This might sound a little strange coming from a guy who owns a classic car and classic truck restoration shop.
See, I’ve owned my shop since 1980 and have been restoring cars nearly my whole life. I love restoring classic cars, and this love has enabled me to feed my family.
So, with a background like that you might find it weird to hear that I believe there are five reasons NOT to restore a classic car or truck.
Any time I spot one of these five situations, I recommend the vehicle owner either scrap the project or buy a car already restored.
Here are my five reasons NOT to restore a classic car or truck:
# 1 – You expect to make a huge profit when the restoration is complete.
I hear this one all the time. Someone inherits an old car from a relative. They figure they’ll pour a few thousand dollars in it to fix it up. When it’s done, they plan on selling it for a huge profit.
That won’t happen.
Buy a lottery ticket. Your odds are better striking it rich in the lottery than they are in buying, restoring and then selling a classic car.
In 99.999 % of the cases I have seen since I’ve been doing restorations, the cost of the restoration exceeded the value of the finished vehicle. Unless the vehicle was owned by someone famous, is extremely rare and in demand or has a unique documented history, you’re going to lose money.
Read my reason # 2 for more details.
You won’t make money on a restoration.
# 2 – You think it will be cheap to restore.
Think again.
I have never met anyone who didn’t spend more on their restoration than they originally planned.
Quite a bit more.
Here’s why. You’ll buy things you never accounted for. Prices for parts will go up. You’ll need tools, many of which you never even knew existed. You’ll tear stuff apart and find metal work and fabrication needs.
You will ALWAYS run into things you haven’t anticipated no matter how good you are.
And all these things cost money. I know of people who start a project, stop and save up money to buy new parts, work on the car, stop and save money to buy more parts. You see the pattern, all dictated by money.
I always tell people to calculate what they feel it will cost them to restore a vehicle, add 20% and multiple by 4. That will get you a more realistic price for the project.
# 3 – You can get it done in your spare time.
First, congratulations. Most people don’t have spare time.
So, let’s see the time needs of a typical restoration.
If the restoration work is small and modest in nature, figure at least 1000 hours. For a more typical project, double that.
And if this will be your first restoration, or if you are somewhat inexperienced, add 50% time to your calculation.
If the project takes 1000 hours, that’s 2.75 hours per day for a year. Every day. No time off. No vacations. No breaks.
Most people I’ve encountered simply aren’t cut out for the time commitment required to do a classic car restoration. That’s why a large percentage of restoration projects that come to my shop have already been started by someone else.
# 4 – You think it will be a lot of fun.
If your idea of fun is spending a ton of money and thousands of hours over several years doing tedious work, then a restoration project may be right for you.
The reality is though that it is not right for most people.
And when I say most people, I’m not just referring to the person (s) doing the actual work. Many times, the spouse, lover and family get tired of the project. They complain about the time it takes. About the money it takes. About the space in the garage it takes. They make life miserable for the person doing the actual work.
Ask any restorer. Most of the fun comes with the satisfaction of a job well done. Emphasis on the word done. Up to the point the project is finished, it’s often not fun.
# 5 – You want something to tinker with.
I get this. It’s fun to tinker around in the garage.
If you own a restored classic that you drive a couple of times a year or more, you’ll get ample opportunity tuning and adjusting to your heart’s content.
Restoration projects are much more than “tinkering in the garage.”
We’ve already discussed the tremendous time and financial commitments. Now let’s talk about necessary skills.
Few people possess all the skills necessary for classic car restoration projects. Engine rebuilds, paint, upholstery, to name a few, are highly specialized skills. If you are going to tackle a full-scale restoration, you’re going to have to sub-contract work (there goes those costs again) or learn lots of new skills.
This goes way beyond tinkering in the garage and is an aspect to restoration work most overlook. Most people don’t have the time or desire to learn new stuff. They don’t know who to learn from or who to trust. These pose big problems for the person wanting to tinker around.
Conclusion
The thrill of completing a restoration can be like no other. That’s why I do it to earn my living.
A classic car restoration project can also be frustrating. It can be costly. It can take years. Please make sure it’s right for you before undertaking any new restoration.