1. YOU WILL NOT MAKE MONEY
Everyone has thought when they see a project for cheap:
“Hey, I’ll snag this car, spend more time than money fixing it and then, after
enjoying it, sell it at a tidy profit.”
Fat chance. Whichever restoration type you try, the
overwhelming odds are that the car and the job will end up costing more than
they’re worth. Yes, people have made big money through this process—but it’s
almost always those you’ve paid to do the work. The car’s value simply will not
support the cost of both the car and the rebuild.
Jackson does everything himself—down to stitching seats—and
says he has made money on his restorations. With 17 cars to his credit, he’s
both proficient and efficient. By his own calculation, for the tens of
thousands of hours he’s invested, he’s returned about $3 per. In other words,
he’d earn more part-time serving fries with that order.
It only gets worse from there. If you act as general
contractor, the most expensive subcontracted jobs will be paint and then an
engine rebuild. For decent quality work, those two jobs alone will cost more
than a clean, decently restored MGB. And no one will pay top dollar for a car
unless it’s a top-notch, fresh restoration. A full professional job is likely
the least cost-effective proposition: Think 1000 hours at $70 or so, or
$70,000. And that’s just for the labor.
Unless the car was owned by someone famous, has a documented
history, or is exceptionally rare and expensive, it will cost more to restore
than it’s worth.
2. YOU’LL SPEND MORE THAN PLANNED
We’ve never met an enthusiast who restored a car and didn’t
overspend the budget. Ever. Even if you’ve set aside enormous mounds of cash,
you’ll buy things you never accounted for. And then the price of brake kits or
weatherstripping or gaskets will go up. You’ll buy things twice. If you’re
taking the car apart and putting it back together, you’ll buy tools you never
knew existed—and use them once. Your restorer, even if he’s a seasoned pro and
not a flake, will find something he hadn’t anticipated. If you’re not satisfied
with the work, you might switch shops mid-process, and that will cost. In all
cases, as the restoration moves toward completion, and you shake your head in
resignation at the original budget, you’ll be in the difficult position of
having to skimp where you never expected you would. Or not, and spend large.
3. YOU PROBABLY WON’T FINISH
How do we count the ways? If Jackson flies through a modest,
straightforward job, he will invest 1000 hours. He recommends a baseline
projection of 2000 hours and much more for first-timers. Do the math: 2000
hours equals two hours and 45 minutes every day for two years. No, you get no
holidays or days off.
Better to consider the old-car habit from another
perspective: If it’s driven more than twice a year, an already-restored or
decent original car will offer enough tuning and tinkering opportunities to
satisfy those who want to work with their hands.
“Restorations take so much time no matter how you do them,
and they’re tedious,” says vintage-car expert Keith Martin, publisher of Sports
Car Market. “There are never any pleasant surprises.”
4. PROTECTING AN HEIRLOOM ISN’T WORTH THE AGGRAVATION,
EITHER
You’ve inherited an uncle’s ’65 Mustang coupe with the
129-hp, 200-cid straight-six. This money pit is deeper still, because the
cost/value equation tips further out of whack. Done properly, restoring that
six-cylinder ’Stang will cost almost as much as redoing a GT 350. In number
terms, think about $100,000 in a car that on a good day might get $25,000.
Is that “original is better” philosophy taking hold here?
Not as it has in Europe, but it is gaining traction. A car is only original
once. Spend what it takes to keep that heirloom running, and make your first
$10 million before committing to more and undertaking the whole project.
BUT IF YOU INSIST . . .
Remember the Internet is a wonderful resource. Information
and experts—or fools—are keystrokes away. A search will reveal regional car owners
clubs. Perhaps more
significant, used-car parts are easy to find on the web. Depending on your
restoration needs, replica, rebuilt or original parts with next-day shipment
are available without ever talking to a human. It was not long ago that parts
were scavenged in swap meets around the country. That has all changed.
“The satisfaction is similar to restoring or rebuilding a house,
with some added benefits,” says Jackson. “There can be more of a community
aspect to restoring a car, and when you stop for gas, people ogle and marvel.
‘You did that?’ You can’t drive a house to the gas station.”
source: http://www.autoweek.com/article/20070515/free/70514008By: J.P. VETTRAINO
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