While I’ve been attending the Amelia Island Concours as a spectator for some time, the last two years have been unique as I have been able to show cars with the Maine Classic Car Museum where my friend Andy Reid is the collection manager. My small role has been to...
The Car Restoration Equation: Love, Value, and Cost
The Car Restoration Equation: Love, Value, and Cost
We probably turn away more than 40% of the inquiries about restoration we get at Sport and Specialty. Not every car should be restored, regardless of what the owner may believe. The “back of the napkin” way to calculate this is pretty straightforward.
The first question I ask is, “Do you love this car?”
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- If the answer is no…basically, case closed, move on. Every new surprise and invoice will be torture for both of us.
- If the answer is yes, then we have a shared basis for moving forward.
We tend to forgive those we love for their transgressions. A proper restoration will be filled with unpleasant surprises. It’s best to have an emotional bond with the object of your desire.
Even then, I research the car and look to see what the “nicest one on the planet” might sell for, or bring at auction. I take into consideration if the car recently sold was a rare version, super low miles, or recently restored, etc. Remember, when done, this car may be the “nicest one on the planet.” Be realistic and set that number aside.
Next is the tricky part. I have learned my lesson regarding estimates and quotes. My X-Ray vision is poor, faulty, and usually somewhat optimistic. Optimism leads to sleepless nights and fear at every step of the project for both me, and the owner. Even giving a range is hard as most people only hear the lower number of the range. We generally work at time and material with an aggressive communications strategy. Monthly and weekly updates and lots of pictures.
If there isn’t some trust I’d prefer to move on with another project.
Having said all of this, I can look at some other cars we have done and extrapolate an idea of cost. Under or over $100,000? $150,000 to $200,000? The big question mark is typically fabrication and body work which is impossible to see until the car is naked. Usually after inspection I can make a quick determination.
Now, take the estimated finished value and subtract the estimated restoration cost. If the number is negative – which very likely will be – refer to my first question, “Do you love this car?” Remember also, you can’t drive something for nothing.
Most automotive purchases are generally depreciating assets. Collector cars values may vary over time, but a really nicely restored and maintained car will hold its value over time.
If you use the car, what is the fun value there? Can you amortize fun and enjoyment? If you can, join a club, take a tour, go to cars and coffees,
Enjoy your ownership. If you can’t, this is probably not a road you should be taking.
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The Car Restoration Equation: Love, Value, and Cost
We probably turn away more than 40% of the inquiries about restoration we get at Sport and Specialty. Not every car should be restored, regardless of what the owner may believe. The “back of the napkin” way to calculate this is pretty straightforward. The first...
WMS Slotcar Club Visit – Great Fun!
We had a group of Middle Schoolers come out with my friend Ana Alarcon Ben Holzem today. New trainees. A ton of fun with these guys. Super enthusiastic about everything!!! We need to hook them early. Nice kids!!! Read More of My Blog Posts
With a Little Help From My Friends
Ten years used to feel like a lifetime, these days it seems like the blink of an eye. (except for April 2020, it felt like a lifetime—but I digress.) My ten-year ownership of Sport and Specialty has been equal parts fun, aggravation, gratification, and...
Sport and Specialty featured on the SEMA Car Builders Series hosted by Sabra Johnson
Early in 2022 I received a call from the marketing chief at Moss Motors asking me if I'd like to work with SEMA (Specialty Equipment Manufacturers Association) helping them produce a video showing an example of a British restoration business to their members....
2022 Open House & Car Show – July 23rd!
Put Saturday July 23rd on your calendar for the 2022 Sport and Specialty Open House and Car Show. Bring any marque, model, or year of car, but get there. Daily drivers welcome! Bring a friend, take a drive, and see what we’re working on and finishing up. We expect...
Buy, Sell, Hold: Spotlight #7 – The state of classic, collector, and even electric conversion cars
As many of my friends will tell you (and others too), if you ask me a question I will give you the most heartfelt answer I can. Sometimes they're even amusing...... Thanks to Darin Roberge of Motorwerks Marketing and Sports Car Market Magazine for the time on...
The Proper Color for the Car
There was a story I read some years ago that Ford had a computer program that wouldn’t allow them to order and build a car with odd looking interior and exterior color combinations. In the restoration business we are those computers. When customers bring their cars to...
The Amelia, auction bought car quality, AZ vs. Amelia, and other topics on another Driven Radio appearance
I was happily re-invited to yet another podcast interview, with the guys at the Drive Radio Show. It’s hosted by Brett Hatfield, auto journalist, Auction Analyst for Sports Car Market, and editor of readthedriven.com, plus Corey Pratt of Craving Cars from YouTube, and...
The 1939 Alfa 6C at The Amelia
Some years ago my friend Andy Reid invited me to bunk in with him at The Hilton Head Concours. We had a great time and have mostly roomed together when our schedules allow. For Amelia we have been doing VRBO places with our friends Peter Singhof and Dirk De Jager,...
Catching up with the Sport and Specialty crew
For 9 years now I’ve managed the website for Sport and Specialty and one of my favorite parts of the job is that I spend time with the guys catching up on their work, their goings-on, and drooling over the cars under their care. This year was no different, but the...
Telling Stories on the Driven Radio Show
I was happily invited to yet another podcast interview, this time to have some fun with the guys at the Drive Radio Show. It's hosted by Brett Hatfield, auto journalist, Auction Analyst for Sports Car Market, and editor of readthedriven.com, plus Corey Pratt of...
