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$80,000? Is it worth it?

2K views 22 replies 15 participants last post by  pj70 
#1 ·
Hi, I’ve owned my 66 fastback for 31 years(first car) and after all of this time and 3 kids, I want to save it. It’s in bad shape with the leaf springs coming through the truck floor, rails rotted, floors need to be done and there is a lot of bondo on the car. I sent it to be looked at by a very good, professional, restoration shop and the long and short of it is that I’ve been quoted $80,000 to restore the car to excellent condition. The question is, besides the sentimental value, is that dollar amount common or is that a New York, high end price?
 
#4 ·
Worth it for resale? No. Those of us that do all of our own work struggle to break even. Looked at as an investment (+/-$100k all-in in today’s market) for a run of the mill fastback, it has terrible ROI. Up to you to determine if the sentimental value is worth it.

All of that said, parts + labor, I would charge at least that to bring it back to life, and I’m no pro. So I don’t think the shop is unreasonable in their estimate. But there’s nothing reasonable about your plan.

You can sell what you have for $15-$20k and get a finished car in similar spec for under $50k, or wait probably years for yours to get restored.

I’m not pointing you one way or the other. If it were me, I’d restore it myself and end up spending $25-30k in parts/paint and enjoy the satisfaction of a job well done, but not everybody is a masochist like me.
 
#6 ·
Agreed. He’s money ahead starting with a Fastback, but financially, you’re better off spending that restoration money on a Shelby or Boss or similar. Those special models come with their own pricey headaches depending on what you’re starting with, but it’s easier math when it’s guaranteed to auction for over 100 grand.
 
#8 ·
Rebody? Not sure what you mean. Pulling the vin stamps and the door warranty and cutting the top off fb and placing it on
coupe? That is frowned upon by many in this establishment. Its movement of the vins/door warranty that gets alot here upset. Though it is done by some. Its controversial to say the least. Cheaper? Sure less metal to replace.
 
#9 ·
A professional restoration will almost always cost more than the market value of the car. Jeff Lilly in
San Antonio normally won't quot a price for a restoration. Too many variables, so he gives an hourly rate plus parts. I also know of an MG in Colorado who's owner periodically stops py the restoration shop to drop off another $5000.
That said, the value to you may well be worth the expense.
 
#11 ·
The price isn’t stupid crazy for the work that, by the sounds of it, needs to be done. You could likely find more reasonable labor rates outside the NY area. Mine was done in Oklahoma by the PO and there’s no way I could have had the work done for what I paid. PO said he broke even on it, but the labor rates were soooo much lower in OK than here.

What it’s worth is entirely subjective. You’ll never get your money back, so don’t think of it as an investment. What’s the sentimental value to you? Would you be equally happy with a beautiful car that’s not this one? Good luck.
 
#12 ·
What has everyone seen as the value for a 66 C code fastback that’s in need of a full restoration? Car runs and drives well. I would hate to leave it at the restoration shop and not get what I think it’s worth. I’ve seen comparable cars on eBay for between 12 to 15K
 
#17 ·
Nope. Not worth it to pay someone 80k to restore it. You are far better off restoring it yourself over 10 years or so. If you are unable to do so, maybe its time to pass it on to family or friends who can. That way you can at least see it on the road again without killing your retirement fund. This is the problem with owning any car long-term. At some point to keep the car you want it restored...but you can never truly justify the expense of doing so....passing it on is the best option left at that point, but that has its own issues...namely finding the right person to pass it on to.
 
#18 ·
The cars that bring the big money are pro touring cars and the valuable models like Shelby and Boss. If you were to turn the car into more of a restomod/pro touring car Id say you could at least get close to getting that back out of it, if done right. But you will also spend way more having that built. Unless you can do the work yourself you wont get your money back
 
#23 ·
My dad has gone through this same scenario.

He bought a 65 fastback (I think) 10-12 years ago from a "dealer" at the yearly Hershey car show for $15k. It was a good driver restoration that was done in the early 90's with a decent paint job that was his mid-life crisis purchase he loved taking to car shows and driving whenever he liked. About 6-7 years ago he started noticing body work issues pop up (cracking in the lead joints, rolling the rear wheel wells and a chunk of body fill popped off, etc.) He knew it'd need at least body work and paint to correct the problems, but he was prepared for it and started buying patch panels and making the car what he always wanted.

The warts discovered after having it blasted were numerous. In most cases he would've been better off re-shelling the car with Dynacorn replica body, but when he bought the car it was with a loan my mom took out for him. She knew it reminded him of his first 65 (a k-code) he had in high school and he'd always wanted another one, even if it wasn't a K-code. He was adamant; "that's the car she bought me, that's what I'm restoring."

He was a tradesman and done previous restorations on my brother and I's 67 coupes, so he found some blueprints online and started replacing panels, frame rails and it was starting to take shape again. His work schedule didn't allow him to spend as much time on it as he'd like and my mom said to him one day "do you ever plan on selling it?" He quickly said "no." "Then find someone to finish the bodywork, that way when its done, you can finish it and enjoy it."

Well, after it being torn down for five years, (two of those shuttled from paint booth to paint booth trying to find someone to spray it) its still not finished, but its a lot closer being a roller, painted, panels on and glass is in. I don't know for sure but he's at least $50k into it so far (with 95% of the parts already purchased) with the interior starting to go in.

To the OP, it might not take you as long as my dad has, but if you were quoted $80k from a reputable shop to give you a running/driving car back its probably not to far off the pace. Sentimentality might not be worth a lot, but sometimes it's worth more than the cost of fixing what you have.
 
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