Would you rather fix this, or buy it after someone else rebuilt it? The "Buy or Build" it debate
Spend some time at any cruise night, swap meet, or car show, and inevitably, you will hear two or more people discussing the virtues of building a classic car, as opposed to buying one that has already been built – and vice versa. Sure, there is nothing more testosterone-settling than being able to brag about how capable you are as a man, because you built your car with your bare hands. But the other side of the argument has to do with a claim of intelligence over brawn. Some feel that they can buy a car that is finished, and usually for less than what it cost to build it. The argument will never end because both sides have sufficient cause to make their claims in the buy or build debate.
Is this a real SS car? From a distance, a clone can give you the appearance of a Super Sport without the expense.
Buy It and Drive It
If you want to immediately get behind the wheel of a classic ride, buying a car that is completely restored, gives instant gratification — at least until the realization of how much you spent reaches your wife. Many times, a feeling of nostalgia is what drives our impulse buy, and nostalgia can be costly. Guys have a bad habit of relying more on the memories of the good old days than they do of financial ramifications. But sometimes it works out. When the price of classic cars hit what many called a “correction factor” in 2008, after the economy took a hit, the selling price of many investment-grade cars dropped considerably. That being said, “average” cars like most of us are accustomed to working with, did not seem to be as drastically affected. It is true, that sometimes it is less expensive to buy a restored – or an almost completed restoration, than it is to buy a project and restore it.
Unless you are the unfortunate recipient of someone else’s shortcuts. Let us take for instance a plain 1968 Chevelle. We are not talking about a Super Sport or convertible, just a basic Malibu. First, we looked for what we thought was a decent, driver-quality car that had been “rebuilt” and was ready to be driven and enjoyed.
We did find a ’68 Malibu that happened to have a big block under the hood, bucket seats, and a console. The asking price was $20,100. The car looked good in pictures, but pictures can be deceiving. The owner claimed the car was only showing 67,000 miles on the odometer, but for all we know, that could be 167,000 and claims only six hundred miles on restoration. Anyway, for the money, it looks like a good deal for a first hot rod. Keep in mind, if you must travel to pick it up, or have it shipped, the price just went up. For some guys though, finding a deal means finding a project. Also, you will need the resources and a plan to complete such a project. Pre-planning if you are engaging a restoration shop or if it will be a DIY project in your home garage.
Buy It and Build It
Every car guy has hopes of finding a car that has been sitting in a barn for 30 years and simply needs cleaned up and enjoyed. The reality is that does not happen anymore. Typically, what is found, are cars that have been sitting for 30 years, but need a complete rebuild. The engine does not run, the floors are rotted, and the rear wheel well openings have been enlarged to fit the 1970’s era M50 bias-ply tires. This is Sometimes, the potential buyer has that feeling of nostalgia that drives his or her impulse buy. Again, we adults have a bad habit of relying more on the memories of the good old days than we do of financial ramifications. We think we can get this car cheap, spend more time than money fixing it, and then enjoy it.
If you are looking at a car like a Malibu, you are not planning to make an investment purchase. The overwhelming odds are that the rebuild will end up costing more than the car is worth. Let us take for instance the 1968 Malibu project car that we found for $6,500. If we wish to keep the cost comparable to the driver car that we found for $20,100, that leaves us $13,600 to rebuild the car. Even if by some miracle, the engine does not need rebuilt, you can plan to spend every bit of that on the parts you need to make this classic car even driver-quality. Heck, even if there is no rust, a quality paint job can cost anywhere from $7,000 and up. That leaves you $6,600 to redo the interior and rebuild the suspension and brakes so the car is safe to drive. This does not mean it cannot be done, especially if you can do that work yourself.
When Money Isn’t the Only Issue in the buy or build debate
If you in the hobby for the love of cars and the desire to make a childhood dream, come true then sometimes it is not just about the costs (within reason). Many years ago, well before the latest Malibu project I located a 68 Chevelle not knowing the model, but made a deal because I always like the 68-model car. As I got further into the restoration, I found more details about the history of the car and that it was in fact a true SS model with its original drive train. After doing a multiple year restoration I have the car I wanted at a cost higher than what I could have bought a completed car for, but the process for me was the real enjoyment. Even now with the values skyrocketing it was necessarily the best investment but still worthwhile.
Finally
When it comes right down to it, both philosophies have a place in the hobby. Without guys wanting to restore classic cars, the guys that want to buy them when finished would have no cars to choose from. The buy or build debate will continue as long as there is a classic car hobby and we will enjoy every minute of it, and we hope you do to.
Personally I would build it, however the last car that I did totally rebuild was a 1971 GTO in 1986. Parts were a lot more plentiful and less expensive. It was the last of many until 2012 when I started back up again. 10 years procuring parts and two 1953 Studebaker Regal Commander Starlight Coupes, two build one. Still working the project.