Learned alot from an appraiser the other day

[alini]

I took my car to an appraiser the other day, and got a big lesson in car valuing.  I invested $23K in my car (cost of car and all the parts)  I did all the work myself one to save cost but to prove I could do it.  I thought the car since it needed nothing, it runs great down the road, everything is new....so close to $30K right.  After talking to the appraiser....Nope its worth what I spent in parts.  I asked him what things stood out to him.

 

1) when I did the upholstery I just used some cotton batting to bolster the seats.  Well its not 'smooth', the seats look a little lumpy along the top edge.  I never noticed it, fixing it wouldnt help the value but it helps with presentation

2)  My door sill plates, are still original....nothing fancy.  I cleaned them, they arent dirty but they dont POP when you look at them.

3) My car is nice, but it doesnt have a WOW factor.  The chrome isnt Pristine, the wheels dont stand out.  The interior is stock and even though I used a custom wood...its still wood.  The engine compartment is clean, the trunk is 'stock'.  If I put my car in a line of 6 cars would it stand out as the ONE that someone wants.

 

With all that said, I asked what I needed to do to break the $25-30 mark.  I would of had to invested that much more into it.  Disc brakes, flashy rims, refinished chrome.  All of those things would have added cost to the project too....so would I have made money at that point??

 

Now I have had alot of people say they love the color combo and I have had some say they hate it, thats all opinion and while it does affect how many people would buy the car, it doesnt affect the price as much.  A guy who WANTS the car will take the paint and in some cases they color is the reason they want it.  We've all seen it at the auctions as a White car goes across the block looking awesome and gets a fair price but a car with a red color goes for three times more.

 

The point Im trying to get to, especially to the guys who are building right now......Put some thought behind what you are doing.  I did and Im breaking even.  If you are restoring your car to factory appearance, have at it, you wont ever get all that money back.  But if you are doing the resto mod route and customizing you car, think about WOW and making your car interesting.  Make sure its things people would want, disk brakes, wheel combos, push the flashy line but keep it still clean that you arent turning people off.  Its a rough line.

 

Most of all Have fun while you are working no matter what direction you are going.  If its getting frustrating, things arent fitting, or you are fighting to get something the way you wan.  Put the tools down and walk away for a bit.  If its not fun, its not worth doing....if its not worth doing you are wasting your time.  And you wont get your time back when you build the car

Edited March 27, 2017 by alini (see edit history)

[PWB]

Good advice.

I'd say you've done a stellar job in doing and sharing your build with us. The agony and success.

I've enjoyed the journey. Thank you.

It's been long been debated that we anticipate too ill or positive affect our pursuits.

Anticipation; Emotional rehearsal for possible future situations. Anticipation can involve feelings of excitement about a future pleasurable event, irritation at having to wait for the experience
, or both. We feel the +/- here.

Its a tug of war for most.

Focus on your journey - not too much the end.

Don't invest too much on the "mental" dollar.

To hell with insurance company's and their profits. They are not here for us.

You resurrected a piece of functional art. Its not a wall flower - it transports and transcends.

 

Bravo (Do it again)

 

 

[KongaMan]

It sounds like he was telling you that if you invest $23K, you'll get a car that's worth $23K, but if you invest $40K, you can have a car that's worth $30K.

 

BTW, you won't know if you're breaking even until you sell it.

[George Buick Riviera]

Restoring Riv 65 GS, I can see no other way than going stock as much as I can. But generally Chris is right ....

[Chasander]

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once an appraiser "valued" my 66 Skylark GS (what I thought should be $25000) at $15000. Then he offered to buy it at $15000

 

[alini]

1 hour ago, Chasander said:

 

That sounds more like a car buyer not an appraiser

[60FlatTop]

Don't try to make money on your good stuff. Keep that and have it just as nice as you want it.

 

Over the past 50 years I have made pretty good hobby money buying junk and passing it on to the guy with rose colored glasses. My multiplier is generally 5 on cars I pass through. But it can be more.

 

As a kid I spent a lot of time with back row used car dealers. Since we had a lot and few free lance wholesalers would stop by to get in on a little cream skimming. I still remember one guy named Tony, who was an addicted gambler with back luck, maybe how he got into cars. He gave me a long and memorable spiel about "pyramiding" his investment in a 6 or so year old Chevy. He bought it for X$, it had a dented front fender he had fixed for another X$ amount. The Powerglide was bad and a rebuild was X$. He's standing in the office rattling on teaching me about the car business. Needless to say, it was a memorable speech. If resale value is what I am interested in about the most you will see me do is wipe a car down with a cloth dampened in kerosene.

 

Been doing stuff like that since i was a geeky kid and bought this '41 for 25 bucks. I think I was 14 or 15 in that picture.

Edited March 27, 2017 by 60FlatTop (see edit history)

[petelempert]

I think you've got to take an appraiser's POV with a grain of salt. It's just his opinion. His advice on certain detail points might be helpful (like the sills and the upholstery) in terms of his ability to sell the car but really it's up to you to decide if you want to heed his particular advice. From there, it's just a matter of taste. Some people want the showroom stock look, others want something more resto mod. If your car is someplace in between, so what. I think you shouldn't lament any decisions you've made and not worry too much about what the appraiser says. I would only change something if you specifically think it will yield you more profit and it's an easy fix. Fine, buy some new rocker sill covers. If you want to sell your car, find somebody out there will love it as much as you did. If you don't get as much as you'd like, consider the value of the experience you had working on it and worry less about the money. PRL
 

[Scott Mckenzie]

I get an appraisal for insurance purposes only . To recoup some money spent in case the car was stolen, totaled etc. The Price of your car is whatever the market will bear. I think you did a great job and I have the build bookmarked for reference.   If I calculated the cost per pound for fish I`ve caught I would never go fishing.

 

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[slosteve]

On ‎3‎/‎26‎/‎2017 at 5:42 PM, alini said:

2)  My door sill plates, are still original....nothing fancy.  I cleaned them, they arent dirty but they dont POP when you look at them.

 

I know this is not the point of this thread Chris, but my door sills were pretty tacky looking. After cleaning them I took them over to a friends garage who had a decent polishing wheel setup and spent a little time. They now 'POP'. I was amazed. 

 

Steve

[lrlforfun]

OK Riviera People: The days of the  appraiser are somewhat numbered due to the fact so much information is so easily obtainable on line...including sold units.  If an appraiser actually offers a sum for what they are appraising it could mean they are looking for the inside track, they are preying on an unsuspecting customer or that is really the market.  Usually they offer a high figure and  are easily off the hook leaving their customer more times than not with  bogus information..

 

Next.  So why are old cars like hamburgers?  They are not investments. You go into the Burger King hungry, pay the $6.95 for the  #2 combo and walk out full with hopefully  a smile on your face.  The money's gone, you consumed your purchase and you're on to the next activity.  Furniture? Cars? Appliances? Home improvements? Vacations? All no different.  You pay the money for what's offered and if there is any value left after the initial purchase consider it gravy.

 

Anyone who thinks their collector car is an investment that will appreciate is on a fool's errand. No guarantees.  So.....if you're gonna spend a pile of dough on an old car plan on enjoying what it's about and do not have any hidden expectations on what it's worth.   Certainly one can try to hedge their bet but,   AGAIN....Anything left over when you sell is pure gravy!    Mitch

Edited March 30, 2017 by lrlforfun (see edit history)