Restore An Old Car And Not Lose Money

Article by Mark Trotta

Ask anyone who's ever completed an old car project - whatever their restoration budget was, they certainly went over it. It's not that they were bad planners, it's because there's just too many unforeseen things that can come up.

Even so, it's still important to have a budget, because it will at least keep over-spending to a minimum. It also allows you to see in black and white the areas that cost the most.

Initial Purchase

Leaving emotion out of project car buying is not easy. After all, old cars are a passion. We want to spend the least amount of money, while the seller tries to get the most amount of money. Most often, the compromise is paying a little more than you wanted to but still getting a decent buy.

NOTE: Only if you're short on cash but long on time and talent, should you choose the car that needs a lot of body work.

If you happen to find several projects that interest you, the best decision is to pick the one that best suits your skills. For instance, if you're a better mechanic than bodyman, choose a car that needs more mechanical work versus one that needs body repair.

Exceptions To The Rule

Certain years and models will always be more valuable, and likely worth an initial extra cost. Let's say you get a once-in-a-lifetime opportunity to buy a numbers-matching muscle car, then it's justified to spend more than you had planned.

Read: 1965 GTO Restoration

Original condition classic car projects will command higher buying prices, but also command higher selling prices when completed.

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Sourcing Parts

Searching for and buying parts is a big part of the restoration process. Sourcing parts is a skill set all it's own, and it's time consuming.

If you underestimate the importance of parts sourcing, you will pay for that ignorance in time and money.

Every aftermarket automotive company wants your money. Generally speaking, there is a trade-off between getting a good price and getting good customer service. Sometimes you get both, but sometimes you get neither.

Pictured: Complete floor pan replacements for GM A-body

It's important to get the right part the first time, but how do you make sure it's the right part before you buy it? The answer is, do your homework and spend the time needed to make sure that you're buying the right part. Look at the company's reviews, and ask questions on forums. Also, take the time to compare shipping costs from different vendors (free is best).

Buying Parts Online

In today's world, most of us will be buying parts online.

Never assume that a cheaper part *here* is the same as the more expensive part *there*. If you think that one vendor's cheaper part is the same as the other vendor's more expensive part, think again. Internet companies don't survive by overpricing their competitors.

Companies Will Advertise Parts They Don't Have

I've run into this problem many times.

Companies will advertise a part, but they don't have it in stock. They want you to click the "contact me when this part arrives" button and wait patiently. What they're counting on is enough requests to justify the cost of putting the part into production.

Before I buy any car part online, I'll email the company and ask, "Is this in stock and ready to ship?" Very often I get no response at all.

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Learning New Skills

The more you do things yourself, the better you become at doing more and different things. It's an attitude that prevails when restoring an old car.

And of course, when you do it yourself, you're saving money.

There's usually a better and cheaper way of doing the task at hand. Use your creativity and come up with alternatives. In my 40+ years of wrenching, I continue to push the limits of my mechanical skills far beyond what I started with.

Sometimes it takes days for an idea to pop up, but when it does, try it. A professional shop must face deadlines, but we don't.

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Conclusion

To restore an old car without losing money, follow this equation: What you paid for the car, *plus* the parts required, *plus* 100 (or 200 or 300) hours of your time, equals the market value of the car.

any convertible car is a worthwhile project

The plain truth is, your time is worth very little when you restore a car yourself, particularly if it's the first time. But that's a big part of what it takes to restore a car and not lose money.

Notes and Misc

Paint stripping by hand is a good example of doing it yourself and saving money.

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Notes and Misc

Quality tools last forever, and should be considered an investment. And the money you save by doing work yourself offsets the cost of tools and equipment needed.