Unfortunate cost of Restoration...

[rUNCHARGER]

Yeah but in your position you already have the car. Do it in small steps and pay as you go. Sure you will lose a bit of money all right but no different than buying a new car and driving it off the lot.
Sure it doesn't make financial sense but we love the cars and that's why we do it. I would not buy a 73, 318 E-body to restore but if I already had the car and liked it I would spend money on it. Another thing is not all these cars have to be restored to perfection, we can take liberties with them especially if we like driving them a lot. Safety first, then performance then cosmetics.

Sheldon

[roadman5312]

Yeah but in your position you already have the car. Do it in small steps and pay as you go. Sure you will lose a bit of money all right but no different than buying a new car and driving it off the lot.
Sure it doesn't make financial sense but we love the cars and that's why we do it. I would not buy a 73, 318 E-body to restore but if I already had the car and liked it I would spend money on it. Another thing is not all these cars have to be restored to perfection, we can take liberties with them especially if we like driving them a lot. Safety first, then performance then cosmetics.

Sheldon

                             "  no different than buying a new car and driving it off the lot     "   

[YellowThumper]

                             "  no different than buying a new car and driving it off the lot     "   

This/\/\
I just recently had this same conversation with a neighbor of mine. They (not car people) just inherited a 57 T bird. Car needed a LOT of work. Advice was do bare minimum to make it a driver and from there they would know if it was for them. Nope sold it and bought the misses a Lexus.
No love for the old.
Now I on the other hand am and have spent WAY more than valued on a 68 basket case Mustang. Wife's first car with the sentimental value to go with it.

Hope he can be at piece with his final decision.

[74 challenge]

Yeah but in your position you already have the car. Do it in small steps and pay as you go. Sure you will lose a bit of money all right but no different than buying a new car and driving it off the lot.
Sure it doesn't make financial sense but we love the cars and that's why we do it. I would not buy a 73, 318 E-body to restore but if I already had the car and liked it I would spend money on it. Another thing is not all these cars have to be restored to perfection, we can take liberties with them especially if we like driving them a lot. Safety first, then performance then cosmetics.

Sheldon

I think comparing my car to a new car is a bit misleading. Of course they will depreciate but in my situation I'm going from one classic car to another, depreciation isn't a huge factor unless I decided to totally neglect the car.

I am specifically talking about the economics of it. I pay a bit by bit over time and restore it as I drive it, I spend 30 grand refreshing the car on top of the ~20+ I already have in this car. Over let's say 10 years I have a car at the end that is worth 25k. For a '74, a904, 360 Challenger that I have put ~50k into. That's a pretty bad deal.

[solarguy]

That's actually $40K USD for you 'merican foke"

That sounds more than reasonable.  What was he expecting?  I have a driver quality 70 Cuda 340, I stopped adding up receipts 10 years ago.  Took the fun out of owning her.

[YellowThumper]

I think comparing my car to a new car is a bit misleading. Of course they will depreciate but in my situation I'm going from one classic car to another, depreciation isn't a huge factor unless I decided to totally neglect the car.

I am specifically talking about the economics of it. I pay a bit by bit over time and restore it as I drive it, I spend 30 grand refreshing the car on top of the ~20+ I already have in this car. Over let's say 10 years I have a car at the end that is worth 25k. For a '74, a904, 360 Challenger that I have put ~50k into. That's a pretty bad deal.

Not necessarily misleading with new car depreciation reference. $$$ loss is $$$ loss.
Yes you have new car v/s used car value loss you also have (most likely) a loan out for the new car. There is the interest $$$ lost also.

Point is buy what you want and can effectively afford and don't look back. My desire for my 74 is the transformation with the eye of eventually finishing. Dollars spent on it is always based on available spare funds. I personally would rather have a non finished car that I desire. Which I do. Over a finished one that is not my desire. This is spoken from experience. Years ago I purchased a pristine 67 Cougar off an estate. Absolutely the epitome of the little old lady car. She purchased it new drove it for a few years and parked it in her garage till she passed. All original and perfect. Was to be the replacement to my Challenger because it was "finished". But could not pull trigger when it was time to sell Chal. Cougar is gone. Regardless of vehicle of choice, there is a financial commitment and or ability required to maintain the old projects. Because no matter what level of completion they are still projects that require the same level of $$$ for maintenance. An A body will be no cheaper to maintain.

My 

[rhamson]

Unless you are in business to buy and sell cars of any type, new or old, cars are a losing proposition. I build mine for my own edification. How far I go is up to me and I don't look for the investment purpose built car. Besides the hobby has been inundated with rich boys driving up the value of the collectibles so you won't get near one usually. I say enjoy the car any way you want and let the rest do what they are going to do. Besides if I lamented (and I do to some extent to tell you the truth) about all I can't have because I can't afford it I would be a nervous wreck. 

[ec_co]

That's actually $40K USD for you 'merican foke"

well if you are only talking @ $40-45k USD, then the difference isn't that far off. a '71 Demon can do $25-38k USD is prime condition, so it's not really that steep of a cost diff to have your original redone. my 2cents

[js29no]

Ya you can thank the tree hugging freaks for the high cost of body shop supplies!!! and again for the DEC and EPA for the high cost of running A body shop. 

[70chall440]

Unlike many, I keep a running tally on what I spend on my car. I don't expect to ever get it back, but I want to know what I spent. It doesn't upset me as the car is a labor of love. Where ever it ends up is where it ends up.

[brads70]

Unlike many, I keep a running tally on what I spend on my car. I don't expect to ever get it back, but I want to know what I spent. It doesn't upset me as the car is a labor of love. Where ever it ends up is where it ends up.

Sheesh your brave! What if your wife finds out? Burn the evidence man BURN IT! 

[70chall440]

LOL she has seen it and just shakes her head. I have a car fund by way of an allotment (learned that in the military); that is my play money to spend how I want. The one thing the tally does for me is make we question some of my decisions...

[slapshot]

By the sound of the condition I doubt Alan means that he can completely restore this car for $40k. I don't think A body's are worth the cost of paying for a complete nut and bolt restoration these days unless it's a Hemi Dart or something worth big bucks. This guy could likely buy two of these cars that are already restored and also take his family on a nice vacation if he sold this project car instead of restoring it.

[CUDA JAS]

I get the cost, but If you can swing it I see nothing wrong with spending more then the car is worth.  Sometimes its not about the cost, its about the hobby.

I have owned my 74 since 91, it was a father / son project (more father than son), I drove it in high school., I spent a great summer getting to know my dad as we toured hells half acre hitting all the local shows, and taking home a bunch of trophies.  I have been fortunate enough to keep it all these years, although a great many of them it was put away in storage.

The car is part of my life and will be for as long as I am able to drive it.

It will never be a high dollar car.  It is in need of, maybe not a full restoration, but very close to it and I would like to take the time to do it right, so it lasts the next 20 years.  If I do, I would like spend more than the car is worth, but it would be worth it, because of the sentimental value of the car.  I wonder if its the same for the demon guy?

[anlauto]

Maybe my point got a little side tracked....
I think that the most unfortunate thing about a restoration is the high cost....

When a person calls or contacts me wanting a "full restoration" and they have maybe $20K budget in mind.....I have to blow their minds by telling them the actual cost.....and even that is a ballpark estimate that will most likely end up being higher....

In 1993 I did a FULL ground up restoration on a 1971 Duster....That car went on to be featured in four magazines, it won 19 consecutive first place trophies, 21 awards over all in one Summer.
WITH THE PURCHASE PRICE I had a little over $17K invested in that car.....Today I can't even get a paint job for $17K