Should I sell my vintage mustang to help finances?

I have debated this for a long time. Basically I have a beautiful blue 1968 mustang coupe that my dad and I built. I have owned it for about 6 years and we hand built the most recent motor in it. I love the car as it has become somewhat a part of my identity.

If I sell this car I can pay off the remaining balance on my chevy avalanche and a few other minor debts. I could also replace the horrid carpet in our living room with wood, put a little cash in the bank and in turn free up about $600+ per month. I bought my house at age 22 and am 24 now. I will be married next April and think that the extra discretionary income will relieve most of my stress and allow us to travel, improve our house, etc...

However there is something that is hard to put into words about firing up the hand built 375hp 302 and pulling up to a stop light with the distinct sound of the cam loping and cracking the throttle. This is also a nice form of instant stress release and I am also quite proud of the car not to mention the emotion that went into building it with dad.

He says selling it wouldn't be a bad idea and I know it would improve finances but this is a very tough decision for me. It's not as if I can't pat my bills but I certainly don't have a stock pile of cash laying sound for vacation, clothing, etc...

Has anyone been in a similar situation or have any thoughts? My car was always a safety net because if I had to I could liquidate it and have emergency money...and it sure is more fun to drive your savings account.

Thanks for any input.
Edited by 68stang - 7/17/11 at 10:36am

Thanks for the reply. My thought was that I would buy another classic in a year or two but I also don't know how realistic that would...at that time I will be accustomed to having extra money and classic cars are truly a money pit. Ultimately a rewarding money pit but still...

Wow a 63' to a 77' is a major change. My dad is a vette guy too... I am brand agnostic if the car is a 64-71.

Thanks for the advice everyone. In terms of my avalanche I did not expect it to be popular among those on the forum. I love driving it and I don't live in the city so it is a great utility vehicle for hauling, towing, home depot, dog, etc... It will also be great for transporting car parts my fiancé has a civic so we can drive that when we go downtown or far distances.

Anyways I feel the same as most of you that I should keep the mustang but sometimes when I get tight on cash I think of how I should be putting money into a savings account, investments, or my house rather than having a fun third car. I think maybe I will wait it out and see how finances are next year once I am married, have two incomes, and have a few small things paid for.

I could always sell the mustang and buy a different classic for Dad and I to mess with and enjoy. I think after 5 years I am getting bored with it in general. Next big project was going to be swapping a 4 speed toploader into it. If I keep it for the long haul I could easily see another 5 grand going into it just to satisfy my interest and I know I won't get that money out of it unless I sell it in 20 years. Being a coupe and not a fastback it doesn't have as strong of a value but is a great car none the less. Who knows Maybe in 5 years I will be posting about a stingray or chevrolet I have ADDED to my collection rather than selling what I have. Thanks for the replies again.