DO IT!!
I have been restoring cars for about 16 years now, and the first car I ever restored was a '55 Ford Fairlane with the original 292 Y-block motor and Fordomatic transmission. I bought the car for $1900, it needed EVERYTHING done to it:
Interior, body work, paint, motor rebuild, tranny rebuild, brakes, suspension. The only good thing about it was all the glass was intact.
Keep in mind, I did all the work myself, over the time span of a year and a half. When all was said and done the receipts added upto $3250. So in the long run the car cost me $5150 and a WHOLE LOT OF TIME! Not too bad for a car that goes for $18-25K
Good luck!!
-Nick
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Owner: Bennington Motorsports
www.benms.com
Sponsor for Midwest Region 944-SPEC racing series
-When was your timing belt changed or tensioned??
-Yes, I'm the crazy man that will loan out my 9201. Just PM me, I will add you to the list and get it out ASAP.