Customs For Customs is $30k the new $20k for project cars

Hi All, I haven't been active on this forum in some years.. I had a 53' chopped Chevy I sold December 2019 but used to post a lot before that since it had a bunch of kinks from the previous owner I was working out!

I'm curious what others think I should expect in todays dollars for a $30k purchase (ignoring $4k to transport). Long story short I bought a fellow HAMBers 1950 Ford shoebox which was chopped, on airbag with a Chevy 350 motor and mostly completed minus headliner, and door panels. The fellow HAMBer is a really nice guy and was helpful with photos and videos but I couldn't meticulously inspect it and I decided to take a gamble.

For $30k, should a car of this type be pristine or is $30k the new $20k? I sold my chopped 53' in 2019 for only $14,500 and I thought it was a good looking car so my perspective may be really skewed but I understand COVID and inflation changed prices drastically for these cars.

About 15-20 years ago someone told me anything at or under $20k is a "project"... I realize some people have way more into their cars than the asking price and my guess is I'll have to keep the car for quite a while if I ever was going to sell it and make my money back since its not as pristine as I thought it would be (though I have no thoughts of doing that). For example, I did notice some surface rust on the inside wheel wells, paint that was running in one small section near a bumper), paint nicks from doors/hood/trunk not having rubber moulding... what I do like most is the chop on the car looks fantastic, the paint overall looks good, and all of the mods such as the c-notch, airbag install, etc. were done by a professional shop unlike the 53' Chevy I used to have. I recognize I have some things I need to take care of (spray surface rust underneath, headliner, door cards, rubber moulding, side glass issue, a little leak on the th350 trans) but hoping I didn't get too bad of a deal on this purchase....

I'm going to take better photos when I have time to wash it and take it outside in my driveway.







Photo from previous seller:

 

Photo from previous owner looks old, so maybe the car looked like that 10 - 15 or more years ago ?
Tell us you didn’t buy it just off one photo.
And yes, from where I live, prices have gone up significantly, but that is not necessarily relative to where you live………bttt

 

I don’t understand the question

 

Hi, the side photo was shot August 2019 (I found the date on facebook actually)... he took photos of whatever I requested and did a video walkaround...and I got plenty of photos but I think I wasn't super thorough in asking for closeups of everything for instance under the wheel wells, behind the doors, etc.. all the underneath etc... I guess nothing compares to seeing it and inspecting in person.

I'm in San Diego, CA... prices here seem to be pretty high for anything decent and finished. I wanted something I wouldn't me meddling with too much or at least not welding and correcting shoddy work like with my 53' chevy I had before. It seems I have more of a project car than I was originally anticipating but that's what I get for taking the gamble.

 

Bottom line is I'm wondering if for $30k I did ok or not. I guess it's sort of a stupid question to ask in a thread but perspectives always help so I can avoid feeling so unsure right now or in the future. If I saw the car in person in this condition before buying it I still wouldn't know whether its the correct price and I imagine its quite subjective.

I have read plenty of threads of folks suggesting to buy a car as close to finished as possible (that was my goal) unless budget doesn't matter. I've read other HAMB threads of folks spending over $50k to build something and having the expectation to not see even half of it back.

 

If you dig it and fits the budget the rest don’t matter.
Cars are cheaper than drugs in the long run

 

So you paid 30 and think it`s worth 20 ? Before spending 30, I`d buy an airline ticket. It`s a running driving car with airbags, paint and partial interior. And a newer drivetrain. And chopped. Everybody is gonna tell you, you paid to much. Don`t listen t to them. It could have been worse. A lot worse.

 

Thanks that's a great perspective! I like the look of it for sure! It did fit the budget more or less.. I have to take care of some things I wasn't expecting to but it shouldn't break the bank necessarily especially if I do it little by little.

 

Thanks, yea I figured it could have been way worse and there would be some folks thinking I paid too much... I don't know what it's worth because my perspective is so skewed. If I flew and saw the car in this condition I still wouldn't know whether $20k would have been a low ball offer and $30k was the right price.. the previous owner was asking $40k originally.

Similar cars I saw posted in various places seemed to be at this amount or higher.. I didn't come across any chopped, bagged, painted shoeboxes with a newer drivetrain under $30k and I was looking on craigslist, offerup, the HAMB, and facebook groups.

Alternatively, in January I saw one for $9500 in long beach CA that was chopped with airbags on the rear, but the interior was a mess, the paint was in primer and needed a lot of body work, and it had a super old tired drivetrain. I figured I would probably have spent $20k or more getting that to a better state. I pondered doing it little by little over time but before I could make a move someone bought the car.

 

A car is worth what you are willing to pay for it. HRP

 

Thanks that is such a good perspective...

 

Well, a 50 business coupe came up for sale near me. I checked it out. A project. Very nicely executed chop. Garnish moldings done, chassis 90% done, upgrades on the front suspension, nice 2 link with a fresh 9. Rechromed bumpers, grill, reworked gauges, new radiator…….
All in pieces, boxes, body wasn’t on the chassis. Offered at 10k.
the upside is zero rust but it was completely stripped but complete
I almost bought it.
Probably should have but I ended up with a merc
Friend of mine bought it. I’ll probably finish out the body.
What will he have in it driving?
Don’t know. He’s a welder and builds chassis. He’s capable of doing the assembly and drive train himself.
The paint and interior is where the big $$$ will come in.

 

if you like the car as is you done good. give it a good detail touch up the chips and drive it. instant gratification. if you want to rechop it strip it down to bare metal & change the interior & engine you paid to much for a project .

 

Fib alittle on price when someone asks and take it easy on fixing things to your liking. Keep it long enough and it will be paying you {almost}.

 

Money, it;s always money.

 

I think you did fine. Your not gonna build that for 30

 

Thanks! It's definitely not at that level.. the chop is perfect and I'm super picky with the chop on the ford shoeboxes. The engine looks great, runs and sounds great, the bench seats, dash and floor are pretty nice.

 

Thanks when I added it up and looked at $10k cars I was thinking similar.

 

Thanks!

 

First off, whether $30K is the new $20K is going to largely depend on what car it is. At $30K, a 54 Ford and 58 Impala are going to be two vehicles of drastically different condition. That's the first and arguably most important factor to me.

That said, $20K is a dangerous area. In reality, you're not at a price point where the car is going to need nothing, other than perhaps if it's a truly worthless make/model/year in pristine condition. Realistically, one of three things can happen at that price point.
1) The car has flaws you can deal with and is a reliable runner and is worth about what you paid.
2) The car needs some necessary work and you take possession of the car in a significantly flawed state, which drops the value to this price point. But you are able to rectify those flaws for a reasonable amount of work and money and you're net positive when you're done.
3) The car appears to not need significant repairs, but then it does, and you wind up sinking an astronomical amount of money into a car to make it what it should have been. You're net negative.

I've bought 2 cars in the $20K price point. One took 5 weeks of work and $1500 of parts to make it into a car that has been rock solid, able to handle 12,000 miles a year of driving, and continues to look and run great. The other was one that was allegedly a finished car needing only minor cosmetic cleaning up, but wound up costing me an additional $30K to make into what it was supposed to be in the first place.

In your situation, for $30K, I would expect a car that is essentially turn key. The engine should be well sorted and should be mechanically sound in all aspects. Paint should be good, but not necessarily "show" quality. An excellent "cruise night" car that could take home a trophy from a local show. Chrome should be excellent but not perfect. Stainless may have a ding or two but nothing offensive. Interior should be complete and in good shape with no tears or excessive wear, but may not be top quality. Generally, you should be able to jump in the car and crush a 100+ mile trip without even a seconds thought, and it should look good doing it.

You can determine where your car fits on that spectrum. But even if you've overpaid, it's only money.

 

Drive it and quit worrying about it. You did fine.

-Abone.

 

Thanks so much for your perspective and well thought out response. As I was reading through it I felt you must be an attorney (I love how detail oriented and logical attorneys are!) and see your 201injurylaw link in your signature. I can appreciate that being an engineer since I have to be detail oriented as well.

I do feel I may be somewhere in between the $20k and $30k realm and I may get different opinions depending on who I ask. At this point it's true its just money (even if I'm off $5 to $10k ) and it should be a good experience for me. As others have said it could have been worse and going forward I won't buy anything without seeing it first just to play it safe.

 

I only buy trash so I'm the wrong guy to ask, but I will mention here that some people's definition of a project needing work is another person's perfectly ready to go driver. The "needs" of a car are quite subjective.

That, and at this point, it's kinda too late to decide if the price is too much or not, since you already bought it. I wouldn't beat yourself up wondering if the price was a bargain or if it was too much, it's too late for that to matter at this point.

It is a nice looking car though. I'd drive it.

 

Thanks that's a great perspective and true.. I am definitely going to focus on enjoying it and taking care of a few things with time.

 

My 39 isn't done (not assembled yet) but I wouldn't take $30K for it as it sits rt now. Is it worth it? Probably not but to me I couldn't begin to "get there from here" for that price on anything.

 

I thought you did okay.
Now, - get out there, drive it and enjoy it. - The $ value will soon be forgotten……

as a side note, I paid 10% more for this than I thought it was worth, a long time ago.
Never regretted it yet….
I considered it a project, even though we all know it’s really just a parts car……….…

 

Nice Custom...there are many stories of Customs...this is one...and Collector Cars are like stocks when it comes to pricing...Are they ever done...Have fun with it...share the ride...

 

you are in a far better place to tell us if it was worth it.
you had more information before you bought than we do now
and now you actually have the car to see in person up close
all we have are a few little pictures and your second thoughts.

all that aside, my impression is you did ok.
if the work done is top notch you did good,
if its a bondo'd rust bucket you did not.

 

Thanks that’s a valid point I’ll take more photos once I wash it so it shows better. I don’t think it’s a rust bucket with bondo since I got to see some photos from when the speed shop was building it.