I have bought "done" cars. but always knowing I could later sell it at a profit. I get a lot of pleasure working on my cars. I also have gotten great pleasure buying a done car at a very fair price. No, I don't have an ego that compels me to be able to say, " I did this!" just me,,,,
I would not buy it, unless I knew it was wholesale. I have restored to perfect, I've restored to really ugly driver types, parted, bought, sold, etc. call me what you like.
I was raised poor, and was always a risk taker. I had good country bankers. they loaded money on an annual note, not monthly pay. when the note came due, I had sold something to be able to pay it off. I have sold off lots of things I had rather kept. but I kept the banker paid OFF.
i'm also conservative. if you are buying that car as a toy to keep and not sell at a profit ( which, by the way, we all know is hard to do), then I say treat that idea of a classic car notion like you would if you were borrowing money to buy a say, a ski boat, a shotgun, any type toy. better be able to afford it!!!!!
kinda of like the guy that said he would never take out a mortgage to buy a home!!!!! he saved all he could every month of every year. but the cost of a home kept going up and at age 80 he died still paying rent!!! LOL