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Thread: Can you make any money at this?

  1. #1
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    Default Can you make any money at this?

    I'm not sure if this is the right forum (maybe B.S. board), but I was wondering what are everyone's thoughts about doing vehicle restoration as a business? I guess like any small business, it's a matter of finding the customers, but is there anything inherent about vehicle restoration that makes a good or bad small business? How specialized would you need to be (specifically military vehicles, or anything older, etc.)? Are there any of you out there already doing it?

    I'm guessing acquiring the tools and the shop are the hardest part, but let's say you either already had these or already had a good enough income to get them. Sorry, I'm kind of rambling, but what does everyone think of the business side of this hobby we all have. Thanks!!
    1967 M715 w/w #11812

  2. #2
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    Unless you were doing museum-quality work, and had museums paying for it, I just don't see the money in it.

    I have about $6000 in my M725, but I'd be lucky to get $4000 for it. It's just the way these things are, especially with gas prices.

    I've seen really nice trucks go on ebay for $2-3000, and some junkers for that as well.

    As with any business, it's all about what the buyer is willing to pay.
    67 M725 67 M715 68 M715

  3. #3
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    Quote Originally Posted by compexp View Post
    Unless you were doing museum-quality work, and had museums paying for it, I just don't see the money in it.

    I have about $6000 in my M725, but I'd be lucky to get $4000 for it. It's just the way these things are, especially with gas prices.

    I've seen really nice trucks go on ebay for $2-3000, and some junkers for that as well.

    As with any business, it's all about what the buyer is willing to pay.
    What about older vehicle restoration in general, not necessarily these trucks or even military vehicles, for that matter? I know there are people that do it, but is it usually a side job kind of thing? From the little work I've done on my own truck, I can't see where there is any money in it.
    1967 M715 w/w #11812

  4. #4
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    I had my own classic car/truck restoration business for 4 years 1990-1994. I think that world is still about the same today as it was then. People all want the '64 Impalla, '67-70 Camaro, 1st gen Mustang, classic truck, 78-'85 Cutlass that can be daily driven if needed as a 3rd vehicle and they don't want to pay more than $3-$5K for it. Once every 6 months somebody might walk in that is willing to pay double that for a super nice one.

    You can't survive as a business on the business like that. I bought all the old vehicles I could, left the worthwhile ones alone and drove the swap meet trail to make ends meet. Fuel prices kind of put a stop to that today. Unless you can pour money into it, never make a penny and still survive for 3 years or so until your first mega dollar sale, invest your money in oil futures or something.

    Or, find some really high dollar cars that have always been high dollar cars. foreign sports cars, '63-'67 Vettes, etc...., advertise like crazy nation wide with stupid high prices. Then, anybody that shows up knows they are about to get taken and will actually have the money to do it. It sounds backwards, but it actually works. Big money expects to pay for nice stuff. If the price is too low, they will think it isn't what they want because it doesn't cost enough.

    I had a 1964 Impalla 327 SS 4 speed car. I pulled it out of the woods, made it run and painted it. The interior was great. I had maybe $1200 in the car and was driving it everyday. My place was located 12 miles from the A&M campus. One day a guy covered in gold drives up in a new 4 door Benz. He was a first round draft pick and had just signed with the Eagles as a DE. He wanted a '64 Impalla. I showed him the SS car as a project vehicle. He was all excited about it until I told him price of $3500. He got all suspicious and stuff. It seems he had just left a scrap yard that told him $4500 for just a body with no running gear. He thought I was trying to sell him a stolen car. I should have hit him at $15000 and he probably would have gone for it.

    Military trucks for the most part are owned by people who don't want to spend a penny more than they have to for anything. We are all cheap. Who wants to spend $10K for somebody to redo a truck when they can buy a running/driving M?? from GL for $3000?

    Now, specialize in MV parts or a particular specialty such as wiring or rims or axles and you might make a go of it because scrap prices are so high and you can scrap all the rest of the vehicles you don't use for parts. Other than that, I don't see it as a full time money maker.
    Remember if you didn't build it you can't call it yours.

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  5. #5
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    Again, I think it would depend on your customer. There are people who have the money to pay you $20,30,40, whatever an hour to do the work, or you could charge by the entire job.

    From what I've seen, it's almost always cheaper to buy someone elses' completed project, but then you're never sure of how the work was done.
    67 M725 67 M715 68 M715

  6. #6

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    Can you make any money at this?
    No.

  7. #7
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    Quote Originally Posted by kwai View Post
    No.
    To the point, I like it.

    I'm not really looking to get into the business as I have a nice paying IT job, but I've always been fascinated by small business and how they get started and would like to start my own small business someday. Likely it would be in the computer business, but there are days where I wish I was a mechanic or a construction worker.

    Then again, I've heard that the best way to ruin something you love doing is to try and make money at it.
    1967 M715 w/w #11812

  8. #8
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    If you concentrate on one vehicle type and develop cheap/reliable parts sources, and have a network of cheap/reliable people who can do those things you can't, you MAY have a small shot at profitability.

    If someone brings you at 1938 Packard that is missing all kinds of little hard to find parts, you'll be so deep in the red you won't believe it.

  9. #9
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    Quote Originally Posted by chicklin View Post
    I'm not really looking to get into the business as I have a nice paying IT job, but I've always been fascinated by small business and how they get started and would like to start my own small business someday.
    Who says a side business like that has to make money?

    And don't worry about killing the fun. You don't have to worry about it if you're just doing it out of fun on the side. Do as much or as little as you want; if you make any money doing it...bonus! If you don't....write-off!
    -- Tim Taylor


  10. #10
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    Have a look at my website; www.rcycle.com

    We do restoration on a daily basis of vintage Japanese and European motorcycles of all varieties.

    Can you make money at it? In short yes. There are a huge number of factors, as in any business: Overhead, location, quality of work, sources for parts, etc, etc. We have been in business since 2001 exclusively doing restorations, and have made a profit at it.

    Most of our business comes from all over the country, and very little of it is local. We have to go and drag the work in so to speak. That can be a job in and of itself. We are closest to the Washington DC area, so there is some money there and that helps. But folks find us via the web, and magazine advertisement, and come here from as far as South Dakota, Alabama, Misssissippi, Indiana, Ohio, South Carolina and other places. We have a stong web presence, and do a fair amount of advertisement in National Motorcycle magazines to keep ourselves out there and known in the motorcycle world. That has taken a number of years just to get in order.

    Restorations that we do, generally are done for a number of reasons. Most are sentimental, where the customer has an attachment to their particular vehicle of choice. Others are done purely for asthetics. They just like a certain vehicle. Some try to do it for an investment, but rarely do they get a return unless the vehicle is extremely rare or one-of-a-kind.

    Be aware if you pursue something like this, you will be working in large figures financially speaking. Deposits are a must so that you don't get your own money tied up in the job and never see it back. Also when dealing in dollar amounts over $10K or more, the customers expect a certain amount of respect and professionalism, beyond just that of an ordinary garage.

    It can be done if you are serious and good at what you do. Be sure before you pursue it, to take a few good small-business management courses, and educate yourself well. There is nothing that will kill a new business faster than over enthusiasm, and a desire to please everyone without any knowledge to fall back on.

    Good luck and I hope you do well!
    "Free advice is worth what you pay for it."™

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