Like I noted in another post I have started a quality frame on restoration of my 71 442 convertible tribute car. What is killing all those dreams is $$$$$$$$$$$$. I have done all the body work to the car and did a stock .30 rebuild to my 455 stock rebuild trans. I do not plan to sell this car but if I ever have to (I will be realllllly down on my luck if I do) I don't want to over spend and have a car that I have spent more than it is worth. That why I sold my first project a 1973 impala custom.
I know this is worth far more than the old chevy but again I don't want to overspend on it either but again I don't plan on selling. I predict having around 15k in the car not including wheels and tires (haven't made up my mine on those yet) EXPERTS ADVISE NEEDED

Oh yeah I WILL not cut corners either thats another bought lesson I have learned

 

I have about 25k in mine and more to come later. If you hold onto the car long enough, you might get most of the $$ back, but don't count on it.
Current selling prices are between 10k and 25k depending on condition and resto quality and factory correctness.
A quality job and not buying more than you really need will help keep the value up and your budget in control.
Best thing is to enjoy the car and have fun during the resto!

 

When was the last time you made money on a car? Enjoy your work efforts then drive it and enjoy it.

 

I made mooney on this one!!!


I would just fix it up like you want it and let the chips fall where they might!

 

If you look at it another way may make you feel better. A new car will cost 20k plus in four years it will lose 30 to 50 percent of its original selling price. Most of our cars original sold for Much less than the new cars and have increased in value each year. So we drive cool cars that don,t loose value but gain it.

 

I paid $2000 for my 68 seven years ago. It was about $1000 less than it was probably worth. No motor or tranny, little to no trim.

I got some killer deals along the way. $100 for a performer intake & repro rear 1/4. $500 for a complete 68 cutlass convertible parts car with all the trim, free muncie that needed a rebuild, and $300 for a basement full of 68 stuff, most that I later sold for considerably more.

After $4000 for the motor, $6500 for body work and paint (I did all the metal work myself), I can tell you it's all the little things that add up to the $20,000 that it's cost me to build the car.

It was a lot of fun. To be honest, building the car was far more satisfying than driving it probably ever will be.

 

Keeping an eye on the $$ is always a good idea, but honestly, if you are trying to make a SMART finacinal decision- then just sell the car now or stop spending and walk away. Financially speaking-Classic cars in general are not going to be a money making hobby. Its stuff like this is where the term "labor of love" came from.... mainly because it sounds better than "money pit".

Personally, I feel better knowing i'm upside down in my cars value- means i have plenty of reasons not to sell it- none of which pevent me from spending more money on it and getting further away from its resale value.

final thought- if you truely like the car, then build it the way you want, spending as much as you can afford to get it to be what you want- don't worry about what may or not happen if you need to sell it.

Its like going on a dream vacation, but never leaving the hotel room because you might overspend your budget.

 

I dont ever plan on getting back what I've put into my car. I like driving it so it's worth it to me. Of course I still have the only classic Olds I've ever owned and plan on keeping them.

 

The cars always want something!! Just do a little bit at a time, and like was said, just enjoy it. It's a classic, and something you're putting your blood, sweat, tears and money in, and it will be worth it when you get conversations going with people about the car - it will make your heart feel good when you talk about it and get compliments on the car!

 

If your first concerns are the money then sell the car. At this level it is truly just a hobby not an investment opportunity. Most of us do this for the pride in ownership and the satisfaction of driving a classic car.

 

Its a hobby, not a business. If you want to maximize ROI keep it conservative. Custom interiors detract a lot if not most buyers. Choose wheels & tires that will appeal to a wide audience, not 22's.

 

If you want to make money, buy a "done" car low and then sell it higher.

Old cars are like icebergs - the tip of the work required will be exposed as you dig in deeper.

 

Ya gotta love it, for classic cars are a money pit.

 

I am a private pilot and when I was taking my FAA flight test as we where taxing by a number of parked planes on the ramp the examiner asked me a question "What makes an airplane fly?". I answered with the lift and drag theory but that was not the answer he was looking for. He said the answer was MONEY makes an airplane fly, and he was so right. My friends I am afraid that MONEY is what makes a classic car go as well.