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I have to quit Restoring Cars !

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J

Jerry

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I totaled up the spend on the last one and the value of the car is about half (IE: what it would sell for). I have always considered the work to be my hobby but I went overboard. I upgraded the engine, suspension, wheels, transmission, interior and anything else that came into my head. At the time, I was having a great time, but now that I have totaled up the car, it is depressing. Good thing I enjoy driving the classic mini. But the only models that are worth the money spent are Cooper S models. Oh well. I think I will take up golf.

Jerry
Austin Mini
Triumph TR3A
Austin Healey BJ8
 
This may look familiar -

Building-key-allies-within-the-organization-can-help-CISOs-transform-the-view-of-security-from-bottomless-money-pit-to-that-of-strategic-driver-.jpg
 
If you take that dollar figure and look at the new car market, is there anything the same dollars could have purchased that would give you the same smiles per gallon or the personal satisfaction and sense of achievement that you got from doing all that work? :smile:
 
Not a thing on the market that brings people to come up and admire your car and talk about what they used to own. The mini has gone to two car shows and gets bigger crowds than the most expensive car there. One of the shows we go to usually is about half hot rods. As people stroll alone, they look at the hot rods but stop and talk at the British cars. There must be a lot of value in that.

Jerry
 
:lol:
 
Problem: My wife does the accounting in the family. Here accounting of the last three cars indicates I do more than they are worth. But she likes the cars also and helps with the restoration so I will not complain about her. Anyway, today is our 37th anniversary so I am just getting her trained!

Jerry
 
Jerry said:
Problem: My wife does the accounting in the family. Here accounting of the last three cars indicates I do more than they are worth. But she likes the cars also and helps with the restoration so I will not complain about her. Anyway, today is our 37th anniversary so I am just getting her trained!

Jerry
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Congrats on your anniversary! In terms of the value of the car - what everyone else said. And, more to the point, most hobbies cost more than they are worth - train sets, paintings etc. etc. - but they give pleasure - and in the case of cars you know the car inside and out. More to the point, I played golf today - at least with cars you have something to show for it. just sayin'
 
Do what I've done....convince your wife it was HER idea to get the cars you have!! Makes life MUCH more pleasant!! LOL
 
Compare it to the cost of a cinema ticket. Two hours at the movies in the UK is going to cost me ÂŁ10 by the time I've bought a drink and some popcorn - so ÂŁ5 an hour. If you divide the hours spent with your mini by the expenditure gives you an hourly cost for you hobby. Compare that to the price of a ticket to any show or movie and the car hobby works out pretty cheap on an entertainment cost per hour (and given that I spend more time staring at the Healey and thinking about how and what I need to do than actually doing it its very cheap!).
 
Nice work, Steve. Amazing the lengths we'll go to in order to justify our madness, right? :wink:
 
Your numbers sound about right. I figure I'll be about $.50 on the dollar in value by the time I'm done with my Bugeye. I figure it's nice that my hobby has *some* value and is not just a total expense. You have to do much higher dollar cars than most of us do in order to just break even on dollar cost.

I take seriously the old-car advice to buy the car(s) you love. If you enjoy the hobby than the cost is worthwhile.
 
We're paying for the "fun time" we have with these cars. I think only a few of us own a shop; for most, we absorb the cost as a "payment" for the parts and hours we devote to making a heap of rusty steel into something we can enjoy.

On the other hand ...

dilbert.gif


Tom
 
Well, a new car, regardless of the cost, is worth much less as soon as you sign on the dotted line! So if you loose 5 grand after your car is done, is the enjoyment factor of the restored car worth more than the loss in market value, or is the same loss on a new car easier to except which continues to depreciate until it's in the junk yard? I'll have more money in this TF than it'll be worth money wise, but I've resigned my self to except it as a hobby, swallow the cost and enjoy the car, which I very much intend to do. :encouragement: PJ

Oh yes, my wife is very supportive on the restoration. Another :encouragement:.
 
Happy Anniversary Jerry. I've come to the conclusion that restoring a car isn't about making dollars or breaking even - it's a hobby. Sometimes you get lucky and actual make money. Such is the case is with Agatha. Having said that it doesn't matter as the thoughts of parting with her make say I'd part with Doug first. Don't tell him. As I post I am thinking about Mr. Dodge. Husband is doing a frame off restoration on this '50 Dodge Pilothouse. He is at least got 50% more into it than what it is worth. Still looking at the paint shop bill, tires, and all the extras that following including upholstery work. The gent that restored the original radio actually capped his costs as he felt so sorry for us. Anyway when you're an autophile, that's just the way it is. I've already suggested to Doug that perhaps he might want to restore the lawn tractor next.
 
" I've already suggested to Doug that perhaps he might want to restore the lawn tractor next."

That way he can at least mow the yard after he is done restoring it?
 
waltesefalcon said:
" I've already suggested to Doug that perhaps he might want to restore the lawn tractor next."

That way he can at least mow the yard after he is done restoring it?
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Now way! Once that lawn tractor is restored, it becomes a garage queen.
 
Friend of mine just sent me pictures of a car he wants me to buy. It is a project, torn down to everything in boxes. Maybe just one more car to restore!

Jerry
 
I have actually made money on one car, and should make money when I sell my TR250 based on current market prices, but that is really not what I set out to do, but it is possible, and of course when I say make money I am reimbursing myself at a rate of $0.00 per hour for my labor. But that is really not the point, even if you don't make money you at least have something that is worth some appreciable percentage of your investment when you are done. Many hobbies you have squat for all the money you spend, golf 50 cents on the dollar on the equipment if you are lucky and a tan that will quickly fade are all you have left, all the greens fees are gone baby gone.

As a dollar and cents hobby old cars are better than most, but even if it wasn't it is still a heck of a lot of fun...
 
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