There’s a genuine satisfaction in being asked your opinion on a professional topic. It usually means that your opinion carries some weight as an expert. When the request is from Keith Martin’s Sports Car Market, it’s particularly satisfying. I was asked to join a...
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?”
-
- 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.
Read More of My Blog Posts
What is the Digital Path Forward?
Podcasting with “Assorted Conversations”
I added podcasting to my portfolio of interviews lately, and it was a great time. My friends Helen and Maureen explore people’s pursuit of their passions through their podcast “Assorted Conversations”. These conversations are with individuals who have found that...
SCM Buy Sell Hold Spotlight with John Saccameno
I had the pleasure of being interviewed by Sports car Market Magazine's John Nikas about the history of Sport and Specialty and how we all ended up here. It was a fun little piece, and very well put together. Listen in and let me know what you think. -John Read More...
Pictures and Thanks from Open House 2021!
I want to take a moment to thank everyone who took the time to drive out and join us Saturday at our Third Annual Sport and Specialty Open House. To those of you who struggled with previous commitments, rest assured we’ll be here again next year. It may have taken...
Sport and Specialty Open House 2021!
Reserve Saturday August 21 for the third annual 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 many of...
Sotheby’s Records $44.4M for Private Car Collection
Last year my Alfa racing partner John Wheeler called me to ask some questions about how collector car auctions worked, as he knew I followed them and have attended quite a few around the country. He and the firm he works for were hired to develop strategies to pay...
Fuelfed’s Shop Visit on a Fine Summer Day
Well, if variety is the spice of life, Saturday’s Fuelfed stop at Sport and Specialty for lunch was a real home run. Brian and Lorraine Hughes asked if I would entertain having their tour stop in for lunch on Saturday. I couldn’t say yes fast enough. As a new sponsor,...
The Restorer’s Healey – John’s 1967 BJ8
Regular followers know that the white-over-blue 1967 Austin Healey BJ8 that shows up on social media is one of my favorite cars. I purchased the car from my customer and friend Tony Grau and his family as an uncompleted project. We had previously assembled and painted...
Your Virtual Tour Guide
For some reason, I just love giving tours of Sport and Specialty. I gave many plant and home office tours during my years in corporate sales, but touring plants, warehouses and administrative offices just wasn’t as much fun as showing people how you blow up cars and...
It Drives Like an Alfa
I met my racing and paddock partner John Wheeler almost twenty years ago when I first started Vintage Historic racing. I was trying to figure this whole thing out and he was my coach and mentor. The most important thing he ever told me when I bemoaned my slow times...
We’re Racing Again! The 2020 VSCDA Blackhawk Classic
Last week, Cyndi Paceley of Vintage Motorsport magazine reached out to me for my impressions about upcoming the VSCDA Blackhawk Challenge. She was interested (after the racing concluded) to see how I felt the event went overall, and also specifically how the current...
More Cars, More Pages, More Videos, and More Fun
As "the web guy," part of the fun is seeing the progress of the cars in the shop, even when I'm not there. While it's great making pictures at the shop - and hanging out with the guys - to see updated images of projects is truly fascinating. What was a...