Part 4 of 5 – Is Your Pride Ride a Goner?
Here are some rules of thumb and warning signs you can use to help discern the hard-won victory of a beautiful showpiece from a never-ending money pit.
One of the most exciting, infuriating and informational parts of car restoration is getting to know your engine. You should think seriously about the kind of fuel your car will need once it’s up and running. Pump gas or race fuel?
A classic car is not equity – it’s an ongoing expense. A reconditioned model is no different; in fact, it represents even more ongoing costs and repairs than a more recent vehicle. Depending on how often you plan to drive or exhibit the vehicle, you could end up with major changes to the car’s fuel system, which means changing out fuel lines, the way the engine runs, and even the way the car’s electric system works. All of this should come into account before you’ve laid down the first dollar on your hobby machine.
For all intents and purposes! You’re insuring the vehicle not only as a car, but also as a collector’s item. That brings in a host of other questions, concerns, and things to keep in mind. And if you’ll be driving the car, that means taking on additional insurance premiums.
Keeping the car in good shape at all times should help you avoid some costs, but one thing you can’t skimp on here is the cost of ensuring that all your hard work, time, and investment of money and labor are protected. You’ll be paying this insurance as long as you have the vehicle, which makes it another necessary ongoing expense.
Have a good look at your insurance provider’s website, compare prices, and make sure that you’re looking at apples-to-apples comparisons for the kind of machine you want to have at the end of the project.