Does this budget seem realistic

65 A Code · May 7, 2004

Thanks for all the info. Luckly I have a good bit of tools( what I don't have I can borrow), have a welder and can weld ( decently anyway). Car will not need a full frame up resto, but close to it. I have a hook up on getting the car painted so that will help a good bit. Also like I said earlier no hurry to get this car done, so if I do have to wait and save to get something done on it or buy parts I will. I currently only have a little over 1,200.00 invested in the car ( that is including price of car). I am also keeping a spreadsheet on what I am spending and on what I do to the car when I work on it. Not sure how long the $$$ part of the spreadsheet will stay around though, might get depressing after a couple of years. But I am looking forward to to it. My father inlaw and his father have restored 15 + mustangs over the years so have a wealth of knowledge from them if needed and Have this board also. I do plan on doing things right the first time. I hate doing the samethings over again.

Frankies65 · May 8, 2004

$25K and counting. I started out where you are figuring I would get out for under $10K. Then came the $5000 paint job. Now I'm up to about $4800 for the engine. Figure a grand in the suspension and brakes. Another grand for the interior. Wait - you need wheels and tires - theres another $1000.

It never ends. The nice part is you spread the cash out over a nice long period (unless you're dodgestang!). It surprises you when you tally it up.

Frank

65 A Code · May 8, 2004

Frankies65 said:
The nice part is you spread the cash out over a nice long period (unless you're dodgestang!). It surprises you when you tally it up.

Frank

Ya this is the only way I am going to be able to get away with it, with the wife is by spending a little at the time over a long period of time. BTW nice web site with good info on the floor pans.

Frankies65 · May 8, 2004

"Ya this is the only way I am going to be able to get away with it, with the wife is by spending a little at the time over a long period of time. "

Don't even talk about it!

I have a spreadsheet like Nicks, but it is safely hidden away where SWMBO will never find it. Let's just say that I can no longer gripe about the ten years of furniture and accessorizing she did...

Frank

Snail50 · May 8, 2004

dodgestang said:
I couldn't agree more. I was actually at a dealership about to buy a mustang before I bought my 65. I decided that for the 35k price I was looking at for a new one I could build me one heck of an old one that would hold its value or even appreciate allthough I will never get my investment out of it. At least I know I have a nice value if heaven forbid I ever do need to liquidate it.

I was in EXACTLY this position. I was planning to buy an 04 Cobra, but I realized for that kind of coin, I'd better be in love with the car...and the only thing about the Cobra I loved was the drivetrain. It only made sense for me to get another classic, because always in the back of my mind was my first 67 which I had to sell. And like you said, for the price of a Cobra, I could build a heck of a classic.

Snail50 · May 8, 2004

and although I've only had the car a few months, I see how easy it is to sink some $ into the car. Between the full suspension upgrade, Baer 4 wheel disc conversion, rims & tires, and various "must haves," I'd guess I'm in it for about $5K so far (all work done by me). Who knows where it will end? I'm not worried about the final $ figure, because I didn't buy the car as an investment; I bought this car to keep for a long time, enjoy every minute of having it, and maybe give it to my son if he's interested.

Edbert · May 9, 2004

I'm into mine over $20K and probably closer to $25K, I stopped adding to my spreadsheet after $21,500.

Well over 90% of that is parts alone, as the only work I did not do myself is the floorpans.

Moral of the story, estimating the cost of a project is very easy to underdo and almost impossible to overdo.

TT670 · May 9, 2004

I stopped keeping track of costs after the initial purchase price. I didnt buy the car for profit, I bought it for the love of vintage mustangs and the pleasure of the hobby. If I knew what I "really spent" it would take the fun out of it. I can say that Ive spent over 5K this spring and the cars been painted for 2 yrs and the motor was already done and I still dont have a transmission. I figure as a guess Ill be into it for about 20k and I started with a completely rust free car with maybe 2-3 dents and a brand new deluxe interior already installed. I too have done every bit of the work myself, I cant imagine the cost if I were to have others do the work.

65 A Code · May 9, 2004

I am not really worried about the cost in the long run, just want to get it on the road. My question is, why do a lot of poeple say get a budget before starting? Does not seem like a lot of point to me.

Snail50 · May 9, 2004

heh. I wouldn't worry about a budget. just do what you can afford as long as you can afford it, then quit when you're broke.

dodgestang · May 9, 2004

65 A Code said:
I am not really worried about the cost in the long run, just want to get it on the road. My question is, why do a lot of poeple say get a budget before starting? Does not seem like a lot of point to me.

You should always set a budget....even if in the long run you go over it. The reason to set the budget is to honestly prepare yourself for how much it will cost to do what you want to do. PUlling a number out of your arse and calling it a budget is not the proper way to set it either. You look at first how much money you realistically want to spend, then you realistically think about what you want to do with the car, then you realistically look and research how much it will cost to do those things. Then you can compare the numbers and see if this mustang is right for you.

2nd Mustang · May 10, 2004

65 A Code said:
My question is, why do a lot of poeple say get a budget before starting? Does not seem like a lot of point to me.

Mortgage
Alimony payments
Son's college tuition and books
Son's car to go to college
Property tax
Association fees
Uitilities
Insurance
Food
Clothes
Etc.........

Snail50 · May 10, 2004

I let my wife set the budget.

All I do is say "Honey, can I spend $2K on brakes?" If she says yes, I do it; if she says no, I throw myself on the floor and howl until she relents (I learned this from my son).

LMan · May 10, 2004

a time-honored way to trade your time for $$$ is to network with more-accomplished Mustang ppl and offer to help with their projects in exchange for help/parts/expertise that you cannot afford. Someone always needs your help who has something you need. Even if your skills are modest, body shops/painters are always looking for someone to prep/strip cars for paint, and that just takes effort and reasonable attention to detail. Its a dirty job no one wants to do, which is why its a good token in your pocket when it comes time for help on your car. JMO.

Does this budget seem realistic

65 A Code

Member

Frankies65

65 A Code

Member

Frankies65

Snail50

Snail50

Edbert

TT670

65 A Code

Member

Snail50

dodgestang

Active Member

2nd Mustang

Snail50

LMan

Similar threads

Does this budget seem realistic

Member

Member

Member

Active Member

Similar threads

Privacy & Transparency

Privacy & Transparency