Don’t Buy a Project Car

Keith Martin Avatar

Our old cars continue to make the transition from daily use appliances to coveted artifacts. This change raises an entirely different set of questions when it comes to deciding the quality and condition of a car you might buy. Just buying something that runs and drives is not what we’re looking for these days. As I’ve been looking around for my next sports car, I’ve come to some realizations. I don’t want a project car — or one with major things that are wrong or incorrect. When I’ve owned cars that are in a non-factory-correct color, or have an engine painted […]


8 responses to “Don’t Buy a Project Car”

  1. MarkyMark Avatar

    Keith, I respect your style of collector, but you are not the only type. I enjoy the work on cars more than the ownership and driving. I now own a 65 Austin Healey Sprite. I call it my credit card car, because I could buy it on a credit card and I order parts on the card. It will not ever be worth what I paid for it, plus parts, without giving any value to my labor. But I am having fun learning and solving problems. I can afford this cheap hobby. You are absolutely correct that yours is the best financial decision, but there are more than one way to enjoy our hobby.

  2. Craig Avatar

    I agree with the advice about classics, but with the Elise the danger is not damaged clams, which can be fixed, but an accident which bends the aluminum frame/tub/chassis, which most certainly cannot. Indeed, with the Elise, I find that people err too much on the side of ‘it’s been in an accident stay away.’ Many of these cars have been totaled for what was in reality very minor damage just because the adjuster didn’t know anything about the cars, or Lotus didn’t have clams in stock. For these reasons, I’d even buy a salvage title Elise from a reputable seller like Wire Wheel in Florida. And if you do you won’t have to worry about whether your ‘classic’ will start in the morning or drip oil or keep up with modern traffic!

  3. Alan Watkins Avatar

    Keith — you worry too much about what other people think.

    Also, if everyone took your position how would the less-than-perfect cars ever get restored?

    It’s not about what other people think and it’s not all about money.

  4. Ted Almon Avatar

    Keith, OK, so I need some advice. I have a “99 SL500. The R129 Mercedes should just be emerging as collectible and mine is perfect and completely original with all the desirable options, even the window sticker. Why can’t I get more than Kelly Blue Book for it? I need the garage space.

    1. Ftumpch Avatar

      Ted – I think I’ve figured out that the general rule is cars need to be around 25-30 years old before they start climbing in value. This seems to be the point at which they become such a rare sight on the road that people stop thinking it’s an old beater and start thinking “hey that’s pretty cool”. It’s also the point where people who as kids decided they were an R129 man have the money and the inclination to start following their childhood dreams.

      So I reckon you might need to think about putting it away for another 10 years…

  5. Dave Peterson Avatar

    Two doors, eight cylinders, and a slick top always works for me. Sometimes I am forced to accept a sunroof by the rest of the car, but on my current DD I was swayed by no sunroof when I removed the blue tarp. Your young son is growing fast.

  6. Gary Dowling Avatar

    I Know it’s named, Sports Car Market, but it just became too much about the market and money,which was why I stopped my subscription some time ago. I have cars that I bought 30 + years ago that have appreciated nicely but that wasn’t why I bought them.
    I agree that as I am now in my sixties that degreasing things and crawling under cars isn’t done with the ease of years past, but I find I feel better working on my cars than sitting and reading about pricing. I tend to keep my cars not flip them, so I’m thankfully not too worried about the values.
    If you can do the work yourself and get something out of doing it,almost any project makes sense. If you have to pay someone else to do most or all, then as it is said, buy the best you can afford

  7. Ftumpch Avatar

    I’d say it depends whether you love the car or not. I bought a sound but rather neglected Alfetta GTV about a year ago with the intention to use it as my daily driver. It’s now reliable and passes muster in the looks department, but it’s taken me countless hours of work and probably cost as much as I paid for it to begin with… and I still don’t feel particularly warmly towards the car and am thinking about moving it on.

    On the other hand I think the reason people pay a premium for interesting “barn finds” is because it gives them the opportunity to personalise it a car they really want, and make it into something that they would like to buy new if only it was available. Working on something like that then becomes a pleasure in itself.