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| Autos |
Restoration Drama
Robert Farago
05/03/2004
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Transforming a rusted heap into a mint-condition classic is a challenge that
has always enticed classic car aficionados. But, as any plastic surgeon will
tell you, restoring beauty can be expensive. Rarely does the investment we make
in a car restoration pay off in terms of future resale value, but it often makes
excellent sense when considered in light of its emotional
returns.
 Restoration veterans’ war stories illustrate the financial gap
between restoration investment and resale value. Last summer, for example, RM
Auctions, a Canadian auction house, sold a 1968 Pontiac GTO Ram Air convertible
for $61,101. The car came with receipts that documented the former owner’s work:
an engine overhaul, complete interior restoration and extensive bodywork,
totaling $120,000.
Glen Konkle brought home that prize. With a dozen years
of car
collecting behind him, Konkle says he was tired of commissioning his
own restorations. “It takes a lot of time, effort and energy to manage a
project,” he says. “When you buy a pre-restored car, you know what you’re
getting.”
Bill Nero, a consulting engineer, experienced the flip side of
that situation. He had long coveted a Triumph TR6, and after locating a
down-in-the-mouth 1974 model, he spent $30,000 and thousands of hours restoring
it to showroom quality. But when he decided to sell it, Nero found the British
roadster was only worth $25,000.
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