Let me set the stage as you are driving down the road in your shinny red classic car convertible with the wind blowing thru your hair, or in my case what is left of it, all seems just right in the world. Then you are startled awake by one of your children crying from a nightmare. You realize that the drive was just a dream, but you could turn your dreams of a restoration of your classic car into your reality, or it could be one of your child’s nightmares.
You are looking at the car you always dreamed of owning, let us say, just for example, it is a Chevrolet Impala, and it seems to be a solid example of the model. Maybe you have always wanted a Chevy Impala and this specific example will need a restoration, but the price seems right, and it does not look like it would take much to make it great again.
Besides, you have some extra money right now and are sure you can handle it, and you have always wanted to go thru the process of having a car restored to perfection. You even tell yourself, “Who knows, I bet I can save some money on the restoration and do a lot of the work myself.”
Heck, you have done tune ups and other things to cars in the past and you think if you just take you time and with the help of a good manual, there are likely a lot of things you can accomplish.
The car is being offered for only $5,000 and it still runs and drives, though not very well. You are sure you can buy the car, restore it and at some point, sell it for much more than your costs to buy the car, restore it, and make some extra money. Why not buy it and go for it?
STOP RIGHT THERE! Before starting Your Dreams of a Restoration Your Car
This story is one I hear repeatedly, and I too have fallen victim to this same pipedream.
A car restoration is not for the faint hearted and it is never — I repeat — never inexpensive. There are no bargains on restorations, only bad restorations, or good restorations. However, there is also no such thing as a driver-level restoration. There is only one way to restore a car and that is completely. Any car that is described as partially restored is likely to have had a brake job and a fresh coat of paint, and not a bare metal re-spray just a scuff and a new paint finish over the old one. That is not a restoration.
Yes, there are a number of shops that will say you can restore your car inexpensively and will give you a quote for say $30,000. Do not believe what they tell you. If you go this route one of two things will happen, either you will get an inferior quality job or you will have the shop owner calling you every few weeks to tell you that again your car’s restorations require more money. This is what people in the industry call the elevator ride which I have witnessed numerous times to the unsuspecting.
What you want at the end is a restored car, you go to a reputable shop and get your car restored. If you simply want a driver-level car, buy one and enjoy it and stop reading now. If, on the other hand, you have enough disposable income and really have wanted to restore a car to as good as it was new, please continue reading.
Some things are obvious, others are not revealed until the car is taken apart and the paint is removed.
Just one example of repairs needed after the paint is removed
Car Restoration Take Time and Money
Car restoration is a time consuming, stress inducing, labor intensive, and expensive endeavor. If that does not sound like fun, stop reading and do not consider restoring a car, or more importantly buying a restoration project you cannot afford. If the car is so special, why didn’t the seller restore it in the first place? Because after they messed around with it a little and got a few quotes from good shops, they were scared away.
Let us start with the last bad idea first. If you are looking to have a car restored with the idea of making a few bucks at the end, you are 99 percent of the time likely to be quite disappointed. If the car is a Plymouth Duster, Chevrolet Monte Carlo, or even some more popular Ford Mustangs or anything other sub-$100,000 car, you are never likely to make any money on the deal and will assuredly be upside down in the car after writing your first check. Cars like this rarely make sense to restore if you are looking to make a return on your investment.
On the other hand, if you love the process of bring a car back to its former glory, have a specific emotional attachment to a specific car — for example, your father owned it new — and have the disposable income to write some big checks, restoring a car might be the right decision.
But say the car in question is a 1969 Mustang Shelby, Plymouth Super-bird, or even a 1967 big block Corvette, if you bought these cars for a lower price, it may well make sense to consider a restoration.
The difference between these cars and the others listed above is that no matter what car you choose to restore, be it a 1953 Corvette or Plymouth Cuda, they all take time, and lots of it, to restore. Sure, the Cuda parts are less expensive than the Corvette, parts but the amount of paid for labor is the same.
The average restoration of a 1953 Corvette roadster takes a minimum of — are you sitting down — 2,500 hours. Do the math, at a very reasonable and hard to find labor rate of $100 dollars an hour, which adds up to $250,000 in labor alone. That does not include parts, materials (paint, sandpaper, chemicals) or machine shop time.
Even a more average model car, say a Plymouth Cuda, is likely to take around 1,000 hours in labor. That at the same labor rate equals $100,000 in labor.
The first thing you need to ask yourself before starting a restoration is, “What are your plans with the car. Why are you going to use it?”
If the answer is that you just want a nice driver car, then we recommend simply buying a car that is already done and fulfills your needs.
So, When Should You Restore a Car? Instead of Just Dreams of A Restoration
We can recommend a restoration for those who have an heirloom car, something that has been in the family a long time and has become more a member of the family that just a car. Also we recommend restorations for cars that are important, for example, a car that was displayed at an historically significant car show or a historic vehicle with unique features.
As always there are exceptions to all rules of thumb, however, regardless of the car you are restoring, you simply love the process of bring a car back to the way it was when new.
Is It a Money Maker?
If your plan is to make a lot of money from the car when it is done, this most likely is not going to happen. Sure, you can do this, but it either takes a buy that is so low as to be under market price for even a project or an incredible amount of luck and usually a bit of both.
Finally let us move to the idea that you can do much of the work yourself. This can work, but first ask yourself a few questions. How experienced are you in mechanical things? Are many of the car’s needs things you can accomplish properly? YouTube videos can be a help, but do you have the skills as well as the tools to accomplish the job?
Next, do you have the space needed to do the job? You can do this in your garage you will be amazed at how much space parts will take. Finally, do you have the necessary time to do the work? If the answers to all these questions is yes, then you might consider this path.
However, keep in mind that it will cost more in time and money than you expect. A good rule of thumb is to budget that time and money out as best as you can and then add at least 30 percent to such figures.
Finally
So, if after reading this you are still considering restoring a car, then move forward. If not, do not be glum but consider a new paint job to improve your car’s appearance — but again, go to a reputable shop and do your homework before starting down the path of classic car restoration so you can fulfill your dreams of a restoration of your classic car.
