Classic Car vs. Piece of Shit Money Pit?

[DudleyGarrett]

@DrDeth

All old cars are a “piece of shit money pit”. They are unsafe and unrealiable. Sure some are a cool looking “piece of shit money pit”, and some are a collectable “piece of shit money pit”, but most restorations cost far more than the car is ever going to be worth, assuming you include your labor. More or less as Bobotheoptimist said.

It’s a hobby. Like some hobbies, sometimes you can get something back out. But they are not income producers for most dudes.

But then again, you could get your hands on a worn-out 1970 Plymouth HemiCuda Convertible with matching numbers sitting in some old lady’s farmhouse, restore it to original spec, and turn it over for a $500,000 (original condition, un-restored, when for I think $2.1M) profit at the Barrett-Jackson auto auction.

Now, if you’re fixing up a 1970 Chevy Malibu non-SS with a small block, THAT will be a money pit.

It depends on the car and how badly someone wants to buy it from you.

[ralph124c]

Obviously, the value that the market places on a "classic’ car deopends upon supply and demand. people value 1967 Camaros, not because the car was technically all that great, but because they like the look-and few of these cars survive 9in good to excellent shape). In another 10 years, the buying demographic will shift again, and maybe, the 1967 camaro won’t we worth as much.
I also belive that almost NONE of the 1970’s cars will ever be classics-they are too hard to maintain. the increasing use of plastics also works against these newer cars-the plastic components age and break, unlike the die-cast metal parts used on earlier cars. And if our worst fears are realized ($7.00/gallon gasoline) the muscle cars will plunge in value.
Restoration is tricky-unless you can get exact replacement parts 9or very good reproductions0, the “restoration” can actually LOWER the value of the car.

[DudleyGarrett]

@ralph124c

Obviously, the value that the market places on a "classic’ car deopends upon supply and demand. people value 1967 Camaros, not because the car was technically all that great, but because they like the look-and few of these cars survive 9in good to excellent shape). In another 10 years, the buying demographic will shift again, and maybe, the 1967 camaro won’t we worth as much.
I also belive that almost NONE of the 1970’s cars will ever be classics-they are too hard to maintain. the increasing use of plastics also works against these newer cars-the plastic components age and break, unlike the die-cast metal parts used on earlier cars. And if our worst fears are realized ($7.00/gallon gasoline) the muscle cars will plunge in value.
Restoration is tricky-unless you can get exact replacement parts 9or very good reproductions0, the “restoration” can actually LOWER the value of the car.

Definitely agree. A full restoration needs to maintain every single bit of originality for it to really be marketable. My brother has a 1968 Charger R/T 440 – numbers match. It took him over 3 years to find the stock wheels.