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Do You Set A Strict Budget For Your Restorations?


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#31 sonikk4

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Posted 15 May 2021 - 09:38 AM

I was having a chat with the old boy behind my workshop as it’s the first time he has seen Paddy on his wheels after the resto and he asked what the cost was??

Mmm, £3k to buy him, £1k to buy the engine off my lad, £3.5k on panels, £1k on paint, spray gear etc, £4.5k on the SC Seven port head kit, another £2k on other engine parts ( still more to add yet) another £2k on machining work etc, £1k on building the engine.
Things still to buy, brand new full loom, fuel pump and regulator for the injection system, fuel lines, couplings, oil catch can, breather system, modified rocker cover, water pump and so on. Then there is the dyno time as well.


Now my time, how long is a piece of string there. I work things out at £20ph which is probably too cheap, so I used to put in 15 hrs per week so 2 years of that give or take, some weeks more, some less and like last year pretty much nothing at all. Now that total is a rough figure plus things took longer as I am a picky bugger.

I still have the interior to do, new carpets, new door rubbers, new foams for the seats and assembling everything.

So far far more than the worth of the car. But he’s a keeper.

#32 sonscar

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Posted 15 May 2021 - 10:48 AM

Thirty years ago I met a pro restorer who did not advertise,people who needed his talents knew where he was.His words were I only restore high value pre war cars as the restoration costs were pretty similar for most cars but the values were wildly different.He may have been right.Steve..

#33 Homersimpson

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Posted 15 May 2021 - 11:14 AM

Thirty years ago I met a pro restorer who did not advertise,people who needed his talents knew where he was.His words were I only restore high value pre war cars as the restoration costs were pretty similar for most cars but the values were wildly different.He may have been right.Steve..

Indeed, its just not worth restoring some cars if you have to pay the restoration labour costs, if you look at something like (close to my heart) a MK2 Jag the costs to do one are huge and the value at the end not huge, especially for the lesser 2.4 models whereas something like a frogeye sprite costs a lot less to restore because there is less of it and bits are cheaper and the values are fairly similar although even then you couldn't make a living buying them, restoring them and selling them on. 

 

I remember years ago a relative of someone I knew asked me to go and look at a Frogeye, it turned out that it had been his dads and he had died leaving it in the garage, he said he was thinking of restoring it and I hadn't twigged until I went to look at it that he wanted me to do it which was a bit of a surprise and not something I would get involved with.

 

He told me he wanted to pay me to do it and sell it on and make "at least 30% on his investment" I had to educate him on the ways of classic cars.

 

Restoring old cars is generaly something you do for the enjoyment and not to make money unless its something like a Bugatti, Ferrari etc.  Even my other MK2 which is the first 3.8 built isn't worth a huge amount and having it professionally restored would not be cost effective.



#34 petey81

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Posted 15 May 2021 - 04:10 PM

Zero budget. Had it 12 years changed colour 3 times, different interior 4 times numerous wheel swaps carb swaps, carbon fibre and fibre glass panels on and off.
Always buying something but I do enjoy click and collect and also popping to minispares while working lol my partner would never know....

Car will never be a show car or high sell value so I've never kept any invoices.

I guess if I were to have some welding and respray again I would set a budget and time frame.

#35 Ol timer

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Posted 04 June 2021 - 07:50 AM

I have two budgets:
1. One for the wife.
2. The real one which I never count up.

That's the same budget I use...with the wife's one I just move the decal point one place left

Enjoy!



#36 RooBoonix

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Posted 04 June 2021 - 08:45 AM

I had a rough figure in mind when I started mine, and a deadline :lol: When the work kept mounting up and up I soon changed my mind and it was more of a it'll cost what it costs and take as long as it takes.

 

I didn't want to rush it and end up with a car that I knew could have been better



#37 minimat

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Posted 09 June 2021 - 07:55 PM

Must be difficult to factor in the cost of posting back all the faulty poor quality parts and waiting for more faulty poor quality parts to replace them of which there will be loads.



#38 IronmanG

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Posted 09 June 2021 - 08:24 PM

Think of a number, double it, add you DOB to the end.
Then hide your statements from the missus and show her the website that a gaiter is a pound and parts are so cheap etc

#39 Magneto

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Posted 10 June 2021 - 03:40 AM

I've rebuilt enough of these over the years that I have a pretty good feel for what it will cost, especially as I do all my own work save paint and engine machine work....so it's easy for me to set up a fairly accurate budget - and then blow right past it! 

 

Everything costs more than you think it will, and you always need additional parts.

 

The best way to do it is just to do it as you can, but don't get "car poor" by overspending what you can realistically afford.



#40 Dusky

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Posted 20 June 2021 - 07:18 AM

I did set a budget for my new classic arriving I a few weeks. 50% of what I sold the previous one for can be used to improve it. Otherwise I keep building a better engine etc.

#41 mk1leg

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Posted 22 June 2021 - 09:13 PM

no as you never know whats going to crop up during the restoration I bought my Project ERA in 2017 it sat unloved since 2004 and in first inpesction looked okish but once i got it home and started the project the motor needed a full rebuild and body work need some new metal and bodykit was badly damaged on front corners and upholstry was moth eaten as windows were left open whilst unused so this need replacing the cloth inserts and as no existing cloth was available the seats needed full reupholstering



#42 MrBounce

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Posted 24 June 2021 - 09:29 PM

I did not set myself a budget. I have done everything myself except the Engine Machining and Gearbox refresh which has kept the costs down but it will ALWAYS be more than you thought.

And I have changed my mind more than once on a few things which ended up being done twice.

#43 Midas Mk1

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Posted 24 June 2021 - 09:31 PM

Live once, do what makes you happy. Not for the next person..

#44 shandyman

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Posted 05 July 2021 - 12:25 PM

Hi, Im new to this forum so find it totally absorbing and encouraging what you chaps say. I bought a beat up 1993 Italian job mini which has needed everything doing. I did not have any figure in mind budget wise as I bought it complete and just hoped that a lot of it was salvageable.  The only bits worth having interior wise are the seats and the glass.  Ive resprayed the body after a bit of welding- new front wings and bonnet. The floorpan needed some plating. All the brakes, running gear, shocks, etc and steering rack have been replaced. It has a sunroof so I need to source a replacement. Ive yet to rewire and have a new head lining and carpet ready to go in.

Then came the engine. Where ever it was stored the front end took all the weather so the engine after a total rebuild is ready for all the ancillaries and I mean all.  There is nothing worth putting back on. The clutch/flwheel was impossible to remove and needed cutting off so all of this including casings is spanking new! Same for cooling etc

Not sure what to do with carb yet. Any suggestions.

Basically when complete it will be mechanically 99% new. The body looks great with the respray and I have had the wheels powder coated and brand new Yokohama tyres. Yes its been expensive, and no I havent a clue to its value. Suffice to say if you were desperate to show a profit from the labour and parts then you would be a very worried chap.



#45 cal844

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Posted 05 July 2021 - 02:10 PM

Use an HIF 38 OR 44 for the carb, originally it should have had a 38 but a 44 gives more power




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