Making a living restoring cars is the dream of many classic car enthusiasts. Car restorations, however, are costly. Restoration specialists are not your run-of-the-mill technicians. They often specialize in a make or brand. Formula Motorsports, a Porsche-dedicated auto repair shop in New York, adds that auto restoration does more than repair a car; it brings back the car’s authentic condition. These explain why auto restoration work fetches a high price.
There’s no harm in nurturing an expensive hobby if money is not an issue. However, it is also foolish to keep a money drain open. It’s important to find a balance between achieving personal satisfaction and wasting resources. And for that, a business approach to restoring cars is necessary.
Is Earning an Income a Priority?
People who restore cars need to be clear about their goals. Do they want to experience the thrill of having a restored BMW or Porsche in their garage, or do they plan to sell and recoup their expenses? If it’s the former, then they can keep indulging in their hobby; but if it’s the latter, they need to think like a businessman.
The main concern of a businessman is to earn a profit. They are willing to take risks, but they triple-check their bases to ensure the returns would be worth the gamble. This attitude should apply to car restorations. Before buying an old car and paying for its safe transport, restorers need to consider the extent of the work that needs to be done, the availability of its parts, where to find the people who can do the restoration, and if they can recoup the total cost of the project.
Not What You Want but What the Market Wants
Classic car enthusiasts can get carried away by their passion that they restore cars that with little market value. They invest time, effort, and money into the vehicle only to find out that the car won’t fetch much even among collectors.
Apart from the logistics and cost, therefore, car restorers also need to know what the market wants. Their odds of generating returns is higher when they restore a car with a high market demand than a model that people like but don’t want to buy.
Finding the balance between enthusiast and entrepreneur helps classic car enthusiasts from wasting money on restorations that aren’t worth much in the market.