For classic car lovers, buying a project car is something of a rite of passage, especially if you enjoy working with your hands or fixing cars. When it comes to choosing the perfect project car, it’s easy to spend a literal ton of money, both on the car and on the parts, you’ll need to restore it to its former glory. Setting a budget is a great way to help save you a bit of money, but if you’re new to this world, how should you budget for classic car restoration?
Figure Out Your Available Funds
Before you start shopping for your project car, you need to figure out how much money you have to spend on your new project car. You don’t need to know exactly how much your project is going to cost or any of the details. This step is just about figuring out how much money you can set aside to spend on your new classic car restoration project.
This step will require taking a look at your current income and expenses and figuring out how much disposable income you’re willing to dedicate to this project. It’s easy to spend thousands and thousands of dollars on a project car. The goal here is to create something you’re going to be proud of without breaking the bank.
Break Down Your Costs
Now that you have an idea of how much you’re going to spend, you need to break down that number into different categories, including:
- The cost of the vehicle
- Parts
- Tools
- Supplies (oil, brake cleaner, etc)
- Labor, if you’re not doing this as a DIY project
- Title and registration
- Insurance, because classic car insurance is different from standard policies.
The initial vehicle purchase is going to represent the majority of your budget in most cases, so you need to make sure you’re leaving yourself enough money leftover to buy parts and supplies or to pay a professional mechanic if you’re not a fan of DIY automotive repair.
DIY or Professional?
At this stage, you’ll also need to figure out what you’re going to do yourself and what you’re going to hire out to a professional. Some parts of classic car restoration, like bodywork and repair, are often things best left for professionals if you don’t have the skills to complete the task at a professional level. You might know how to remove rust, but do you know how to restore the surface or paint it to look new again?
There’s no shame in admitting that you don’t know everything. The goal doesn’t have to be doing everything yourself. The goal is to ensure that everything is done right so you’re left with something that will make you proud and that you’ll be proud to show up.
Managing Your Parts
You may want to keep your project car as close to the original as possible, or you may want to modify it to get the most out of it. Whatever the case, you’re going to need parts. This is going to be another major expenditure and will likely eat up a large portion of your budget. There are a few ways that you can save money on parts, though, including:
- Pulling your own replacements at local salvage yards.
- Waiting until your favorite part site or store has a sale.
- Networking with other car lovers through forums and social media and buying or trading parts.
- Consider using non-OEM replacements if OEM parts will break your budget.
Unless you get really lucky and the classic car you choose to work on has been stored in a garage its entire life and meticulously cared for, you’ll definitely need some replacement parts. You don’t need to break the bank to get them, however. Be patient.
Know When to Ask For Help
You don’t need to be a professional mechanic to work on a classic car restoration project. There are a lot of things that anyone can do, regardless of their skill level. The challenge isn’t just in the work, it’s in understanding when you need to ask for help. Don’t be afraid to call a buddy that works on cars or have your project car taken to a shop for something that you’re not comfortable doing yourself.
As we’ve said before, there’s no shame in asking for help, especially if you’re not confident in your own skills.
Be Patient and Enjoy Your New Project
Half the fun of a project car is the time it takes to bring it to life. Take your time and be patient. Enjoy every step of the process. Before you know it you’ll have a brand new classic car that’s ready for you to climb behind the wheel and take for its inaugural drive.
Oscar Collins is the managing editor at Modded. He writes about cars, fitness, the outdoors and more. Follow @TModded on Twitter for more articles from the Modded team.
