Should I buy old classics and fix them and sell for profit?
My grandpa owns many classic cars around the years 1940 to 1950ish that have been sitting in the same spot for over 30 years. He told me he can sell them to me pretty cheap, but How could i make a profit off buying these?
What are the procedures I would have to do to get a broken down classic restored to new, and then sell for profit if I don't know anything about cars?
I have about 30,000 dollars in my bank to spend
but what should be my first steps if I want to do this?
- 1 decade agoFavorite Answer
Hi....DONT DO IT!!! Especially if you don't know anything about cars. If any of those cars are worth anything your grandpa would probably know. Do some research and seek out which cars he has and what the price value is. "Old Car Price Guide" is a good start.....its a subscription magazine. Also, get a subscription to Hemmings Motor News. Thats where you can find all the parts, but beware....most sellers in that book think they got the last part on earth and want a pretty penny for it. Classic cars are generally not good investments. Only certain models with the most desireable features command all the money. And, these cars are hard to find anywhere nowadays.....generally speaking, muscle cars of the late 60's and early 70's are most desireable. Just because a car is old and even if it was painstakingly restored doesnt mean its worth anything. People get caught up in the romance of restoring an old car.....take it from me, its really a nightmare. I myself am unfortunately "addicted" to cars.....i buy and sell them for profit. And, i also build myself a hot rod every few years and generally lose money on it. Have i learned? No, i am currently working on another project car, a custom built and chopped "340" Dodge. Sure, i win trophies and such at car shows, but i am way upside down in my car and into it for much more than its actually worth. If i had 30K in cash i would start buying and selling later model cars.....just go out and look at the market in your area and see what sells best. Then, go out and find a deal on that type of car.....buy it and resell it for more. Find a niche and specialize in it......in my area, Arkansas, low mileage Jap cars and trucks get all the money, especially 4wd. i buy them on ebay cheap up north, go get em and drive back and sell em for twice as much sometimes. I work in the 8-12 year old car market.....always a buyer for a clean low miles 4x4 that i bought from someone in Chicago or NY. I may need to do a little body work to hide rust.....but when the buyer figures that out i will already have his money. Great Stuff "expanding foam insulation" works great for fixing rust holes in frames.....just scuff it up and paint it with undercoat, splash a lil mud on it.....anyway.....only get into the classic car because you love it......buying and selling them for profit is very hard....most people lose money. Best off to buy one that runs good thats cheap, slap on a coat of new paint, and sell it for more as quick as u can. I myself already have a beautiful car.....and its original except for the paint, which is nicely done. My car is a 1975 Plymouth Valiant......80K original miles, perfect inside and out, leather interior, even the a/c works and it has a nice sound system. I use it often and it never breaks down.....i have owned it for 9 years now and have had it for sale for $3000 or best offer for almost a year. Original motor, only the best parts when repaired......very pretty, drive anywhere.....but no one wants it.....no buyer in sight. Everybody offers me $1500 for it....and thats pretty sad after i paid $2200 for a nice paint job. So, i guess i will have to run it into the ground.....it has "no value". Its old and pretty and runs great......no value. Muscle cars are where the money is.....but even a junker is worth something. Try to find a 69 Dodge Charger body cheap.....even if its just a shell its worth $1500......just because its old doesnt mean its worth anything......just look at all the crappy old cars on ebay.....do your research and you'll see....only an occasional station wagon or convertible will bring top dollar........Good Luck!!Source(s): in the car biz all my life......
- Anonymous1 decade ago
My friend in high school helped his dad restore classics. They sold some cars to the famous Harrah's Collection in Reno, NV. They did their own rechroming and machine work. They had a brake to make body parts, etc. Their huge shop was fantastic. Everything was kept as clean as a doctor's office. You can get parts for practically every classic from the J C Whitney catalog. They sell on-line also. I believe the market for these cars is somewhat limited. The people who buy them seem to be hobbyists, who do their own restorations. Why don't you take just one that is in better condition and fix it up? If it sells and you turn a profit, buy them all. If not, you learned a lot about the process and have a cool car to mess around in.
You can learn everything you need to know by studying manuals and how-to books. Good luck.
- Anonymous5 years ago
Depends on the car and what work it needs. Many people do this for a living with certain cars. Some of the old MGs and VWs are easy to work on and have a cult following. Similarly, older Jaguars, Ferraris, etc. can bring you a good return if you find them cheap enough. I wouldn't say buy a 75 Grenada and bondo the rust and put it on the curb but it can be done with the right car.
- Anonymous1 decade ago
no because restored classic cars with modern materials would not worth as much as classics that have original parts on it
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- jeff mLv 61 decade ago
Sweetron is right- don't do it, unless you are looking for an expensive hobby. restored cars aren't expensive because there's a big demand for them- it's because they cost way more to fix.Source(s): been there, done that