Is a Classic Car Restoration a Good Investment?
Many people have a vision of purchasing an old, beat down classic car at a steal of a deal with the intention of restoring it to its former glory and selling it at a profit. Although many restored classic cars can often be sold for a significant price, it is worth considering the question of whether or not your particular classic car restoration is truly a good investment. At Vintage Rod Shop, we know that there are many great reasons to restore a classic car and that many classic cars can be excellent investments, but make sure you ask yourself some important questions before starting your restoration.
Is Restoring a Classic Car a Good Investment?
Many classic cars can be worth a good deal of money if they are properly restored and the right collector can be found; however, there are some important questions that you should ask yourself if you are determining if restoring a classic car is a good investment:
1. What Make and Model is the Car?
One of the most important factors in how much a fully restored classic car will be worth is the make and model of the vehicle. If the car is rare enough and there is a demand, the payout can often be worth the investment. Not every car is sought after by collectors, so it is important to look at how easy or hard it will be to sell the vehicle once it is restored if that is your intention.
2. What Condition is the Car In?
If the car needs extensive enough repairs, it could cost more to fix the car than can be made by selling it. Make sure that you fully inspect the vehicle and price out how much it will cost to fix it in order to determine whether or not it is a good investment.
3. How Much is Your Time Worth?
Car restorations can be incredibly time consuming, depending on the level of work required. Even if the car being restored was acquired for free, the amount of time that the restoration will take can sometimes make the vehicle less of an investment and more of a hobby. If you are happy to pour time into a classic car restoration as a hobby, then the fact that you can sell the car after it is restored is more of a bonus than a payout on investment.
4. How Readily Available are Parts?
Some classic cars can be extremely difficult to get parts for. If this is the case for the type of car you are restoring, it is possible that you will need to pay top dollar for the parts or get them custom made.
When is Restoring a Classic Car Worth the Investment?
If you are restoring a classic car for the experience and the money that can be made at the end by selling the car is more of an added bonus, then a classic car restoration is almost always a good investment. Like any hobby, restoring classic cars can cost money and be time consuming. If you are interested in devoting time and money in order to bring a piece of history to life, then a classic car restoration is a great investment.
If you are interested in finding out more about whether the car restoration you have in mind is a good investment, or to find out more about the car parts and services that we offer, please contact Vintage Rod Shop at 604-538-8842.