Pricing for 73? Am I Going Over Budget?

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spikhead

Well-known member
Joined
Dec 28, 2012
Messages
125
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0
Location
Colorado
My Car
1973 Mach 1 351C
Hello again everyone!! It's been a while sense I've posted and hopefully this is the correct section. I don't have any updated pics atm because the car is getting some suspension work done. In the last 4 years the car has had a lot of mechanical and body work done. When I get some money I put it into the car slowly bringing it along. My question is am I going over budget. I see mach 1's with a 351c ranging from 10,000 for $40,000. How do I know what mine will be worth when it's done? I don't plan on selling the car anytime soon or when the car is done but it looks like I'm on track to put in about $35,000 to $40,000 into the car for the restoration. Is that crazy? I have no idea. Here's some info from the marti report:

1973

Dearborn, Sportsroof, Metallic Copper, Ginger Interior Vinyl, 2.75 Rear Axel for 9 Inch, FMX Trans, Cali Emissions, Power Steering , Sport Deck Rear Seat, Console, Power Front Disk Brakes, Bumper , Air Conditioner, Am Radio, Decor Group, Tinted Glass Complete, Power Windows

3,113 w/ paint code, 1.242 w/ paint/trim, 15,328 with engine tran combo, 1,902 DSO, 2,289 w/ power side windows

Now for what I have done to it:

Body Work Complete, No Rust, 351C Complete Rebuild, Bigger Cam, Upgraded Intake eld brock, 4V eld brock Carb, Aftermarket Ram Air, Shorty Headers, 2 1/2 Eld Exhaust, Rebuilt Transmission, Rear Disk Brake Conversion

Plan to paint Metallic Copper and Re do Ginger Interior.

So, if anyone can guess what it may be worth when it's done that would be great. Because I don't really want to put $40,000 into a $24,000 car.

Thanks so much! Happy Mustang'ing

 
Was it an original "H" code or "Q" code car?

I don't want to disappoint you but the only 73's I see bringing close to $30-$35k would be a rare highly optioned all original unrestored low mileage like it came off the showroom floor. Even then it is pushing it for a 73. Also doesn't help that is appears to be a sportsroof and not a Mach 1.

 
Was it an original "H" code or "Q" code car?

I don't want to disappoint you but the only 73's I see bringing close to $30-$35k would be a rare highly optioned all original unrestored low mileage like it came off the showroom floor. Even then it is pushing it for a 73. Also doesn't help that is appears to be a sportsroof and not a Mach 1.
The serial number is 3F05H210744. The report says mustang Mach 1 sports roof? So H code 351 2v so not a cobra sadly

 
Unless someone has a very rare AND very desirable car they should never plan on getting any more than a fraction of what they put into it. Unless, of course, it needs very little work on a "survivor", then holding onto it for a few years should gain some.

 
Unless someone has a very rare AND very desirable car they should never plan on getting any more than a fraction of what they put into it. Unless, of course, it needs very little work on a "survivor", then holding onto it for a few years should gain some.
I haven't put that much into it yet but what's an average price then? $18-$24,000?

 
I really don't pay much attention to what the prices of what our cars are. I know that I'll have more in it than what it's worth, so it just boils down to what I want to do to it. I'm in it for enjoyment, not prices or costs. I do what I can do, within my budgetary constraints.

 
I really don't pay much attention to what the prices of what our cars are. I know that I'll have more in it than what it's worth, so it just boils down to what I want to do to it. I'm in it for enjoyment, not prices or costs. I do what I can do, within my budgetary constraints.
I have always wanted a mustang sense 10 so at 14 my dad got me one and I plan to keep it and have fun but don't want to go so far with it that it's crazy money for a car not even worth what's being put into it

 
It's only worth what it's worth to you, and what someone's willing to pay if you're selling. 

I have a '71 H-Code (restomod) that I have over $45K into (including the original $1600 I paid for it).  It needed everything (literally), and I didn't care how much I was going to spend because I've always wanted one since I was 14.  Not that I plan to, but I ever have to sell it, I might... might be able to get something between $25-30K, because I didn't do any wild mods to it (just modern creature comforts, performance goodies that aren't actually visible, and some old school "period" cosmetic mods - which cosmetically, could be reverted back to factory appearance in a few hours by swapping on the stock wheels/covers and removing the louvers).

Even if you did a factory faithful restoration on it, if it didn't require much work or very few parts, you can't ever expect to recoup much more than your total investment... again, only if someone's willing to pay what you're asking.

Owning a classic car isn't a money making venture at the enthusiast/hobbyist level, which is where most of us are.  The money is made at the high-end collector level, for those who can afford to buy an almost-perfect rare/valuable car, sit on it for awhile, and sell when the market's favorable.

Sorry if this bursts any bubbles - just keepin' it real.  Have your fun, make it nice, and who knows - if/when you're ready to sell it, the market may be favorable.  Otherwise, you have to decide if you're willing to risk spending the money for your enjoyment - because, that's what you're really investing in.

 
It's only worth what it's worth to you, and what someone's willing to pay if you're selling. 

I have a '71 H-Code (restomod) that I have over $45K into (including the original $1600 I paid for it).  It needed everything (literally), and I didn't care how much I was going to spend because I've always wanted one since I was 14.  Not that I plan to, but I ever have to sell it, I might... might be able to get something between $25-30K, because I didn't do any wild mods to it (just modern creature comforts, performance goodies that aren't actually visible, and some old school "period" cosmetic mods - which cosmetically, could be reverted back to factory appearance in a few hours by swapping on the stock wheels/covers and removing the louvers).

Even if you did a factory faithful restoration on it, if it didn't require much work or very few parts, you can't ever expect to recoup much more than your total investment... again, only if someone's willing to pay what you're asking.

Owning a classic car isn't a money making venture at the enthusiast/hobbyist level, which is where most of us are.  The money is made at the high-end collector level, for those who can afford to buy an almost-perfect rare/valuable car, sit on it for awhile, and sell when the market's favorable.

Sorry if this bursts any bubbles - just keepin' it real.  Have your fun, make it nice, and who knows - if/when you're ready to sell it, the market may be favorable.  Otherwise, you have to decide if you're willing to risk spending the money for your enjoyment - because, that's what you're really investing in.
Originally I was going to do a nut and bolt but wanted some changes. I'm thinking at this point might as well resto mod it some more but keep the Mach 1 look and drive it tell it dies lol and have lots of fun. Thanks for your post

 
The amount of money you sink into the car is immaterial, so long as it is discretionary funds that don't hit your family budgetary needs. Using discretionary money, you can think of it being used not only for restoration, but as a learning process of how to refurbish vehicles, how they work, etc. Remember, it is the journey and not the destination that really counts when restoring these old vehicles.

 
Sounds like everyone's hitting the nail on the head. I have an average 71 that I'm custom building. Almost nothing stock. That makes it even harder to sell when done , very limited market. I'll have 30k plus in mine in cash. Add about 1300 hours of my time even at $30 an hour which is nothing , I'd need $70k to get out of it and I'd say I'll struggle to get $25k after I drive it and put a little road rash on it. Like all said its what you like and how much you enjoy it. I'm willing to bet that nobody who restores or custom builds a car can get their money back unless your Chip Foose or a custom builder building for someone else . Then that someone else looses their butt. I've seen people get $30 k out of a project they had put $150k into. It's a labor of love situation. All said and done I also bet a lot of guys have $40k into their cars ,worth it or not on the market ,I'm sure they feel it's worth it to them. Besides sounds like it's too late to get out of it at this point so why not finish and enjoy. Think of what people loose on buying a brand new car. Yikes that's worse.

 
Sounds like everyone's hitting the nail on the head. I have an average 71 that I'm custom building. Almost nothing stock. That makes it even harder to sell when done , very limited market. I'll have 30k plus in mine in cash. Add about 1300 hours of my time even at $30 an hour which is nothing , I'd need $70k to get out of it and I'd say I'll struggle to get $25k after I drive it and put a little road rash on it. Like all said its what you like and how much you enjoy it. I'm willing to bet that nobody who restores or custom builds a car can get their money back unless your Chip Foose or a custom builder building for someone else . Then that someone else looses their butt. I've seen people get $30 k out of a project they had put $150k into. It's a labor of love situation. All said and done I also bet a lot of guys have $40k into their cars ,worth it or not on the market ,I'm sure they feel it's worth it to them. Besides sounds like it's too late to get out of it at this point so why not finish and enjoy. Think of what people loose on buying a brand new car. Yikes that's worse.
Yeah I'm in it like $21 probably so figure I'll go all the way. I'm 25 so still have a lot of years left in it but still drive it to enjoy the car even though it's in primer. I plan now to just make it how I want and enjoy it

 
That's the spirit, kid, sounds great . Enjoy. Check out the Equus Bass 770 mustang you won't feel so bad, lol

 
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Believe me your not alone in this. I have about 10k into my H code Mach 1 to date. The planets are lining up for me throw another 20k at it. I would like to think it will be worth 25k  when done. Not that it will be for sale. I do feel 71-73s  values have gone up so will see what the future brings.

Msmach351c says I have closer to 15k into it for how much my air compressor runs.  :mad: 

Now my brother on the other hand will do very well with his classic car. He bought his 70 Boss 302 back in 79 for 3.200 bucks. A lot of money for 1979. But it was clean low mileage car. In fact I think it only has 69-70k on it when he tore it apart. He has about 25-30k into it doing all the restoration him self except the engine build. It should be worth around 75k or more when done.  What a jerk!!!  :cool:

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I'm a certified auto appraiser and I can cell you that for estate and insurance purposes you should have it professional appraised.

Now from my practical experience the vast majority of restored cars don't bring enough to cover a major restoration.

I've restored 8 cars over the years and none of them brought what the restoration cost.

You can look to shows like Overhauling.  That show has been discontinued and of the reasons mentioned in a Chip Foose interview was because the cars cost on the average $120k to restore and if you watched the show maybe only a handful might bring close to that...most of those are just because of the Chip Foose name.

If attend or watch the top auctions, you'll often hear them say "you can't build the car for that!!!"   That tells you that they aren't making the restoration cost.

From what I've seen, most restoration shops that flip cars don't make money doing that, they make money doing the private restorations.  The flips or auctions is just a way to get their names out there and in some cases they are just looking gain some capital rather than making huge profits.

I bought my 1970 Mustang for $6k and I spend about $26k restoring and updating it from a 3 spd manual 6 cylinder to 8 cylinder 4spd car with hooker headers, dual exhaust and a host of other upgrades.   The car went to a collection in Nebraska for under $22K.  $22K was high for a coup (not a fastback, not vert).  I felt good at that.

I bought my 1973 Mustang for $2k and I've put about $4k in to it so far and still have body work, interior work and paint still outstanding. I am well on my way over the $20k figure for this restoration.   Current value maybe about $16K, but I'm doing it for that, I'm doing for the fun and the recreation value.

So here is my suggesting.  Make the car what you want with what you can afford and enjoy it.  The worry about the final value will take the fun out of it.

 
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As a contractor I have owned various trucks (currently a F450) to drive to work each day. I have also owned some sort of early Ford car/truck for personal use since the early eighties. In the last thirty years that I have owned, worked on, restored, taught myself to weld, fabricate, dream and create on these cars, I have not once, absorbed the depreciation that all of my other non-car guy friends have absorbed. In the last thirty years most of them have purchased atleast 5 (or more) new cars. Each of these cars have depreciated atleast $10k over the life of their ownership of each of the cars. Quick, conservative math will show you that they have spent $50k± on this cumulative depreciation.

Those are real numbers. This doesn't even take into account the money I save per year on insurance. New cars require minimal coverages in the thousands of dollars, whereas agreed value policies for our collector cars are significantly less. In my current policy, I can drive 6000 (pleasure) miles per year and I get close to that each year. I drive it all year round, as long as conditions are dry. It NEVER gets wet.

Manage your investment well and it will do well for you. A penny saved is a penny earned. Document everything you do to your car in pictures and with very well organized receipts. That is the key to getting top dollar when it come time to sell. This is how you remove/minimize risk for the buyer as he/she compares your car to the others which are similar to yours on the market. If you do a great job on your car and they want it, they will have to pay.

I owned a 1970 Bronco for 21 years and had $15k into it over those 21 years. When I decided to sell, I got $10k for it, so my net cost was $5k. Think about that, it cost me $5k to have a car to drive for 21 years! You don't have to get all your money back to be ahead. You will spend much more driving new cars.

PS- this is a very good point of view to remember when you get married and your wife begins to look at what you spend on your car! The money she spends NEVER comes back home, atleast a portion of yours will.

Take a good look an the mirror and ask yourself...am I a car guy? If you commit to be a car guy, jump in and enjoy it!

 
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It always better to spend te money for a rust free car. out of the things we spend money on bodywork is the most expensive. If you can do rust repair yourself you can save a lot of dough. I know you say yours has no rust. I have to ask howdid you make that assesment? Until the car is stripped to metal you really cannot make that statement

 
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It always better to spend te money for a rust free car.  out of the things we spend money on bodywork is the most expensive.  If you can do rust repair yourself you can save a lot of dough.  I know you say yours has no rust.  I have to ask howdid you make that assesment?  Until the car is stripped to metal you really cannot make that statement
Agree... my supposedly "rust free" AZ convertible had rust in all hidden areas of the car where the factory failed to provide even a coat of primer... These areas generally cannot be seen until the car is completely stripped clean. The worst would be behind the door hinge brackets, as the factory did little or not enough to protect the bare metal in these areas. I can state today that my car would be as close to rust free as you will see out there. I took excessive steps during the restoration to keep it this way for as long as possibly movingly forward.

 
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