Does this budget seem realistic
- Thread starter 65 A Code
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zookeeper
Founding Member
You're asking the wrong crowd, I'd bet that any one of us could give a horror story of a budget gone wrong. 
Seriously, though it all depends on your version of a restoration and the general shape of the car you start with. Buying a nice car would pretty much make it a no-brainer to stick to that budget. Buy a rusty pile, and there's no way you could meet that number. What you need to do is figure out what the market value of a totally finished coupe, built to your tastes would be worth. Then look at your prospective car, total up the parts needed and see for yourself if it's worth it. If you're trying to do it to save money, forget it, it's always cheaper to buy a finished car. If you're doing it because you love it, and you know you can build it better thatn anyone, hop in with both feet and enjoy the experience. I've been working steadily on my fastback for over a year and a half, I'm always broke because of it, the car's not even close to finished and I love it!
Seriously, though it all depends on your version of a restoration and the general shape of the car you start with. Buying a nice car would pretty much make it a no-brainer to stick to that budget. Buy a rusty pile, and there's no way you could meet that number. What you need to do is figure out what the market value of a totally finished coupe, built to your tastes would be worth. Then look at your prospective car, total up the parts needed and see for yourself if it's worth it. If you're trying to do it to save money, forget it, it's always cheaper to buy a finished car. If you're doing it because you love it, and you know you can build it better thatn anyone, hop in with both feet and enjoy the experience. I've been working steadily on my fastback for over a year and a half, I'm always broke because of it, the car's not even close to finished and I love it!
one2gamble
Founding Member
I already have the car and I just could not see buying one already built. Friends say I am a gluten for punishment but I see working on it as a stress reliever from work and I enjoy it and am in no hurry to finish. 7k is just a ruff guess I came up with while bored at work.
2nd Mustang
Founding Member
65 A Code said:
I bought a turn key car. I'm too old to be wrenching and hoping to drive it soon. I need to get as much time in as possible before this old body cannot bang those gears anymore.
Hack
15 Year Member
That was the BEST movie ever. Not even close.65 A Code said:What a great line from a not so great movie
syberjunkie
New Member
65 A Code said:
You'll think stress reliever after the the %^&* wrench slips and smashes your thumb for the third time in the same morning......
65 A Code said:
In the 400 hp range, A stock motor means all the rest of the drive train can stay stock too saving a whooooole lot of money. You can get a lot done for you money to make it look good. As in a clean engine compartment so on.
They way i see it is every thing is related to money intelegence and time. No time you need a lot of smarts and a lot of money, no intelegence and no time then you need a whoole lot of money.
I build some pretty stout cars these days but one of my favorite cars to drive was my first 66 coupe. It had a stock longblock with an aluminum intake, 4 barrel Holley, dual point distributor (would use a petronix today), a set of Tri-Ys and 2 inch dual exhaust. It was close to stock but just fun to drive and it deosn't cost much to set one up this way and the drivetrain can stay stock also which means simple and cheap. That car got 24 mpg on the highway when I was trying with a 2.8o rear and a C-4....both stock again. You can have fun without spending a bunch.65 A Code said:
DarkBuddha
Founding Member
Getting back to the original question, I'd say that $7K is probably a bit shy of reality if the car really truly does need a ground up resto. Resto parts alone will often cost you in the area of $3k-5k. A decent (not good mind you, just decent) paint job, even if you do all the prep and bodywork will often cost $500-$1000, plus $500-$1000 in materials (assuming you already own a welder and know how to use it). Then you've got motor build costs... done super cheap, you might be able to rebuild a motor for $1000, no add-ons, no performance stuff. And then you add all the incidental/accidental stuff like materials, rentals, tools, flowers and dinners for your significant other (so they don't kill you in your sleep), etc., and you will see $7K evaporate rather quickly. And this is if you do everything on the cheap and do nearly all the labor yourself, nevermind if you want to do some modifications like a brake conversion, motor mods, sweet seats, suspension mods, etc. Basically, $7K will probably get you a ok running (i.e. not fast or even spirited) car in primer in need of completion...
The truth: If you really want to know what it will cost to restore a car, do the "resto" math... Add the cost of the car plus the cost of every part you will need/want, then add 10% for shipping/tax, then add 20% for labor, then add 20% for materials, then multiply by 2. For example, it might go like this:
Car cost: $1800
parts: $5000
total: $5800
+ 10%: $6380
+ 20%: $7656
+ 20%: $9187
x 2: $18374
BTW, the cost of parts is inversely proportional to the cost of the starting product condition (rust free? wrecked? running? etc.), but is exponentially proportional to the rarity/desirability of the starting product (GT, Boss, Shelby, etc.).
Hope this helps...
The truth: If you really want to know what it will cost to restore a car, do the "resto" math... Add the cost of the car plus the cost of every part you will need/want, then add 10% for shipping/tax, then add 20% for labor, then add 20% for materials, then multiply by 2. For example, it might go like this:
Car cost: $1800
parts: $5000
total: $5800
+ 10%: $6380
+ 20%: $7656
+ 20%: $9187
x 2: $18374
BTW, the cost of parts is inversely proportional to the cost of the starting product condition (rust free? wrecked? running? etc.), but is exponentially proportional to the rarity/desirability of the starting product (GT, Boss, Shelby, etc.).
Hope this helps...
dodgestang
Active Member
Well...get out your pad of paper and walk around the car, crawl under the car, fine tooth comb the car....and write down everything it needs.
Then pull out your catalogs and find out how much parts will cost you. Then figure out what parts you will do and what parts you will need to farm out to pros and get an estimate from them.
Some basics to get you started:
Decent paintjob 3-7k Varables are of course quality, body prep needed, and the amount of work you help contribute
Full motor rebuild 1-3k Variables are of course quality, full machine shop job, or you do assembly
You can invest 7k into a mustang and have a real nice looking and running car when its done. But it will require very frugal sourcing of parts, using used when possible and some good solid relationships with shops/vendors to get stuff at good prices. You will need to do most of the work yourself and because of that you need to include in your budget 1-2k for the speciality tools and practice you will need in using them.
Here is a link to my resto spreadsheet:
http://www.dodgestang.com/death trap.xls
I have actually spent alot more than this because I had to build the motor twice and I am now on my 3rd tranny, but I tried to include just the items and costs involved with the car that would have it in the condition as it sits now if everything went right the first time.
You will see I have almost 20k into just restoring the car (not including the purchase price) and I haven't even done body work. I bought a repro hood, bolted it to the car and color matched the paint. I didn't fix the dent in the corner or any of the wrench fender rash that came with the car. I didn't need to fix any rust on the car. I basically did the entire suspension with upgrades, the entrie driveline with upgrades, and the interior. Granted it is a more performance oriented build than you are looking to do but it will help you know how much it really costs doing most of your own work.
Then pull out your catalogs and find out how much parts will cost you. Then figure out what parts you will do and what parts you will need to farm out to pros and get an estimate from them.
Some basics to get you started:
Decent paintjob 3-7k Varables are of course quality, body prep needed, and the amount of work you help contribute
Full motor rebuild 1-3k Variables are of course quality, full machine shop job, or you do assembly
You can invest 7k into a mustang and have a real nice looking and running car when its done. But it will require very frugal sourcing of parts, using used when possible and some good solid relationships with shops/vendors to get stuff at good prices. You will need to do most of the work yourself and because of that you need to include in your budget 1-2k for the speciality tools and practice you will need in using them.
Here is a link to my resto spreadsheet:
http://www.dodgestang.com/death trap.xls
I have actually spent alot more than this because I had to build the motor twice and I am now on my 3rd tranny, but I tried to include just the items and costs involved with the car that would have it in the condition as it sits now if everything went right the first time.
You will see I have almost 20k into just restoring the car (not including the purchase price) and I haven't even done body work. I bought a repro hood, bolted it to the car and color matched the paint. I didn't fix the dent in the corner or any of the wrench fender rash that came with the car. I didn't need to fix any rust on the car. I basically did the entire suspension with upgrades, the entrie driveline with upgrades, and the interior. Granted it is a more performance oriented build than you are looking to do but it will help you know how much it really costs doing most of your own work.
Listen to what most people are saying and double your estimate. I had an estimate of 12-15K and everyone said double it. I laughed at the time. However, I am not laughing today 
. But it will be well worth it when it is finished.
As you start the process, you will want to add some new things or change this and that. Hell, it is only an extra $400 to do this or that. You do that a few times and you just added an extra 2-3K to your total.
I will have close to 30k (I am affraid to add up the receipts) into my '65 coupe when it is done (mind you it is a restomod with over 10K in the drivetrain alone). Could I have bought one a lot cheaper already done? Yes. Would it have each and every detail exactly the way I want it? No. Plus I have the satisfaction of knowing that I had a hand in the process and that everything was done correctly.
BTW, would I ever do another "restoration" on a car that needed as much work as the one I am doing now? Probably not!
later,
Chris
. But it will be well worth it when it is finished. As you start the process, you will want to add some new things or change this and that. Hell, it is only an extra $400 to do this or that. You do that a few times and you just added an extra 2-3K to your total.
I will have close to 30k (I am affraid to add up the receipts) into my '65 coupe when it is done (mind you it is a restomod with over 10K in the drivetrain alone). Could I have bought one a lot cheaper already done? Yes. Would it have each and every detail exactly the way I want it? No. Plus I have the satisfaction of knowing that I had a hand in the process and that everything was done correctly.
BTW, would I ever do another "restoration" on a car that needed as much work as the one I am doing now? Probably not!
later,
Chris
Nick, I just looked at your spreadsheet. Man, you got balls 
I am seriously affaid to add up my receipts but I know I right in the same ballpark as you. However, one day when I grow a set, I will make up a spreadsheet in the same way as yours. I think that having a print-out like that will help many others on the cost of restoring a car.
BTW, I couldn't even imagine what it would have cost me to take it to a professional shop. My uncle (who does this stuff for a living) and I are doing my car. I am paying him 7K to do any and all body work and paint. We have replaced front and rear frame rails, floor boards, engine compartment, trunk, and cowl. I am certain all that would have cost me clost to 7k to have done at a shop!
I know a lot of people think that I am nuts for putting that kind of money into a "common" car. Nick, I am sure you had a few wierd looks or comments when you drop the bottom line on them. However, where can you buy a new car for 30K that will put out over 450 HP, turn heads (hey we all like getting attention in our rides), not depreciate in value, and be the car that you always wanted? Plus, it is one more Pony saved!
later,
Chris
I am seriously affaid to add up my receipts but I know I right in the same ballpark as you. However, one day when I grow a set, I will make up a spreadsheet in the same way as yours. I think that having a print-out like that will help many others on the cost of restoring a car. BTW, I couldn't even imagine what it would have cost me to take it to a professional shop. My uncle (who does this stuff for a living) and I are doing my car. I am paying him 7K to do any and all body work and paint. We have replaced front and rear frame rails, floor boards, engine compartment, trunk, and cowl. I am certain all that would have cost me clost to 7k to have done at a shop!
I know a lot of people think that I am nuts for putting that kind of money into a "common" car. Nick, I am sure you had a few wierd looks or comments when you drop the bottom line on them. However, where can you buy a new car for 30K that will put out over 450 HP, turn heads (hey we all like getting attention in our rides), not depreciate in value, and be the car that you always wanted? Plus, it is one more Pony saved!
later,
Chris
dodgestang
Active Member
Ferf said:
I couldn't agree more. I was actually at a dealership about to buy a mustang before I bought my 65. I decided that for the 35k price I was looking at for a new one I could build me one heck of an old one that would hold its value or even appreciate allthough I will never get my investment out of it. At least I know I have a nice value if heaven forbid I ever do need to liquidate it.
people here tend to spent lots of money on their cars. not that thats a bad thing, it does have its payoff majorly. but look at it like i do:
i'm 16, poor as a hobo, and am doing a total restoration myself. i've spent about 2k already and minus wheels,tires, and paint i am excpeting another 3k into it. see, you don't always have to buy new brand name parts. look at junk yards, a lot of great stuff their like trannys and rear ends. and doing everything yourself (cept for crazy stuff) will save you so much money, even thuogh you have to wounder some times if you really should be doing what your doing. either you take the young hot roder route or the probably smarter more expensive route it will come out great in the end. good luck.
i'm 16, poor as a hobo, and am doing a total restoration myself. i've spent about 2k already and minus wheels,tires, and paint i am excpeting another 3k into it. see, you don't always have to buy new brand name parts. look at junk yards, a lot of great stuff their like trannys and rear ends. and doing everything yourself (cept for crazy stuff) will save you so much money, even thuogh you have to wounder some times if you really should be doing what your doing. either you take the young hot roder route or the probably smarter more expensive route it will come out great in the end. good luck.
DarkBuddha
Founding Member
Oh, how well I remember those days... I was 15 when I bought my decent running, decent bodied, decent riding Mach 1 for $1200. It was drivable, looked ok in the rain (the only way it would have any shine), and wasn't completely unsafe. I started doing things like rebuilding the brakes, tuning the motor, etc... Soon though, things started to seriously deteriorate, and as I was on a "hobo" budget, I nickel & dimed the car over the next 7 years, keeping it just barely drivable as it was my daily driver. In the end, all the "hobo'ing" caught up with me, and I just couldn't consider the car safe and drivable anymore. I let the car sit for nearly 7 years before getting to do the current restoration (in progress for nearly 3 years now).none67 said:
My point? I wish I knew then what I know now. See, of all the stuff I did on my car during the first 7 years, only the stuff I did "right" lasted and some even survived into its current life... things like the PST suspension rebuild, the legit rebuilt motor, shocktower replacement. Everything else went in the junk pile, nothing more than wasted money really. If you can afford to do something "right", even if it means putting off some other stuff, then do it "right" the first time and wait on other stuff.
So seriously, unless you absolutely need to half-ass something to get it running because its your only ride, bide your time and save your money to do it more "right". I'm not saying you have to spend extra money to do something "right", sometimes it just means taking the extra time and effort to modify/restore/repair stuff the "right" way... you know, correct brackets instead of zip ties, correct hose fittings instead of adapters, correct wiring instead of random red wires snaking everywhere.
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