Somewhat OT: Financing a restoration?

[Last Ride]

Hey all--
I have been wondering about this for some time now. I am essentially rebuilding a 1978 Silver Anniversary (not really restoring). What are my options as far as taking money out (preferably against the car) in an efforts to finish this project in this lifetime? I am a homeowner, but have been so only for about 3 months. This project will be quite costly, probably more than the car will ever even be worth if I were to try to sell. I have been using a credit card soley for the car and just paying it off then buying more. There has to be a more efficient way! I want to get this car "done" before we start hearing the pitter patter of little feet and it just sits there for the next 20 years! Thanks for your help.

 

[ratdog]

I had my 2 Vettes appraised by a Vette dealer here in PA., he padded the price a little so I could get what I wanted on a loan using the title (car) as collateral. I needed 23K to buy some guns and I had my 69 appraised for 26K, which covered the loan. My 75 was appraised for 13.5K but I only needed 10K for whatever. I call it creative financing!!!!!!>>>>>>>>>>>>>>

 

[Tom Bryant]

I have used the Corvette titles many times to get money for whatever. You will be restricted to the value of the car though. Check in Hemmings Motor News. I've seen lenders that do collector car financing like Mid Bank advertise restoration loans.

Tom

 

[IH2LOSE]

Bryan what is the value of the car when complete and the best condtion you can bring the car to ??????

How much will it cost in material to get the car there ???????

when all is said and done will the car cost more to build restore then what its can be purchased for .If yes then sell it and purchase one complete.I am not a rich person I struggel just like every one else and my advice is never to go in dept for a toy or worse yet to build a toy.It would be smarter to finance one allready done then to finance the rebuild of one.If some thing should happen half way thru the project and you had to sell the car or your family had to sell it they would have a hard time selling a car half done.If it was a complete high quaility car you might lose a little money but it can always be sold or the finance institute may take the car an forgive the balance of the loan,Or put the car aside for a couple of years untill the finances are more readily available Or if work allows put in some extra time or get some side work to pay for this TOY

I dont want to sound like I am preaching hear but dont finance a pleasure vehicle,

Good luck

 

[paintdaddy]

My best advice is ,make a good accurate estimate of what it will cost to do the project.I dont think a loan is a bad idea as long as you dont go over the cars value.It sounds like you want a nice driver and you could build a driver for that.My rule of thumb is that ,for a driver ,you will have as much money in parts as the car is worth.Something else,IF you do this ,make sure you follow through.Ive seen alot of people either start cutting corners as the project gets closer to completion or just quit and sell it half way through.Half done project cars are always money losers.

 

[LEEJANDZ]

ratdog -- I needed 23K to buy some guns and I had my 69 appraised for 26K, which covered the loan.

Yikes!!! Thats a lot of guns... or 1 big tank.

But back to the point... rates are good right now.
Go down to your bank and take out a Home Improvement loan.

Sound good?



JASON *** BRAND NEW MAGNECOR WIRES FOR SALE!!! *** 1979 L-82

 

[Last Ride]

Okay, it wouldn't let me attach a text file, but if anyone is interested, I have almost the entire project mapped out on a single-page document. I would love some other opinions!

Bryan

 

[ratdog]

OK, you're ugly too! Seriously, just do it and quit asking peoples opinion. I found if you start second guessing yourself nothing will get done. You will talk yourself out of it. DO WHAT YOU HAVE TO DO!!!!!

 

[69MyWay]

There are thousands of ways to look at this decision.

One is, you only live once. If you gain personal pleasure and satisfaction from the build process, then it does not matter that you put more into the car than it is worth. What would you be doing with your time and money anyway? .... You can't get your money back from taking a vacation, or traveling for pleasure, you can't get your money back from playing golf, you can't get your money back spent at the bar,......................

At least you will know where your money went....unlike some many other people in this world that don't have constructive hobbies.

Now, you will go over budget.....I promise. There is always more to be done than meets the eye. Set a reasonable time frame and reasonable budget to launch the process and go from there.

You can borrow against the car, against your house, take a personal loan, play the credit card shuffle, or eat PB&J, go out to less dinners, go out to less movies, cut back on the cell phone, cable bill, and prime rib vs. turkey sandwich, and you will get there.

Take lots of pictures....those give you something to look back at and smile later after the car is gone and you took a big hit on the sale price. No matter....you will have fun, learn some new skills, perfect ones you already have, and make many new friends.

 

[LEEJANDZ]

Last Ride -- Okay, it wouldn't let me attach a text file, but if anyone is interested, I have almost the entire project mapped out on a single-page document. I would love some other opinions!

Send me the document.
LEEJANDZ

I sent you a PM

 

[IH2LOSE]

OK, you're ugly too! Seriously, just do it and quit asking peoples opinion. I found if you start second guessing yourself nothing will get done. You will talk yourself out of it. DO WHAT YOU HAVE TO DO!!!!!

I do have a comment here and dont want to start an argument.The best way to make an informed decsition is to aquire information.Any time I am asking for advice I am collecting information I am NOT asking for some one to make the descistion for me.
What better way then to get an education on a subject then from people who have been there and done that prior.I mean that is the whole princeable behind a forum its A means to share and gain information with others

Carefull thought out planning for any project make for a smooth completion just hap haserdley just jumping in makes it an unpleasent exsperiance from start to finish,Its all in the planning


Bryan continue on your quest for information it is the correct way to make informed descitions.

 

[Rob]

OK, you're ugly too! Seriously, just do it and quit asking peoples opinion. I found if you start second guessing yourself nothing will get done. You will talk yourself out of it. DO WHAT YOU HAVE TO DO!!!!!

Actually, part of the point of these forums is to ask opinions and questions provided that they are done so in a friendly manner....

 

[JohnZ]

Larry is right - I've done seven Corvette body-off restorations over the years, plus building numerous street rods, Cobras, and a tube-frame Grand Sport, so I've got some background I can share. Defining your ultimate objective for the car is first, then developing a detailed teardown/restoration/rebuild plan, using that to develop a budget (doubling your estimate and then adding 50% is usually pretty close), then ensuring you have the dedicated space available for two years or more, developing a parts and outsourced services list with sources/providers and prices, laying out a detailed worklist plan with lots of small goals you can check off as you complete them so you can see progress toward the ultimate goal in order to stay motivated, etc.

If your aim is to try and make some money on the car after restoring it, STOP right now and think about somewhere else to put your money; there is no financial justification whatsoever for doing a complete restoration - it's done for personal satisfaction and pride of workmanship, not financial gain. The only people who make money on restorations are the commercial shops that get $75.00 per hour of their customers' money and spend 1000-1500 hours per car on a restoration.

Restoration is a VERY demanding task that requires careful planning and a LOT more time and money than it looks like at first glance (which is why there are so many "project cars" for sale); that's why "buy the best car you can afford" is excellent advice.

 

[Last Ride]

I would much rather do this project on my own rather than pay someone else to do it. I have lots of things working against me, however. First and foremost is space. I have no room to take the body off the frame and sit them side by side. I thought about adding onto the garage, but it is only a 1.5-car right now. Second, I don't really have any friends that I can call on that have the desire and/or experience to help me with a project like this. Finally, I don't have the most patience in the world, and I think that diving into this on my own has a great deal of potential for me to get frustrated too quickly! There will also be things that I simply cannot do, and taking pieces of a car to a shop could get difficult. In the long run, if I had a larger garage and maybe one other person that had done something like this before, I would do this on my own. I am not sure how to do anything associated with rebuilding a car, but I feel confident enough in my abilities to follow directions and learn on the fly that I could take the body off the frame and restore the frame, install the suspension, etc. Sorry for the long-winded response, but that is where I am coming from!

Bryan

 

[paintdaddy]

As far as knowing someone that has done this before I think youll get enough help here on cac,I know its not the same but damn close.Ive done alot of restorations and there is a certain order everything must be done in.If you do it in the correct order,you should have enough room,provided you have a place outside you could store the body for a few months.Another option is to find someone to do the body and paint on the body while your doing the frame.That way you have somewhere to keep the body.Explain to them your in no hurry.All of this will take an understanding wife and ,yes ,patience

 

[IH2LOSE]

Bryan from a guys who has been there several times (only once with a corvette And I did not go frame off)

If you desire a frame off ncrs award winner or not a ncrs award winner eather way it is always cheaper to purchase on done then to build one , frame off is just not a catch frase the real meaning is you are going to seperate the car from it body to gain axcess to every nook and cranney on the body and frame and then restore it to perfect condtion (be it by means of cleaning,painting,correcting,rebuilding,ect ect.) it seems you may be pressed for time or in a rush to do the car,

I personally LOVE to work on cars,I enjoy every minute of it I do it to burn up excess energy.I have stated this before I have more fun building the cars the showing or driving them.I dont do it for money on a resale I do it to build or make something as good as it was built or better.I have been working on cars since I was a child,I am also short on space and am trying to build a bigger garage.In my case the garage will always be used if your building a bigger garage for the car rebuild only that will be one exspencive car rebuild.Lastley you said you may be short on paitence cars are like kids as soon as you lose your cool they win that battle.I am not trying to talk you out of anything but I have seen some 78 pace cars with under 5000 documented miles selling for around 24,000.00 If you decide to go foward with the car definatley write a plan as john has described of whats going to be done and time frames exspected and cost,s I always right an action plans on what I am doing on a project and follow it closely I have goals written and also am able to check them off when complete Some time I need to do that so I see progress,

I am planning on a restomod 61/62 build up with a tube frame I have collected and documented and have planned the entire build of the car all ready.I mean I have allready purchased a motor for the car,I mean I can allready picture my wife and daughter in the car on the way to car cruise's this project you go real easey because it is almost over planned

 

[Last Ride]

I couldn't agree more. The garage expansion thing would be something that would make my wife happy as well since she could park her car in the garage (eventually). The reason I want to go with a frame off "restoration" is because I want to Por15 the frame and suspension pieces as rust can eat cars here in IL. I use the term "restoration" lightly as I will be doing very little actually restoring. This car is a hot rod all the way. I suppose if it came down to it, I could always bypass the "frame-off" part for now as my car is not really a show car and I will drive it very little in badl weather. The reason I even started thinking about it was because the frame has surface rust now, and it won't get any better. I figured it might not be bad to do it now since I am replacing the entire suspension. I will go to shows with this car, but it will primarily be a driver/ weekend strip car. Anyway, I appreciate all the info that people are throwing my way!

Bryan

 

[IH2LOSE]

definateley dont go frame off now.We are almost in the season prepare it to drive and enjoy,and allthought you might repate some work by having to remove the suspention again to por 15it I would not go frame off for that,Best of luck and remeber its all supposed to be fun

 

[Last Ride]

One thing I forgot to mention was the fact that I plan on installing a 4-point roll cage. Not sure this has a lot to do with a frame-off, but I thought it might be easier to get to the weld points with the frame off.

Bryan

 

[paintdaddy]

Are you building a dune buggy or a corvette?