There’s no limit to a person’s imagination; however, most budgets have some upper limit (even for Bill Gates!). To help you understand where decisions need to be made, Custom Works by Michael offers the following tips. Don’t fool yourself when you answer these questions. If you need advice on your Street Rod project, Hot Rod build, or classic/muscle car restoration; just give us a call.
- Know your car’s final, market value: There’s no financial reason to spend $50,000 on a classic Mustang restoration is the most anyone is willing is $40,000 for a fully restored product.
- Understand your purchase price: The purchase price of the chassis and/or unrestored car should be such that you have enough room under the market value of the car to handle all of the repair and restoration costs. Again, if the car is too expensive to restore, then why not buy one that’s already in great shape.
- Set a restoration budget that keeps your car marketable (that is if you want to sell it): This point goes back to what we were just saying. There is one caveat, however. A person that is in love with a particular car and has no immediate plan or need to sell the Hot Rod, Street Rod or Classic Restoration can set whatever budget they’re comfortable with. If touchscreen TVs are important to you, then go for it. Just make sure you aren’t spending the kid’s college tuition on your pet project.
- Consult an expert: There are a lot of not-so-obvious costs that an expert can help you uncover such as rust repair, hard to find OEM products, etc. If you’re unsure how to price/quote a particular item or task, then you had better get a quote from a trusted resource.
- Don’t do it yourself unless you’re well equipped to do so: As with the not-so-obvious costs, there are a number of things a professional restoration expert has that a DIY’er wouldn’t initially consider. How about the garage and equipment. Lifts, tools and paint booths are many times the cost of any typical restore. Unless you’re prepared to build more than one Street Rod, Hot Rod or muscle car; then outsource the build and thank me later!