Must be our week to send home some beauties! Our customer drove his Ferrari 330GT 2+2 home today! One of our finest total builds. Took home his parts car too. Glade loved the test drives. To see the history of this beauty, make sure to see it in our...
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
The Ferrari 330GT 2+2 goes home today! One of our finest total builds.
The 2018 Sport and Specialty Drive Out – Cool cars, nice people, fun projects!
Thanks to all who attended our first ever "Drive Out." The impromptu car show was a great success and the weather couldn’t have been better. This will be an annual event I think. I need to thank the Sport and Specialty crew, Ryan, Bill, Max Lindsay, Glade,...
Carry Your Weight: How We Keep a Healey Balanced During Restoration
There are sand bags hiding in these two Healeys. We're not waiting for a flood or storing for the sandblaster, we’re making sure that everything is in balance. To get the lines and gaps right you really need to weight a car’s chassis when you do a total...
It’s Insurance Review Season: Do you even know what the limits are on your policy?
Write this down on your car’s to-do list: Check your classic car insurance coverage. Today! Do you even know what the limits are on your policy? Do you know what the current value of your vehicle is? If your car gets hit, will you be able to fix it or will...
A Fast Five – Learning to How Balance My Passion With My Livelihood
Hurray! In a few days I will celebrate five years as a small business owner. I often believe I have made it over the hump, but I know enough to never become complacent when moving forward. I hear a lot about “Living the Dream,” but there are some days I...
“Cars Yeah” Podcast Featuring Sport and Specialty
I was honored to be interviewed by Cars Yeah's Mark Greene, "an incurable automotive enthusiast interviewing successful automotive entrepreneurs who live a lifestyle around their passion for automobiles" for his latest podcast. You can find the full...
The 2017 Austin-Healey Conclave
A quick wrap up from my trip to the 2017 Austin-Healey Conclave - in short: another great event, organized this time by the Texas Austin Healey Clubs. A quick wrap up from my trip to the 2017 Austin-Healey Conclave - in short: another great...
Arizona Auction Week 2017 Wrap-Up
After spending some time studying my new Hammer Price app (a must-have) and going through some of my auction notes for the week, I have come to some of the same conclusions I did last year—some marques did well, and others lost a little ground in value. it...
My Annual Arizona Car Week – Trending 2017
Ever since I sold Mark Baker’s 100R Healey at Bonham’s Auction in Scottsdale four years ago I eagerly await coming back to Arizona for my now annual trip to the land of auctions and car shows. Once here, a common question I get from old and new friends...
New Year’s Resolution: Don’t Touch It!!!
The majority of our restoration work at Sport and Specialty doesn’t drive or roll into the shop. Most of our work is pushed in on a transport dolly and unloaded unceremoniously in a variety of mismatched wood and cardboard boxes. Sometimes we even see...
The New Sport & Specialty Website is Here!
Last weekend we pulled the trigger and launched the latest iteration of the Sport and Specialty website. All of the digital switches fell into place and with a sigh of relief a year’s worth of effort came to fruition. We had put together a simpler site...
Love to see these kind of smiles!!!
We delivered this beautiful BJ8 Healey to David and Ellen with a mini mechanical restoration. Full engine and all accessories rebuild with a new wiring harness. Good for many more thousands of miles of fun! Read More of My Blog...