Would you pay over $100K for a restoration?

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Joined
Jul 21, 2010
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Location
Miami FL
My Car
1972 Mach1, 2003 Cobra coupe
044.jpgI was at a local Mustang show today and was parked next to a gold 73 Mach1. Next to it was a red 73 that had nice paint but needed some cosmetic work . I started to read the owners signs and such on the gold mach1 and I did a double take at what he said he spent on the restoration. Yes - over $100K and he had checks and invoices and receipts to "prove" it. What I cannot for the life of me understand is why someone would put more than $50K into ANY 71-73 Mustang except a Boss 351 or 429 CJ or SCJ or maybe a 72 HO convertible. This was a California Q code but there was nothing else that would make it worth more than $25K at your typical auction. I'll post some pics later but this did not by any means appear to be a thoroughbread restoration with nothing but NOS parts. It obviously had aftermarket seat material (silver versus argent stripes). I should have looked underneath as for that kind of money it should have been Barrett Jackson undercarriage camera spotless. So - back to my original question - under any circumstance would it make any sense to pay out that kind of money to restore a 71-73 Mach1 Mustang unless Bob Perkins personally sold and delivered to you a bunch of NOS very hard to find parts?
 
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Very few cars worth that in my opinion. Something like an original 1963 slab side cobra, one of the original 6 Daytona Coupe's, an early Boss 429 if all parts are original, etc.

 
I love a nice 73, but with 100k I'd get myself a nice 30k restoration, a rat-rod VW Bug and the new GT500. I agree with racerx in that there aren't many worth that. I go to the shows to look at the super nice restorations, but I wouldn't want my car to have so much money into it I feel bad putting it on the road. IMO, the difference between a 20-30k and 100k restoration (using a 73 Mustang as an example) is the difference between a car I would be very proud of and have lots of fun in and a car I appreciate looking at but not one I would care to own. It seems like the showcars are worth what they are because of numbers, original parts and super finite details that would be ruined as soon as I started having fun in it. :p

To answer the question, not I.

 
No, not at all.

I also think that no car is worth that kind of money!

Thinking back when the Mustang was born, it was a car for everybody.

The prices here in Norway for Mustangs are very high, almost rediculous.

With that said the 71/73 are still cheaper then the older Mustangs. Also the chance of finding a "show condition" 71/73 is hard, and here in Norway you have to pay around$25.000 - $30.000 for a running car that needs some work.

The Boss351 and 429, and also 72 R code is worth a little extra, but not $100.000.

 
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If (a BIG IF) I had the treasure and it was sentimental to me in some way, I could see it.

I am of the school that you CANNOT take it with you and whatever you truly ENJOY, you should do it if you can.

That is the beauty of this hobby, one can do whatever he/she feels makes sense to them. I know there are many who see any car as just a means of transportation and it doesn't make sense to them to see someone spending money or effort on something other than what they themselves hold precious.

...just my $.02:).

BT

 
I was thinking the same thing as Cobra3073, maybe there was some sentimental reason to drop that much money into it or maybe he won the lottery.

 
I was at a local Mustang show today and was parked next to a gold 73 Mach1. Next to it was a red 73 that had nice paint but needed some cosmetic work . I started to read the owners signs and such on the gold mach1 and I did a double take at what he said he spent on the restoration. Yes - over $100K and he had checks and invoices and receipts to "prove" it. What I cannot for the life of me understand is why someone would put more than $50K into ANY 71-73 Mustang except a Boss 351 or 429 CJ or SCJ or maybe a 72 HO convertible. This was a California Q code but there was nothing else that would make it worth more than $25K at your typical auction. I'll post some pics later but this did not by any means appear to be a thoroughbread restoration with nothing but NOS parts. It obviously had aftermarket seat material (silver versus argent stripes). I should have looked underneath as for that kind of money it should have been Barrett Jackson undercarriage camera spotless. So - back to my original question - under any circumstance would it make any sense to pay out that kind of money to restore a 71-73 Mach1 Mustang unless Bob Perkins personally sold and delivered to you a bunch of NOS very hard to find parts?
What show were you at today? Rained over hear so i didn't go to the show at Wynne Ford in Hampton. There is a guy over here that was selling a Yellow Q Code for $100k because it was one of one had white interior. No way it was worth that.

 
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Most of my spending is not really on restoration, but rather on upgrades. Starters, power windows, suspension, electronics all add up, and when you do it slowly over time it can sometimes get away from you. I know I have spent more on my cars than they are worth, but I really enjoy doing it, so to me this is priceless:)

Besides, I never sell them anyway so there's no problem.

Greg

 
If (a BIG IF) I had the treasure and it was sentimental to me in some way, I could see it.

I am of the school that you CANNOT take it with you and whatever you truly ENJOY, you should do it if you can.

That is the beauty of this hobby, one can do whatever he/she feels makes sense to them. I know there are many who see any car as just a means of transportation and it doesn't make sense to them to see someone spending money or effort on something other than what they themselves hold precious.

...just my $.02:).

BT
I think BT hit it on the head..I agree 100%...Take my resto for example..I know darn well that most people would have trashed it & deemed it a basket case..BUT The car has TREMENDOUS sentimental value to me..It's the first car I ever owned..I met my wife with it & all the good times memories I've had with it. The car is some what rare & pretty desirable..plus I have the entire matching numbers drive train & most of the other matching numbers stuff to go along..I also love a challenge even more so when some one tells me that "oh that can't be done" I can tell you this..Parts materials paying my helper I"m easily at 30K THAT DOESN'T INCLUDE ONE OUNCE OF MY LABOR..If this was a job I was doing in my shop at 50.00 per hour...by the time all is said & done 50-100k on my car..YOU WILL BE ABLE TO EAT YOUR DINNER OFF THE BOTTOM THOUGH !

These days 50k & better is the norm on a quality resto by a quality shop..Materials..labor overhead all expensive these days. I also want to leave a legacy for my kids when I'm gone..That alone PRICELESS !!!! They know the history of the car ..My son has helped work on it as has my daughter..Imagine when I'm gone them getting in the car ..Saying "remember when dad" So lots of reasons to spend that kind of money on a car

 
I was thinking the same thing as Cobra3073, maybe there was some sentimental reason to drop that much money into it or maybe he won the lottery.
I agree if money is no object, why not spend it on what you want? But to put that much money in the car that he did, there has to be sentimental reasons. Many of us (probably most) have more money into our cars than we could ever sell them for but we have limits to our insanity. I could put a 20K paint job on mine and it would probably improve the market value by only around 5K (if that). Sure would like to see some pics of a 100K restoration on one of our cars though.

 
I think everyone's comments so far make a lot of sense and ring true,

but i also think there are some people out there in the world who have soooooo much wealth and money, spending $100,000 grand would mean nothing to them in the money sense. (play money)

So for them, the concept of doing something like that does take on a new meaning i guess, compared to most regular income folks out there. Whether, this guy falls into that catagory i don't know, but i know there are people out there who do.

Austin:) (Greg)

 
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If you could deliver to me, a brand spanking new 73 Mustang out of a barn with 12 miles on it, exactly as I wanted it....I might pay $50k.

I understand even at that I am replacing hoses and such...but I think I might come up with $50K. I would rather have a 73 Mustang like this for $50k than a brand new Mustang of any type, of any HP.

But, I would not pay any $$$ for a restored Mustang. Just do not trust the restorers. I would prefer doing the work myself and shopping some of it out...maybe if they gave me a lifetime warranty...or maybe if it was Q who did the work.

 
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. Sure would like to see some pics of a 100K restoration on one of our cars though.
Well keep watching mine ! :) That would include paying myself for my labor



But, I would not pay any $$$ for a restored Mustang. Just do not trust the restorers. I would prefer doing the work myself and shopping some of it out...maybe if they gave me a lifetime warranty...or maybe if it was Q who did the work.
Thanks for the compliment W !! I agree I've seen some really good cars ruined by shoddy structural ..body work both by so called experts & by diy'ers Btw..In my shop I gave a lifetime warranty on my craftsmanship for as long as you owned the car

 
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I agree with RacerX. It would have to be an original Cobra, Boss 429, maybe even a 69 Shelby GT 500 conv. Something that could bring more than the $100K after the restore. IMHO, there is not a 71-73, including the BOSS351, worthy of spending that kind of money on. Now as far as the sentimental value that was brought up. If I had money to burn and it was my dying fathers wishes to keep his car that he bought new, in the family, and somehow ( I don't know how), it would take $100K to bring it back to top condition. Yes I would spend that money. But for the life of me, I don't see how it would ever cost that much, even buying new everything !!!!:dodgy: It would have to be a restomod with gold plating, TV's, $30,000 stereo system, $20,000 850 H.P. big block with stainless everything, Snakeskin seat covers............................... Yea, you get the idea !!:D

 
If your worth 25 million, 100 k is change. It's all relative. Would you hang a $80 million Picasso on your wall or a $300 picture from your local mall?

If I had it and I wanted the car......no doubt.

 
. But for the life of me, I don't see how it would ever cost that much, even buying new everything !!!!:dodgy: It would have to be a restomod
Easy..depends what you start with..More than half can be labor..$50.00 an hour is cheap in todays restoration shop market..Most are at $75.00

I mean just in fitting gaping the sheet metal on my car 2 guys 3 days Thats not final finished just close..30 hours into smoothing out body work on my trunk floor..$7000.00 just in suspension..brakes..tire..rims.. Should I keep going ?

It adds up real quick:mad: But yes mine is going restomod :p

 
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