Help me settle this bet with Restomods

F

Ferf

Member
Dec 6, 2002
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#1
A few of my buddies (mostly mopar guys) think that I am nuts for putting roughly 30K into a '65 coupe restomod. To make a long story short, I have not done anything half-a$$ on this car. New floor boards, cowl, engine compartment, trunk, frame rails, suspension, 9" rear, TKO tranny, Wilwood brakes on all 4 corners, soon to be 351 stroked to a 393 (471 HP), and the list goes on.

Being a Mustang guy, reading magazines, message boards, etc, I feel that I have pretty good idea on what my car should appraise for. I am estimating in the 20K - 25K range. However, my buddies think that a '65 coupe will not appraise or sell anywhere near that range. Do you guys know of any sites or articles showing restomods selling in this price range?

BTW, the one guy has a '69 Super Bee. It is a nice daily driver but will need work to make it right and Mopar parts cost an arm and a leg. He states that the car will see for 40K+ once it is finished. However, I checked Hemmings online and for standard very nice looking '69 Super Bee's were selling between 30 - 35K.

later,

Chris
 

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#2
As a fellow owner of a nearly perfect restomod 65 coupe I can sympathize but sorry man, $15-18K max and thats optimistic. I too think my car is worth more, and I know Ive got a boatload invested,but what we as owners think and what the market says are 2 different things. Now that doesnt mean that someone wont come along and pay that much, as anything can happen but dont expect it. Just enjoy it and be prepared to take your lumps if you decide to sell!
 
#3
Unfortunately restomods are not worth nearly as much as you put into it. It is more a labor of love because we all know that hobbies are never an investment.
And no I don't think you are nuts. I love the whole restomod idea. It signifys your car with your own personal touch. Don't get me wrong, I do have a whole lot of respect for the restorers because that is no easy job but dozens of people can have a "similar" car at that point. Besides... with your combo your friends should be more worried about time slips than price.
Kevin
 
#4
If you think restmods are bad, try building a street rod. '57 Truck, '32 coupe or whatever. You'll never get half what you put into those, either. It's the EXPERIENCE and TRAINING that you acquire that is priceless. Without cutting every corner or getting REAL lucky, you can't make consistent money at restoring cars. But that's not why most of us do it. We do it for the satisfaction, and the :nice: :nice: at the redlight.

I spent a lot more that $30K building my first marriage, but a Mustang won't "run off with" your best fishing buddy and take the dog and microwave on the way out.

Rock on !!!!
 
#5
No doubt that I will never see the amount of money that I put into it. However, after checking out Hemmings Online and autotrader.com I noticed that A LOT of '65-'66 fastback restomods were in the 25K - 30K price range.

I don't even want to imagine building a hot rod or at least what it would cost!

later,

Chris
 
#10
mdjay said:
I had mine appraised in April for 60k...

That's about what's invested...
Click to expand...
Sory, but appaisers are going to give you those outageous values basically for insurance purposes and to make you feel good. Your car is only worth what someone else is willing to pay for it or the amount of insurance you can collect....thus the appraisal, but you would get more money totalling the car than you could ever get selling it.

Perfect example.....I have a friend that had an awesome 70 Mach 1 that was totally built and had the best of everything. It had a 500 CI big block every suspension mod, currie full tilt rearend, immaculate paint, perfect interior.....blah blah blah. This car ran 10s on the street and appraised for 50K in 1999 or there abouts. A year and a half ago he had to sell it and could not get rid of it because noone wanted to pay decent money for it, he had even done many improvements since the appraisal....he sold it for $12.5K because he had to have the money.
 
#14
Ronstang said:
Appraisers tell you what the sum of the parts are.....worth is what it will sell for, but true worth to the owners is a personal thing, what is important, and why we build these cars.
Click to expand...

They take into account depreciation, etc., at least the ones I've heard of do. A calculator can tell you what the sum of total costs is.
 
#15
rbohm said:
sold!!

:D :D :D :D
Click to expand...
I'll counter offer for $1.50!


Seriously, investing $35K into a car that is worth $15-20K seven years later is not crazy at all. Anyone looked at new cars lately? I paid $24,500 for my '97 Cobra in October '96, I actually looked at trading it in last year (about October) and they were offering $8,000 (for an excellent condition unmolested 58,000 mile unit). You wanna talk about a bad automotive investment, go get a new car. Besides your 65 is not going to depreciate AT ALL, and guess which ones will turn more heads at the local parkinglot car show.

Now as to the potential sale price of you car...
No doubt that I will never see the amount of money that I put into it. However, after checking out Hemmings Online and autotrader.com I noticed that A LOT of '65-'66 fastback restomods were in the 25K - 30K price range.
Click to expand...

Key word there is "fastback", I'd expect about the same if it were convertible (depending on year and region of the country). I'm not throwing insults here (calm down notchback lovers) but the simple fact of the matter is the FBs are worth more when it comes to saleability. A perfect example is this awesome car my friend just sacrificed at $9,500 ---> http://www.edbert.net/GTA4Sale.htm (you here snail?).

Were that a FB in the same condition he might have gotten twice that much.
 
#16
Ferf said:
No doubt that I will never see the amount of money that I put into it. However, after checking out Hemmings Online and autotrader.com I noticed that A LOT of '65-'66 fastback restomods were in the 25K - 30K price range.

I don't even want to imagine building a hot rod or at least what it would cost!

later,

Chris
Click to expand...
Thats cause theyre fastbacks!! A solid driver fastback with no mods will bring good money all day long. Coupes are super plentiful and cheap.
 
#17
They are ALL money pits. The only ones that fetch more are the ones that are rare. And like others have said, you still have to find a buyer. There are only two types of guys making money on these cars... 1) the ones who find them cheap or totaled and can rebuild them for next to nothing. That's a hard thing to do. 2) and the ones who bought them thirty years ago for what is considered cheap nowadays. They let them sit all this time and pull them out for sale now.

The attitude I have is that I will NEVER sell my car. Never is a hard thing to say... but unless someone pours a bucket of cash on me. Never is never.

So that said... how much would I take? Certainly not $1.50, :)

Okay, MAYBE if you buy me lunch....

Okay, how about a hi-jack?

How much, realistically, would you sell your car for??

I'd let mine go for no less than 20k.
 
#18
BAD67FUN said:
How much, realistically, would you sell your car for??

I'd let mine go for no less than 20k.
Click to expand...
More than its worth!


Seriously, I've got about $25K invested, including the price of the car itself. I'd sell it all right here and now for $20K since it is not finished (see 1st answer). Then I'd go do what Chepsk8 is doing. Once it is running and sorted out I'd only take $30K, which goes back to my original answer yet again.
 
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