Yes, it can be profitable to restore a vintage car. However, to accurately determine the profitability of restoring a classic car, you have to do an honest assessment of many variables.
For many enthusiasts, the process of restoring an old car is more about passion than profit. To find the perfect parts, see your work come alive, and to drive your pristine, restored beauty down the road, makes it worth all the hard work.
However, if you are looking for a project with a sizable return on investment (ROI), then there may be other options than buying and selling classic cars. Alternatively, if you’re just looking for something to do in your free time, and you enjoy getting your hands dirty, this could be a hobby worth exploring!
How to Make Money Restoring Cars
A good rule of thumb, when considering whether or not it’s profitable to restore a classic car, is to buy a car that is in demand. This brings its own set of difficulties, but for an investment, you want to have a reasonable expectation that there will be potential buyers when you’re ready to sell.
Restoring a Car with No Experience
When you’re restoring a classic car with no experience, it’s vital that you consider the breadth of the project. That way, you can determine whether or not it’s a realistic endeavor. This is particularly important if you’re doing a vintage car restoration for profit.
When things get frustrating (and they will!) you won’t be able to rely on enjoyment like enthusiasts might. It’s the first of five tips from classic car restoration professionals: be honest about your experience and don’t be afraid to seek help.
Best Cars to Restore for Beginners
If you’re interested in flipping cars for profit, then you have to look for the cheapest car to restore. That seems obvious, right? Buy low, sell high. So it’s easy to think that the best classic car to buy has to be the least expensive overall.
However, while some vintage cars may be less expensive than others, it’s important to determine if their price correlates with the rarity of their parts. For example, the owner may be selling because parts like weatherstripping and seals are difficult to find. In that case, purchasing those parts could overshadow the low initial cost of the vehicle.
How to Sell a Classic Car that Needs Work
On the other hand, if you’re trying to sell a classic car for cash, it would be beneficial to know what the market is looking for. Look on social media for groups of enthusiasts who have a preference for the model of vintage car you’re selling, but remember to manage your expectations. As we’ve suggested, the margins of profitability for classic car restoration projects aren’t always very generous, so you may want to consider that before looking for car buyers.
Working with Classic Car Restoration Shops
At Collectors Auto Supply, we’re strong believers that you never have to do anything alone. We’ve discussed the value of collaborating with more experienced classic car restorers, and we’re ready to practice what we preach.
These projects take time, they can be exhausting, and there’s never a shortage of surprises. Therefore, you will definitely find it encouraging to have a supportive group of professionals to work with. If you have any questions about restoring old cars for profit, contact our team today.