Classic cars: impossible on a limited budget?

[joekingcorvette]

There are some fairly decent deals on Cheverolet Impalas out there yet. There were many produced and lots of boomers have them sitting around the country in garages. Big Buicks and Oldsmobiles as well as Pontiacs can be purchased fairly reasonably. If you want to spend more get a convertible. The smaller GM and Mopar cars bring big money as well as the larger Mopars. As several others have stated if they have rust just forget it and move on to a better car. The least expensive car is the one you spend the most money on. Do not buy junk. Parts on any car of the 60's and 70's are out of sight. Simple things like factory style rally wheels, taillights, grilles, and mirrors cost a small fortune. And most important of all is the fact that when you have someone else do the work for you it may not be as good of work as you wanted. These cars cost a lot of money because they need new parts and work even if you barely drive them. Have lots of money handy for deteriorating paint, tires etc. I restored a 1969 hugger orange Camaro SS RS 350 with an automatic. The car was only 10 years old and to make them perfect you really have to spend lots of money. I have owned 5 different Corvettes with the oldest being a 1969 roadster and these cars do cost money to maintain. Good luck with your search and buy a car completely finished and it will eliminate lots of headaches.

 

[Kurtatron]

It seems that owning a classic car for around $10k may be possible, but with some concessions. If I want a 50s car, I need to accept lack of AC. This car is going for $9k, running, clean body, but obviously no AC.

If I want AC, I need to go for perhaps 70s cars, but those styles are not as preferable to me.

My wife is ok with classic car ownership, because she likes the styling as well, but I a not sure lack of AC would be tolerable for her. We like the idea of a classic car as a date car, especially since they have bench seats.

 

[ekrampitzjr]

I didn't have the coin for a 1st Gen Camaro, so I opted for a 2nd Gen and did the best I could...View attachment 76274View attachment 76275

Actually, your Camaro will probably be more valuable down the road than a first-generation. Most of the second-generation Camaros rusted badly, like a lot of other GM cars of the 1973–1980 era. One coworker in the early 1990s had a 1975 Camaro that had fist-sized rust holes in the rear quarter panels. Yours is one of the few I've seen in recent years from that time period in good shape.

 

[ecotourist]

It seems that owning a classic car for around $10k may be possible, but with some concessions. If I want a 50s car, I need to accept lack of AC. This car is going for $9k, running, clean body, but obviously no AC.

If I want AC, I need to go for perhaps 70s cars, but those styles are not as preferable to me.

My wife is ok with classic car ownership, because she likes the styling as well, but I a not sure lack of AC would be tolerable for her. We like the idea of a classic car as a date car, especially since they have bench seats.

That particular model wouldn't be my preference. A matter of taste I guess. Some early 50s cars have beautiful styling, some don't.

I think you'd be extraordinarily lucky to find one with AC though.

 

[ron17571]

Getting parts will be a problem for many older cars. Everyone looking to make money off old cars has driven prices to crazy levels. I have a guy down the street trying to sell a Dodge Dart for ten grand. I bet it has a slant six. Maybe a 1500.00 dollar car new? I've considered an eightys Camaro because of the parts available and the ease of hopping it up. Plus I have a good idea of the problems with these models.

 

[CharlesInCharge]

I've looked into this a few times and you're going to pay tens of thousands of dollars for anything that is, or has potential, to be an attractive, reliable, working car. Fully restored cars of any year, make, model probably start over $10k for the most plain ones, and quickly get into the $50k range and above.

Old barn find heaps require towing, a huge garage to store it to work on it, lots of time and deep pockets to restore it. Or a shop that can do it all. Months or years later, and tens of thousands of dollars, you might have a working attractive car.

And, it's a rich persons' hobby. A restored car to drive a few times per year in town to showboat a bit.

They are not suited for daily driving, not efficient, not safe, and from watching a lot of videos they do not drive well as we are accustomed to. Safety is non-existent or an afterthought. Bad brakes, no crumple zones, no seatbelts or only lap belts, no airbags, no headrests, poor handling, poor suspension, and so forth. And forget any entertainment systems.

Overall, it's a fun dream but probably a big money and time pit.

 

[ChrisMU]

Around here I have seen quite a few full-size 1960’s Buick, Oldsmobile, and Cadillac sedans that run and drive for under 8K. I agree with buying the best example of a car you can afford. That $1500 ‘58 Chevy that has been parked in a backyard since 1979 has likely had the wiring chewed to heck by rodents, who have taken up residence in the seats. On the other hand, I saw a running and driving, cosmetically good 1963 Olds 98 sedan listed at $4,500. I noticed it had a 1970’s-era Olds V8 and likely a TH400 transmission, so parts (and mechanics) would be easier to find. I can’t imagine there’s many folks left who could easily rebuild a “Roto” or “Jetaway” Hydra-matic. Both of my classics are presentable mid-70’s GM 2-door land yachts acquired for less than than $3k each (in 2015 and 2020) and are fun drivers, but wouldn’t fare well at Pebble Beach. The Pontiac even had working a/c when I got it.

 

[JeffKeryk]

I've looked into this a few times and you're going to pay tens of thousands of dollars for anything that is, or has potential, to be an attractive, reliable, working car. Fully restored cars of any year, make, model probably start over $10k for the most plain ones, and quickly get into the $50k range and above.

Old barn find heaps require towing, a huge garage to store it to work on it, lots of time and deep pockets to restore it. Or a shop that can do it all. Months or years later, and tens of thousands of dollars, you might have a working attractive car.

And, it's a rich persons' hobby. A restored car to drive a few times per year in town to showboat a bit.

They are not suited for daily driving, not efficient, not safe, and from watching a lot of videos they do not drive well as we are accustomed to. Safety is non-existent or an afterthought. Bad brakes, no crumple zones, no seatbelts or only lap belts, no airbags, no headrests, poor handling, poor suspension, and so forth. And forget any entertainment systems.

Overall, it's a fun dream but probably a big money and time pit.

All true, except Charles' prices are pretty darn conservative.
There is an old saying in the collecter car hobby; "Don't ever add up your receipts." There's a reason for it.
There are better things to do with $100K. The body and paint on my old Plain Jane Vette would be easily $25K nowadays. Or much more.

 

[Kurtatron]

Around here I have seen quite a few full-size 1960’s Buick, Oldsmobile, and Cadillac sedans that run and drive for under 8K. I agree with buying the best example of a car you can afford. That $1500 ‘58 Chevy that has been parked in a backyard since 1979 has likely had the wiring chewed to heck by rodents, who have taken up residence in the seats. On the other hand, I saw a running and driving, cosmetically good 1963 Olds 98 sedan listed at $4,500. I noticed it had a 1970’s-era Olds V8 and likely a TH400 transmission, so parts (and mechanics) would be easier to find. I can’t imagine there’s many folks left who could easily rebuild a “Roto” or “Jetaway” Hydra-matic. Both of my classics are presentable mid-70’s GM 2-door land yachts acquired for less than than $3k each (in 2015 and 2020) and are fun drivers, but wouldn’t fare well at Pebble Beach. The Pontiac even had working a/c when I got it.

Perhaps 70s cars are a good compromise for me. At least from a price standpoint. 50s cars are likely outside my budget.

 

[Scuder]

If what's written in post #46 is making bells go off, you definitely shouldn't be considering acquiring a collector car.

 

[CharlesInCharge]

I have a friend who has most of the parts to a 60s era classic car. He's had this disassembled car for 2+ decades. He's slowly worked on it for years. Transported it at least 5 times on various moves, having to haul it on a flatbed into its new living space for a few years, and then move again.

In 2 decades he's not been able to enjoy this expensive, inconvenient, labor of love. He's probably years, hard work, and a lot of money, still away from anything presentable and drivable. He's probably got far more invested just sitting there in the garage, than what he could buy and own outright which would be a modern muscle car. Other than sentimental attachment, he'd be better off selling it all for as much as possible, and getting a modern classic IMO.

 

[CharlesInCharge]

Perhaps 70s cars are a good compromise for me. At least from a price standpoint. 50s cars are likely outside my budget.

The reason they might be more attainable, is because from the early 70s thru the 90s the cars offered really poor styling and anemic - seriously anemic - performance. We're talking 100 horse power was a typical car, and 150hp was the "performance" model. They cannot even get out of their own way. For example, specs show that the mid 1970s Mustang V8s were about 130hp. The 1985 Mustang "Cobra" was rated somewhere around 200hp. A lot of those big boat cars like the huge Thunderbirds, etc. were low 100s HP. Really underpowered.

A modern minivan would smoke those era performance cars.

 

[Inked]

And 2.56 axle gears

But once moving it became a great example of Newton’s First Law.

 

[Scuder]

... labor of love... ...sentimental attachment... ... IMO...

It's his labor of love to which he's sentimentally attached. Not yours, so your opinion doesn't matter. I'm sorry if that's harsh.

 

[Duffyjr]

My grandfather left me a '61 Impala four door hard top 327 4 barrel with power steering. I remember the day when he bought it and how much he loved that car. I always had every intention of fixing it up but by the time I got it is was to far gone. I drove it around for a few years and sold it to a guy that wanted to fix it up, not sure what ever happened to it.

This is as close to the color as I can find, only his had dual antennas in the rear.

 

[Chris142]

BTW often you can buy a car already done up for less than buying a project.

I ran across a 61 Galaxy 4 door last night for $2k. Has not ran in years. Has a 390 though. Thinking it would be fun to build the cop car from the Andy Griffith show out of it.

 

[SammyChevelleTypeS3]

Educate me on classic cars. I have been itching for a classic car. I want to have one machine in my possession that is my toy, unlike my economy cars which I care little for.

I don’t want a fast sports car, or loud muscle car.

I want a stylish car. To me, 70s and older cars have style much beyond modern cars, probably because safety and aerodynamics didn’t take precedence in those years. But the style of the Bel Aire, Star Chief, etc are artistic marvels to me. I love their interiors especially.

Is it possible to own one of these for sub $10k? I don’t need an iconic car like a Bel Aire, but something with style iconic of the decade. All I want is weekend reliability, functioning AC and a reasonably clean interior and paint job.

I am mechanically inclined. I have repaired a carburetor and swapped an engine, but have done no body work.

Does anyone have experience owning a classic car?


View attachment 76221

YES. I collected them for years. Several at same time in fact. Owned (1) 1965 GMC PU / (1) 1972 Chevelle Mailbu / (1) 1972 Olds Cutlass / and had (3) 1976 Chevelle Laguna Type S3. I purchased several up until my last one in 2006. That one the seller wanted $25,000 for and I talked him down to $10,500 and flew to Florida and drove it home. He inherited the car so he had a whole lot of wiggle room.

You can certainly find a car you would enjoy for that price range but they will be a "survivor" car. In almost as sold condition and with most OEM parts still there. Won't have today's great shiny new looking paint, etc... But yeah you can find one. Start hunting at Hemming's Auto sites... plus the internet is full of classic car sites.
*CAUTION* I do not recommend owning one of them if you personally don't intend to do some of the maintenance yourself. Just sold my last one in 2019 due to medical conditions that don't allow me to enjoy working on or driving them around much anymore.

 

[Dave Sherman]

I've got less than $10K into my MG, although I'm not suggesting that style for the OP (no AC available). It was a garage find, relatively low miles, but it needed several repairs from being laid up for 18 years, including fixing the bad ignition system that caused it to sit for 18 years.

One tip: If you get a classic car that's not going to be your daily driver and you plan on keeping it garaged, do look into collector car insurance. I just added it to my regular car insurance when I first got it, was probably paying way too much for coverage that wouldn't have been worth very much if it got into a fender bender. Got Hagerty on it instead, and was pleasantly surprised that it cost considerably less, and the declared value is more in line with what it would cost to replace it and cover my investment in it.

 

[Kurtatron]

YES. I collected them for years. Several at same time in fact. Owned (1) 1965 GMC PU / (1) 1972 Chevelle Mailbu / (1) 1972 Olds Cutlass / and had (3) 1976 Chevelle Laguna Type S3. I purchased several up until my last one in 2006. That one the seller wanted $25,000 for and I talked him down to $10,500 and flew to Florida and drove it home. He inherited the car so he had a whole lot of wiggle room.

You can certainly find a car you would enjoy for that price range but they will be a "survivor" car. In almost as sold condition and with most OEM parts still there. Won't have today's great shiny new looking paint, etc... But yeah you can find one. Start hunting at Hemming's Auto sites... plus the internet is full of classic car sites.
*CAUTION* I do not recommend owning one of them if you personally don't intend to do some of the maintenance yourself. Just sold my last one in 2019 due to medical conditions that don't allow me to enjoy working on or driving them around much anymore.

I not only intend to work on it myself, I enjoy working on machines myself. I labored for 3 months replacing a Toyota Previa Mid Engine rear wheel drive. I had never done that sorta thing, but I enjoyed the challenge, and did it successfully in an unheated garage over the winter. I can be meticulous at what I do, but I don’t have a lot of money to spend on a hobby car, that is my limitation, not drive or motivation.

 

[wings&wheels]

It seems that owning a classic car for around $10k may be possible, but with some concessions. If I want a 50s car, I need to accept lack of AC. This car is going for $9k, running, clean body, but obviously no AC.

If I want AC, I need to go for perhaps 70s cars, but those styles are not as preferable to me.

My wife is ok with classic car ownership, because she likes the styling as well, but I a not sure lack of AC would be tolerable for her. We like the idea of a classic car as a date car, especially since they have bench seats.

Take your time, do your research and do your analytics thoroughly. Study parts prices and availability.

Most $10K classics will probably need 15-20% of that in near term work...less if you do all of it yourself and/or are willing to live with some cosmetic or non safety related issues for a while. Items such as brakes, e-brakes, seat belts and lights have to work and gauges should work. There are some fun cars out there in that range.... Spitfire? Has the ultimate in A/C