40 replies to this topic

[Cooperman]

This is a problem with all old classic cars.

 

If you had something like a Mk.1 Cooper 'S' and it required the same work, then £15,000 would not be excessive as the car would be worth maybe £30,000+ when all done properly. The same applies to other makes and types. It takes no more man-hours to restore a more expensive classic, but the residual value justifies it.

 

With the old classic Mini, the reason owners do their own work is because unless it is a rare model, as a Mk.1 Cooper or 'S' is, the end value after spending the £10,000 plus will be less than the restoration costs of paying someone else to do it.

 

In this case, if you have that large amount of cash available for a classic car, you might be best selling the rusty MPI for around £1500 and buying something rust free in good mechanical condition which will be worth what you are paying for it. look on 'carandclassic' and see what £12,000 will get you. There are some seriously desirable classics out there for that sort of cash.

[dyshipfakta]

Sell your mpi to someone that can do the work get what you can for it then buy a good condition or restored 80s 90s 998 with a carb with the money the difference probably won't be that much. Then you get the nice simple mechanicals and a sound body for the lowest entry point.

[Northernpower]

What a headache. I take it most Mini owners do their own work then

I lot do, but there are some who have the means to pay someone else. A lot of owners do the work themselves because we get a great deal of satisfaction from it but it can be all consuming if you're not too careful.

 

You may want to consider buying yourself a welder and having a go yourself. There are still certain colleges that hold evening classes to give you a start in the basics but you can't beat working on real jobs rather than in a nice clean workshop with all new metal.

 

If you do repair it yourself there's a great deal of enjoyment to be gained from it.

[Cooperman]

Most classic car owners do almost all of the required and regular work themselves. It is the likes of those rich people owning very expensive classics who pay for all work (Chris Evans comes to mind!).

 

If you do all the work yourself, or with the help of friends, classic car ownership is not too expensive and can be a lot of fun. But to run a fairly ordinary classic Mini and pay to have the huge cost of a full restoration done by a company is often not practicable, affordable or viable. I know it wouldn't be in my case.

[johnR]

You need to decide why you're doing it - if it's for profit forget it. I bought a 998 City, had welding and paint done and restored the rest myself for a total cost (so far - engine upgrade pending) of @ £13k. I doubt if I'll ever get the money back but I consider it good value because I've got all the fun of a Cooper S lookalike for less than half the price and none of the responsibility of a genuine one. You can't get many other fully restored, iconic, 'put a smile on your face' classics for that money.

[ukcooper]

Last 10p worth

 

The reason classic cars as a holes have gone up in prise at the moment is not that there getting rarer or that people want them more -no not really.

 

the interest rate is non existent at the moment and people need to make money

 

bank account 50k + 1% interest = not worth bothering with.

 

buy a car leave it 5 years = more profit than been in the bank.

 

interest rate goes up = car prices go down as your saving make more money.

 

1980's interest rate was 10% nearly so on 50k you made 5k every year till labour messed it up again

[JamesMiniMealor]

Ok lets imagine the best case scenario. I manage to do all the mechanical stuff myself. How much would labour be to replace the front end and floor, patch up the odd small rust bubbles and rustproof and paint the whole thing properly? Any guesses there? 

[Northernpower]

Ok lets imagine the best case scenario. I manage to do all the mechanical stuff myself. How much would labour be to replace the front end and floor, patch up the odd small rust bubbles and rustproof and paint the whole thing properly? Any guesses there? 

It will need to be seen by the repairer because I'll guarantee the small rust bubbles won't be a small repair. There will have to be a certain level of deciding what to do during the repair. To give you an idea have look at some of Ben O'S threads.

[wile e coyote]

You're asking how long is a piece of string really -  there are ways and means of seriously shaving the expense but in doing so you have to question yourself as to what you want to achieve - an MOT pass or a car returned to fine fettle that will last for many years if taken care of. If I were in that posiiton it would be the latter as to my mind if a jobs worth doing its worth doing properly once....

 

I'd reiterate my earlier view - that it'll be worse than you think - get a worse case view from an expert....not a "plate and fill" outfit - you're after mini specific sympathies and understanding...

 

..... there are folk out there that do a remarkable job for very reasonable money - yes they do exist - I'm lucky enough to know such a being in this neck of the woods - but ..... you can't determine a timescale - far more lucrative jobs come first and classic restos are fitted around workload...and in my case heritage panels are a minimum requirement otherwise he won't play! - ask around, take recomendations and see other work done... you'll find the right person eventually....

 

A fairly decent rule of thumb I use when assessing whether a car's worth repair is this...... price up the cost of the OE panel (here a BMH variety), add double that for the work and add 1½ x  the original panel cost for the paint...... add that up, mop the tears and blow the moths from the wallet - that may be overstating the case a bit but has served me well.....

 

Structural repairs will take a while.... use the time wisely to do your desired refurb work and beg , borrow , wheel & deal to source the remaining bits & bobs needed to put the car back together (once a car's apart a myriad of small and overlooked parts need replacing which add up dramatically)  - parts are out there if you look hard enough, fish ebay, breakers, the forum etc etc.....

 

One money saver that's a no brainer - is don't change colour on respray - at minimum that'll mean your don't have to completely strip to the shell to get interior and exterior to match.... 

Edited by wile e coyote, 25 July 2017 - 10:29 PM.

[mab01uk]

Last 10p worth

 

The reason classic cars as a holes have gone up in prise at the moment is not that there getting rarer or that people want them more -no not really.

 

the interest rate is non existent at the moment and people need to make money

 

bank account 50k + 1% interest = not worth bothering with.

 

buy a car leave it 5 years = more profit than been in the bank.

 

interest rate goes up = car prices go down as your saving make more money.

 

1980's interest rate was 10% nearly so on 50k you made 5k every year till labour messed it up again

 

Also there is no 'Capital Gains Tax' for collectors to pay when they sell an expensive classic car (unlike property) because the Tax Office consider cars to be 'wasting assets' that decline in value.......

[JamesMiniMealor]

Thanks fellas. Good food for thought. I may most in the valuation forum soon.

[JamesMiniMealor]

Oh, nevermind. 

[r3k1355]

Oh, nevermind. 

 

Does that mean you decided to keep it and start work yourself, or you went to move it and both feet feel through the rusty floor?

[Northernpower]

 

Oh, nevermind. 

 

Does that mean you decided to keep it and start work yourself, or you went to move it and both feet feel through the rusty floor?

 

Or had it turned into a pile of rust on the floor?

[JamesMiniMealor]

I am not allowed to post on the valuations bit