Reasons To Restore A Car
First and foremost, never start to restore a car with the thought that you will be able to sell it and make a profit. No matter how cheap you think you bought the car for, the economics will not work out, period. The cost to restore a car will greatly exceed the value of the finished project in the majority of cases.
Realistically I believe all old cars should be restored. Face it; they’re not producing that car anymore. The return on your investment depends on a few factors. First, let’s define restoration. It’s a complete top to bottom refinishing, replacing, and repainting of every component with all the correct parts, colors and textures. Restorations rarely return a profit unless you’re capable of doing the work yourself and you don’t place a value on your time spent.
If you own a car that has sentimental value, you may decide to forgo the economics because the value to you will exceed the true market value of the car. If your car has been in the family for a long period of time or it is just like the first car you ever bought or it is just a car you always wanted but couldn’t afford earlier in your days, it may make good sense to you.
Presently, any convertible is a good choice as are low production hardtops and trucks. Public popularity controls the demand for these cars and as time goes on with fewer and fewer of these cars left, the values will rise.
Another prime factor in the desirability of these cars is having the correct, numbers matching, original engine and drive train in the car. The engine size also plays a huge role in the value of these cars with some adds to the value as high as 40% of the book value for the largest engine that was available in the car when built. Collectors will thoroughly inspect every component to determine if they are correct as well as the trim tag to insure the correct color and trim combination of the car. Anything that is incorrect will decrease the value of the car appropriately.
Ultimately, the decision to restore a car is your call, just be prepared for the unexpected expenses that will without doubt increase the restoration cost well over any estimate you can imagine. Everything costs twice as much to do as you think and there will always be a few surprises along the way