Classic Car Restoration Budgeting

Restoring a classic car is similar to other major life undertakings such as home remodeling or a big vacation – no matter how much you plan in advance, things can change without notice. The Motor Bookstore is here with tips and advice to make sure your bank account, time, and sanity stay on budget during your next classic car restoration project.

Keep a realistic schedule

A full frame-off classic car restoration can take up 1,500 hours – at least a year of part-time work. Know this going in, and plan your work schedule so you’re never feeling pressured to hit a deadline, as rushing can lead to costly mistakes.

Know your financial budget in advance

Having a target number will help guide every subsequent decision. The standard budget-setting method is to estimate your expenses if things go perfectly, then add at least 30 percent for unexpected costs.

Record your expenses

Keep all receipts for parts and labor, along with a tally of your running total. This tracking acts as a form of self-restraint against impulse buys.

Make a good initial car purchase

Carefully weigh the upfront price against how much various repairs will cost. Avoid cars with rust and missing trim, as these things are the most expensive to fix. Learn as much as possible before buying, and don’t rush your decision.

Do your own dirty work

Read books and manuals, watch DIY videos, talk to friends, and whatever else it takes so you can learn to do as much as possible. Even taking the car apart and cleaning each component on your own can save a lot of money versus what professional labor would cost.

Wait to order

Don’t buy any parts until you’ve fully disassembled the vehicle and cataloged what you need. From there, talk to salvage centers and car collector groups to see what’s available at discounted rates. Another little-known trick is to send a list of parts to various suppliers, and tell them the full order will go to the lowest bidder.

Relax

No matter how carefully you plan, there’ll be hiccups along the way. When they happen, take a deep breath, and remember: this is meant to be fun.

Want to learn more about car restoration? Check out our blogs about how to get your restoration started and what to do if you’re new to car restoration.