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is the cost of restoring an E body exceeding its value when complete?

Started by ogre, September 04, 2022, 11:49:01 AM

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RUNCHARGER

Well: With a long restoration, inflation does make these deals come out even. The costs are only going to go up so if your bodyjob is done today, that figure will look pretty good 5 years from now. The money would be better off invested in real estate but where's the fun in that?
Sheldon

anlauto

I've noticed since Covid started, the cost of parts and especially the cost of shipping has increased tremendously. I bought a gas tank from Rockauto last year, to my door it was about $230 CDN, same tank today to my door is $357 CDN  :pullinghair: the price of the tank was only $32 more,(15% increase) the rest was shipping costs :headbang:
I've taught you everything you know....but I haven't taught you everything I know....
Check out my web site ....  Alan Gallant Automotive Restoration

cudaragtop

It Depends...

I have about $45-$50K into my 'Cuda including purchase price in 1987.
The majority of that in 2013-2014 the 2nd time around with paint and stroking my 340. This was 99% hired out.
I'll never be under water with that car, it's resale value has always exceeded my investment in it.

But... with our Pro-Touring, Resto-mod, G3 Hemi, 8-speed swapped 69 Barracuda that I've been working on for 6+ years... it's another story.
$70K and counting... still needs final paint and yet to run.
This is with me doing a lot of the work myself. My painter tells me I'd be easily be over $100K if I hired everything out.
So saving $20-$30K... "¯\_(ツ)_/¯" whatever... IDK.


Side note, took about a 3 year break from the Barracuda...
During the Barracuda project, I happened upon a 70 Challenger that had great fresh body and paint (Original owner started the restoration, he put $40k into it, so I'm told... before he passed away.) but it still needed quite a bit of work.
I bought it, put some time and money into it, (Under the hood, Interior, Trunk, Exhaust, etc.,) ultimately was able to sell it for more than I had into it.

I used "Barracuda" funds to buy the Challenger and "Invest" into it before selling it.
The proceeds from the sale made it possible to get back to work on the Barracuda... no way I could keep it and finish the Barracuda too. Don't have room either...
Have the funding available now for final paint, interior, exhaust, fire up, tuning, etc., plan is to finish the Barracuda before the end of summer 2023!

Bottom line is, it depends...


- Randy D. 1970 'Cuda 340 4-Speed Convertible
69 Barracuda G3 Hemi/8HP70 Resto-Mod Project Album: https://goo.gl/photos/XjsAsx4LDo7psimU8


cudaragtop

Quote from: anlauto on January 22, 2023, 10:14:03 AM
I've noticed since Covid started, the cost of parts and especially the cost of shipping has increased tremendously. I bought a gas tank from Rockauto last year, to my door it was about $230 CDN, same tank today to my door is $357 CDN  :pullinghair: the price of the tank was only $32 more,(15% increase) the rest was shipping costs :headbang:


Inflation...

American AutoWire Classic Update wiring for a 69 Barracuda today is $1199.00 US
I bought mine in 2019 for $675.00 US

I just sold a Milodon G3 Hemi oil pan, gaskets, bolts and pickup package for more than I paid for them Brand New in 2019...
Often, you are lucky to sell something for 50% of original retail price.

I wouldn't consider any of these investments but I am glad I'm not buying a lot of this stuff for the car now.
My shed is stuffed with parts in boxes and bins. Looking forward to emptying the shed this spring and summer! 
What doesn't go into the car will go to EBay, Craigslist, Facebook Marketplace, Swap Meet, FABO or even one of you!  :ohyeah:


- Randy D. 1970 'Cuda 340 4-Speed Convertible
69 Barracuda G3 Hemi/8HP70 Resto-Mod Project Album: https://goo.gl/photos/XjsAsx4LDo7psimU8

JH27N0B

If you're restoring a car with the thought it'll be worth more than you invested you're almost guaranteed disappointment.
If you can do almost everything including body and paint yourself, and have gathered a big horde of parts over the years to tap into, you might come out ahead. Otherwise no.
I'm fairly handy, and thought of myself as pretty good at project management.  Heck, in 2009 when I was unemployed, I did a kitchen remodeling at my house where I did the planning, bought the materials, had a handyman do the grunt work, and came out under budget, with money left over. When does that ever happen?
My T/A on the other hand, I beat the bushes for years finding parts starting in the late 90s, got some great deals, even flipped some parts for profit to support my project. So I had very little overall invested in parts.
Found trim and chrome restoration local among friends, gage resto too. Reupholstered the front seats myself. And much more.
So all was going quite swimmingly!  :woohoo:
Until I moved the car from the restoration shop jail it had been in, who had got a lot of bodywork done, but mostly just sat on it for years while I got frustrated.  Didn't charge a lot though.
It's when it got moved to another shop to finish bodywork, paint, and reassemble to a rolling chassis things got out of control. I think their bills added up to around $75,000!!!
So, with a car I bought in high school for $2300, I ended up with around $100,000 probably more, into the car once done, over twice what I'd initially estimated. That's with me doing much of the disassembly, parts chasing, much of the reassembly, detailing, research etc, and finishing in 2016.
I can't see doing a similar project now for less than $150K, maybe it would even be $200,000.
But in the end it's a hobby, you aren't going to come out ahead buying a boat, or a plane, or even a new Corvette, so why should the vintage car hobby be any different?