Check this video, then i got some questions...
So, this guy says he paid 850 for a car and now its worth 75,000... is that normal!? :tard: Do any of you guys know someone with a project that I can buy for that low an amount of money? LOL :laughing:
Also, he says he's been working on it for yearssss... does anyone know how long a restoration job actually takes? I've always been a looker, but I want to be a do-er. I think it's time. :smoke: I need someone to teach me tho. So I'm starting with that "MyDream" website.
Certain old cars can be worth more that a half of a million if done
correctly, if I were you I would start out with a classic car that you can
easily get parts for, like a nova or firebird. Remember it costs money for
almost every thing you put on that car, I think what that guy ment, is he
spent $75,000 on the car over the years. A restoration usually takes
anywhere from a few months, to years. I know it sounds great, but you need
a place to work on the car, you need tools, you need money and time, and
most importantly knoledge and determination.
when I started my project I hardly knew what I was doing, but after alot of research, and repairing or replacing things carefully you pick up alot of knowledge about cars.
Right now I'm kind of restoring a 1975 pontiac catalina, its hard to find parts for, which is a pain the the ass, and I dont have a job, so with every $50 I spend I hesitate you know because thats money out of my pocket for what I need.. I'm working outside because my parents wont let me use the garage, which is another huge pain in the ass, and I'm using my dads crappy tools or I just wont have a certain tool and I'll have to ask my neighbor, another pain in the ass, and I'm only 15 so I can't just drive to go get parts so I have to rely on other people. But when I'm working on the car, I just forget about all of that crap and know that one day, I'm going to have a badass car, that I worked for.
I thought I'd chime in and give you a few facts and ask a few follow up
questions so that you can get the right answers...
No it is not normal to buy a car for $805 and turn it inot a car worth $74,000. I also agree with the statement above...I think he has $75k in it. It is easy to spend $75k on a restoration, but in most cases you will only have a car you can sale for $35k - $50k. And unless you really know the market, it is hard to pick out a car to yield the most bang for your buck.
And yes it takes a long time to do one right...the only thing that can speed up the process in money (and lots of it).... our typical restoration takes 6 months, but some have taken as long as 2 years.
Now for the questions:
Are you looking at doing this to make profit off of the car? or do you think you would enjoy the work?
You want some one to teach you...Do you want to do this as an occupation or a hobby?
I hope this helps....
yes it is possible to turn around a car like that but you also have to
count the amount of money you put into parts and labor to fix the car back
so it will bring top dollar.
here is a few projects we are working on.
I only count labor costs if I'm doing it as a business, otherwise that time
is as free as if you were sitting on teh couch watching the Simpsons. And
youcan make a bunch of money doing this if you buy a car cheap a few years
before it appreciates in value, and work on it slowly. Of course, that's
hard to predict, so it's not a sure-fire way of making money.
I had bought a BOSS 302 Mustang back in the late '80s for $100. needed work, as youcan imagine. It woudl have taken me about $20k to resore it right, and it woudl have been worth a considerable sum today, but that would have been a two decade investment, and there are better ways to make money ;)
So, you can make some money, just don't let that be your motivation for doing it.
Yeah, I mostly want a car that I will keep for myself, so turning a profit
isn't at all the goal. I don't have a million bucks though, and I don't
even know if I'll be any good at this sort of thing, so I don't want to
make any kinds of financial mistakes that I'll regret.
I don't know if I need someone to teach me, I just want to do it to do it, to have a beautiful car- but I don't know where to learn otherwise.
I'm starting to think this is something that I could do though.
Restoring a car is not all that hard, but there are a few things things
that you need.
A well stocked tool box
A good place to work (preferably indoors)
A fair amount of mechanical aptitude
And a lot of patients....
The best place to start is read, read, read and read some more. Then just jump in and get dirty. When you hit a stumbling block....ask questions or do a google search.
The main thing is do not rush it. Good luck :thumbs:
Well, I must say that you've all given me a lot to think about. I'm not
interested in making this a business, but of course the last thing I was
interested in as a 'hobby' ended up being my main source of income for the
last 12 years.
My brother in law has offered me a 1967 Ford Falcon that is years from being fully restored. And I can't stop thinking about it. The sale price is really low - he's a great guy, and enthusiastic about me jumping into a full restoration. I don't need a money pit, and I'm having a hard time separating my emotions from my wallet. I just don't want to be bragging about a 75,000 sale of a care that cost me 74,000 and took me three years of sweat.
But that video is pretty inspiring... wonder if there are any other vids out there that anyone knows of? Thanks.
Sorry. Still haven't figured out to create a hyperlink. Newbie alert.
Anyway, the video was cool and I thought I'd share it again.
Just remember there is market value and then there is the individual value of the vehicle.
Lol, if you want to be a good doctor, that helps....
:banghead: Bad spelling/grammar is why I restore cars and not write novels**...Thanks for the correction.
here is the almost finshed project of the 66 chevelle