Trying to narrow down what constitutes a classic car isn’t easy – that’s why some people resort to the standard line for anything that’s hard to define: you know it when you see it. But if you’re considering restoring a classic car, it helps to have some kind of starting point on what qualifies.
Zelle Facebook Marketplace Scam: How to Recognize and Avoid This Scam
Looking to diversify in a bear market? Consider These 6 Alternative Investments
According to the Progressive Insurance website, the minimum age for classic cars can vary from 10 to 25, but there is no standard minimum age. Insurers, collectible car clubs, and national motor vehicle agencies all have their own methods for defining classic, vintage, and antique cars, so you can search their sites for more information.
Randy Nonnenberg, co-founder and president of car auction site Bring a Trailer (BAT), told Yahoo Finance that when he was a kid, classic cars “dated back to the 50s and 60s and had fins and chromium”. But today cars from the 80s and 90s could be eligible.
However classic cars are defined, they are a hot topic in 2022. Look no further than Monterey-Pebble Beach Car Week in August, when total classic car sales hit $469 million, Yahoo reported. Finance – a gain of more than one-third over the previous year.
“People continue to be very interested in space,” Nonnenberg told Yahoo Finance. “It’s an attractive market and we’re seeing increased demand that isn’t waning even in this environment.”
If you want to restore a classic car and get in on the action, the cost depends on a variety of factors. These include the age and model of the car, its condition, its purchase price (if you are buying one to restore it) and whether you plan to do the work yourself or hire a professional to do it. do it.
Since the average person doesn’t have a classic car in the garage – and lacks the time or expertise to restore it – suppose you have to buy one and hire someone else to restore it. . In this case, you’ll likely pay between $40,000 and $60,000 for a full restoration project, according to the Junkyard Mob website.
You can reduce this cost by doing some of the work yourself, either by performing individual tasks or by assisting a professional mechanic. Professional services for bodywork, paint, interior restoration, engine repair and other items typically cost up to $75 to $100 per hour, Junkyard Mob noted. Cars in need of a massive overhaul will cost significantly more to restore than those in good condition.
Another variable is the availability of parts. You may have no problem finding parts for the new mainstream models. But for limited-edition vintage classic cars, you might have to look very far to get parts – and pay a premium to buy them. Expect to pay a 25% markup on most parts plus shipping if you order online.
Take our survey: Do you have an established emergency fund?
Finally, before embarking on the project, ask yourself why you are restoring the car. If it’s a labor of love and you plan to keep the car for personal use, you might have more wiggle room on costs. But if you plan to sell the car for profit, be sure to stay within your budget so that you don’t spend more on the restoration than the car is worth.
More from GOBankingRates
This article originally appeared on GOBankingRates.com: How much does it cost to restore a classic car?