Looking at, evaluating and pricing a project car.

-

harrisonm

Well-Known Member
Joined
Jan 16, 2005
Messages
5,702
Reaction score
7,932
Location
Topeka, KS
I have seen a lot of posts over the years where people ask our opinions on the value of a project car. I have a few ideas, and I would be interested in other people's comments.
1. The car's price must be in line with what it will be worth when finished. If, for example, a nice 69 Dart GT 340 4 speed is worth $35K, you can't pay $15K on a ROUGH car that needs everything. Even if you can do mostly all the work yourself, you will have more than $35K in it when finished. If you like doing the work, you can factor that in.
2. In my opinion, if you cannot hear the motor run, you should assume in needs a complete rebuild. If the person says something like, "All it needs is a battery, carb, water pump, etc. and it will run" you need to take that with a grain of salt. If it was that easy, they would get it running for the sale. Same with the transmission. If you cannot see the car move under its own power, I will assume the tranny needs a rebuild. This may seem harsh, but that is my hard rule. The old, "it was running when it was parked" doesn't hold much water with me unless the seller can really convince me.
3. About rust! Rust repair is time consuming, and some parts are expensive. A car with too much rust will take a big hit in value in my opinion. Plus, it is my experience that however much rust you see before the paint is stripped, will wind up being only about half of it in the long run.
I have looked at a lot of project cars. Some for myself, and some for and with others. These are the rules I use, and if the seller is reasonable, you can usually agree on a fair price.
 
As far as your #1 is concerned?
I agree.

Most people I know have more into their Mopars than their worth. Even if they do it themselves, time equals money, do the math and you loose out.
To get a vintage car "really" nice you'll very rarely get all your money back, if you sell, unless the car was given to you cheap.

If you're restoring a car to flip it? That car will not be as nice as a car that is restored solely because they loved it and were attached to it.

Some cars, like mine, will never be for sale, as long as I am alive anyway.
Over the years, I have WAY more into it than I care to admit. My wife would kill me if she actually knew how much money I have spent on my Mopar.
So... if she ever decides to sell it, it's gonna be a GREAT deal, even at maximum market price.
:thumbsup:
 
Last edited:
I prolly have around 20k in an 8k car now... (She Thinks) I bought it for 4k and put 4k in to it. Ssssshhhhh!!!

4.jpg
 
My 340 4spd Tribute convertible just finished 2 years ago with the exception of New chrome and seat covers I've been told is worth less than 20K. And my Hardtop with RB 500 motor I have a 6k into is only worth around 20K . Yet I see people selling rot boxes for 10K ??? :realcrazy:

Resized_20210703_103633.jpeg
 
Try to remember this about cars.

They came from the factory new only once.
That was the only time in history that their value was consistent. Any modifications either lowered the value or raised the value.
Nobody would had thought a Mr Norms Demon GSS would be worth then what it is now let alone it would still be on the planet in 2022. With that said, a car is only worth what someone pays you for it. Ask $16k for a 71’ Duster 340 -4speed car and you may get it. Ask $40k because you heard someone just got $40k for their 318 Duster at auction and chances are you will not get it. As for repairs- especially rust repairs. If you are flipping a car and need to fix rust chances are unless you glue the quarters on a heap you will not make money. BUT if you love the car and it costs you $5k to replace a full quarter then it is the price for admission to this sport. Pride in your car or your work is worth it.

As for the original poster- I fully agree and recognize what they are saying. But why do people climb Everest, or do anything? If you do it for the love of the subject you cannot look at the money. At that point it is either you can or cannot afford it- at that moment.

Same with car values- finish your car today and it is over valued for the market. But in 5 years it may be worth 2x the cost. Except for those cars built in the 80’s with fat tires and really bad color combination stripes. I’m pretty sure that look is not coming back anytime soon. Lol!
 
I agree.
I pay for a project IF I can get my $$ back if I sell, but I know I may or may not get a dime for all my work, body/paint work included. Most projects are overpriced junk.
 
Unless you are going to put just the minimum into a car and flip it as a project for someone else, projects are NOT lucrative. That said, I treat projects as just that...a project. The joy comes in the process and the results. It is my hobby-not business and when I try to balance the books all the joy is lost. But I must add that I do 100% of the work myself and that is the point.

I purchased my 51 GMC 5 window for $250. I have over $50k in parts, $0 labor. I'm in the black on that one...I think. But that's not the point. I don't feel stuck with it or a need to sell it. In my mind, I spent $50k for the fun of building it, the truck is just the by-product.
 
Make your money (and that includes value for a car you won't likely sell) on the buy, NOT the sell.

If "all it needs" is a battery- bring one.

If "all it needs" is a carb- bring ether- it should still at least fire and/or try to run (or bring a carb).

I changed the starter on my 440 truck in the PO's driveway so I could hear it run.
It had a cracked TQ but still ran enough to tell me the engine was good.

EDIT: BTW- $850 in 2015 for a 1980 step-side w/ LRE parts and clean bed with a 1969 440 and 833 OD. Now running and driving.
 
Last edited:
My 340 4spd Tribute convertible just finished 2 years ago with the exception of New chrome and seat covers I've been told is worth less than 20K. And my Hardtop with RB 500 motor I have a 6k into is only worth around 20K . Yet I see people selling rot boxes for 10K ??? :realcrazy:

View attachment 1715964588
Yes, A guy like you, who knows a good quality car, could never sell someone an overpriced rust bucket in disguise. It's not in your DNA, and guys like us tend to steer clear of those vehicles anyway. But.
We all gotta stay vigilant and expose the opportunists trying to take advantage of our passion.
 
Last edited:
It has never been cheaper to buy a project car vs. a done or very nice original car. Many of us have normally bought project cars because that is what we could afford. And, today's market is the biggest example I've seen in my 45 years in this hobby. You can wish that the end cost will be the same or even cheaper on a project, but it's never been that way.
 
Back in the 80s' the so called muscle car was just starting to be a target of desire, after what about 20 years from when new. The the stock market crashed and $$$ went into the desirable models. Then about 91-2 the $$ guys pulled out and the market was flat for several years. But all that history is beside the point.
Back in the early 90s for instance, good Mopar projects were everywhere but not too many "restored" or surviving nice cars. Projects were cheap but 20 year old cars needing most everything. Yea you might find a decent runner but still really needed everything. Yea a 68 Roadrunner or Charger could be found for $1000-1500 (OK so some were found for less!) but if you really built the drive train, body/paint, interior..... It would bring about $7500. You had that pretty much in it if lucky and not more.
Nowdays, 99% of those good projects like back then, are now 30 years older and 30 years worse!!!!! They ain't the same and most of the good ones were done decades ago! toay projects are way overpriced for what they are. Look what it costs to do anything on a car today!!!! Anything!!!
But today, there are so many done cars or even older restos, that if you add it all up, a done car of done well or well enough will be bargain. Add it up.
Old saying in the horse world " people buy yearlings because they are chasing a dream , yearlings are cheaper.....but dreams usually never come true". That can be sore true in the old car hobby also.
I enjoy the hunt, the build, but it can be nice to buy a car mostly done also!! and drive it!!
 
$16,000 for a car with visible rust is STUPID :rofl:
 
The cost has steadily increased on cars being built. If you want a nice car, are happy with presentable parts and can do the work yourself the hobby doesn't have to be expensive.
If you pay to have one built to show level by a pro using all new parts the end value will never catch the cost.
 
Never buy a car finished or project if you do not physically SEE it.
Inspect it yourself. If it's too far away get on a plane and go see it or just keep looking.
 
I remember back in the early 90’s when the market crashed and some investors in Japan bought a triple black hemi convertible cuda for $1,000,000.00 I was floored. Where the car is now is off my radar but talk about investment. It was one of like 7 cars built with those specs. Crazy right?!?

Also, think about all the bodies you’ve scraped because it was a slant six car? Or 4 door. I’m seeing 4 door slant six cars being sold for $5-$7 now. Those cars I junked (one 71 Demon I bought just because it had new tires) were in better shape than what sells today for big money. Lol!
 
The ones I laugh at are the ones that say "running engine" and you see the under hood shots and it's missing radiator, distributor, wires, carburetor and on and on.
 
I remember back in the early 90’s when the market crashed and some investors in Japan bought a triple black hemi convertible cuda for $1,000,000.00 I was floored. Where the car is now is off my radar but talk about investment. It was one of like 7 cars built with those specs. Crazy right?!?

It is the Rich that can drive up the prices. Let's say I won that big recent lottery, I'd buy that Cuda in a heartbeat.
With that much money on hand who cares .
 
-
Back
Top