Restoration and customization/modernization of a classic car. The cost?

[Coldkilla]

I was wondering if yall might know a thing or two about the costs involved when restoring a classic car. I'm interested in having one revamped from the ground up, meaning strip out all of the old interior and replacing it with something completely new and modern. This would include things like a completely new fuel efficient engine, seats, pedals, paintjob, rust removal (possible), a new dashboard with something like an LED display and ipod dock, etc. I'm not really interested in keeping that "classic" feel on the inside but instead more modern.

In the future I'd really like to own a 1969 Ford Mustang, but I've seen the prices of many of the restored ones and I must say it seems extremely expensive. I've seen some cars selling at decent base prices (around 4-10k) that are in decent shape but are in need of some work.

Can anyone field me some ballpark numbers at what I'd be looking at if I ever seriously wanted to consider diving into this?

Moved from OT

ATOT Moderator ElFenix

 

[speedy2]

I'm don't think 69 Mustangs are up that high. lol. Is that the car you want to build? Because when building a classic it really depends on the car. Some cars are outrageous. You also have to consider what you want to start with? Completely bare car? An old rust bucket? A nice unrestored version? Then, how much work will you be doing yourself? How much will you have to farm out? There's a lot to it.

 

[Coldkilla]

Yea I suppose your right. I haven't looked into it that much (the results I had initially may have been from a Mach 1, my mistake.) | Edited for clarity. Original search: http://motors.completed.shop.ebay.c...myi=1969&_qfkw=1&_sop=7&_trksid=p4506.c0.m282

Assuming the car was in decent shape, no rust, and is completely drivable (albeit still having an engine that still needs replacing) I guess is where I'd most likely start. I'm not very knowledgeable when it comes to cars, other than the few things I need to know when getting stuck on the side of the road

Ideally everything would most likely be farmed out. If costs passed something like 20k I'd probably have to say I'd pass. Though I know nothing when it comes to this sort of thing.

 

[DesiPower]

ibtm

 

[GuitarDaddy]

Sticking with a common classic like the Mustang and not going really crazy, you should be able to come in under $20k, but the way you describe modernizing the car you could go over that no problem.

And generally "modernizing" a classic is counter productive to resale or collector value, and only makes it more comfortable as a daily driver. If you want maximum collectible value you should strive to keep the resotration as "original" as possible.

 

[JulesMaximus]

Been watching Overhaulin' have we?

Replacing the dash with a modern one is going to be a huge nightmare. They don't just drop in and finding one that is the right width might be troublesome, mounting it will be even more troublesome, and you'll never find door panels or other interior panels that will fit other than the OEM. Front seats wouldn't be hard to adapt but rear seats would need to be recovered to match the front seats.

Doing a body off restoration is big bucks. You'll likely spend more than triple what you paid for the car to have this done professionally and if you're looking at doing something like they do on Street Customs or Overhaulin' you might as well triple it again.

 

[Elfear]

Been watching Overhaulin' have we?

Replacing the dash with a modern one is going to be a huge nightmare. They don't just drop in and finding one that is the right width might be troublesome, mounting it will be even more troublesome, and you'll never find door panels or other interior panels that will fit other than the OEM. Front seats wouldn't be hard to adapt but rear seats would need to be recovered to match the front seats.

Doing a body off restoration is big bucks. You'll likely spend more than triple what you paid for the car to have this done professionally.

+1

A basic modernization wouldn't be too costly and would fit under $20k, but doing a ground-up overhaul would cost $$$$. There is a reason the examples you see are going for big bucks and the seller is generally losing money.

 

[AMCRambler]

Mustang would be a good choice. They were popular, a lot of them built, a lot of aftermarket parts, and newer parts are easily adapted to the older cars.

If you could get your hands on a 69 six cylinder. Get a transmission and a fuel injected crate 302 long block to drop in, plus all the electronics would be a good start towards modernizing it. Brakes would be another area to beef up or modernize. Then your interior. Ball park I'd say 10-15k for something along those lines.

If you go beyond that with sound systems, getting it painted, new dash, etc you'll easily pass 20k.

 

[herm0016]

my father and i have done 2 cars, not really modernizing, but every nut and bolt came out of both, rebuilt each engine etc... both have over 30K in them. one is a 72 chevy pick up that is built as a street performance truck and the other is a 71 chevelle that is a meticulous stock resto, every number and ever bolt head marking is just like it rolled off the line. the chevelle was done about 15 years ago and the truck was just recently put back on the road.

 

[daw123]

It is my dream, if my circumstance change such that I am wealthy with a lot of spare time on my hands, to do a nuts and bolts restoration of a convertible Mark 1.1 E-type Jag.

I would retain the monocoque, interior, bonnet, boot and soft-top and upgrade the engine, transmission, brakes, suspension, steering, etc. with modern equivalents. May be look out how feasible it would be to drop a BMW or Mercedes V12 engine in there since the engine bay seems to be quite large and accommodating:

I know the purists would probably yell at me if I ever did this, but I wouldn't care since I would own a powerful, fun and gorgeous looking sports car.

I actually bought the 'Is Born' boxset off eBay because of this series:
http://www.i2itelevision.com/car-reborn.php

Someone else restoring a V12 E-type:
http://www.etypejaguar.ozcarnut.com

I can always dream

Oh and I would want this paint job without the flag or retarded number plate:

 

[JulesMaximus]

It is my dream, if my circumstance change such that I am wealthy with a lot of spare time on my hands, to do a nuts and bolts restoration of a convertible Mark 1.1 E-type Jag.

I would retain the monocoque, interior, bonnet, boot and soft-top and upgrade the engine, transmission, brakes, suspension, steering, etc. with modern equivalents. May be look out how feasible it would be to drop a BMW or Mercedes V12 engine in there since the engine bay seems to be quite large and accommodating:

I know the purists would probably yell at me if I ever did this, but I wouldn't care since I would own a powerful, fun and gorgeous looking sports car.

I actually bought the 'Is Born' boxset off eBay because of this series:
http://www.i2itelevision.com/car-reborn.php

Someone else restoring a V12 E-type:
http://www.etypejaguar.ozcarnut.com

I can always dream

Oh and I would want this paint job without the flag or retarded number plate:

When I had my Mustang GT I used to take it to this performance shop near Miramar, they were putting a supercharged Corvette engine in an early 90's Jaguar. They always had some cool projects going on there...I could spend hours just loitering around that place.

 

[jlee]

When I had my Mustang GT I used to take it to this performance shop near Miramar, they were putting a supercharged Corvette engine in an early 90's Jaguar. They always had some cool projects going on there...I could spend hours just loitering around that place.

Probably the easiest way to make it reliable, anyway..

My roommate's ex had a few oldish V12 Jaguars and there was usually only one running properly, and even so still something always seemed to be wrong.

 

[Pacfanweb]

If you have someone do it for you? 50k, easily.

You'll have over 20k in it if you can do almost everything yourself.

 

[JulesMaximus]

Probably the easiest way to make it reliable, anyway..

My roommate's ex had a few oldish V12 Jaguars and there was usually only one running properly, and even so still something always seemed to be wrong.

Those cars were horribly unreliable. Kind of makes you want to swear off British cars forever.

 

[exdeath]

You know the saying... "If you have to ask...."

 

[Bignate603]

Take what you think it would cost and multiply by 2 or 3.

 

[DietDrThunder]

My brother just had restored from the ground up a 1967 Pontiac GTO. If you want the work from reputable companies that will do a proper restoration and stand behind their work, let's just say $25K isn't enough. I know guys that have spent $80K on having a Model A Ford restored, and there ain't much too those cars. The only way you can reduce the costs is to do a lot of the work yourself. But then again, that takes time and patience. Doing it yourself and doing the work properly could take you 3 or more years. My advice, it is always cheaper, especially in this economy, to buy someones classic that is already completely restored. than it is do have one professionally restored.

Brother's GTO:

Here are a few of a '68 VW Beetle I completely restored myself back in '95. I spent nearly $5,000 in materials, machine work, tools and general supplies. I didn't keep track of my labor, but it was a lot of time and effort. I did everything from paint and body work to engine / transaxle rebuilding. It took me over 1 1/2 years doing the work on weekends. It looked good but it wasn't to my standards so I sold it in '98. I learned a lot and I don't regret the experience.

Poor quality photos:

 

[Knavish]

I'd be willing to bet that buying a brand new Mustang GT would be cheaper than fully modernizing an old 60s Mustang. The new car would probably be faster, more fuel efficient, and *much* safer. The 60's car would be a great learning experience & look very cool.

 

[CurseTheSky]

I'd be willing to bet that buying a brand new Mustang GT would be cheaper than fully modernizing an old 60s Mustang. The new car would probably be faster, more fuel efficient, and *much* safer. The 60's car would be a great learning experience & look very cool.

This.

Take it from someone who is doing almost exactly what you're looking to do. I've been VERY lucky in the fact that my fiancee's father is a retired auto body guy, and most of my work comes at the price of buying him new tools and gadgets, plus my own free time. If I had to pay someone to do it I'd be nearing the $15-20k mark already. Classics are excellent fun, but if you're looking for something comfortable, relatively cheap, and easy to drive, a modern car will kick their ass any day.

Just to put it in perspective, if I could "finish" the Mustang tomorrow and trade it evenly for a 2011 Mustang GT, I'd do it in a heartbeat. It's a wonderful car, but not something I'll want to drive all the time (no AC, ancient suspension, uncomfortable seats, horrible radio / speakers, no power locks / windows, etc.) That's all part of the experience, I suppose. The real advantage is having something that's a bit more unique and having something whose value increases as the years go by.

 

[daw123]

***snip***

That's all part of the experience, I suppose. The real advantage is having something that's a bit more unique and having something whose value increases as the years go by.

I would say that these are by far the biggest advantages of restoring a classic, especially if you modernise it.

Okay it costs a lot of money to do it, but you can recoup your money if you keep it long enough because the 2011 Mustang will depreciate, whereas as your classic will increase in value as the years roll by.

On a side note, I looking on eBay with my brother because he wants a project car to do up in his spare time. My brother is very mechanically inclined and good with his hands.

We were looking at a Ford Escort RS Cosworth. They are an awesome car, very iconic and a modern day classic.

To buy an unmolested, unmodified and mint condition example will set you back up to £30k, but generally in the region of circa £20k ($30k). The latter is near enough what the car cost to buy new 15 odd years ago. And they are going up in price as they become older and as they reduce in number, due to boy racers write them off

 

[DietDrThunder]

I would say that these are by far the biggest advantages of restoring a classic, especially if you modernise it.

Okay it costs a lot of money to do it, but you can recoup your money if you keep it long enough because the 2011 Mustang will depreciate, whereas as your classic will increase in value as the years roll by.

On a side note, I looking on eBay with my brother because he wants a project car to do up in his spare time. My brother is very mechanically inclined and good with his hands.

We were looking at a Ford Escort RS Cosworth. They are an awesome car, very iconic and a modern day classic.

To buy an unmolested, unmodified and mint condition example will set you back up to £30k, but generally in the region of circa £20k ($30k). The latter is near enough what the car cost to buy new 15 odd years ago. And they are going up in price as they become older and as they reduce in number, due to boy racers write them off

Not necessarily true. If you are doing a modern update of a classic, when you go to sell you are limiting yourself to a narrow target market. Unless it is stock, or an accepted update, you can lose money. Watch any of the actions on TV and many of the cars up for auction now are well below their market value of just 2 years ago. Unless it is a one of six, then I seriously doubt you are going to make a profit.