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Do You Set A Strict Budget For Your Restorations?


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#16 Spherix

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Posted 11 May 2021 - 10:41 AM

I don't budget as I never have all the money I need up front anyway; as long is time is on your side you can spread it out nicely (the cost and work). I'd say if you have time constraints, then budget and plan it out.

#17 Oldskoolcool

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Posted 11 May 2021 - 02:54 PM

The main rules of restoration are these.....

 

1, Set budget

2, Double the set budget 

3 Add 50% to the second figure 

4 Lie to the wife and tell her it cost less than you originally budgeted 

5 Hope she never finds out ! 



#18 johnR

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Posted 11 May 2021 - 03:15 PM

What's a budget?



#19 Richie83

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Posted 11 May 2021 - 08:08 PM

I was too terrified to set or track a budget. Both my cars have evolved a lot and I’ve basically spread it out over the last 10 years or so. 



#20 GT Jimmy

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Posted 11 May 2021 - 08:15 PM

I was talking to a lad in the pub and he asked how much I planned to spend and how long to do it. He said quadruple it, and he was spot on. Budget was blown after the first 2 minispares orders.

Was worth every penny though

#21 Tds76

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Posted 11 May 2021 - 11:01 PM

Mine was not a restoration, but I still set a strict budget which I roughed out on the drive home from seeing it for the first time, car + minilites, disc brakes, heater, seals, headlamps etc. 

As I passed that budget, blown away by how expensive Mini bits have got since my previous one I established two budgets: one for upgrades and one for tracking maintenance. 

 

The one for upgrades is below my original, but it is surprising how much I now classify as maintenance... 

 

Paul. 



#22 Symbio

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Posted 12 May 2021 - 08:35 AM

Thanks for all the replies. Pretty much line up with where I am, restoring the mini seems to be dynamic, based on ebay deals etc and my changing taste as the project evolves. Thanks again. 



#23 E23TFD

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Posted 12 May 2021 - 08:50 AM

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.


I think this is the best view, think of any other hobby (golf, season tickets etc) there is little to no financial payback on investment you do it to enjoy it. Plus point you can get some money back out if you decide to sell but I would say it’s not an investment opportunity to restore.

#24 KTS

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Posted 12 May 2021 - 10:03 AM

it's also worth bearing in mind that although, in most cases, we're unlikely to get back the money we invest in restoring them, they are an asset that does tend to appreciate over time.



#25 MatthewsDad

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Posted 12 May 2021 - 10:23 AM

Golf club membership is £1,000 a year with nothing to show at the end of it, and no-one will have played much golf over this last year, while for many of us working on the car has been an ideal escape from the madness. It depends what floats your boat. I gave up tracking spend years ago.

#26 sonscar

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Posted 12 May 2021 - 10:39 AM

Rent a new car,£5K deposit £300 monthly and three years later...£2K for excess mileage and damage then,£20K to keep it or give it back for free?Its a hobby don't bankrupt yourself and enjoy it.Just my view,Steve..

#27 LittleGreenMini

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Posted 12 May 2021 - 09:08 PM

It’s scary how accurate the ‘rules’ are on this thread.
I’m nearing the exciting rebuild phase of my project, I started with a budget and very quickly doubled it! I started tracking the costs and wish I hadn’t.

The biggest lesson that I’ve learned is that you don’t have to do it all at once. My original ‘budget’ included lots of mod cons like an electric fan, some engine upgrades and new seats. As the costs increase I’ve dropped these off deciding that I will do them at a later date. This means i can start to enjoy my mini earlier, and then enjoy fitting the upgrades when I can afford them.

#28 Dgoodbu1

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Posted 13 May 2021 - 11:49 AM

I recently finished (if you ever do...) my MKII restoration. Took 5 years and I didn’t keep all the invoices but I reckon I have probably spent around £5k. I did all the work myself so if you outsource anything the costs will go up hugely.  For me it is the journey not the destination, so as long as you are enjoying it and can support it financially keep going!



#29 Jase

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Posted 14 May 2021 - 08:26 PM

I have two budgets:

1. One for the wife.

2. The real one which I never count up.

 

Enjoy!



#30 Homersimpson

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Posted 15 May 2021 - 08:22 AM

On another forum i'm on one of the posters has the tagline:

 

"My biggest worry in life is dying and my wife selling my stuff for what I told her it cost"

 

That is very true.






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