When Should You Avoid a Classic Car Restoration Project?
In our blog post titled, “What to Consider When Making a Classic Car Investment”, we stated that if refurbished correctly, classic cars carry the potential for a large profit. However, for many classic car enthusiasts, refurbishing or restoring is far from the reason that most invest in a classic car. In fact, some enthusiasts feel that you should never restore a classic or vintage vehicle, saying that the reasons for avoiding a classic car restoration project far outweigh the reasons you should.
For example, J.P. Vettraino, car reviewer featured on AutoWeek.com, claims that you will not make money taking on a classic car restoration project. He states that in almost every case, the car and the job to restore it will end up costing more than either one of them are worth. The car’s value after a restoration project will simply not support the cost of both the car and the rebuild, according to Vettraino.
Classic car enthusiasts also point out that you’ll typically spend more than you planned by taking on a classic car restoration project. Even if you set aside some cash, you will likely find that you’ll buy things you didn’t account for, such as tools or parts for the car you didn’t realize you needed. Not only this, but as is the case with many classic or vintage cars, some parts no longer exist. This means you will either be forced to use a part not native to your classic, thus decreasing the value of the restoration, or you may never finish the classic car restoration.
Les Jackson, who offers an Intro to Auto Restoration course in a community ed program, states that despite the reasons there might be to avoid a classic car restoration project, there could still be benefits. “There can be more of a community aspect to restoring a car,” Jackson says. “When you stop for gas, people ogle and marvel.” When it comes down to it, this may be the only reason you need to choose to restore a classic vehicle.
At Condon Skelly, we understand the appeal of and desire for classic cars. We are able to insure a wide variety of collector vehicles, from original antiques to brand new exotic sports cars, as long as the vehicle is a true collectible. For more information, please contact us today at (866) 291-5694.