Quote:
Originally Posted by bgyglfr
My equation for a car like this (without the friend factor) is simple. Figure the value of the car finished. Get a clear idea of what it will cost you to get it finished given your skill set. Estimate what your time is worth for doing the work or dealing with getting it done. Subtract those amounts from finished value = purchase price. Keep in mind that your time should equate to sweat equity so you should come out ahead when it's all done. If not, you need to find another car.
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I think a more accurate way to calculate it is figure out what the car would be worth if you parted it out. And then subract 15-20% from that number for your time to tear it apart.
The problem with the restored calculation is that the quality of work will vary based on who does it. A shadetree doing a DIY restoration will usually only have the skillset to get a car up to condition 2. But if a shop is paid to do it, and makes it a condition 1 job, there's a huge gap in value. Nice clean drivers are trading hands in the mid $20s. Near perfect garage queens are another $10k or more.