The state of Michigan is paying drivers $400 per vehicle in an attempt to shrink an insurance fund that has ballooned out of control after residents paid into it for decades. I just got my check — which was based on how many vehicles I had insured in October of 2019 — and it turns out: I had eight. And now I’m rich. Naturally, like any shrewd businessman, I’m going to reinvest. Help me find my next junker.
“You should buy a house, David” they told me. “Buying all these junky cars is a bad financial decision,” they declared. But oh were they wrong. So, so wrong.
I will admit that, when I bought my rusted-out Jeep Grand Wagoneer, my non-running 1979 Jeep Cherokee Golden Eagle, my totaled 1991 Jeep Cherokee, and the rest of my fleet, I wasn’t doing it for any “intelligent” reason. I was doing it because these vehicles are awesome and I could literally see no reason not to buy them. I was blinded by obsession.
I later learned that owning lots of cars can be a burden; I’ve been stranded a few times, I’ve been overwhelmed every moment of every day for the past seven years, and my bank account has contained tumbleweeds all too often. Despite this, though, I’m thrilled to say that luckily I ended up hoarding cars that have gone up in value. People love old Jeeps! So my “problem” has actually been a decent financial decision, somehow, and that was made even clearer last week when I received this fat check in the mail:
I’m rich!
Thirty-two hundred smackers — do you know how many Postal Jeeps I could buy with that? Six! Do you know how many rusty Forward Control pickups I could get? At least two! And if we start talking about parts, things get even more nuts; I once bought a running Jeep 4.0-liter engine for $145. The check above — which I earned by simply hoarding Jeeps — is worth over 22 running Jeep engines — TWENTY TWO.
Anyway, clearly I’m thrilled that somehow my stupidity has paid off.
A bit of background on why I am now The Richest Man At The Junkyard. It all starts with a rule in Michigan that required motorists to pay into a big fund meant to cover folks injured in crashes. From the The Michigan Catastrophic Claims Association:
The Michigan Catastrophic Claims Association (MCCA) is a private unincorporated, nonprofit association created by the Michigan Legislature in 1978. From the time the Legislature created the MCCA until July 2, 2020, Michigan’s unique no-fault insurance law required the owners and registrants of motor vehicles registered in Michigan to buy unlimited lifetime coverage for medical expenses resulting from motor vehicle accidents.
It turns out, that fund has become bigger than necessary, so the MCCA decided that it’d be handing out refunds based on the number of cars each resident had insured on October 31, 2021, or roughly the time when I reached peak-hoarder. From the state of Michigan:
The MCCA’s analysis determined that approximately $3 billion of the surplus could be returned to policyholders while ensuring continuity of care for auto accident survivors. The refund plan submitted to DIFS Monday by the MCCA will return money to every Michigander with an auto insurance policy in force as of 11:59 p.m. on October 31, 2021…The surplus funds will be turned over by the MCCA to the insurance companies operating in Michigan by March 9, 2022, and the insurers will be responsible for issuing checks to eligible policyholders.
Needless to say, I’ve been surfing my local Facebook Marketplace listings for business opportunities in which to invest my newfound riches.
This Crosley right here is only $2,000. That’s so cheap I can’t lose:
And check out this 1948 Kaiser. The body and interior look good given that this car costs only $3,400:
Then there’s this Studebaker Lark for sale; it’s only $2,800! What a deal:
I have to admit, I’ve been jonesing for a Model T for some time now:
But I’m not dropping over 10 large on that. Instead, should I opt for a $7,000 Willys Whippet — the poor person’s Model T?:
Then of course there’s still that Corvair for sale for only $3,700 — the one we mentioned in one of our Shitbox Showdowns last week:
It’s pretty clear to me that buying cars in bulk is just smart business, and I need to continue doing it. I had planned to part ways with some of my fleet — and I’m sticking with that goal — but that just means there’s more room for new mechanical friends. Maybe I should buy that green two-door manual XJ…
I’m on team use it to fix your existing fleet!
Also I ran past a Crosley Saturday morning and it was absolutely stunning. It’s in front of a restaurant called The Cuban and they have a bunch of classic cars. Mostly Bel Airs and a Crosley. Unfortunately the Crosley isn’t in the old street view.
https://g.page/TheCubanGardenCity?share
If you bought the Kaiser and a few parts cars, you could be the Kaiser Kaiser and Jason could draw the best Inception-themed t-shirt ever
Just remember, you haven’t made a sound financial decision until you sell high after you bought low.
If you buy low and sell low, you’re just some guy.
This should help him dwindle his “collection.”
Why spend the money on converting the blue FJ to electric? Does that make too much sense?
I guess because that’s a deductible business expense since he’ll be using it to generate content for the site?
I like that Kaiser and would otherwise say get that, but buy parts to fix your fleet. then sell what you fixed to pay for the EV swapped FC you’re planning. or use the money to fix another one of your vehicles and sell that, and use the proceeds andthe money saved on your insurance to pay for the FC.
Here is a Kaiser in my area, just *for comparison*
(wink)
https://portland.craigslist.org/mlt/cto/d/bend-1951-kaiser-special/7465179459.html
I’m gonna agree with everyone else…….take the money and fix what you have
https://swmi.craigslist.org/cto/d/watervliet-1982-mazda-rx7/7471688155.html
Thank me later, David.
Step 1) Use refund as deposit on a cheap warehouse to store the current fleet
Step 2) Register the Church of the Toledo Holy Grail (or something to that effect), for the tax advantages (obviously, the warehouse IS the church, as far as the government is concerned). To take it legitimately seriously (beyond just spreading the gospel of the Holy Grail ZJ), there’s legitimate automotive charity that can be performed, all sorts of basic maintenance for the working poor who are dependent on aging cars for transportation.
Step 3 (optional) ) – find a cheap camper or RV to stash on the property, that just became your new home! With that monthly rent freed up, think how much more money you’ll have to fill the warehouse!
The Holy Grail was built at the Jefferson North Assembly Plant. In Detroit.
Fair point, and I’m assuming the AX15 came out of Indiana (Based on a rudimentary search of Aisin US facilities)?
It’s clearly not a well-thought out plan, just the first pass at something to justify the warehouse.
Dude, keep selling junkers and get some projects buttoned up for real. I say buy a shit ton of parts and stop browsing craigslist
David Tracy after getting his check: “How much? Look, everything is for sale at the right price, and I can offer you quite a bit.”
I’d say finishing one project past “will make it there…probably.” would be a good use of said money. My vote is J10
The J10 is done! I daily it! It’s fantastic.
OH FOR SHITS SAKE MAN!
Spend it on paying getting the Golden Eagle’s engine finally sorted. Buy the parts you need to fix the junk you already have!
Okay I’ll fix the GE and then part ways with it.
I’ll try to get down to five cars, which will become six when I import Project Krassler.
Why would you bring the Krassler back here? What will you drive when in Europe, Mr. Deutschland Passport Holder?
I’m guessing the idea of trying to get it to pass the TUV again doesn’t hold much appeal. It barely passed last time.
https://pittsburgh.craigslist.org/cto/d/new-kensington-jeep-scrambler-cj8/7471609934.html
You haven’t had one of these yet.
Definitely fix/sell golden eagle, it’s pretty desirable.
I think that’s reasonable. Or as reasonable as we could reasonably expect from you 🙂
That Golden Eagle cleaned up and running, is some serious Bring A Trailer bait!
I bet once you fix up the GE, and refresh the interior, you’re not gonna want to sell it. Which is good. That one’s a keeper.
If those are the only options, then I would say the lark. It just calls out to me. Also Car Wizard has a video on one that was updated very nicely.
Or you can buy a basket case -> https://www.facebook.com/marketplace/item/1326157147885541/?ref=category_feed&referral_code=undefined&referral_story_type=listing&tracking=%7B%22qid%22%3A%22-6495817595238519091%22%2C%22mf_story_key%22%3A%224857809524272955%22%2C%22commerce_rank_obj%22%3A%22%7B%5C%22target_id%5C%22%3A4857809524272955%2C%5C%22target_type%5C%22%3A0%2C%5C%22primary_position%5C%22%3A17%2C%5C%22ranking_signature%5C%22%3A6480776393176121344%2C%5C%22commerce_channel%5C%22%3A504%2C%5C%22value%5C%22%3A0.00027506668462399%7D%22%2C%22ftmd_400706%22%3A%22111112l%22%7D
I can’t believe that you have been paying insurance on this (fleet ?). Did you see this windfall coming?
I can’t believe you don’t have classic car insurance on a few of them. The insurance on my classic costs less than 1/4 of my other cars, but I’m only getting $80 back from Michigan for that one.
Somehow my stupidity paid off!
But how much did you spend on insuring all the cars for as long as you did without driving them? More than $3400 over the years?
dude.
You just hadda go and harsh his joy mellow
We had something similar here in Quebec. We have no fault medical insurance for road accidents. The premium was paid annually with our driver’s license. We’ve all got a few years of $60 off on our license.
This seems to be common in a lot of places – Saskatchewan is going to send out $100 checks.
This is an underpants gnome approach to investing that paid off handsomely.
It would be a shame not to reinvest into the larger AMC family. Have you had an Eagle in the stable yet?
Good thinking;
*in fact*
Here is just the ticket – brown manual wagon:
https://portland.craigslist.org/mlt/cto/d/columbia-city-amc-eagle/7470859796.html
$2500!
Might not have enough rust for David’s taste tho
This is the only time in my life that I’ve ever wished I was a Michigander.
Same. Then I got over it.
Might I suggest: surprisingly cheap camper project?
https://detroit.craigslist.org/wyn/cto/d/detroit-1970-vw-westfalia-camper-bus/7462080274.html
First, just a typo – you said “required motorists to pay into a big fun “. You need a d on the end there. It might be fun, but it doesn’t really sound like it.
My opinion is to go for the corvair – unsafe at any speed supposedly.
Also, my first comment at the new site. It looks great and I’m excited that you’re back out there.
Hopefully I am actually authorized to post since I never was at the old site as I had to wait for some kind of blessing that never came.
Lastly, I thought USAA didn’t do insurance in Michigan, specifically because of the no-fault policy. At least that’s what my son ran into when he tried to insure cars there a couple of years ago.
Heh, yeah, the “big fun” cracked me up.
Any Alfas out there? He asked, sadistically.
I’m just waiting for my check, oh the possibilities…
Couldn’t this cover the cost of parts to swap a green JL to tan upper doors?
I still haven’t figured out how I’m going to get tan upper doors made.
I’m willing to bet that you could find an awning company somewhere that would make those custom for you.
I’d suggest a boat upholstery place that does things like Bimini tops.
No. You don’t even play with the toys we bought you LAST Christmas.
COTD
David, where is the article explaining your thoughts on this awesome news?
Wait wait. You wanted WORDS?
Now David your article here was short but funny. But all joking aside and you have to realize we all love you. So ARE YOU FUCKING NUTS? Yeah you paid 10s of thousands got a few back and you think you are ahead? Fix what you got if it can be fixed the rest dump based on what the current recycling price on rust is. Finish one project before you start the next. BTW local guy has a decent 68 Barracuda project with no rust most of the parts for $6800. That’s what you spend money on. Not going to tell you who or where because a Barracuda is to special to turn to rot in your cesspool.
He’s too eager to get out and spend it to tell us.