that I enjoy cars and projects but has enabled me to accept them for what they are, where they are, and simply have them have a healthier place in my life.   That has meant moving on from some projects, being truly comfortable letting other projects sit, and even starting a new project.   I've gotten back to where they are a source of joy not frustration.  I have thoughts and dreams about what's next but I look forward to working on it not get frustrated because I'm not achieving enough.  

I hope you can get it figured out.  Know you are not alone and lots of us struggle to manage hobbies and interests that should be healthy pursuits but can themselves contribute to a decline in mental well being.  

Came in expecting a new build thread. Leaving disappointed. 🤘🏻🤣

What keeps me under control.

1-A DD that gets zero mods. At the moment an FRS

2-A Toy/Show/competition car so I can socialize with car peeps of choice. Currently the V8 P1800ES

3-A project of undetermined duration to teach me new stuff. Currently a 62 E-type Jag

Item #1 is independent of the other two.

When item #3 is done I decide if #2 stays and is replaced by #3 or #3 goes away for a new #3.

Pete. (l33t FS) said:

What I have learned:

If the car is worth owning, it's worth owning stock.

If the car needs to be modified to be acceptable, it isn't worth owning.

 

 

1000%.

When I was younger, I bought a new MSM, and before car got home, I had volk te37, r888 or azenis, and tein coilovers and new hardtop.  Then I decided I wanted to retire at 40, max out 529, and do other RE investments and business, and full vanguard always. 

I still buy cars and bikes, using my play money. I don't waste money on modding. I buy things on good deals, sell them for same or more. Always buy the top example, never buy ratty things. 

Totally different problem from me. I've only had 4 "hobby" cars, which apart from one intended mainly as a parts car, were each meticulously planned long in advance and intended as a long-term keeper, and have all shared a good chunk of DD duty. I don't expect my total hobby cars to ever reach into the 2-digits.

My problem is that I spend unhealthily huge fractions of my time and money to do some relatively cheap forms of amateur motorsports due to a career history of pretty consistently being in the wrong place at the wrong time, starting with being born as a millennial. And then I've suffered some costly mishaps with cars that have turned a few years of my life into nothing but living on ramen and piecing things back together. 2024 had the costliest mishap yet coinciding with the most ruinous year of my "career." I enjoy racing way more than my other hobbies but the sacrifices I have to make to afford it don't seem healthy. The costs could've been shaved down a bit more. I've spend 5 digits on a "nice" car where a 4 digit car could've done the job, and I've spent 5 digits to restomod a worn-out cheap car where 1/4 of that money in fixes could've got it back into service as it was before, but I'm not sure how much healthier that would've made my budget in the big picture over the years. A lot of it easily could've gone to new tires instead of scrounging around for used ones.

Setting some ground rules can help. Me, I realized I really have only the time, storage space, money, and energy for one project car at this point in my life. Your rules may be different, but if you can define what it means for you when project cars get out of hand, you can put some rules in place that help avoid reaching that point.

But I seem to be hearing something else in your post. Maybe I'm reading something that isn't there, but it seems like there may be something else in your life bothering you and you're trying to duck under the hood of a project car to escape it. If that's the case, you'll need to identify what's going on and address just why you've got that voice telling you to get another project. This could just take a bit of self-reflection, or maybe a talk with a therapist or a trusted spiritual leader, depends on just what the problem might be. I'm with Nocones here; this may be more than just how you handle project cars, and if that's the case, putting a lid on the project cars might just have the problem seep out in some more harmful direction. 

Or it could be that putting more discipline in your approach to project cars helps you start get more satisfaction, and more satisfaction with life and more discipline quiets down that voice. But it's worth examining the possibility this isn't just about cars. Of course, the problem may just be something minor - perhaps you're bored with cars and trying something like music or painting might bring you the something new you're looking for.

Also, I'm going to respectfully disagree on the idea that if a car is not worth owning stock, it's not worth owning: Sometimes what you enjoy is the challenge of tinkering with a car to see how much you can improve it or express your creativity. Building a slant six Dart would be ridiculous if the goal was to go as fast as I could, but makes sense if I want the challenge of finding out how fast I can make a slant six go. But if that isn't the aspect of the hobby you enjoy, then it's best to take that into consideration with the cars you buy.

captainawesome said:

We need a support group.

100%

If you're addicted to drugs, alcohol, gambling, sex, food, various types of shopping, etc., there's a support group out there. Cars? No such thing seems to exist! 

In reply to MadScientistMatt :

I make my statement a bit strongly, but it's also a conviction based on working in a shop for 15 years that did performance work, and it was almost depressing to see people mod their cars to the point that they weren't fun anymore, then sell and get something new.

Then proceed to mod it until it wasn't fun anymore.

I felt really bad for a good customer of mine, REAL nice guy, well spoken, well considered, but he spent enough money on an older Camaro that he could have bought a new ZL1 that would have been much more livable and, realistically, almost as fast, possibly faster.

That's when I decided to just buy a car that is as good as I wanted it, STOCK.  That's the S60R.  That I still have seven and a half years later.  When the trans took a dump I put in a looser converter, when the engine took a dump I bolted in an upgraded engine from Volvo's catalogue, when I wanted summer wheels I got a nice set of stock -1 fitment wheels because 17s ride nicer and 235/45s on an 8" look right. But they're also stock wheels from the V70R and look the same.

When I replace the leaky steering rack, I'm probably going to stick a stock converter back in it, too..

No tunes because it's more power than I ever use.  No exhaust because quiet is nice to live with and I don't need more power.  No airbox because aftermarket setups are universally cheesy and the stock one is good flow for twice as much power and even the tuners say to keep the stock airbox.  Plus, the underhood soundtrack is pure turbo whistle heaven 

berkeley me, you're preaching to the choir right now. 

Ill leave this here. It's was one of  THIS MORNINGS prayer and meditation readings. 

In reply to MadScientistMatt and nocones :

I should probably explain. I edited my original post just a bit just now. It's really an issue when I'm bored more than anything. 

I've been journaling for a while now. I've figured out the root of where it started and what the triggers are- and they really come down to boredom and a love for novelty/new experiences more than anything else. 

Two decades ago I was in the Army. My buddies and I in the barracks used to modify our cars, go drag racing with them frequently and head to the local Friday night car meets regularly. I subsequently did two tours in Iraq. While overseas, my old team(s) worked 12 hour shifts, 7 days a week. We literally had nothing to do, because, well, deployment. I spent all my free time on car forums, reading car magazines and ordering car parts for the vehicles that were parked in my brother's garage while I was away. I almost felt bad about stacking up my brother's house with so many parts that I ordered while I was deployed, but it gave me something to look forward to coming home to and helped to kill time. I was young, single and all of my money was essentially disposable- so, instead of investing it wisely, I blew it on automotive ventures instead. 

The problem is, when I got back Stateside, that habit never really went away. Whenever I was bored, I went right back to the same old routine. 

Fast forward a bit. In my current profession, when I first started out, I was working graveyards with Tues/Wed/Thurs off- you know, days of the week when most of the people you know are working. Again, I had nothing to do with my time... at the time, I was searching for a dedicated track car and saving up. So, just about every week, I went to test drive anything that tickled my fancy only to come home and write my own private journal about whatever it is that I found. At the time, I couldn't afford to juggle multiple project cars. Since then, my salary has went up pretty drastically, while my bills/debt have drastically diminished (read: I now have more disposable income to support this wild habit).

The problem I ran into by test driving everything under the sun was there are so many great cars- being committed to just one of them has become difficult. 

Very similar to being in a position where you can hook up with multiple women a week- while it seems fun at first, it makes it more difficult to commit to just one, as you soon start to believe variety is the spice of life (but that's an entirely different subject). Although ironically, both of those paths (at least for me) leave you in the same place- unfulfilled and ultimately bored, realizing it's become a waste of your time and effort. 

It also doesn't help that I have a bit of an over-active mind (much like many of the folks on this board). I like to solve puzzles. Once solved, I want to move onto the next thing. Professionally, this is a perfect fit for my chosen career. Personally? Well, here we are. 

So, it's not really an issue with hiding from anything, other than boredom and a lack of mental stimulation.

Due to the nature of my work, it's actually mandatory that everyone in my unit go in for a free mental health screening annually- so I technically see a therapist yearly. I can actually go as often as I would like, for free. Oddly enough, I'm actually close friends with several mental health professionals- I work hand in hand with them regularly. Unfortunately, I can typically tell you what they're going to say before they say it... as a result, therapy isn't much help to me (ask me how I came to that conclusion!). Journaling has been helpful with getting to where it all started and helpful with coming up with some rules/guidelines for myself, but I came here to GRM to see if anyone has had the same issues and try to gain some feedback with how they resolved it. Kind of like an alcoholic going to an AA meeting. It's not lost on me that posting this on GRM is probably more like an alcoholic trying to seek advice at a bar 

In reply to Dusterbd13 :

Thank you for sharing that! Spot on.

God bless you, brother! 

In reply to roninsoldier83 :

I am the ADD poster kid and so I understand compulsion pretty well.

I work at it everyday. There isn't a cure, you just have to be vigilant.

I also understand the idea of "the thing" is far more exciting than the actual thing. It took a long time to realize and another several years to not succumb to it.

Talking about it here is a huge step in the right direction. 

I went through about a 10 year run of this behavior. I don't regret it, but I'm glad I've moved on. A few things really helped:

- I modified a bunch of cars and found that they often weren't any better. Sometimes they were worse. They were always harder to sell due to the mods.  I was proud of my work but nobody else gave two $hits.  It just started to feel pointless. 

- I got into racing and realized that there was a particular car and spec that was objectively correct. No room for interpretation with builds- if you wanted to be faster, you had to learn to drive faster or work on setup which is basically free except for your time. 

- Other priorities took over. I realized that with some financial discipline I could retire from my high-stress corporate job at a relatively young age and transition into consulting, giving me way more autonomy and flexibility with my time. The resulting improvements in my life made the desire to endlessly tweak on cars that nobody but me noticed seem a little silly. 

That said, there are a lot more harmful hobbies than cars. If you're spending within your means, then it's really down to the opportunity costs of what else you could do with the money and time. Money is a renewable resource, time is not. 

Tom1200 said:

In reply to roninsoldier83 :

I am the ADD poster kid and so I understand compulsion pretty well.

I work at it everyday. There isn't a cure, you just have to be vigilant.

I also understand the idea of "the thing" is far more exciting than the actual thing. It took a long time to realize and another several years to not succumb to it.

Talking about it here is a huge step in the right direction. 

 

BIngo. I would buy a car, sell in it 15-28 days, when I was younger. I have no attachment to any material things.  

I had then extended it to 3 months. 

Now I don't sell a car/bike for at least a year. I get the hard itch at 6 months. I usually park it and it sits, but I don't sell. But I force myself to keep it for a year. 

I just sold a Lexus GSF (hated it). Chase was fun. Drove it 430 miles in 6 months. 0 miles in the following 6 months. Kept it a year, and made $2700. 

That has helped keep me vigilant, and at a plan. I know there isn't a cure. 

I have owned 93 cars and 42 bikes. Two cars I have kept over 20 years, due to significant other.

Very few people make money as car enthusiasts.  You have to consider it as a recreational expense, like other people who play golf or go to ski resorts.

Maybe you need just one car that's a long term project, so instead of buying multiple other cars you're concentrating on just that one.

Mine is a bit more of an ADD thing.  I was on a quest to try different things for the last couple years, hence selling the Abarth for the BRZ while also deciding a turbo 944 sounded fun but also seeing the Celica race car come up and .........

I'm on a quest this year to not buy another car.  I just sold the WRX (for the second time) and think 3 cars will be just fine.  Easier to park, only two license plates (Celica has historical), less insurance, and covers all my bases - 1) Crosstrek as an appliance, 2) GRC for fun daily that works year-round in Ohio, 3) Celica race car for fun stuff and car shows possibly.

1/3 of the way through 2025 and have only sold a car.  So far so good.  (Just don't show me any nice MR2's.)

stuart in mn said:

Maybe you need just one car that's a long term project, so instead of buying multiple other cars you're concentrating on just that one.

Challenge car!

What really gets me when you find a basket case for sale with a pile of new expensive parts that have never even taken out of the box. He spent too much for the unrestored car buying it from a flipper who bought it from grandma and grandpa way out in the country, drug it to a swap meet on a cheap trailer and sold it for three times what he paid for it, because swap meet. Then he buys new parts, often made in China from all those cool online places. Add a few rare things bid up on e-bay. 

Then he puts the whole mess up for sale. Maybe he got bored with it, or never found time to work on it, or maybe he discovered he wasn't a mechanic. Who knows. He keeps whining about the fact that nobody will pay him what he has into it to haul it away. But he still wants more for it than the whole mess is worth. This stuff is all a lot more expensive than it used to be. At that point it isn't fun any more.

I tend to flip cars fairly quickly, too, well, daily drivers at least.  In looking at some of my past fun/track car projects, I've gone overboard a few times (LSx swapped 944 turbo for instance) and realized that doing a build like that just isn't all that fun.  I could've bought a 996 GT3 (well, in 2010, when they were still reasonably priced, but that's when I swapped the 944) for the same amount of money and had a far better car.  That really hit home hard, as I'd have much rather had a GT3!  Now I stick to OEM+ mods and things that can easily be removed and sold for the same money I purchased them for.

I've been trying to hang onto the daily drivers longer but the last 5 years I've had 3.  I agree with others that say buy something nice that doesn't need to be modded and then hang onto it.  I think I'm there with my current DD, I've had my 996 for 7-8 years and am totally content with it.  I do maybe 1-2 things to it a year, that seems to scratch the itch for me...