Build Costs

[Ron in SoCal]

^^ that was funny Blake!

Lou great point and post.

[ironworks]

Knowing what I know now, I would just marry up and go way above my pay grade. Look at Jesse James. That guy can pick some big money girls.

I have built 3 nice cars for guys whose father in law foot the entire bill for 3 very nice cars. I was unaware of those deals when I was in the market 6 years ago.

Hindsight is always 20/20.

[Swain]

Hahahahaha. When you looking you never find it but when your not looking there all over the place

Originally Posted by ironworks

Knowing what I know now, I would just marry up and go way above my pay grade. Look at Jesse James. That guy can pick some big money girls.

I have built 3 nice cars for guys whose father in law foot the entire bill for 3 very nice cars. I was unaware of those deals when I was in the market 6 years ago.

Hindsight is always 20/20.

[TheJDMan]

To be honest, I was fortunate to fund Dust Off. I could just as easily have wound up with nothing. I had been saving for the build for several years and had a little over $15,000 saved. When the housing market and stocks took a dump during the 2007-8 recession and everyone was getting out of the stock market, it became increasingly apparent to me that stock prices were not likely to go much lower. Then when I heard one economist comment that stocks were at a 60 year low, I purchased $15,000 worth of stocks and crossed my fingers. This was either going to be the best or the worst investment decision I had ever made. Three years later my stock portfolio had increased in value by a cumulative factor of more than 4 times and it was time to sell. Believe it or don't, but that is how I funded my project.

[Flash68]

Originally Posted by first69

I’ve been a member of the site for quite a while now and love watching and learning about all of the builds. The posts always offer a lot of information and provide motivation to work on my own project. My question involves the financial portion of car building. I watch all of the awesome builds on here, go to numerous car shows every year, subscribe to magazines, etc. and the one thing that I seem to have the hardest time understanding is how do people afford some of the cars I see. I am 40 years old, married, two kids, we have what I would consider an “average” or comfortable income, excellent credit and we are very responsible with our money but I couldn’t even come close to being able to afford some of the builds I see. I know this is a personal or private subject for most people but I would love to see any responses on how “most” people do it. Are they in crazy debt, credit cards, inheritances or just filthy rich??

I would caution assuming everyone can really afford the cars they have and/or have built. I can easily see guys everywhere who do not have financial priorities in order. It's like lots of people who APPEAR to have money and are well off with fancy new cars and a big house, etc etc but behind the scenes are debt poor. It's the American dream unfortunately all too often.

Originally Posted by Blake Foster

ALL the customers we have had that have built cars are SELF EMPLOYED

This is what I was going to say as well.

Originally Posted by Blake Foster

Ron is the Exception to the Rule LOL but honestly he has been building that car for what 6 years and it just gives you too much time to change things and there for drives the cost UP, ASk Ron

Originally Posted by Ron in SoCal

^^ that was funny Blake!

So funny that's it true!

Originally Posted by ironworks

Knowing what I know now, I would just marry up and go way above my pay grade.

Now you're getting it.

[J-440]

I just gotta chime in here since I might have a dang good original answer. First off I bought my dream car. I was a child of the 80's and when everyone else had the Lambo Countach and Ferrari Testarossa posters on their walls, I had the General Lee. I also have excellent credit and have'nt charged a dime on the card for parts. I got married to a wife who also works and loves our Charger, have a teenager and bought a house. Our daughter works and goes to school. She buys her own stuff so she will NOT rely on mommy and daddy's magic money tree when she moves out. I have a nice collection of tools and a crapload of patience. I've been working on 1 car for the past 15 years only on weekends (family time is important!!) and it'll be ready this Christmas. Did I mention this was my dream car? I have sunk 65K into it, I am 44 years old, and will probably have another 20K into when I die.
So, buy your dream car, don't go into debt by keeping up with the Joneses, don't spoil your kid, have patience and an understanding wife who loves the car as much as you do. Oh yeah...plan a budget and then triple it. This hobby ain't like stamp collecting!! Good luck!!

[Sparks67]

My 67 Camaro is my first car that I bought in 1983. I had several friends that wives forced my friends to sell their cars in the past. I only know of 2 friends that have their cars from the past. I am single income, but I am paying for a house, new truck, etc. I can buy anything that I want, but I won't go in debt over my car. No loans, no charging on the cc, etc. I just pay it in cash.

The best way is just start buying parts, before you start the project. I have less initial investment than any of the cars on the forum. My project officially started in December 2004, and I worked on the car till 2011 at friend's Dad's garage. He stopped it twice in the past, because he had other projects. If you get in a money bind then just stop it for awhile. I have it up north now at the alley, but it is being tweaked some more.

Jeff

[Spiffav8]

IMO it's all about balance. Sure I'd love to have an over the top build, but that would put me in debt and take away from so many other things in my life that are important. If I took that route I wouldn't be happy and that would take the fun out of the car for me.

I put together a build sheet that had every cool and trick part on it that I wanted. Then I priced it all out. The total of all those "cool" items was shocking and that total didn't include the car, body work or paint. So I took a hard look at what I needed vs wanted. There are a few items that will really make a car and following some good advice I went ahead and add things that will connect me to the car and enhance my driving experience, but not break the bank.

I suggest you search around and get a solid idea of how much the type of car you want to build will cost you. Find a car that is solid and all there. If you're smart about it, you can sell off items that you won't be using and recoup some of the cars cost. If you buy a running car, you can drive and enjoy it while you save your money and stock pile parts. If you have everything before the tear down stage, your car will spend less time off the road. Not saying to be super cheap about the process, just smart.

In the end, build a car that fits what you will really do with it and don't let it rob happiness from other areas of your life.

[rickpaw]

Originally Posted by TheJDMan

To be honest, I was fortunate to fund Dust Off. I could just as easily have wound up with nothing. I had been saving for the build for several years and had a little over $15,000 saved. When the housing market and stocks took a dump during the 2007-8 recession and everyone was getting out of the stock market, it became increasingly apparent to me that stock prices were not likely to go much lower. Then when I heard one economist comment that stocks were at a 60 year low, I purchased $15,000 worth of stocks and crossed my fingers. This was either going to be the best or the worst investment decision I had ever made. Three years later my stock portfolio had increased in value by a cumulative factor of more than 4 times and it was time to sell. Believe it or don't, but that is how I funded my project.

That is an excellent way to fund your project.

Originally Posted by ironworks

Knowing what I know now, I would just marry up and go way above my pay grade.

Hindsight is always 20/20.

Yup. Should have married into a rich family, that likes you. My inlaws hate my guts.

My case, I built my 67 over the course of 4 years by myself. Did everything other than final paint and engine machining. One small purchase at a time, set the game plan and stick to it. Doing things over will cost you $$$ and time.

IMO, the more you work on the car yourself, the more money you will save.

[Bryan O]

Originally Posted by first69

...I would consider an “average” or comfortable income, excellent credit and we are very responsible with our money...I would love to see any responses on how “most” people do it. Are they in crazy debt, credit cards, inheritances or just filthy rich??

No offense intended here but IMHO, "excellent credit" (assuming you are using the credit) and "responsible with our money" are contradictory statements. In the context of your post it seems you'd contemplate building a car on credit. Not wise.

I had Alchemy built in 1 1/2 years at Best of Show on a monthly budget. Was not self employed. The income was good at the time but we didn't have GW money.

I love my car. But, I love being debt free much more than having the car.