On the subject of restored MGB values, I think it's foolish for
anybody to try to restore these cars and try to make profit.
Another reader made the astute observation that a $2000 repair does
NOT increase the value of the car by $2000. One could buy a basket
case MGB, replace or rebuild everything to pristine condition, and end up with
$10,000
in bills. Is this car worth $10,000? No. You've just spent $10,000
building a $7 to $8 thousand car. It's virtually impossible to add
value just by adding parts, even after considering the normal labor
involved, and doing all the work yourself. Unless the car is rare enough or
desireable enough to have
a high collector value, the only way to add value is through
labor-intensive operations that bring the car well ABOVE their
factory condition, i.e. a mirror-finish multi-coat paint job,
extensive chroming/powder-coating, or extensive performance
additions. David, I think your friend that dropped $14,000 into his
restoration is a fool if he was planning all along to sell the car.
Now, if he sunk that much money to create a beautiful, unique, and
personal automobile to drive and depreciate, that's wonderful. I
wouldn't mind starting with a fresh BMH bodyshell, and picking and
choosing all of the parts I want to go into it, adding my personality
with every component choice. But I know that I couldn't sell the car
for half of what it would cost me, nor should I be able to.
If you want to be able to consistently restore these cars for
profit, you're going to have to bargain shop for the project car,
re-use every single part that you can, and try to find a buyer with
deep pockets that wasn't willing or able to do the work himself.
Even then, you'll probably end up paying yourself minimum wage for
the labor involved.
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