I think your location, how much you want to do, or not do all come into play.
Going to share my story although its a little off topic I suppose.
I live in the Pgh, PA area....I was looking for a car for about 9 months or so......I was hoping to spend no more than $7k on a driver...something that ran good, had a decent body and paint and just needed TLC.
I figured I should be able to find a nice old mopar for that.
Problem is, for that price, I wasnt finding much.
Everyone thought their Duster with a new coat of paint over bad body work and/or with a (noisy) slant 6 engine was worth at least that. I was finding mostly what I would have considered to be $3,000 cars. More body filler than body metal. I had stopped looking for an ebody because everything under $10k was either a rust bucket or a scam....that is 72-74 as well as the 70-71.
Well I had given up looking for the most part....spent a lot of money and time driving a couple hundred miles each trip to look at cars......I told my wife "Honey, dont bother showing me any more cars if they are more than 50 miles away...I am tired of wasting my money and time."
Like a good wife, she knew better and ignored me....
Found me a 72 Barracuda 318 car. Turns out it was minutes from a relative's house and they did some leg work for me.
Well, it wasnt running.....but had what was supposed to be a recently rebuilt 318 in it....no tranny, radiator, alternator, battery tray, exhaust, or battery.....basically, it had brakes (drum all around) and the engine sitting under the hood. Turns out later that the 318 has J heads, double roller timing chain, milodon oil pan, eddy performer intake and 750 eddy carb, and a cam (not sure what though) that runs great! SO my 'pig in a poke' turned out ok!
The interior needed redone but most all of the pieces were there. Dah was cracked baaaaaaad but a cover has cured that for now.
What made me fall in love with the car is that it was all original sheetmetal except the trunk center floor and had a new coat of Limelight on it and a new vinyl roof.
The guy wanted $9500 for it and I gladly paid that. After I bough the car and the title was mine, I went to get the trailer...when I came back, the guy told me another buyer showed up and offered hime another $1,000 to sell it to him instead.....
....I felt like I finally won one. LOL
Within 3 months we had it put together enough to drive it a little. And the smile on my face hasnt gone away yet, even with the ups and downs of issues I have had. The folks here have been so much help in making my dream a reality with advice and feedback.
Now....Some will say I got screwed price wise.
Well, I guess its all in the eye of the screwee.....
Because while I think there are better deals out there, I was tired of looking and waiting. I have been able to do most all of the mechanical work and upgrades. But I suck at paint/bodywork and that stuff is expensive.
So in my eyes, I got what was probably the best scenario for me.....an e-body car with a body and undercarriage that was all fresh, just ready to be put back into mechanical condition.
Over the past couple years I have done a complete front end rebuild and upgrade to a firm feel steering box, disk brakes in front and many other upgrades/tweeks. The interior is decent but one day I hope to upgrade. Just put a new chunk in the rear with new gears and driveshaft.
I do keep track of the numbers, and I probably have more into it than it is "worth" considering it is "just" a 318 car that I affectionately refer to as a "frankenstein car". Proabably another $8k into her at this point give or take.
If I tried to sell her today would I get what I have into her?
I dunno. Maybe not.
But she is mine and she turns heads every where I go and selling her away is remote from my mind right now.
It's a labor of love and my hobby.
Honestly, I feel like this car has a soul and I dont regret for a minute "overspending" on it.
You will know when you see the car for you. It will speak to you.
And that is what matters.
You just have to decide how much work you want to put into it. To me, the work to get where I am is what makes me proud of owning my fish.
Sorry for the long post!
Good luck in your search!