When do you know to cut your losses?
Discussion
Massively deliberating over whether to proceed with the rebuild of my Rochdale Olympic.
Has anyone ever sold a project on, when the heart wants to keep it, but their head says that it makes no sense.
The car is never going to be worth even what I have already put into it, let alone what more money I would still need to spend to finish it off. It has never been a build for financial purposes, but the potential costs are weighing heavy on my mind. I have so far, kept going on the basis that I have already invested so much. But either way, that money is gone, so maybe I just stop spending now. More than 10 years in, it has been a project fraught with problems, fighting me every step of the way.
I do have another hobby car, my Triumph Toledo. This is a great car, very much a product of my own modifications, and is used quite a bit. It's even big enough to go out as a family. I only have one garage, and not sure if I could come to sell my Toledo, even if the Rochdale was finished.
The Rochdale is never going to be as practical, limiting it's use to non family really. It has so much potential though, which is what makes the dilemma so hard. There will always be that 'what if' scenario.
The money should really be saved I and put into savings for a house. It's certainly not a case of put the money into a different car, I could never justify that.
So, anyone been confronted with anything similar and learnt anything from the process?
Has anyone ever sold a project on, when the heart wants to keep it, but their head says that it makes no sense.
The car is never going to be worth even what I have already put into it, let alone what more money I would still need to spend to finish it off. It has never been a build for financial purposes, but the potential costs are weighing heavy on my mind. I have so far, kept going on the basis that I have already invested so much. But either way, that money is gone, so maybe I just stop spending now. More than 10 years in, it has been a project fraught with problems, fighting me every step of the way.
I do have another hobby car, my Triumph Toledo. This is a great car, very much a product of my own modifications, and is used quite a bit. It's even big enough to go out as a family. I only have one garage, and not sure if I could come to sell my Toledo, even if the Rochdale was finished.
The Rochdale is never going to be as practical, limiting it's use to non family really. It has so much potential though, which is what makes the dilemma so hard. There will always be that 'what if' scenario.
The money should really be saved I and put into savings for a house. It's certainly not a case of put the money into a different car, I could never justify that.
So, anyone been confronted with anything similar and learnt anything from the process?
Reading that it seems like you want someone to tell you to get rid of it. I know the feeling very well. I've got rid of two projects that I did love but were costing serious money with little return. I got rid and haven't looked back or felt bad. I've now got my current project car that is useable and i wouldn't have been able to get it if I hadn't moved on so it could end up enabling you to get something that's going to be alot less hassle!
Roverload said:
Reading that it seems like you want someone to tell you to get rid of it. I know the feeling very well. I've got rid of two projects that I did love but were costing serious money with little return. I got rid and haven't looked back or felt bad. I've now got my current project car that is useable and i wouldn't have been able to get it if I hadn't moved on so it could end up enabling you to get something that's going to be alot less hassle!
Objectively, I can't justify spending any more money on it, I know that now. I feel uncomfortable thinking about the sort of money I still need to spend. I also feel sad at the thought of not seeing it through, and angry at myself for spending so much on a dead end. If I had storage, and could moth ball it I would, but I don't have any options for that really....There is never any profit in restoring a car except for a few examples. If you want to restore the car for the challenge and enjoyment of doing so, with the later benefit of driving the finished result, go for it. If you're worried about losing money then bad news.. Classics never make money.
Riley Blue said:
Sorry MM but that's not correct. Some classics can make money, the Riley RM series is a good example - not a particularly scarce car, nor very exotic but values have risen markedly within the last five years and have doubled in the last decade and a half.
So you agree with Moggie that only some classics can make money ,most don't.JagerT said:
Riley Blue said:
Sorry MM but that's not correct. Some classics can make money, the Riley RM series is a good example - not a particularly scarce car, nor very exotic but values have risen markedly within the last five years and have doubled in the last decade and a half.
So you agree with Moggie that only some classics can make money ,most don't.MoggieMinor said:
There is never any profit in restoring a car except for a few examples. If you want to restore the car for the challenge and enjoyment of doing so, with the later benefit of driving the finished result, go for it. If you're worried about losing money then bad news.. Classics never make money.
You'll never win anything with kids either....
I never started it to make money, you wouldn't choose a Rochdale to restore if that was the goal.
It is just that the car is still far from being complete, after having gone through so much work, in the hands of so many. It is just that for the first time, I am considering the end value to me, judged on usage, pleasure etc. might not be worth the remaining outlay and effort.
Just interested if others have gone through the same, and come out the other side with hindsight, could offer a perspective.
It is just that the car is still far from being complete, after having gone through so much work, in the hands of so many. It is just that for the first time, I am considering the end value to me, judged on usage, pleasure etc. might not be worth the remaining outlay and effort.
Just interested if others have gone through the same, and come out the other side with hindsight, could offer a perspective.
Meanwhile, to get back to the OP's query, I'm in a sinmilar position as I'm restoring a car that, when finished, will be a unique example of its type but (big BUT) I bought it as a part-finished project at the right price, i.e. dirt cheap and with all the mechanical work done. Having paid for a re-spray, all I have to do now is reassemble it but time and ill health have caught up with me, if I can't get to grips with it myself by the end of this year I'll have to pay for it to be completed - or cut my losses.
When do I decide to do that? I haven't a clue. I've another project too, a not-so-good version of the same car.
When do I decide to do that? I haven't a clue. I've another project too, a not-so-good version of the same car.
Is that the motivation for restoring or owning a classic car? To make money when the time comes to move on?
I'd suggest that most of us do it because we appreciate them, even love them in some cases. Some of them don't make financial sense, but if we accept that, then if they do sell for more than we've put into them, well that's just a bonus isn't it?
Olympics are rare cars, so my advice would be if you can afford to restore it, do so and then enjoy it.
I'd suggest that most of us do it because we appreciate them, even love them in some cases. Some of them don't make financial sense, but if we accept that, then if they do sell for more than we've put into them, well that's just a bonus isn't it?
Olympics are rare cars, so my advice would be if you can afford to restore it, do so and then enjoy it.
Aquired a Mini Clubman, free of the inlaws - it had sat in a garage for 6 years since dying.
i stripped it, engine transplant (uprated 1330 MG Metro) revamped suspension, interior, major rebuild of bodywork. Did a couple of local rallies and a few hillclimbs, hated the car, it broke so often with silly maladies, was uncomfortable, sold it for £2000. Had pumped well over £5500 and three years into it and had done about 5000 mile.
Regarding the Rochdale, this wouldn't be the (name hidden) green one found on a builders yard a couple of years back?
i stripped it, engine transplant (uprated 1330 MG Metro) revamped suspension, interior, major rebuild of bodywork. Did a couple of local rallies and a few hillclimbs, hated the car, it broke so often with silly maladies, was uncomfortable, sold it for £2000. Had pumped well over £5500 and three years into it and had done about 5000 mile.
Regarding the Rochdale, this wouldn't be the (name hidden) green one found on a builders yard a couple of years back?
Money can be made out of classics, such as a friend buying one of the first XK120's in bits and after spending about £20K has a car worth £200K, but these are rare examples. I've seen many more people in your situation but who won't face up to the problem, ploughing on until it is finished then not even liking the car and selling for a huge loss. It seems you love the idea of it but realise that it just is a money pit. I suggest you go with your wallet, not your heart.
This one is my dilemma... 
'36 Austin with Jag' running gear. I bought it as a non-runner, got it running for a year 'til the 4.2 expired then "dropped in" a 2.8. It's so close to being put back on the road but for a few minor jobs but has been off the road for two years now; ill health, cottage resto', lack of income etc. have all affected the work and I just seem to have run out of steam. All the Jag' parts are expensive and big and heavy - hard work for me on my own. I know that when it's finished it won't go round bends or drive particularly well in any respect, will need lots more money spent before I'm happy with it, drink too much and be relatively valueless. Getting shot would give me an empty garage that could take a Riley R.M. (sorry Riley Blue) or a Magnette that I could modify with smaller, lighter, cheaper running gear that would drive better, or the freedom to buy an up-together muscle car or even a Harley chop or similar. So, in a lot of ways I would be so much better off without... On the other hand, it's a unique, steel hot rod with some history (a survivor from the 1970s), it's not on a dodgy plate and really can't be far from getting sorted, and I have sunk so much time and effort into it so far...
Draw the line and cut my losses? Been deliberating now for a year or more and still can't decide either way so no way am I going to advise anybody else!
All I will say is that out of all the vehicles I've had I've only ever regretted selling one. All the others made way for some thing else, whether that be another vehicle, or a house, money for food or whatever...
'36 Austin with Jag' running gear. I bought it as a non-runner, got it running for a year 'til the 4.2 expired then "dropped in" a 2.8. It's so close to being put back on the road but for a few minor jobs but has been off the road for two years now; ill health, cottage resto', lack of income etc. have all affected the work and I just seem to have run out of steam. All the Jag' parts are expensive and big and heavy - hard work for me on my own. I know that when it's finished it won't go round bends or drive particularly well in any respect, will need lots more money spent before I'm happy with it, drink too much and be relatively valueless. Getting shot would give me an empty garage that could take a Riley R.M. (sorry Riley Blue) or a Magnette that I could modify with smaller, lighter, cheaper running gear that would drive better, or the freedom to buy an up-together muscle car or even a Harley chop or similar. So, in a lot of ways I would be so much better off without... On the other hand, it's a unique, steel hot rod with some history (a survivor from the 1970s), it's not on a dodgy plate and really can't be far from getting sorted, and I have sunk so much time and effort into it so far...
Draw the line and cut my losses? Been deliberating now for a year or more and still can't decide either way so no way am I going to advise anybody else!
All I will say is that out of all the vehicles I've had I've only ever regretted selling one. All the others made way for some thing else, whether that be another vehicle, or a house, money for food or whatever...
alolympic I do feel for you. I'm 16 years into a Facel Vega project which I bought from someone who had already spent 12 years on it! The whole reason for getting involved was to have a four seat classic so I could take the kids out. They are now 17 and 21 so the chances of ever taking the car out as a family are slim!
But, it has become part of my life and is one of the things that defines me (as bonkers) as far as my friends are concerned. Cutting my losses is not that simple, particularly as the kids are now encouraging me not only to finish the car but to keep it once done.
So for me, backing out is not really an option even though it might be the most financially prudent thing to do. The underlying thing is my stubbornness. Having taken the project so far I can't let it go as it just seems like failure. I know I would look back and regret it.
My advice is to be really honest with yourself. Imagine you are another five years down the line and think what it would feel like to look back having got rid of the car, factoring in what else you have done with the money in those years. Then repeat the exercise, imagining you had finished the car, taking into account the sacrifices you have had to make to complete the project. Whichever scenario feels the best is probably the right one for you!
Hope that helps! Good luck with your decision.
But, it has become part of my life and is one of the things that defines me (as bonkers) as far as my friends are concerned. Cutting my losses is not that simple, particularly as the kids are now encouraging me not only to finish the car but to keep it once done.
So for me, backing out is not really an option even though it might be the most financially prudent thing to do. The underlying thing is my stubbornness. Having taken the project so far I can't let it go as it just seems like failure. I know I would look back and regret it.
My advice is to be really honest with yourself. Imagine you are another five years down the line and think what it would feel like to look back having got rid of the car, factoring in what else you have done with the money in those years. Then repeat the exercise, imagining you had finished the car, taking into account the sacrifices you have had to make to complete the project. Whichever scenario feels the best is probably the right one for you!
Hope that helps! Good luck with your decision.
TR4man said:
Is that the motivation for restoring or owning a classic car? To make money when the time comes to move on?
I'd suggest that most of us do it because we appreciate them, even love them in some cases. Some of them don't make financial sense, but if we accept that, then if they do sell for more than we've put into them, well that's just a bonus isn't it?
Olympics are rare cars, so my advice would be if you can afford to restore it, do so and then enjoy it.
What he said.I'd suggest that most of us do it because we appreciate them, even love them in some cases. Some of them don't make financial sense, but if we accept that, then if they do sell for more than we've put into them, well that's just a bonus isn't it?
Olympics are rare cars, so my advice would be if you can afford to restore it, do so and then enjoy it.
I've never understood this attitude that if your hobby is old cars that you must make a profit out of it. After all if you played golf for ten years you wouldn't expect to be able to sell all your clubs and Pringle jumpers for a profit when you give it up would you?
But spend ten years restoring and driving a classic car for a hobby and you apparently have to make money on the whole thing or "it's not worth doing".
Hobbies cost money. That's why we work, so we can afford them.
Thanks for the interesting comments, it is good to hear different perspectives.
When I first bought the car, I was young, no kids, had romantic ideas of European road trips. Now, I have a daughter who will probably be too big to ever fit in it, by the time it is on the road. But, I have a real fear that I would forget not finishing it. Like you, this is a big part of me. I worry about looking back, without the car, wondering what difference the money saved really made, would I be any happier? I almost take a pleasure in the challenge, to get it done, and to create a car that brings a whole new freshness to the Olympic.
Good luck with yours. I must say, a Facel Vega is one of the most stunning cars I have ever seen. I can remember seeing one on show at the Oulton Park Gold cup last year, and I looked over it for 10 minutes or more, soaking in all of the details. It WILL be worth it!
theadman said:
alolympic I do feel for you. I'm 16 years into a Facel Vega project which I bought from someone who had already spent 12 years on it! The whole reason for getting involved was to have a four seat classic so I could take the kids out. They are now 17 and 21 so the chances of ever taking the car out as a family are slim!
But, it has become part of my life and is one of the things that defines me (as bonkers) as far as my friends are concerned. Cutting my losses is not that simple, particularly as the kids are now encouraging me not only to finish the car but to keep it once done.
So for me, backing out is not really an option even though it might be the most financially prudent thing to do. The underlying thing is my stubbornness. Having taken the project so far I can't let it go as it just seems like failure. I know I would look back and regret it.
My advice is to be really honest with yourself. Imagine you are another five years down the line and think what it would feel like to look back having got rid of the car, factoring in what else you have done with the money in those years. Then repeat the exercise, imagining you had finished the car, taking into account the sacrifices you have had to make to complete the project. Whichever scenario feels the best is probably the right one for you!
Hope that helps! Good luck with your decision.
I feel that you and I are in a very similar place.But, it has become part of my life and is one of the things that defines me (as bonkers) as far as my friends are concerned. Cutting my losses is not that simple, particularly as the kids are now encouraging me not only to finish the car but to keep it once done.
So for me, backing out is not really an option even though it might be the most financially prudent thing to do. The underlying thing is my stubbornness. Having taken the project so far I can't let it go as it just seems like failure. I know I would look back and regret it.
My advice is to be really honest with yourself. Imagine you are another five years down the line and think what it would feel like to look back having got rid of the car, factoring in what else you have done with the money in those years. Then repeat the exercise, imagining you had finished the car, taking into account the sacrifices you have had to make to complete the project. Whichever scenario feels the best is probably the right one for you!
Hope that helps! Good luck with your decision.
When I first bought the car, I was young, no kids, had romantic ideas of European road trips. Now, I have a daughter who will probably be too big to ever fit in it, by the time it is on the road. But, I have a real fear that I would forget not finishing it. Like you, this is a big part of me. I worry about looking back, without the car, wondering what difference the money saved really made, would I be any happier? I almost take a pleasure in the challenge, to get it done, and to create a car that brings a whole new freshness to the Olympic.
Good luck with yours. I must say, a Facel Vega is one of the most stunning cars I have ever seen. I can remember seeing one on show at the Oulton Park Gold cup last year, and I looked over it for 10 minutes or more, soaking in all of the details. It WILL be worth it!
Gassing Station | Classic Cars and Yesterday's Heroes | Top of Page | What's New | My Stuff