Everyone has thought when they see a project car 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 as many classic cars are simply not worth restoring.
Whichever restoration type you try, the overwhelming odds are that the car and the job will end up costing more than they are worth. Yes, people have made big money through this process—but it is almost always those you have paid to do the work. The car’s value simply will not support the cost of both the car purchase and the rebuild.
A classic car may not be worth restoring in several situations. Here are some factors to consider when determining whether restoration is not a viable option:
Extensive Damage or Rust Can Result in a Car Not Worth Restoring
If the classic car has significant structural damage or extensive rust throughout the body and frame, restoration may not be economically feasible. Repairing severe damage or rust can be extremely costly and time-consuming, making the restoration impractical.
Rare or Limited Availability of Parts
Some classic cars have limited availability of replacement parts, especially for rare or obscure models. If essential components are challenging to find or prohibitively expensive, the cost of restoration may far exceed the car’s potential value.
Poor Market Demand
Classic cars that have limited demand in the market or lack popularity among collectors and enthusiasts may not justify the investment in restoration. Without a significant potential for appreciation in value or a strong demand in the market, the restored car may not fetch a reasonable selling price.
Historical Significance
In cases where a classic car holds historical significance due to its original condition or connection to a specific event or personality, it may be more valuable in its current state. Restoring such a car could diminish its historical value and authenticity.
Lack of Personal Attachment or Interest
If you do not have a personal attachment to the classic car or a strong interest in owning and maintaining it, restoration may not be a worthwhile endeavor. Classic car restoration requires passion, dedication, and time commitment, which may not align with your preferences.
Financial Constraints
Restoring a classic car can be a significant financial undertaking. If you have limited funds or other financial priorities, investing in restoration may not be feasible or prudent.
Irreparable Mechanical Issues
If the engine or other critical mechanical components of the classic car are irreparably damaged or worn beyond repair, restoration may not be a practical option.
Non-Original Modifications
Classic cars that have undergone extensive modifications or alterations from their original factory specifications may not be suitable candidates for restoration. The value of such cars as collectibles may be compromised by these modifications.
Finally
Before deciding, carefully assess the condition of the classic car, research the availability of parts and its market value, consider your personal interest and budget, and weigh the potential benefits against the cost of restoration. In some cases, it may be more sensible to find a better-conditioned classic car or explore other automotive ventures that align better with your goals and circumstances.
Just because it’s old, or because you have an emotional attachment to a particular car doesn’t make it valuable when you try to sell it.
Furthermore, the value of various models can vary greatly and will vary with time.
Consider also the expense of housing, insuring and maintenance of high value vehicles.
Antique vehicle ownership and trading is profitable for only a select few people with extensive knowledge of the market and sufficient ready cash.
Phil:
These are all great points; far too many people think they can make money in this hobby because TV leads them to believe it is easy. It is not.
That is why people should buy what they like; not for the resale of it.
Thanks for reading.
Bob
My 69 Cougar conv. is still all original paint,interior,motor, and white top has 93k miles on the 351 motor and drives great.