Projects How do you fund your project cars?

Like the title says, how are project cars paid for?
Me personally I have six children all adults now but in the past my family responsibly came first as it should, so at times they're was no cash to play with. Now that I'm retired my income is fixed so cash is limited. I generally pay as I go buying the parts I want when I can. I'm not good at compromising how I would like to build, so parts acquisition can take years. The one rule I have is I will not barrow to fund perches. I've known too many guys that start a project and must have it done and sold in the time the note is for, usually taking a bath and losing money. I've also seen guys get creative earning extra money for the hobby.
So what works for you?

 

Cash is King.........never borrow for a hobby!

 

I married an engineer a long time ago, so I've had enough money since my mid 20s....I've just usually been hesitant to spend it, because I'm a cheapskate.

 

When I was working I would work Saturdays for car money, kind of a game I played in my head so no funds came out of the budget. That and my wife said if you are dumb enough to get up and go to work on your day off go for it.

 

I tend to hide my purchases from my wife because she hardly spends anything on herself. She tells me that it is ok to spend the money. I just need to believe that.

 

my first build (avatar) i only bought parts as i thought i could afford them. After a while i figured out at that rate i would be retired or dead before i finished. i started using my credit card every month to purchase at least a few parts. i always pay my credit card bill every month in full, i just had to force my self to buy stuff even when i thought i didnt have the cash. i know i sounds kinda stupid but when i am buying parts for a project that has taken years to do it is different than buying some parts for a car you can drive the next day after getting said parts if that makes sense?

 

When I was young and started with nothing, I would wheel and deal cars and parts, bottom feed at auctions for stuff to flip, buy fixer-uppers, repair them and flip them, etc. to build up the car hobby fund. But the amount i spent was pretty low as well. Old cars, parts, and supplies were a lot cheaper, and it was easy to find cars that didn't need paint.
Now, I still keep a separate car fund. But fortunately after working my roofing business for 35 years and building my rental real estate portfolio for over 40 years, I can afford to write a check out of my normal account for any big ticket items that I deem worthy.

 

Trouble allowance...I allow myself just enough to stay out of trouble

 

Kids are grown, ex-wives all paid off, now I have disposable income... LOL

 

50 years ago or so I thought about robbing a bank, decided not to and just kept bustin my ass in my body shop. Fast forward about 25 years and I was in the position to buy what ever I wanted at anytime.

 

Work hard and never pass up OT

 

I also married an Engineer. No kids helps too. It sounds silly but we give ourselves a weekly allowance. We both get the same fixed amount every Friday taken right out of my (weekly) paycheck to our individual hobby accounts. Then we are both free to do whatever we want with the funds and the other person can't say anything. Never an argument about hobby money that way. Hers goes to vacations for us (we pitch in to cover my portion) and mine goes straight into the garage, projects, and tools.

 

Engineering doesn’t always make one flush with cash. Best way to make money is to buy low. For parts and project cars check my classified listings ha, ha.

 

Try to use cash only. To have to borrow money to buy a piece for your build should be a next to last or last resort. Only use credit if you absolutely have to. Some vendors like Eastwood you can use AFFIRM to make a purchase.
I sell parts at swap meets and on the HAMB. Some people barter for parts. Too easy.
Mow lawns. Wash cars. Do laundry.

 

After wanting to change my side chrome on my car for 24 years. I finally decided to do it. Paid for with cash working extra hours in the shop.

 

I got lucky 40 years ago. I was a lowly tech at a County Engineers office. The government gave us something called a PC along with crap software. Somebody had to figure it out and fix the software. They said " Hey what about the new guy?" The rest is history.

 

Play the car hobby like the stock market , follow want ads ,ebay , service station collectables , be in the know , know what is valuable and what is not , buy low ,sell high have bought lots of 5.00 items and sold for a couple of hundred just because I knew what it was . Dont be just a ford guy

 

Bought a piece at a time over a long period of time for the 48.
Years ago I did a lot of side jobs on people's cars for hot rod money along with taking my left over parts to swap meets, selling them and using what cash I got to buy more parts for the project. When I lived in Texas in the 70's I showed up at Pate one year with just enough cash to pay for a spot and a load of mine and my buddies parts in the back. I sold a lot of stuff even though I didn't have any big ticket items and had enough money to buy parts I was looking for, a tank of gas and dinner on the way back to McGregor. I've done that times over in the past years, Haul stuff to a swap meet and sell it and use that money to buy parts I want.

I've got a couple of side ventures going now making non automotive trinkets to sell but the venues I wanted to sell at have been closed for the past two years and one item is pretty seasonal . I figure to work a deal with my granddaughter next year to have her do the selling at one event on a percentage basis. She is pretty good at giving a sales pitch to folks and this would let her make some money of her own.

 

Overtime And Engine Swaps Worked For Me...

 

I look for projects that nobody else would buy them because it is: too far away, too far taken apart, wrong model, wrong year,,,,, And I have a small extra job in-which I make a little extra money for projects and parts but now a lot so it takes years to drive a drivable project.
1941 Ford Pick Up when I couldn't afford a coupe/sedan. 1954 Ford Country Squire, the only woodie I could afford.

I think this is a good starting project, four door who wants those, except families, been on craigs list for over two months

 

I have always funded projects with cash from jobs other than my main one that took care of my family. I have also bought and sold some to help support this bad habit.

 

We each likely have a big list of type cars,we'd have intertest in. Always been low on $ to buy,yet now an then something pops up for close to free,mostly by accident something is just there!
That how it's been for me.

 

Easy. Get a guitar. Learn 3 chords. Drink free beer. Get paid to be on stage & act like an idiot. Repeat those last two SEVERAL times. Instant project cash.

 

This may not be exactly what you asked. But a few years ago I discovered a way to make all the money I want out of the stock market with practically no risk. I am not joking or kidding. Last year I made 49% on my trading account, so far this year am up 40%. "Working" about 5 minutes a day. I will put on a trade and ride it as long as possible, right now am riding a trade put on June 3 of this year. If a trade is not working I get out right away. 3 or 4 out of every 5 trades work in my favor. The losers cost me $1000, the winners make at least $10,000. Right now am up $140,000 on my most recent trade. Of course you do not have to trade this heavy. You could start with a few hundred or a few thousand dollars.
If anyone is interested PM me and I will lay out the whole thing for you in detail and coach you through the learning process, for free.

 

For the last year and half, I have been using covid relief money.

 

Side work in the form of custom headers and chassis work funded my hobby stuff for most of my life. That combined with a little buying, selling and trading. I established a hot rod account and have used that ever since, trying to maintain a $10K minimum. I never borrow, and I never get into family money but the hot rod money is always available for family emergencies if needed. It must have worked pretty well, I've got three cars done, two running and drivable, two full builds underway and still money in the account to work with. Thank you, Lord.

 

I was lucky enough to have a career that paid well. I always only have ONE hot rod, cruiser, custom, whatever at a time. I buy what I want and use it until I get tired of it and then sell it. I take that money from the sale of one to finance the other. Additionally, when I get a car I make sure that the wife of over four decades gets to work with her hobby... jewelry.

 

I know guys with that formula, and it works so well for them, I'm envious. But I have rarely been able to part with the cars that I like, so I hoard them and have to introduce new money into the fund for acquisitions.

 

I own a printing press.

 

1. While working, I worked all the overtime I could.
2. I was always a cheap bastard and would wait for the best opportunity to buy low.
3. Never spend money on useless home crap like furniture, dishes, clothes, etc.
4. Eat cheap food.
5. Get divorced because of number 3.