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| Autos |
Restoration Drama
Robert Farago
05/03/2004
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VALUE JUDGEMENT
Buying a classic car in need of restoration is a risky financial investment,
but it can be emotionally very satisfying. To ensure you end up with the car you
want: • Learn all you can about the car’s technical details before purchasing
it;
• Hire an expert to examine the car and estimate how much it will
cost to restore prior to purchase;
• Hire a restoration shop only after
checking references;
• Prepare yourself for the possibility that the
restoration will cost significantly more than it adds to the car’s resale
value. |
Typical of many vintage car owners, he was
not particularly bothered. “I didn’t buy the car as an investment. I bought it
because one of my high school classmates got a TR6 for graduation; I swore that
day that someday I’d own one. When I finally got the chance, I wanted to have
the best TR6 in the world, no matter how much it cost or how long it took to
finish,” he explains.Cargnoscenti
Restoration can be a hugely expensive and time-consuming
business. Rob Myers, founder of RM Auctions, estimates that up to 50 percent of
all amateur car buyers end up losing money in a restoration
project.
Restoration costs are unpredictable, so many reputable companies
refuse to provide estimates. As Tom Rossiter, who owns The Stable, a New Jersey
dealership that specializes in restoring European exotics, puts it, “The honest
ones will tell you to open your checkbook and send them checks as you go.” Often
the need for unusual parts makes it difficult to estimate the time the project
will take. Also, premiere restoration shops may have months-long waiting lists.
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