The Money Pit

[DAVID PATERSON]

Have you ever had a Classic Car that absorbed an enormous amount of time and money without ever increasing it's value?

I bought a '72 Valiant Charger for $1900, spent that much on it again and evetually paid someone $50 to take it away.

I bought another '72 Valiant Charger for $1200, spent about four grand on it and sold it for $2500.

I bought a '73 Valiant Charger for $1500, spent $200 on it and paid someone $50 to take it away too.

I bought a '72 Valiant ute for $1200, spent over two grand on it and sold it for $100.

Does anyone see a pattern here?

Oh, I also bought a '76 CK Chrysler for $1200, spent $500 on it and sold it for $280.

[John Turner]

Almost all my cars fit in that category; it's almost inevitable if you are trying to save and renovate an old classic, even if you bought it as a reasonable runner. In fact, I can think of only 2 where I made a profit or broke even. I don't dare mention how much I have spent on some of my cars! However, so far I have avoided paying anyone to take one away!

[DAVID PATERSON]

I bought a Datsun 1600 (Nissan 510) for $1000, spent another $8000 on it and sold it for $4500.

[Daimlerman]

Surely this tends to be the pattern with classics that are purchased to be used.

Unless of course you are wealthy enough to enter the dizzy heights of the truly unique and rare classics with a proper history.

Only classic that I made any money on was an Austin 7 Ulster bought in 1962 for £45 (honest) and sold a year later for £50!

I spent more on a bare metal respray of the Daimler than the car was worth on the open market, but at least the old girl is used and that way I get pleasure from it.

[peteconnors]

The only way to make money out of regular classics is to keep them for so long that they eventually climb in value!
My pair are a 1965 Sprite which was my first car, so that'll never be sold, and an early 1960 Mini which I bought for my 21st with the intention of restoring it... ever notice you either have the time or the money, but never both?

[torola]

I prefer to buy...and have bought and sold...more ''modern'' or even future classics.
To date I have made a bob or two...not a fortune by any means as that is nearly impossible, but with careful thought on what is...and might become desirable in the very near future.
That means it is not always something I like myself...in that case I would be broke.
I tend not to keep them for long and only put a few hundred or thousand miles on before parting with them, only small restoration work done too..so I buy them in reasonably good nick in the first place.
It is difficult in deciding what will become hard to find, which models were made in smaller number etc etc....but damn good fun !
Out here in Spain cars are very rarely looked after, and classics are as expensive as anywhere but amazingly they are about.
So I am constantly on the look-out, in fact just last weekend I spotted a white BMW 2002Ti, it looked in very good condition so in the next few weeks I shall be knocking on this Spaniards door !!!!!!!
John, you have expensive tastes...I saw a nice Aston advertised here but of course its a left hooker...i'll send you details !