How do you guys Finance your restore project

[maldo]

How do you guys finance your rides.
I see so many nice rides so many new projects going on.
I just don’t mean an engine swap here or there but high tech full off frame off jobs... where do you guys find the time and extra money …..

[Boyd]

Just my 2 cents, but here's how I see it -

A small portion have worked hard enough in life to simply be able to afford a "no cost spared" build. This group usually catches some flak, but to be honest, I would go this route if I could afford it. It's usually the rich guys that spend $100k + to have a car built, but couldn't tell the difference between a blow-off valve and a valve cover breather that really piss people off though.

Some have had the good fortune of working with sponsors (hard to get their attention now days and some require lengthy commitments in regards to showing the vehicle).

I'm sure some are using plastic money. I personally frown on this method, but with the price of some of these cars - they can easily finish a car, sell it for more than they have in it, and start another project.

I would guess that some cashed out their home equity. (I only say this because there seemed to be many more "high-level" builds before the housing market crashed.)

And not that I include myself in the "high-dollar" build category (I'm actually in the "low budget" category), but some do it the way I am - a small monthly budget and lots of personal labor. Those in this group also usually sell off parts they don't need, and also may trade some of their skills to have things done on their car. It takes longer to build the car, but it's paid for as you go.

Then there are the really enterprising individuals who use a combination of all the above to get a car done.

And the really lucky ones just get a job with a Pro Touring friendly magazine and have aftermarket companies throw stuff at them in exchange for mentions in the mag. :smoke:

[ITLBTU]

They have a ton of money when they start... and a couple hundred when the finish!:lmao:

[CHRIS67]

Home equity loan. You can write off the interest come tax time.

[Jarcaines]

So far I have about $600 in my budget, so don't ask me....

I plan on spreading my project over a long enough period of time that it doesn't hurt my wallet to much. I am just now starting to do a tiny bit of work on my car. I also plan on doing some freelance design work on the side and use that money for my project.

Money is probably my biggest hold back on doing exactly what I want to do all at once, but I just can't make it a financial priority over our house, my wife, and the kid on his way, it's a hobby and I plan on doing it for a long time.

[maldo]

:hammer: :hammer: :hammer: I have always been a firm believer of pay as you go and I have never used credit cards (if I do not have the cash to start with). I have always been thirfty with my money and finding parts for good prices but man these days I find everything high (well if you want to do it right) I am looking at thousandsa of dollars for each section of the car no matter which way you slice it (brakes. interior , suspension etc)
(Give you and example for a good front suspension set up is going to be a min of $1000. Then you move on to the brakes anther $1000.00 and this is just for the basic upgrades… ok 2 grand there and you have not even gotten it to the rear brakes etc ….. (I am including all the small stuff like brake lines etc I am not reusing stuff that is 30 years old) so all said in done you are looking at about 3 -6 grand just to put brakes and suspension and ok rims and tires. and this is just for parts and no problems....

So if you think about it you can spend upward of 50 k in a blink of an eye…… if you want a decent running/riding ride with cold a/c etc that can hold it owne with the new mustangs camaro vetts etc….. and that you can cruise the car secne without getting laughed at ..... on top of that i am a preformance guy so i want power that knocks your socks off....... i am not a type of guy to spend money to rebuld something with makeing it better.... lol


I guess its hitting me when I sat down and really thought about where I want to be with this car and what my time and money will bring me and to tell you the truth I am really thinking about just buying a new car and start from there….

I mean you can pick up a LS based with a 6speed 98-02 f-body with high mileage etc for peanuts throw 15k into it and still be a head of the game (then in most cases you remove all of the body work involved to bring the car back to new) I guess I am pulling my hair out about this because I have just bee used to driving the new stuff … just love the old body and the way it looks compared to the new stuff I just wish sometime I could past my older camaro body panels on a new car. I guess I am at the cross roads of what to do and been in this position before (I have had 2nd gen f-bodys sold them for a 3rd gen then sold that for a 4 gen camaro so know I am back to a 2 gen ….. Scratching my head on how I have come full circle and back to where I have started lol yeah I am nutzzzzzz lol but the older I get the les and less time I have it sucksssss got to balance life and home/family needs rrrrrrrr :rolleyes: :rolleyes: :rolleyes:

[Mr.VENGEANCE]

Im a career janitor.. for guys who love spaghetti.

they pay alot for how much they want cleaned..

[rob07002]

How do you get a $100k car budget?


Start with $250K.......I know, I'll leave in disgrace!

[maldo]

So far I have about $600 in my budget, so don't ask me....

I plan on spreading my project over a long enough period of time that it doesn't hurt my wallet to much. I am just now starting to do a tiny bit of work on my car. I also plan on doing some freelance design work on the side and use that money for my project.

Money is probably my biggest hold back on doing exactly what I want to do all at once, but I just can't make it a financial priority over our house, my wife, and the kid on his way, it's a hobby and I plan on doing it for a long time.


I hear you loud and clear ..... and i have step away from the car seen and sell my car for just that reason (i need a balance) . but, it kills me when i see a nice big cammed car pass me on the highway .... :6gears: and when i would find myself trying to race him in my jeep grand cherokee i know i got a problem lol lol

But then again i want to enjoy my car before i get old becasue i dont want to turn out like most old farts i see with a 250k camaro driving 30mph around town just to go to the local car show .... what a waste ...... i just like feel like going up to slapt some sense into them...becasue you cant take the dam thing with you so y not use it .....

[Damn True]

Exactly what kind of sense are you going to slap into a guy who can afford a $250k car?

[maldo]

How do you get a $100k car budget?


Start with $250K.......I know, I'll leave in disgrace!



?????

[1badchevelle]

I would say you need to start with a very understanding wife and build from their.

[JWilson]

Cash... and cash only. If I don't have the discretionary money, the car gets nothing. And most of the time, the car gets nothing. I do keep it roadworthy, so as not to lose interest, and handle small projects most of the time, to save up money and time (long weekends, holidays) for bigger projects.

[gearheads78]

save save save cash only that is all

[cluxford]

I consider myself a very ordinary kinda guy...wife, kid and house in the burbs...

I have worked 16+ hour days for the past 16 years.

I am building a 68 Camaro that will cost in excess of $200K when it is done.

Like everyone above says...CFO (aka Wife) aproval first....then...cash and cash only. I saved my butt off for 16 years to afford this, I have a budget and sticking to it. I might have missed out on a lotta fun along the way as I was saving, but I am 36 and will have an show quality 800Hp Camaro and will drive it...and way faster than 30mph.

Like all things in life, nothing is for free....work hard, play hard !!!

PS - what is a blow off valve ??? (just kidding...I know my car backwards)

[Motown 454]

Pay as I go . My kids are gone so Mama let me keep everything over the bills and living expence. Luckally I worked a lot of over time the last 4 years . I wouldn't have done it if Mama didn't agree because she works as hard as I do for what we have.
My wife is no help at reighning me in when I saw my motor for sale I was 3,000 short. We went to the bank to cash our checks and go to dinner . She went in and when she came out she through two envelpoes to me, one was our checks the other was thirty $100 dollar bills . She said get your engine. I'm pretty sure she's a keeper.

[thedugan]

Hey there are allot of people that have a ton of money and they like nice cars. Good for them.
There are some who don't so they need a budget or go in debt building it.

[maldo]

Exactly what kind of sense are you going to slap into a guy who can afford a $250k car?


lol not much

[maldo]

Pay as I go . My kids are gone so Mama let me keep everything over the bills and living expence. Luckally I worked a lot of over time the last 4 years . I wouldn't have done it if Mama didn't agree because she works as hard as I do for what we have.
My wife is no help at reighning me in when I saw my motor for sale I was 3,000 short. We went to the bank to cash our checks and go to dinner . She went in and when she came out she through two envelpoes to me, one was our checks the other was thirty $100 dollar bills . She said get your engine. I'm pretty sure she's a keeper.

know that a wife .... mine has no idea whats under the hood or would not understand why i want to drive a 25 year old car lol
but she is a keeper

[69TAPoser]

Same as Wayne...I pay as I go. Unlike Wayne, I keep my receipts hidden from my wife. :bicycle:

Just kidding...sort of. My wife chooses not to know what I spend on the car, but when she wants to buy something or go shopping I am not aloud to give her any chit!

:secret: I spend a LOT more than she does!

Phil

[XLexusTech]

Buy low sell High and lots of Bait and switch on the wife :-)

[skeeters65]

hard work and OT..

[MrQuick]

Stocks are down right now so im going back to the basics...Gun running, pyramid jobs, stripper managment, contract extermination and protection.....anyone looking for OLL's?

[bigvegan]

Lowered my expectations and learned how to work on rebuilding and customizing old road bicycles instead until my savings go way up and gas goes way down.

Advantages:
1. Parts are ridiculously cheap.
2. You can go as fast as you want on city streets without getting hassled by the cops (as long as you obey lights and stop signs).
3. You get a lot more exercise when you go for a ride on your bike than in your car.
4. You learn basic mechanical skills, and get to find out where the affordable powder-coaters / custom painters / etc. are.
5. The bike scene is just as social as the car scene, but with more single folks, which is a plus if you're a bachelor.
6. You get a similar sense of satisfaction in building up a cool custom vehicle to fit your own style, goals and budget.
7. MPG? They run on snacks, so you save on gas.

Disadvantages:
1. You don't have a cool hot rod / PT car.
2. Helmets look dorky, but you're stupid if you don't wear one.
3. You don't have a cool hot rod / PT car.
4. You're topping out at a speed that would make you miserably frustrated if you were in a car.
5. YOU DON'T HAVE A COOL HOT ROD / PT CAR!!!

Thank heaven for pro-touring.com.

[Jim Nilsen]

15yrs x $2,000 per year = $30,000 and an almost done car.

Big parts charged and paid for with overtime and I saved for others.

Then there is just times for a couple of years with job changes that no money was spent at all and no progress was made either.

I have learned that even if you have the cash it is better to put the parts on a charge card. It has advantages and disadantages. Being able to have the backing of the credit card companies paid off when there were problems with damaged parts delivered or the wrong ones . I have also gotten many 0% offers for a yr that made sense to buy the parts before price increases which I know saved me $$$ in the long run and gave me something to work with when I couldn't have saved that much money without everyone else in the house spending it for me. If you have the cash they will spend it and if you owe it they understand that it has to get paid. It's a hell of way to go and it takes a long time but in the end I have never worried about what I would do to come up with money if I had an emergency, I could always sell it and pay off the debt easily.

I am glad I have good insurance right now with this cancer thing and I am not selling the car unless I would not be able to physically finish it and/or drive it.

I have seen many cars get sold because of tragedy and debt that lost money to ever put myself there.

I also have taken a lot of flack for a long time because of the time it is taking me. A friend that hadn't seen the car for over 14 years just came by and couldn't believe how nice it is and how everything looks so new. The paint is now 8 years old and has never had to be washed with water, just dust it once in a while with the California duster and it is good to go. Final buffing will be done when the car is done. It's so close that I really can see the end. I am the only one who has ever worked on it and it is really tempting sometimes right now to pay for someone to help just get it finished. The details and wanting it to be perfect are challenging my acceptance to just get it done and driving and deal with the perfect details later. The problem with me is that I know that if I get it driving and they aren't perfectly done they may never get done like I want and other things will get worn and it will never be a totally new and finished car all at the same time.

I really like you guy's who tell me to just finish it and quit thinking about it so I can just enjoy it while Im still alive:woot:

[maldo]

Same as Wayne...I pay as I go. Unlike Wayne, I keep my receipts hidden from my wife. :bicycle:

Just kidding...sort of. My wife chooses not to know what I spend on the car, but when she wants to buy something or go shopping I am not aloud to give her any chit!

:secret: I spend a LOT more than she does!

Phil



:cheers: :firefire: lol lol

[Wookie]

I build other folks cars and spend the profit money on mine...

[Smock67]

I save a bit but a majority of my purchases have gone through a credit card. I just turned 19 on the 4th of august and because of the money i've put on and paid off on my credit card my rating is phenomenal. I just got a new AAW wiring harness for my Firebird and that too is on my credit card. I don't suggest this for everyone but i have an extremely good interest rate and none of my items are hugely expensive.

I never put more on then i could pay of within two months. My limit on my card helps as well. My car is no where near done. I have paint that i did myself which is driver quality, new wiring soon, still need the top put on, and my interior was dyed black but is certainly needs a new one (rips and what not) but those things are easily done later on. I have a 5 year plan on this car lol.

[Vegas69]

My new license plate is going to say 401K. haha Seriously, I won't spend anything but cash on toys. While it's probably not the smartest decision to spend large amounts of cash on a car.....you only live once and for how long who the hell knows.

[syborg tt]

1. Work two jobs.
2. Have a understanding wife that makes good money.
3. Save for the parts you really want
4. Have Build Budget and stick to it ( that's a funny one )
5. Don't become friends with Famous Builder ( really bad idea )
6. Take your time - why does it have to be done in 1 year
7. Break your build down in stages
8. Never take your daily driver apart unless you have all of the parts in hand and ready to install.
9. Don't live above your means
10. Eat alot of Mexican food it's really cheap.
11. Don't drink or Smoke - Huge money savings
12. Don't buy a House with a Huge Mortgage Payment
13. Don't buy a Car with a Huge Car payment
14. Don't pretend you need the latest and greatest clothing style - T-Shirts & Jeans will alway's be in style ( just ask Bob )
15. Sell all of the junk you don't need to fund the next phase of your build.


and I am sure there are plenty more idea's that I am sure people can add to this list.

[StRacerDuke]

Lehman Stock

[sik68]

Be young and single!!! :6gears:

[monza]

Me, work your own business, insane hours, keep expanding, 20 years later get a $ toy... before that all my toys/builds just took time and spare change. Bottom line, hard work.

[Slow Ride]

my wife spends all of my money so I end up having to borrow to do my projects, at least then it gets a line in the "budget"

[GBodyGMachine]

I dont have one anymore~!

[Twentyover]

I killed my mom and built it from the inheritance.

OK, I didn't REALLY kill her. Unless worrying to death is a COD.

[bbcc]

Well, don't go to school for four years. That really hurts the wallet. But, live at home, do all the chores and whatnot as rent payment. Work two jobs in the summer. And, work for a parts supplier. Wait.....none of that gets you anywhere. k, scratch all that. Whoer yourself out to 2000 chicks for $100 each. Or, for those on a time schedule, 200 fat chicks for $1000 each.:scared:.

bbcc

[MrQuick]

Lehman Stock haaahaahaaa that hurts....buy buy buy

[GBodyGMachine]

In all honesty though. I work hard, and I do alot of side work when ever I can. That helps alot. I dont use credit cards anymore because I am still paying one off from a year ago. BIG MISTAKE.
Also, young and single helps. If I didnt have credit card bills, the car would be done by now. Should have been patient!!!!

[Bow Tie 67]

During my first build I worked O.T. and saved. I never finance anything, I use the credit card to build cash-back, I pay it off every month. Sold that car to finance the current one. Second time around realized not every stinking little part has to be brand new. Shop the forums for deals, if your in no rush there are some great prices on parts.

[ho428]

I sold my children and pimped my wife.

Seriously though, we have no kids.
Pay as I go only, no mon no fun. CC may get used for purchases but the bill gets paid in full every month.

[maldo]

During my first build I worked O.T. and saved. I never finance anything, I use the credit card to build cash-back, I pay it off every month. Sold that car to finance the current one. Second time around realized not every stinking little part has to be brand new. Shop the forums for deals, if your in no rush there are some great prices on parts.

yeah trust me i have been collecting parts for a while lol and trying to find all the best deals out there

[Yelcamino]

Be young and single!!! :6gears:

Better yet, be a D.I.N.K. :twothumbs

[sumfuncomet]

I have always sold one project after a year or two on the road.My fun is in the build.One problem is I have been w/o a cool ride for five years while my latest build is under construction.When I sold my last car I already knew what I wanted to do next I bought the car(63 comet) and then spent all the rest of the money immediately on trans,rear,suspension stuff ane wheels tires.that was 18k,I have put another 21k into it over the last five years but alittle at a time.I am self employed and have a little more latitude with my "paycheck" The MOST important thing is a realistic budget from the beggining,stick w/a plan,do a little work every week and picture the finished product.Good luck!!!!

[dogtag]

Sounds kinda weird but I've got 355K in my frame off. Wifie just wrote a check for it. Who am I to argue!
(She has a bunch of hay burners so she wanted to be fair)
DT

[bigvegan]

"Sounds kinda weird but I've got 355K in my frame off. "

For $355k, it better be something special.

Like the Mercury Mistress - http://www.kewego.com/video/iLyROoaftI9L.html

[indyjps]

I bought sold traded to keep my car going while in high school/ college. Parted a lot of cars out and rebuilt engines on the side for stock car racers and stock rebuilds. I had a deal with a scrap hauler guy, I got first pick on small blocks, he'd haul off the cars I parted out.

This time around Ive been buying parts as they become available used for several years to keep the costs down some.

[GBodyGMachine]

Better yet, be a D.I.N.K. :twothumbs


DINK?

[derekf]

DINK?Dual income, no kids.

[Slow Ride]

Dual income, no kids.

That still doesn't help. We go about $1000 per month in debt and I haven't spent anything on my project cars for a year. I live in a small house and drive rusty old junk. The old engineering degree just doesn't get you very far these days.

[Yelcamino]

Dual income, no kids.


What he said.

My wife and I aren't rich, but we both do pretty good and we have very few bills (mortgage and two car payments). It helps the project cars progress at a faster pace.

[ho428]

I put all my project cars on the back burner for quite a few years while I built up a nest egg and security.
Have only a few bills now. Power, water, gas, phone, cable, taxes, insurance and groceries.
No car payment, no house payment, no debt payment of any kind. It took awhile but looking back it was worth it. Scratching by sucks. You don't have to try and have it all now.