IML: What to do about restoring a 50k 1973?

[Kenyon Wills <imperialist1960@xxxxxxxxx>]

> I am just wanting to know as I am
> getting ready to completly restore  it
> if its worth it.

You'd have to define "worth it" to yourself and do an
analysis from there.  

New cars depreciate when you drive them off the lot. 
Steeply for the first few years, then leveling a bit.

Old cars are usually at the bottom of their value
cycle (fuselage cars sure are, anyway), and very very
few old cars are worth more than you pay for them/what
they cost to fix unless you find an exotic in a barn
and the owner doesn't know what they have.  

There are exceptions, but when it comes to Imperials,
31-33 & 55-63 are the high point of the
price/appreciation curve, with convertibles and
limousines always popular.  

Really good, clean cars from most years seem to come
next, followed by everything else that's in some
varying degree of dis-integration.  This based on what
similar condition cars fetch across all years when
sold on the market with some exceptions.  That's
monetary value only.  I've got stuff from lots of
years, so I'm not poking at any year being
better/worse - just valued differently in the
marketplace.

If you have a 1973 and it speaks to you, you're
spending money that will likely not be 100% recouped
financially; -broke even at best, but it can pay you
back in other ways, like in terms of satisfaction.

Post 1968 Imperials, and sadly many before that which
are not convertibles are not worth a heck of a lot
unless absolutely perfect, in comparison to other
top-value cars from their respective years.  

Even being close to perfect isn't enough to bring a
higher premium on the fuselage cars at this point in
time (which makes them a SUPERIOR purchase for what
you get!).  The good news is that you're not in the
Rambler, Matador, or Hupmobile club, as some other
marques are even less well-known than the Imperial,
and consequently can struggle to find appreciative
($$) buyers as compared to the '57 chevvy craze that
rewards  what could be a very commonplace, high
production car and puts it on a pedestal that does not
neccessarily have a lot to do with engineering or
quality, but with craving/popularity amongst buyers. 
Lots of people really, really like 1957 Chevvys.  Nice
to well redone cars in similar condition to a good 50k
1973 Imperial can get into 6 figures.  Go figure.

I got my "good" 1973 for $1000.  Put $2000 into it,
and the car, while not perfect, is now "pretty good". 
It's probably worth $1500-2500 depending on who buys
it.  

I am now theoretically in the hole and the car will
need rear tires at some point soon.  Probably wants an
engine rebuild/refresh to be really super.  Do that
and it's still worth about the same.

The good news is that it likely won't go down in
value, but I'm not counting on it being something like
a finned convertible or early 300 car.  Those have
gone to $40-$100k.  Won't happen before I retire in 30
years unless you want to count on inflation would be
my guess.

Do what you feel your car deserves.  The moment that
you introduce economics into your equation, much of
what everyone here is doing starts to become wobbly
logic at best (don't let the spouse know 'bout that). 


I'll be happy if I get close to what I have in back
out should I sell, and consider any negative
difference the cost of the experience/use I got from
the car.

On the flip side, the car is PAID for, is accumulating
no interest payments on a loan, is likely not needing
smog checks (if they do that where you live), has
cheap parts/registration/insurance (compared to a 200x
model), is comfortable, and you can work on it
yourself.  That is worth something to me.

I'm very happy with my 1973.  Nobody around town knows
what the hell it is, but I'm very happy with it.  My
money would be better invested in financial
instruments, but they don't leave oil stains or take
your buddies to dinner.

Good luck with your investment decisions.  Choose
wisely, but not by logic alone, OK?


-Kenyon

  

Kenyon Wills
 
 






















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