Is there money is 'light' restoration
Discussion
Being fairly f*cked off at work I'm considering my options.
If I were to reduce my hours and spend my excess time doing light restorations, is there any money in it?
I'm not expecting to make much- just a little bit as pocket money. I'm more than average competent with a welder and spray gun.
I was thinking Minis, MG (Midget, B) Spitfire, type thing as parts are available and they are simple enough for a DIY. Buy them rough and rusty (but not complete wreck) and sell them as tidy.
Is there £1-2k profit to made on something like that -or am I in a dream world (again).
I'm aware that I'd probably have to sell as trade - but I suspect I could live with that.
any views, thoughts, or reality checks?
Cheers,
Balls
If I were to reduce my hours and spend my excess time doing light restorations, is there any money in it?
I'm not expecting to make much- just a little bit as pocket money. I'm more than average competent with a welder and spray gun.
I was thinking Minis, MG (Midget, B) Spitfire, type thing as parts are available and they are simple enough for a DIY. Buy them rough and rusty (but not complete wreck) and sell them as tidy.
Is there £1-2k profit to made on something like that -or am I in a dream world (again).
I'm aware that I'd probably have to sell as trade - but I suspect I could live with that.
any views, thoughts, or reality checks?
Cheers,
Balls
Depends on a few things,
How do you know a car needs only ''light'' restoration, - most MG's/mini's will require more then just light restoration,
to properly restore a car to original as I see it requires All rust removed, shell fully blasted to bare and then see what it needs, then 100's of hours on a rotisserie jig and many panels later, a mint car that is worth a bundle,
or like most just repair what's obvious and is visible, a fresh lick of paint and shift it on when it looks good... Unfortunately I think I would make more money doing the latter.
I'm painting/beating 13 years now and would usually have something on the go in the shed at home bodykits, crash repairs etc.- I don't like being stuck in the same tin can with a boss full-time so I go between for the time being,
took on a rusty rst escort in MARCH ffs. Rust is endless simple as,
the roof skin was stretched and warped from previous repairs - no rust, so we got another braced it removed the old and the whole inner frame is destroyed with corrosion, it wont need any metal replaced just a good blast and afew coats of epoxy primer, but it's wasn't at-all visible with the skin on and would have been bursting trough in a year or two tops, at this stage I kind of expected it but still rust gets/is everywhere
If you plan on cleaning them up and shifting them on then it might be possible.. if you pick your projects wisely
I've the guts of 3k labour on above escort, I'd make the same in a month doing ''normal'' work, It was a mistake taking it on but I'll leave it as near concourse as possible so at least I can show what I'm capable of and charge the ridiculous amount of money I'll want to do another,
RUST IS EVIL I TELLS YA!
How do you know a car needs only ''light'' restoration, - most MG's/mini's will require more then just light restoration,
to properly restore a car to original as I see it requires All rust removed, shell fully blasted to bare and then see what it needs, then 100's of hours on a rotisserie jig and many panels later, a mint car that is worth a bundle,
or like most just repair what's obvious and is visible, a fresh lick of paint and shift it on when it looks good... Unfortunately I think I would make more money doing the latter.
I'm painting/beating 13 years now and would usually have something on the go in the shed at home bodykits, crash repairs etc.- I don't like being stuck in the same tin can with a boss full-time so I go between for the time being,
took on a rusty rst escort in MARCH ffs. Rust is endless simple as,
the roof skin was stretched and warped from previous repairs - no rust, so we got another braced it removed the old and the whole inner frame is destroyed with corrosion, it wont need any metal replaced just a good blast and afew coats of epoxy primer, but it's wasn't at-all visible with the skin on and would have been bursting trough in a year or two tops, at this stage I kind of expected it but still rust gets/is everywhere
If you plan on cleaning them up and shifting them on then it might be possible.. if you pick your projects wisely
I've the guts of 3k labour on above escort, I'd make the same in a month doing ''normal'' work, It was a mistake taking it on but I'll leave it as near concourse as possible so at least I can show what I'm capable of and charge the ridiculous amount of money I'll want to do another,
RUST IS EVIL I TELLS YA!
I have been doing this for years with triumphs, more of an evening and weekend hobby than a proper part time job. I tend to do about 4 a year mainly picking up MOT failures requiring welding or cars that have had lots of money already thrown at them and just need finishing. There is no money In full restoration of a spit, midget or minis that will only be worth half what it would cost to restore. I have never made a loss on a car but as mentioned earlier I enjoy it as a hobby so don't count my labour and any money I make goes towards the next car or parts for my own cars. Choose wisely and give it a go 
A friend of mine restores small chassis Triumphs full time and has done for about twenty years. It costs a customer between fifteen and twenty thousand for a full resto' on a Spitfire or Vitesse - the finished car being worth seven to twelve? He never struggles to find enough work (he is very good tho'). On the other hand he will occasionally buy a very good car to "spoodle" and sell on but rarely makes any money doing so and often ends up with it sat at the back of the workshop in the way...
I have never lost money on an old car but I don't run a business. The cars to buy were always tidy cars with minor faults or easy to fix m.o.t. failures, these are much harder to come by at a good price nowadays as it seems every seller is aware that their car is "a much sought after iconic classic"...
Best of luck - being unhappy at work is a problem that you need to sort. A huge part of your waking life is spent there; I walked out of my office into the uncertain world of unemployment/agency work/self employment twenty years ago and, despite never having made any real money, would never regret my decision.
I have never lost money on an old car but I don't run a business. The cars to buy were always tidy cars with minor faults or easy to fix m.o.t. failures, these are much harder to come by at a good price nowadays as it seems every seller is aware that their car is "a much sought after iconic classic"...
Best of luck - being unhappy at work is a problem that you need to sort. A huge part of your waking life is spent there; I walked out of my office into the uncertain world of unemployment/agency work/self employment twenty years ago and, despite never having made any real money, would never regret my decision.
The refernces to WD is very apt. But there has been some motors they've done reletively quite well on for not that much work or outlay. So it does work if you choose wisely (It doesn't have to be a classic).
Buying something that doesn't need much in the mechanical front but a good tidy up on the cosmetics seems to do the best (profit wise!
Got to be worth a dabble to see how you get on?
Buying something that doesn't need much in the mechanical front but a good tidy up on the cosmetics seems to do the best (profit wise!
Got to be worth a dabble to see how you get on?
Edited by Nors on Thursday 29th October 10:15
I fear the issue with this is that everyone is assuming the labor you put in would be free, but actually it wouldn't be. You would at least have to include the difference in hourly rate from you current employment (going FT to PT) when working out the margin on each car. Then any hours you put on top of that would then need to be considered as an opportunity cost, say working part time in a pub would net you £6 an hour, well that should be included as well.
Someone far more educated than me would have to talk about the tax implications of being a motor trader and what you declare or not, although I suspect the volume of cars that you would turn over wouldn't trigger any issue. Seem to recall there is a limit to the amount of cars you can sell in a year without being considered a trader.
Most people have mentioned though, being stuck in a dead end job hating every minute is soul destroying, so defo worth a consideration to change, but go into it with your eyes wide open, being stuck not able to pay a gas bill or your rent/mortgage is equally if not more stressful
Someone far more educated than me would have to talk about the tax implications of being a motor trader and what you declare or not, although I suspect the volume of cars that you would turn over wouldn't trigger any issue. Seem to recall there is a limit to the amount of cars you can sell in a year without being considered a trader.
Most people have mentioned though, being stuck in a dead end job hating every minute is soul destroying, so defo worth a consideration to change, but go into it with your eyes wide open, being stuck not able to pay a gas bill or your rent/mortgage is equally if not more stressful
cheers for the comments.
the thought (plan is rather too grand a term) would be to drop to 4 days per week. Whilst I don't have a company and am chubby rather than powerfully built, I could live on 80% of my current income. I guess I'd like to make a few quid, but an not expecting anywhere closed to a sensible wage out of it. I was hoping for maybe £3-4k per year so that's a about £50 per day.
whilst I think I'm at the upper end of DIY, I'm not sure I would be confident to take on work for others. I'd rather f* up my own project car, than somebody else's pride and joy.
I will continue to ponder...
the thought (plan is rather too grand a term) would be to drop to 4 days per week. Whilst I don't have a company and am chubby rather than powerfully built, I could live on 80% of my current income. I guess I'd like to make a few quid, but an not expecting anywhere closed to a sensible wage out of it. I was hoping for maybe £3-4k per year so that's a about £50 per day.
whilst I think I'm at the upper end of DIY, I'm not sure I would be confident to take on work for others. I'd rather f* up my own project car, than somebody else's pride and joy.
I will continue to ponder...
balls-out said:
cheers for the comments.
the thought (plan is rather too grand a term) would be to drop to 4 days per week. Whilst I don't have a company and am chubby rather than powerfully built, I could live on 80% of my current income. I guess I'd like to make a few quid, but an not expecting anywhere closed to a sensible wage out of it. I was hoping for maybe £3-4k per year so that's a about £50 per day.
whilst I think I'm at the upper end of DIY, I'm not sure I would be confident to take on work for others. I'd rather f* up my own project car, than somebody else's pride and joy.
I will continue to ponder...
Better to buy others unfinished projects on a Marque your familiar finish and sell I often see unfinished projects where much money has been spent but due to change of circumstance seller needs to sadly move on often at less than what they have put into them the thought (plan is rather too grand a term) would be to drop to 4 days per week. Whilst I don't have a company and am chubby rather than powerfully built, I could live on 80% of my current income. I guess I'd like to make a few quid, but an not expecting anywhere closed to a sensible wage out of it. I was hoping for maybe £3-4k per year so that's a about £50 per day.
whilst I think I'm at the upper end of DIY, I'm not sure I would be confident to take on work for others. I'd rather f* up my own project car, than somebody else's pride and joy.
I will continue to ponder...
Andrew
It's going to cost you time, more of it than you think.
You're going to need to recover the projects
They're going to need work that you overlook when buying
It takes a long time to sell cars at post restoration prices
People will be wary of your short ownership and DIY paint job
Selling several cars a year might attract the attention of the tax man
One lemon and your hard-earned and modest profits are gone
You're going to need to recover the projects
They're going to need work that you overlook when buying
It takes a long time to sell cars at post restoration prices
People will be wary of your short ownership and DIY paint job
Selling several cars a year might attract the attention of the tax man
One lemon and your hard-earned and modest profits are gone
HustleRussell said:
It's going to cost you time, more of it than you think.
You're going to need to recover the projects
They're going to need work that you overlook when buying
It takes a long time to sell cars at post restoration prices
People will be wary of your short ownership and DIY paint job
Selling several cars a year might attract the attention of the tax man
One lemon and your hard-earned and modest profits are gone
err, well, yes. so you think I should go for it then? You're going to need to recover the projects
They're going to need work that you overlook when buying
It takes a long time to sell cars at post restoration prices
People will be wary of your short ownership and DIY paint job
Selling several cars a year might attract the attention of the tax man
One lemon and your hard-earned and modest profits are gone
Andrew Gray said:
Better to buy others unfinished projects on a Marque your familiar finish and sell I often see unfinished projects where much money has been spent but due to change of circumstance seller needs to sadly move on often at less than what they have put into them
Andrew
Its possible I'm just too picky/ too much of a perfectionist but I wouldn't have much interest in finishing others work because its always a case that I don't think what has been done is up to scratch, Andrew
I'd rather an honest rusty shell over one that has been painted/primed recently and has buckets of filler/seam-sealer/stone-chip covering the dodgy bits,
I reckon they is some pocket money to be made by buying slightly tatty shopping cars at a bargain price and then cleaning/tarting them up and then reselling at the top end of their price bracket.
Or buying a chavved up hot hatch and putting it back to standard (parts from a scrapyard etc) and being able to sell it for more than you bought it for and sell the modified parts on eBay.
Or buying a chavved up hot hatch and putting it back to standard (parts from a scrapyard etc) and being able to sell it for more than you bought it for and sell the modified parts on eBay.
Truckosaurus said:
I reckon they is some pocket money to be made by buying slightly tatty shopping cars at a bargain price and then cleaning/tarting them up and then reselling at the top end of their price bracket.
Or buying a chavved up hot hatch and putting it back to standard (parts from a scrapyard etc) and being able to sell it for more than you bought it for and sell the modified parts on eBay.
exactly this and maybe get familiar with auctions, there's usually bargains to be had once you buy wisely, even damaged-repairable stuff if you no what your at, ie. if air-bags are intact/it run's and nothing serious is bent and doesn't need too be ''pulled'' most parts bolt on/off, lick of paint and your awayOr buying a chavved up hot hatch and putting it back to standard (parts from a scrapyard etc) and being able to sell it for more than you bought it for and sell the modified parts on eBay.
balls-out said:
cheers for the comments.
the thought (plan is rather too grand a term) would be to drop to 4 days per week. Whilst I don't have a company and am chubby rather than powerfully built, I could live on 80% of my current income. I guess I'd like to make a few quid, but an not expecting anywhere closed to a sensible wage out of it. I was hoping for maybe £3-4k per year so that's a about £50 per day.
whilst I think I'm at the upper end of DIY, I'm not sure I would be confident to take on work for others. I'd rather f* up my own project car, than somebody else's pride and joy.
I will continue to ponder...
Treat is a hobby that pay's for itself. If you make a couple of bob fine.the thought (plan is rather too grand a term) would be to drop to 4 days per week. Whilst I don't have a company and am chubby rather than powerfully built, I could live on 80% of my current income. I guess I'd like to make a few quid, but an not expecting anywhere closed to a sensible wage out of it. I was hoping for maybe £3-4k per year so that's a about £50 per day.
whilst I think I'm at the upper end of DIY, I'm not sure I would be confident to take on work for others. I'd rather f* up my own project car, than somebody else's pride and joy.
I will continue to ponder...
The trick is buying the right cars/projects to start with, you want to able to turn them over quickly, you don't want to; lose interest, get too involved, spend money or tie too much up.
I have made money (by accident) but generally I'm far too fussy and not very business like. I end up spending more time and money on things than are necessary.
Edited by PositronicRay on Sunday 1st November 10:47
VW Campers are done to death with regard to importing them, thousands have been brought in.
It's difficult to buy them at the "right" price now, but plenty of opportunity to do work on them for owners.
Just about anything can be "lightly" restored, it's just a question of buying at the right price.
If you've paid too much for it at the beginning, it's difficult when you come to sell it and it is one of the more expensive ones out there.
It's difficult to buy them at the "right" price now, but plenty of opportunity to do work on them for owners.
Just about anything can be "lightly" restored, it's just a question of buying at the right price.
If you've paid too much for it at the beginning, it's difficult when you come to sell it and it is one of the more expensive ones out there.
Edited by sim16v on Tuesday 10th November 09:27
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