44 replies to this topic

[Symbio]

Hi all,

 

I'm in the process of restoring my Mayfair closer to factory, it's had allot of mods over its 30 years, some done well, some not great. It's a labour of love for me and not all about the money.

 

However, I just wanted to know, do you guys set a strict budget before starting a restoration? Or do you just plough forward to get your mini where you want it to be?

 

The reason I ask is that I'm at a tipping point now where the remaining jobs are engine resto and body/paint. Two expensive jobs if done properly. This will likely take my spend over what the car could be worth should I sell it one day.

 

Is sale price something you guys consider, even if it's unlikely you will sell? Is there a point you reach where you think it's better to cut loose/sell and find a more desirable model or more complete restoration?

 

Thanks

[nev100]

First rule of restoration.

Don't keep track of how much you spend or how many hours it takes...

Seriously, I spend whatever it takes (within reason) to get it how you want.

You soon forget the cost but won't forget it's not exactly how you want it if you try a cut corners.

Alternatively you could get it somewhere near and add to it later.

I'm in exactly the same situation so know where you're coming from....
£100 goes no-where....!!

[Symbio]

First rule of restoration.

Don't keep track of how much you spend or how many hours it takes...

Seriously, I spend whatever it takes (within reason) to get it how you want.

You soon forget the cost but won't forget it's not exactly how you want it if you try a cut corners.

Alternatively you could get it somewhere near and add to it later.

I'm in exactly the same situation so know where you're coming from....
£100 goes no-where....!!

 

I agree with the cutting corners, the wiring is a mess like stuff has been added over the years and removed but wires left behind. I'm currently restoring the dash from a custom alloy to the original 3 clock binnacle. I've had to source and purchase the binnacle and its mounts, radio holder etc etc as none of it was ever kept. Also the top and bottom dash rail padding have been damaged by the custom dashboard. I'm currently trying to work out how the original air vents worked, at the minute I just have the plastic connectors screwed to the metal.

 

I really enjoy it though, yes the costs building up but there's worse ways to spend time and money, I guess I just wanted to know if there's a point where I should consider the cost of restoring it is all. Just wish the little car had been treated better over the years.

[Chris1992]

Mine is a 'forever' car which I never plan on selling, so resale value has never been a factor for me. I've owned mine for 11 years now and rebuilt it 4 times from scratch, only keeping receipts for the big stuff like engine, wheels, respray, etc. 

 

In terms of budget, I did once try to set one, but the popular phrase 'set your budget number and double it' didn't really apply to me. Mine was more along the lines of 'pic a number and add a zero!' 

[Maccmike8]

The jobs Im doing to mine are repairs/renewals and modifications to suit me.

 

I dont keep a tab. More over Il spend some left over wages on it.

[Gilles1000]

I did not set a budget, however I am trying to follow what I spend for it, just to get an idea. And I do not really try to save on the expenses.

I do not plan to sell it one day, and I know my restoration will cost much more than its possible re-sale value.

But this is my hobby, and my first car and first project, so I do not really care.

[Quinlan minor]

If you have a fixed budget, it's not going to be a restoration. At best, it might be partial.

[Chris1275gt]

It seems your quite attached to it. For myself I started with a budget but within 3 months it was blown out of the water so have taken the view it's only money if you ain't got it you can't spend it. I'm old school and saving up for something then eventually getting it is a great satisfaction, so I'd say keep plugging away and you'll get there in the end and it will all seem worthwhile, if you moved it on I suspect you would regret it. I personally don't care what mine is worth in monetary terms but what it's been worth to me a, highly pleasurable labour of love that I have enjoyed immensely. Just don't let the partner find out how much you've spent!!!

[nicklouse]

Saw the topic heading and had to laugh.

Edited by nicklouse, 11 May 2021 - 09:11 AM.

[Icey]

I track my spending but I don’t set a budget. It’s a hobby, it costs what it costs.

That said, I do have an unwritten rule that I won’t make two big purchases in the same month unless I’ve planned for it. A hobby shouldn’t impact the running of your household or your wider financial plans.

[Symbio]

It seems your quite attached to it. For myself I started with a budget but within 3 months it was blown out of the water so have taken the view it's only money if you ain't got it you can't spend it. I'm old school and saving up for something then eventually getting it is a great satisfaction, so I'd say keep plugging away and you'll get there in the end and it will all seem worthwhile, if you moved it on I suspect you would regret it. I personally don't care what mine is worth in monetary terms but what it's been worth to me a, highly pleasurable labour of love that I have enjoyed immensely. Just don't let the partner find out how much you've spent!!!

 

You are spot on. I know I could get rid and buy a more "complete" mini. But this is my first one and I would regret it I think. Ha, packages arrive and I give it the old, I got it super cheap on ebay...

[Symbio]

 

Edited by Symbio, 11 May 2021 - 09:13 AM.

[Steve220]

I never set a budget as they're rarely achievable unless you have worked the figures prior. It depends what you want out of it.

[OzOAP]

My Mrs set the budget on my Innocenti restoration...I'm still under 😉

[Homersimpson]

I'm currently restoring a car (not a mini) and I set out with a budget of 10K, i'm at 7K and I have only completed the bodyshell so far, I still have the engine and running gear to rebuild, the interior to do and the chrome.

 

I reckon its going to be more like 12K.

 

It will always cost more than you think and to be honest with classic cars unless they are incredibly rare or you are very lucky it will always cost far more than its worth to restore properly.

 

The old adage, if you want to make a small fortune in classic cars then you need to start with a large fortune....