When some people look at old clunkers, they’ll see nothing more than a vehicle destined for the scrap heap. Others, however, see potential.

In this post, we’ll discuss project cars, what makes for a good project car, and whether or not they make sense for you.

What is a Project Car?

Simply put, a project car is a vehicle that you work on with the end goal of making it better, faster, or some combination of both. Many automotive enthusiasts will purchase a classic car or a hot rod in poor condition and then spend time, money, and effort fixing it – often either for show or performance purposes. In some cases, your efforts could be spent fixing it so the engine turns over.

A project car can take on a lot of definitions, but it’s broadly considered to be a vehicle that is purchased in poor condition or with multiple defects for the purpose of being restored.

What Makes a Good Project Car?

Beauty is in the eye of the beholder, and project cars are largely purchased based on what the buyer sees in terms of potential for what it could be. Yet, there are several factors that are worth considering before making a purchase of a project car. Some of these factors include:

• The price: Do your homework and make sure the vehicle is being sold for a fair price based on its overall condition.
• The workload: The vehicle’s condition and your vision for what you want it to become are going to determine how much work you’re going to need to put into it. In some cases, you could be spending tens of thousands of dollars on parts and labor to restore the vehicle. Make sure you take the time to determine if what you’ll have to put into it is going to be worth it in the end. You might also ask the seller if you can have the vehicle inspected by a mechanic in order to get a cost estimate of the work you want to do.
• The car’s current condition: Make sure you don’t bite off more than you can chew with any project car. It’s not uncommon for scrap yards and private sellers to price these vehicles low with the lone goal of getting rid of them for any sum of money. Ask questions so you know what is wrong with it and can determine if it’s the best fit for you.

Is a Project Car Worth It?

This all depends on what your end goal is. For some automotive enthusiasts, just having something to restore over a period of time is worth it. Others might want to restore the vehicle and then sell it for a profit, thereby maximizing the return on investment. And then there are those who’ve always wanted a classic car and intend to restore it for show or performance purposes. It’s really up to you to determine whether or not a performance car is worth it.

Contact Us Today

For more information on project cars, contact Wrecktify Collision today.

For many, owning a classic car is simply a dream come true. For others, however, it can represent a financial investment – if you play your cards right, that is. So are classic cars a good investment? In this post, we’ll discuss how owning a classic car is often more than just a labor of love for auto enthusiasts. Read on to learn more!

Long-Term vs Short-Term Investment

One of the biggest factors associated with maximizing your return on investment in a classic car is understanding that you’re likely going to be in it for the long term.

The thought of buying a classic car and flipping it for lots of cash is more of a pipe dream than it is a reality. But if you’re willing to put in the work and hang onto the car for many years, you’re looking at a better chance of making money off of it. This is largely because classic cars often increase in value as they age (so long as they’re being properly maintained and cared for).

Additionally, classic car value fluctuates based on market trends and the economy. In fact, many experts project growth in investment activity in the classic vehicle market within the next few years. Sometimes, timing is everything.

Make Sure You Know What You’re Buying

Any time you’re making a significant investment, you certainly want to do your homework to make sure you don’t eventually have buyer’s regret. But doing your homework is perhaps even more important when it comes to purchasing a classic vehicle. There are various factors you should check into before making any type of purchase, such as:

• If the vehicle was made in low production numbers.
• Its overall condition and price.
• Vehicle owner history.
• Proper documentation.
• If there’s a nostalgia factor.

Know the Risk You are Taking

There are certain risks associated with purchasing a classic vehicle. For instance, perhaps the biggest risk is that you don’t make any money off the vehicle in the end, which is why there’s somewhat of a labor of love involved with any classic car purchase. We always suggest that only auto enthusiasts who love cars and love working on cars invest in a classic automobile if there’s the intention of making money off of it.

Restoring a Classic Car

Restoring a classic car can consist of hundreds of hours of manual labor. Throw in the fact that many of the parts you’ll have to source are rare and costly and specialized mechanics may be necessary to perform some restoration tasks, and you could be looking at a total price tag anywhere from $70,000 to $250,000 to properly restore a classic vehicle.

Again, it’s another reason why anyone who plans to restore a classic car should absolutely love cars. Sometimes the upfront cost that must be put forward for restoration can be difficult to stomach without knowing what it’s eventually going to be valued for.

Contact Wrecktify Collision Today

For more information on whether or not classic cars are a good investment, contact Wrecktify today.