Those of us who are new to
the world of restoration can join a brand-specific car club. There are hundreds
of dedicated organizations catering to both rare cars like the dual-toned
Bugatti and more common classics like the Jaguar. “Each marque has its own
unique challenges,” says Larry Davis, chairman of the Aston Martin Owners Club
USA West. “I tell aspiring Aston owners where to find a restored car, what it
might be worth, and the quirks of particular models. I can help them avoid
making expensive mistakes.”The Rare Winners
There are, occasionally, situations when a restoration
project can be both emotionally and financially lucrative. When vintage
collector David E. Kane bought a 1934 Packard V-12 convertible for $150,000, it
did not run and needed a full overhaul. Kane saw the pearl in the oyster; the
Packard, he says, “was a unique model from a popular, low production marque, so
I knew I had a reasonable chance of ending up with something valuable.” The car
was structurally sound and its materials were all original.
Kane spent
$225,000 restoring the Packard to showroom condition, and now believes it is
worth over $400,000. The car also went on to win First in Class at Pebble Beach
in 1996. As an investment, the Packard will also benefit as vintage car prices
rise—well-restored cars tend to appreciate by 10 percent to 15 percent a year.
Yet, despite his rare restoration triumph, Kane still advises newcomers to buy a
well-restored car they know they will enjoy owning.
“At the very least, you
won’t lose a fortune and you can enjoy the car straight away,” he says. “If you
make money, well, consider it a bonus.”
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