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How much "invested" vs actually would sell for?

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Chas 906 Avatar
Chas 906 Chuck Peterson
Iron Mountain, MI, USA   USA
1961 MG Midget MkI "Little Red Rider"
Right now I figure I'm about even. Got the car for about what it took me to get it back to OEM. When I do the repaint I'll be about $4-5K over the top. But, I really enjoy the car and the work involved. I'll be spending $1,300 on a new Griffon pup this spring. The last grouse dog was 13 and only cost $650. I figure the expenses related to her for 13 years were about $5-6K. Now that's over the top! Ya pay for what you love to do.

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GeorgeOhr Nonya Business
Yes, confused, USA   USA
In reply to # 3681361 by Chas 906 Right now I figure I'm about even. Got the car for about what it took me to get it back to OEM. When I do the repaint I'll be about $4-5K over the top. But, I really enjoy the car and the work involved. I'll be spending $1,300 on a new Griffon pup this spring. The last grouse dog was 13 and only cost $650. I figure the expenses related to her for 13 years were about $5-6K. Now that's over the top! Ya pay for what you love to do.


I think the average cost to raise a dog to 12 is 16.5K IIRC.

GeorgeOhr Nonya Business
Yes, confused, USA   USA
In reply to # 3680895 by GeorgeOhr

I do like that car but when I start doing the math of getting it back to where it needs to be vs that money plus what I could sell it for would put me in something "better". That's the problem I'm up against right now.

If I sold the car and combined that money with what it would take to get it right again I'd be real close to what some MGB V8 swap cars are going for.

THAT's my problem.....

Other than that I love the car.

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66jalopy Avatar
66jalopy Silver Member Phillip Jolliffe
Lake City, FL, USA   USA
My 14 year old long hair chihuahua hasn't cost me half of that or I would be bankrupt. I'm afraid however that I will not be able to replace him when his time comes.


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Chas 906 Avatar
Chas 906 Chuck Peterson
Iron Mountain, MI, USA   USA
1961 MG Midget MkI "Little Red Rider"
Ya Phil, the little guys usually live longer. Unfortunetly the overly high vet costs now days determine how much your pet is worth to you.

Chas 906 Avatar
Chas 906 Chuck Peterson
Iron Mountain, MI, USA   USA
1961 MG Midget MkI "Little Red Rider"
Well, that's the point of this discussion. If you feel you want to get out of a bad situation then go for it. But, you will be disappointed in the bigger MGBs as far handling. I was there 43 years ago and am very happy with the Sprigets!

jrl9141 Avatar
jrl9141 Jason LeMaire
Church Point, LA, USA   USA
1974 MG Midget MkIII "Amy"
Well my $85 rescue Chihuahua cost me $3,000 for back surgery at 3, now she's 11... As for my Midget I stop counting a long time ago. I would guess about $5,000 or $6,000 "invested.



1974 Midget
Jason

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trowe9 Avatar
trowe9 Gold Member Tracy Rowe
Baxter Springs, KS, USA   USA
I bought my 1977 midget in Jan of 80 for 1,850 so the price of the car is now the cheap part of the restoration. This was my car that I dated my wife in, 31 years ago. It quit before we got married and I'm just now restoring. Cost to get it completed will far exceed what it will sale for. The first time we go for an ice cream cone with the top down...PRICELESS!

jmac Avatar
jmac Silver Member Jere McSparran
Greenup, IL, USA   USA
1978 MG Midget "Therapy"
1978 MG Midget "(SOLD)"
My dad told me more than once that cars are a lousy investment. Unless you own a special "less than 200 built" car or you buy a pristine car that you are able to buy on the cheap you will not get more for it than you paid.

I have a buddy that bought a new specially built Torino with a 351 Cleveland/4 speed back in the day, not sure of the year but around 1970. He drove it a little, less than 5000 miles, when he first got it but parked it in the back of his shed, put it on blocks, and put a car cover over it. Twenty years later he sold it for $100K more than he paid for it.

Our cars aren't special to the market, but they are to us.

If you buy a new car it will depreciate thousands of dollars as soon as you drive it off the lot. Then you drive your new car for three years and put 20k a year on it. You get dings in the doors from careless people in the parking lots. Then you take it back to the dealer to trade and they want to give you 1/3rd what you paid for it.

I bought a 78 in 2007 for $1300, spent $11,000 over the following 6 years in rebuilding the suspension, rebuilding the engine, fixing the rusted floor and rockers, paint, etc. But I drove it 100 miles per day to work and back for 6 years. Figure that out... 500 miles per week X 50 weeks per year is around 25,000 miles a year. Take that by the 6 for the 6 years I drove it is 150,000 miles... realistically, probably around 120,000 miles driven in 6 years. But I sold it $3200. That's a loss of $9,100.

What car can you buy new, drive 120,000 miles and sell 6 years later and only lose $9,100? I bought a new Grand Prix in 1994 for $22,000. I traded it 3 years later with 56,000 miles on it and got $12000.

I enjoyed driving and working on my Midget. Was it a good investment? Maybe not, but put a value on the miles of smiles... priceless.

I'm driving 78 Midget #2. I rebuilt it from boxes. I'm loving it!



JMac
JMAC Engine Shop
http://www.jmacengineshop.com

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66jalopy Avatar
66jalopy Silver Member Phillip Jolliffe
Lake City, FL, USA   USA
I always used to calculate cost per mile driven.When it got down to a nickel I figured it paid for itself
Pay $200.00 for a car, 4,000 miles and it's a free ride.

Chas 906 Avatar
Chas 906 Chuck Peterson
Iron Mountain, MI, USA   USA
1961 MG Midget MkI "Little Red Rider"
Good formula Phil. Only issue up here is, we only have five months to drive. I'll be about 125 by the time my miles even out the cost!

Homerr Avatar
Homerr Jeff Kogut
Seattle, WA, USA   USA
1966 MG Midget MkII "For Sale"
1970 MG Midget MkIII "Midget On A Spit"
1971 MG Midget MkIII "The Donor"
1975 MG Midget MkIV "General MG"
$950 for all 4 Midgets
$300 tires
$300 wheels
$400 other misc parts
$150 trailer rental
$600 licensing
$1500 new tools to work on Midgets devil smiley
=
still cheaper than most cars

But, I'll only end up restoring two of them. I'm expecting around an additional $6,000 per Midget to restore, and if they are worth 2/3 of what I put in to them I'd be amazed.

I've restored a 1969 Charger before and was contemplating another one, the price scale is a whole 'nother world for those. $10-20k to buy a rusting heap as a starting point. I'd rather be underwater $3-4k with a Midget than $30-40k with a Charger. I can easily justify to my self $1k per year loss for the fun in return, but not $10k per year.

Havenor Avatar
Havenor Richard Costa
Fairhaven, MA, USA   USA
The Chargers are really escalating in price judging by the Mecum numbers. You never want to start with a rusting heap unless its something more rare. A common mistake people make in this part of the country (northeast) is starting with a rusted heap and then spending a fortune when they could have gone to AZ or some other southern area and gotten a solid start with something more reasonable. In the end the cost is dramatically less and the end restoration is much better.

When you try to shine shit many times the end product is still shit. A restoration that is less than stellar usually has little value.

NOHOME P P
O, ON, Canada   CAN
1967 MG MGB GT "Maggie (GT From Hell)"
If you bought it and made a project of it, you will probably only get back about 20-30% of what you spent on the improvements and maybe most of the initial purchase price.

If you bought a really good car that needed absolutely nothing but maintenance, then you should be able to sell the car for pretty close to what you paid.

Pete

Teutonic Avatar
Teutonic Steve S
Gardiner, ME, USA   USA
The real question comes into play is what it is worth to the individual. I think we all realize that we will put far more into our cars than we will ever get in return. I worked for an Alfa Romeo shop years ago and the place was truly an artists workshop. Highest quality restorations, however the cost of this was and is astounding. It is amplified even more when certain portions of the process are subleted such as body work, upholstery specialists, machine shops etc...
Personal time spent has to be considered if the owner of the car in question does the work himself. Man hours spent even if it is considered a hobby has value, and it has to be calculated into the process.
I’ve restored a few cars in order to sell (mostly Alfa’s and a ‘61 Morris Mini) most notably a ‘74 Alfa Giulia GTV and the cost of restoration was almost as much as what I sold it for. Even the most thought out and planned out restoration costs more than anticipated. There is always something unexpected, and often there is more than one unexpected occurrence.
In the end it truly is up to every individual as to how much to spend.
I don’t like over restored cars, I feel personally those vehicles have destroyed much of the classic car availability to many people, by over inflating prices. This is a shame as we need to have new generations to be interested in these vehicles to keep them running.
Keep it fun and realistic!

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