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 Barn Fresh - Beware of 'steals' -------------------------------------------------------------------------------- Originally Published: 9/1/1998
Those common phrases from classified ads send shivers down my spine directly into my wallet, especially when I think about novice collectors who are buying cars like that for what they think is a steal. Do you realize what it costs to restore a car? Most people don't. I talk to people every day who price out a restoration as follows: $500 for a paint job and body work including rust repair; $300 for chroming the bumpers; $400 for replacing the interior and $200 for a new set of tires. So, the reasoning goes, you buy a tired GTO for $2,800, spend another $1,400 on restoration, and - presto - you've got a No. 1 car that you'll sell for a fat profit in Sun Valley. Well, not quite. Consider, for example, a 1941 Oldsmobile Business Coupe that I recently acquired. There are fewer than 50,000 miles on its odometer, the interior is excellent (although fragile) and the car runs well. It's currently worth $1,800 to $2,000. Restored to No. 2 condition (we define that as excellent - having the appearance of a car only 1 to 2 years old), the Olds will be worth anywhere from $4,000 to $5,500. But here's the rub: Completing a proper restoration will cost substantially more than the car's restored value. Here are some realistic costs: Paint and body work, a minimum of $2,000. I bought this Oldsmobile and I'm glad I did. We should save these lovely old cars. And if I keep it long enough, I'll probably get back what I put in - and maybe even make a profit. But please don't buy a fixer-upper expecting that you're going to make a killing. Buy a car like this because you love it and would like to see it shine again. If you expect to make a fortune, you're probably in the wrong hobby. -------------------------------------------------------------------------------- |
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Seventy
percent restored… needs work… complete,
original... running when parked five years ago."