Agree with all of the above. The PO of my 73 Midget actually purchased the car about 10 years ago. He spent the next 2-4 years repairing all body work, applying POR-15 and primer. He has a 50 page photo album of the entire, piece by piece process. He did an incredible job, by the way! This must have been frustrating for him, but it allowed me to purchase a 'paint ready' body. He told me all the years of 'no-go' allowed his focus to wonder and he got into motorcycles. He also mentioned the reality of the true cost. Even reusing as many components as possible, the refurbishing, and need to replace and purchase is many times more than anticipated. I see on ebay all the time people investing money into upgrades and repairs, they then come to the realization that what money they have put into their vehicle is only the beginning, then need to get out before it gets any deeper, and them listing those costs to validate their asking price........their cars dont sell. This is what my PO told me exactly (he was very pragmatic).
I've done just what JamesWilson describes, mid-1990's I bought a MGB for restoration, after a few years of rebuilding, got frustrated and bought a MGB-GT!, The 'B' got finished andI sold the GT. Wish I had the GT money to put into the 'B'! After I bought the Midget, got itchy waiting, and bought a Spitfire. Did some work on it then sold last fall. Wish I had the Spitfire money back to put into the Midget! Moral of the story , as everyone above states: know your limits, know your abilities, know your finances, know your tolerances and frustration level!
I have promised myself to keep it simple from this point on! And, being a 'hobbiest', its amazing how much I have forgotten from my first major rebuild in the 90's!
(PS, and secret confession: I do love it!!!)