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In this Discussion
- goose1127 September 2010
- Lee ODell March 2010
- Oldcar_Mechanic March 2010
- vettegan March 2010
i inherited a '54 corvette... help?
-
dad was a pontiac guy, but when he came across an original 54 vette frame for sale he had to buy it. then went on to buy just about everything else one piece at a time... compiled it all but never got around to putting it together. he died unfortunately, and left everything to me.. i'm kinda overwhelmed.
it was an investment car, not one of his cherished pontiacs.. so i'm planning on finishing it and then selling it. it seems like i could spend let's say $6k getting it worked on by local shops, and sell it for let's say $60k on like ebay or whatever.. or ship/haul it to some professional vette guys, spend maybe $15k on it, and then send it to a big auction for let's say $100k. duh
i don't know much about it. i have a couple buddies that know stuff, but i figured i'd ask you guys. ---what do ya think i should do---
what's my first step. according to receipts there's already $30k into it, and i finally want to at least get this started this summer.
i can provide details to a point, and possibly pictures in case anyone wants to dig in. thank you... -
Hi Vettegan
I think you really need to do some serious research on this build and how much you are willing to spend. The prices you are planning to spend are not realistic for quality work. A regular shop rate around here is $95 hr. Spending $15k at that rate, will buy less than 20 days on a 8hr day worth of work. A restoration shop $$$$$$. Nobody is going to build a car from parts in that time frame.
Are the parts you have Kit car parts or original? That will affect the value for resale.
How fast do you want it done. More often than not a job like this, farmed out, will take years because the shop will not turn away quicky jobs. And yours will only be worked on during slow days.
Collector car prices are way down from last year. Prices have been droping for the past few years. And are still droping. Thats something else to consider.
A number 1 condition job, could possibly cost upwards of 100K maybe more. If you do the work yourself the cost will be much less but I still do not think it can be done for $15k. I may be wrong but, by doing it yourself you may still be spending $30-40k before it is finished. And are you up to doing a number 1 quality job.
The resale price for a fixer upper driver to a Number 1 car are miles apart.
Since this is a money making venture and not a love afair with the car, there is another option to consider. Sell off the parts. That will eliminate the stress, frustration and enormous cost of a long term project. Most long term projects end up unfinished. Then they end up being sold for less than what was invested, mainly because the interest wains over long periods of time.
Just be careful. Restorations are time comsuming and costly. Determine the quality of the finished job you want. Determine what you are willing to spend, and if that will get the job done. Find someone that does quality work (won't be cheap). And will you make any money doing it.
Good luck. You have some tough decisions to make. Lee -
I'm sorry to hear of you Dad passing. My Dad passed about 12 years ago and I still miss him. In 1956 I use to help him fix wrecked 53 and 54 Corvettes when I was in Junior High School. He would buy them wrecked. Then he would use a friends 54 Corvette to make a mold for the damaged front end. From the mold he would make a new front end body parts for the wrecks. He even made a mold to make a hard top. It was not pleasant sanding fiberglass because it itched alot. Then he would sell them. He had at one time one 1953 and 2 - 1954 Corvettes. They were not big sellers back then so he didn't make much off them.
I remember my younger brother and I were riding with him, on old Hwy 99, when he was trying to see how fast one of those cars would go. Then suddenly the hood poped straight up. We were probably traveling 70 to 80 mph when that happened. That was a scarry experiance. Now it is a fond memory of a time being with my Dad.
I've always dreamed of owning one. They are a cool car. Your lucky to have one. I think you would enjoy driving it, if you decide to fix it up.
Have a good day. Lee -
Lee O'Dell wrote:Hi Vettegan
I think you really need to do some serious research on this build and how much you are willing to spend. The prices you are planning to spend are not realistic for quality work. A regular shop rate around here is $95 hr. Spending $15k at that rate, will buy less than 20 days on a 8hr day worth of work. A restoration shop $$$$$$. Nobody is going to build a car from parts in that time frame.
well those numbers were just numbers.. hypothetical/'let's just say..'
how much i'd be willing to put into it depends on the usual investment variables i guess.. as long as it's worth it i'd go as high as i could.
Are the parts you have Kit car parts or original? That will affect the value for resale.
everything is original, he never messed around with kits
How fast do you want it done. More often than not a job like this, farmed out, will take years because the shop will not turn away quicky jobs. And yours will only be worked on during slow days.
i'm patient. it's in pieces but it's not really a 'from the ground up' project. i doubt it'd take years, i imagine a team that's more or less dedicated to it and could wrap it up within a year i guess.
Since this is a money making venture and not a love afair with the car, there is another option to consider. Sell off the parts. That will eliminate the stress, frustration and enormous cost of a long term project. Most long term projects end up unfinished. Then they end up being sold for less than what was invested, mainly because the interest wains over long periods of time.
i hear ya, but i kinda feel like i should get it finished for him.. ya know.. if i simply sell the parts then i kinda fail in a way. his plan was to finish it, so i want to at least give it a shot.
Just be careful. Restorations are time comsuming and costly. Determine the quality of the finished job you want. Determine what you are willing to spend, and if that will get the job done. Find someone that does quality work (won't be cheap). And will you make any money doing it.
Good luck. You have some tough decisions to make. Lee
i was highly suggested some vette shop in michigan, but i can't remember what it was exactly. i'd at least like to talk to someone about where to begin.
there are local guys that dad was friends with that'd love to work on it, but that's plan B for some reason.. seems like i should send it to the pros? i really do have some decisions to make don't i... -
This is a difficult post to answer.
First of all, I think that unless you do the work yourself on any project and do not include your labor cost you will not re-coupe your money.
Secondly, without seeing what all is involved in the project as to what parts you have and what needs to be done, it is almost impossible to tell what it will cost to finish.
Thirdly, I agree that the prices are down now for most cars, but a nicely done Corvette will still bring a good dollar (just maybe not enough to cover the build.
I would love to have your opportunity though. I would do it myself and no matter how long it takes. But then I love Corvettes and would keep it and drive the hell out of it. And mostly because it was my Dad's. Sorry for your loss.
I wish you luck with whatever you do and hope you find the answer you seek.
Ron -
one thing you need to do is have soneone... A vette expert look over the parts. What would be bad is to put 30 or 40K into it then find out you didn't have a "quite" complete car, and have to start spending more to find the little parts that may be missing to get a good price on the resale. If you had to place Un-original parts the price starts going down..
