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GT6 GT6 - no offense anyone, are they worth restoring
- Thread starter TFR
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vagt6
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TFR, I might begin by saying that unless you find a way to legally steal an LBC, the word "investment" is hardly applicable here. Especially with a GT6 or Spitfire, the cost to restore a rust bucket example easily and quickly exceeds the retail market value of the car.
The best way to acquire a nice LBC is to purchase a nicely sorted example into which some other poor bloke has poured way too much time, money and labor and is forced to sell it for less than his "investment" in the restoration. And, good deals like this abound in today's economic environment, it's a great time to buy a nice LBC.
Also, a huge determining factor is your ability to perform the work yourself. If you have requisite knowledge, skill and equipment to completely restore an antique car, you <span style="font-style: italic">just might</span> break even on a $500 GT6 resto, but I doubt it can be done even by Kas Kastner. The budget killer is the body work and paint, usually.
Most, if not all of us restore these cars because we love the car, and/or the challenge of tackling a difficult project and winning over the machine. But it's not normally for the investment, I'm afraid.
Is it worth restoring a $500 GT6??? Depends . . .
The best way to acquire a nice LBC is to purchase a nicely sorted example into which some other poor bloke has poured way too much time, money and labor and is forced to sell it for less than his "investment" in the restoration. And, good deals like this abound in today's economic environment, it's a great time to buy a nice LBC.
Also, a huge determining factor is your ability to perform the work yourself. If you have requisite knowledge, skill and equipment to completely restore an antique car, you <span style="font-style: italic">just might</span> break even on a $500 GT6 resto, but I doubt it can be done even by Kas Kastner. The budget killer is the body work and paint, usually.
Most, if not all of us restore these cars because we love the car, and/or the challenge of tackling a difficult project and winning over the machine. But it's not normally for the investment, I'm afraid.
Is it worth restoring a $500 GT6??? Depends . . .
To somewhat echo Mark's statement, it is a rare car indeed where a restoration will be a financial investment. In fact I can't think of a single LBC where it could be done (selling price exceeds resto cost). I'm assuming that by restoration you mean bringing the car to 'as new' or 'like new' condition.
Even at a 500 buck purchase price, a decent restoration (body work, paint, engine rebuild, interior) will put you underwater with a GT6... and that's assuming you are doing a lot of the work yourself. If you farm the whole project out, you would wind up very, very underwater and most would question your sanity.
However, with that said, I love GT6s and if I could find a decent one (rare here in the northeast), I'd pick it up...
Even at a 500 buck purchase price, a decent restoration (body work, paint, engine rebuild, interior) will put you underwater with a GT6... and that's assuming you are doing a lot of the work yourself. If you farm the whole project out, you would wind up very, very underwater and most would question your sanity.
However, with that said, I love GT6s and if I could find a decent one (rare here in the northeast), I'd pick it up...
prb51
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Most get upside down in a resto unless you do everything yourself and then you are upside down in your own time/labor.
OTOH most know this going in and do it because they want 'that' car.
If it is done well you will enjoy a great period ride and be able to recoup a considerable amount if you part with it.
Tier one cars and some tier two are investments, others for fun.
OTOH most know this going in and do it because they want 'that' car.
If it is done well you will enjoy a great period ride and be able to recoup a considerable amount if you part with it.
Tier one cars and some tier two are investments, others for fun.
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If you are asking it as a way to make money--a GT6, no, they are just not worth it on the market, if you do all the work yourself and don't count your labor as cost you might be able to break even or even turn a small profit depending on what you need for the car, but if it needs an interior, chrome, paint, mechanical repair and rebuilding and I assume it needs most of these if not it will be a hard proposition to make bucks.
If you are asking is it worth it to buy because for whatever reason that is the right price point for me to buy the car now, I have always wanted a GT6 and I like to fix up cars it can be a good and enjoyable purchase for you and a sound personal investment.
As far as making money on cars at the lower end of the collector car market if you can buy them from people that have a decent car, but don't have the time skills or inclination to make some minor repairs to make it right and you do there is some possibility there. Case in point freend who bought a non running MGB GT, he suspected fuel pump it was and a $500 car went to a $1000 car for basically nothing, he just filed and set the points. Otherwise for investment purposes you are better off going to the higher end of the spectrum, Big Healeys and Jags come to mind, but the price of admission is much higher.
If you are asking is it worth it to buy because for whatever reason that is the right price point for me to buy the car now, I have always wanted a GT6 and I like to fix up cars it can be a good and enjoyable purchase for you and a sound personal investment.
As far as making money on cars at the lower end of the collector car market if you can buy them from people that have a decent car, but don't have the time skills or inclination to make some minor repairs to make it right and you do there is some possibility there. Case in point freend who bought a non running MGB GT, he suspected fuel pump it was and a $500 car went to a $1000 car for basically nothing, he just filed and set the points. Otherwise for investment purposes you are better off going to the higher end of the spectrum, Big Healeys and Jags come to mind, but the price of admission is much higher.
Skip_Robertson
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Buy the GT6, part it out and sell the parts on ebay. If it has any kind of decent body and mechanicals you can turn your money and maybe buy a decent driver.
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No offense, Skip, but I don't like to see that sort of advice. Practical? Perhaps. But like most other cars of the era, they "ain't makin' 'em no more!" Too many good, restorable cars get parted out because the bits are worth more than that extant whole at the moment. More than enough cars likely have already been parted, and there are still wrecks and severely rusted cars yet to be parted, so there's a decent supply of used bits already.Skip_Robertson said:
Silverghost
Yoda
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One thing that is almost ALWAYS overlooked - imvho - is the enjoyment "dollars" that we get from our cars. Say you get this car for $500, pump $14,500 (for easy math lol) in it, drive it for X years and then sell it for $5000. On the face this is a $10,000 loss. But is it really? 1) you got the experience of getting the car to the point you wanted it by the means that worked best for you. 2) You then got to drive/use/own (hopefully it works when the work is done! lol) that car until you sold it. 3) Presuming it's now a functioning enjoyable car - you have the memories/experiences that go with that. If you had the car 5 years total- the "loss" of $10,000/5 = $2000. You "spent" $2000 a year - $167/month to get all that. The way I look at it, maybe that's not a bad deal? Again, just my very humble opinion....
Silverghost said:
Just look at the "daily driver" regular everyday cars people buy. They spend lots of $$ on them as transportation and expect to loose money. In fact they depreciate much faster than our LBC's Unless you are buying a Ferrari or some such auto, cars are not an investment. Owning and restoring a LBC or other enthusiast auto, is a hobby and done for the enjoyment it brings you, and not as an investment.
If you are going to do it for the money there are much better ways out there.
T
TRDejaVu
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Re: GT6 - no offense anyone, are they worth resto
I might not want one, along with many other cars that are now classics (see my previous post on Austin 1100s), but they do need to be saved whenever possible and not just considered as a quick source of $$$.
Would you like to pick another answer from the list?
Ditto.angelfj said:I agree with Andrew.
I might not want one, along with many other cars that are now classics (see my previous post on Austin 1100s), but they do need to be saved whenever possible and not just considered as a quick source of $$$.
Would you like to pick another answer from the list?
dklawson
Yoda
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Re: GT6 - no offense anyone, are they worth resto
I also hate the idea of any car worth saving being parted out.
Most of my thoughts have already been expressed by those who have posted above. I would just like to add that if your intent is to get the car and drive it when you're done then it is a project worth taking on. The only advice I would offer is to NOT total your receipts along the way.
I also hate the idea of any car worth saving being parted out.
Most of my thoughts have already been expressed by those who have posted above. I would just like to add that if your intent is to get the car and drive it when you're done then it is a project worth taking on. The only advice I would offer is to NOT total your receipts along the way.
Cyberpyr8
Senior Member
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Re: GT6 - no offense anyone, are they worth resto
The other thing you have to consider is that these cars are a great bargain for a classic car. For $500 + the cost of restoration you still will be under what a muscle car would cost you these days plus you can afford to drive it. The fact that they aren't your normal muscle cars makes them that more special.
They aren't investments to make money on but an investment in fun and enjoyment.
I have a friend that has a completely restored 69 Ford Fairlane CobraJet that is incredible, but too costly to drive and risk damaging. I am excited to get my Spit running again and enjoy it.
The other thing you have to consider is that these cars are a great bargain for a classic car. For $500 + the cost of restoration you still will be under what a muscle car would cost you these days plus you can afford to drive it. The fact that they aren't your normal muscle cars makes them that more special.
They aren't investments to make money on but an investment in fun and enjoyment.
I have a friend that has a completely restored 69 Ford Fairlane CobraJet that is incredible, but too costly to drive and risk damaging. I am excited to get my Spit running again and enjoy it.
Skip_Robertson
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Sorry guys, but I like to drive mine not work on it. I do all my maintenance and enjoy tinkering, but at my age i am not interested in a 4 year $15-20,000 project. I would part with my Harley before my TR-3. It is a driver not a collector and that is the way I like it.
myspitfire
Jedi Warrior
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ONE important point in this discussion.If you work for Moss my advice is GO FOR IT!...Or if you know the boss THATS your first break.One other point MOSS does need to contribute as their isn't much Moss says about Triumph's.SPITFIRE's :hammer: in particular.
KenWhitelightning one beautiful Spit.
KenWhitelightning one beautiful Spit.
terriphill
Darth Vader
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I have NO idea how much it costs us to restore a car. We buy them cheap (usually less than $500) spend a year or two tearing em down and putting them back together, drive them until we find the next one and need the garage space. Often we will sell them to make enough to buy the new one and a few start up parts to begin the process again. For us putting LBC's on the road is a hobby and not a for profit business. Why do you want this car? If you want a car that you can buy cheap and turn a profit go for one of the "ricer" cars that the young kids find so desirable. If you want a truly rewarding and challenging hobby with a fun product...buy a LBC!
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I had a running 73 GT6 for sale with a pile of parts from a second car. I thought the rusted shock mount had created the dangerous suspension shift that stopped me from driving it. I did not have the time to research, but had bought new shock mounts to weld back the suspension. A young man bought the pile of parts and car for $2500. He later told me the suspension problem was a broken fulcrum bolt. Well, he and his Dad restored the car in 9 months by themselves, painting and everything for under $9000 including purchase. They showed the car the next year. While I was at the show, I did not see them but, I saw the car and immediately recognized it. Not from #s, but from the 72 gauges. I had removed the black rimmed 73 gauges and put in 72 chromed because of an electrical short a few years back. Told him later how I recognized the car and he immediately changed the gauges to be all 73. Yes, if you can do the work yourself, with experienced help, you can restore it for a decent price. GT6s are fetching $10-$15K at auctions in #1 condition.