Roland,
This is a question as old as time, but still worth talking about. I have
done all sorts of restos, from buying a good Aston Martin and Fiat 124
spider, improving them a bit then selling them on, to buying complete wrecks
of XK140 and (currently) Lancia Montecarlo and getting them back on the
road. I usually have sold them for more than I paid out to buy, but have
spent more in total than I got for them. I carry on doing it because I love
the work itself, even more than driving them.
The short answer is, financially, no. If you buy at the bottom of a rising
market, and do very little, then you _can_ make some money on an old car.
But generally, you will seldom get your money back. If you do want to cover
your costs, you have to choose the right car in not too bad a condition very
cheaply. Someone else's failed project is sometimes a good idea. A project
is usually cheaper than the parts it contains, and there may be some
expensive replacement parts included. My Monte, for example, cost me GBP
500, but included mag wheels, new tyres, wings, doors and other bits alone
worth more than GBP 2000. To have needed to replace these items would have
made the project uneconomical. As it is, I expect to spend about GBP 3000 on
it, which I might just get back. But this isn't counting my labour, of
course. I do it because that's what I like doing.
How to make money on a project:
Buy a rare two-seater with racing history very cheaply. Two-seaters are
cheaper to restore because they are smaller and have less interior trim.
Racers don't have expensive-to-restore chrome and other trim parts. So
Rovers or Cadillacs cost more to restore than Ferrari GTOs. Sell on a rising
market.
If your classic is a daily driver, you can compare it favourably with the
alternative. If I run a scruffy MGB, it will not depreciate. If I get it
sorted mechanically and electrically, and rechrome the bumpers, it will add
a bit of value, and it can be more reliable than an old econobox which which
has reached the end of its design life. When I rebuild the econobox's engine
or replace the bumpers, it will most likely cost me more in parts and will
not add any value to the car. Looked at this way, it can make some sense
economically to have a classic.
What the hell, it's a hobby, and hobbies cost!
Paul.
From: BritshIron@aol.com
Subject: Worth The Price?
It's come to my conclusion, that any certain vehicle has to be important to
the owner to put so much into it. I am speaking of trying to restore a
vehicle, from purchase to rolling beauty. I am in the midst of having the
body work and upholstery done on the P5 and it's looking pretty good. Of
course I'm going to own the most expensive $3000 Rover, as Rover prices have
not really commanded Ferrari prices. My question is this: is it worth it? I
know a friend of mine that has a $10,000 MGB and he knows he can only get
between 6-8K. Saloons get even less. I know this question has weighed
heavily
on many minds. I can do the mechanical work, but the more expensive labor
work I have to source out. There's also the wood work and the chrome that
still needs doing. Is it all without regret? Or should we all just buy
cheap
import cars and park the old ones out back. Guess I'm wondering if everyone
is happy they did it instead of just buying a new car.
Roland
52 Austin Somerset
54 Rover P4
60 Rover P5
66 Rover P6
67 Sunbeam Minx
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