Case study for restoring a 944 for profit
07-20-2009, 04:43 PM
#1
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Case study for restoring a 944 for profit
Thought this might be of interest to some. For those that haven't followed along here are the threads about my recent 944 purchase.
Part 1
Part 2
Part 3
Part 4
Part 5
Part 6
I bought the car non running 4/10/09 in South Carolina for $1000. I sold the glass sunroof for $600. Spent about $1500 for transportation costs, insurance and parts and sold it last week 7/15/09 for $2500. I probably spent at least 75 hours of labor fixing things, going to get the car etc. That equals out to $8 an hour for my time - certainly would go bankrupt at that rate if I was running a shop
The list of things that I fixed on the car is
Rear carpet replaced - used part
Driver's side foglight replaced - used part
Reference sensors replaced - used part
Rear hatch replaced - used part
Front engine seals - new
Timing belt - new
Alternator belt - new
Radiator replaced - used part
Tie rod ends - used part
Driver's side hub/spindle - used part
windshield wipers - new
hood shocks - new
rear hatch shocks - used part
starter - used part
Cat welded in
replaced frozen fan motor - used part
blue clutch line - new
power steering tensioner - redone
Sunroof hinges - new parts
console hinge - new
Fuel pump - used part
battery - used
Shifter boot - used
re-tensioned the parking brake
speedometer cluster and odometer gear - used
steering wheel stalks - used
various exterior lights bulbs
exterior lower door window trim - used
Hood release handle - used
A lot of these parts were used ones that I had around from parts cars but I still sourced a lot from ebay and rennlisters. What I learned is that I will not be buying any more 944s that need restoration in hopes of profiting from flipping them
Part 1
Part 2
Part 3
Part 4
Part 5
Part 6
I bought the car non running 4/10/09 in South Carolina for $1000. I sold the glass sunroof for $600. Spent about $1500 for transportation costs, insurance and parts and sold it last week 7/15/09 for $2500. I probably spent at least 75 hours of labor fixing things, going to get the car etc. That equals out to $8 an hour for my time - certainly would go bankrupt at that rate if I was running a shop
The list of things that I fixed on the car is
Rear carpet replaced - used part
Driver's side foglight replaced - used part
Reference sensors replaced - used part
Rear hatch replaced - used part
Front engine seals - new
Timing belt - new
Alternator belt - new
Radiator replaced - used part
Tie rod ends - used part
Driver's side hub/spindle - used part
windshield wipers - new
hood shocks - new
rear hatch shocks - used part
starter - used part
Cat welded in
replaced frozen fan motor - used part
blue clutch line - new
power steering tensioner - redone
Sunroof hinges - new parts
console hinge - new
Fuel pump - used part
battery - used
Shifter boot - used
re-tensioned the parking brake
speedometer cluster and odometer gear - used
steering wheel stalks - used
various exterior lights bulbs
exterior lower door window trim - used
Hood release handle - used
A lot of these parts were used ones that I had around from parts cars but I still sourced a lot from ebay and rennlisters. What I learned is that I will not be buying any more 944s that need restoration in hopes of profiting from flipping them
07-20-2009, 05:34 PM
#3
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(Brit accent) "Welcome ... to Wheeler Dealers. The show that takes classic cars and give them new life ..."
It may not have been financially rewarding, but you definitely put alot of 944 karma in your karma bank. You shouldn't regret it.
It may not have been financially rewarding, but you definitely put alot of 944 karma in your karma bank. You shouldn't regret it.
07-20-2009, 06:18 PM
#4
Race Car
"The only way to make money restoring cars is to restore someone else's car."
I read that in a Year One catalog nearly 20 years ago, when I first got my GTO. Probably doesn't necessarily hold true today for 40 year old cars, but it did 20 years ago for 20 year old cars. Evidently, it still holds true for 20 year old cars.
I read that in a Year One catalog nearly 20 years ago, when I first got my GTO. Probably doesn't necessarily hold true today for 40 year old cars, but it did 20 years ago for 20 year old cars. Evidently, it still holds true for 20 year old cars.
07-20-2009, 10:22 PM
#5
Rennlist Member
The only way to make a small fortune restoring classic cars is to start with a large fortune......
But hey, you didn't LOSE money! I count that a victory. And admit it, you had fun doing it!
But hey, you didn't LOSE money! I count that a victory. And admit it, you had fun doing it!
07-20-2009, 10:41 PM
#6
Rennlist Member
LOL, well i"ll have a thread like this soon with my 951. Except that I bought it for 2k, put 2k in parts into it so far and i'm about done.. and selling the fuchs to make some of it back. so in the end itll probably be a 3.5k running 951.. which I could probably sell for a profit if I wanted to.
07-20-2009, 11:11 PM
#7
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I have purchased many 944's that were orphans. Most did not run. I put them back together, and drove them for 30 days to make sure all was good. All of the parts that I have used came from parts cars that I have had in the past. I have always been able to double my money. I have never added up the hours though, but doing it part time, my time is free!!! I have a source for gaskets and parts that I need to buy new.
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07-20-2009, 11:45 PM
#8
Nordschleife Master
Wrong car, wrong place, too little done on the restoration....
A "restored" car SHOULD sell for at least double the cost of restoration, this goes for any car selling bellow $10,000... the scale changes above that price point... anything else and you are wasting your time and money... Above the 10K price point it all depends on the car... I have seen restorations costing $8500 on cars that ultimately sold north of $20K.. but have seen $25K restorations on $20K cars because the owner had an emotional attachment...
951
"running" $3K
fit finish and tune..$3K
stock, everything working, shiny, clean interior should sell for 10-12K depending on mileage and fit and finish... it really isn't that hard to do... it requires the right car, the right skills, and a little bit of economic luck
A "restored" car SHOULD sell for at least double the cost of restoration, this goes for any car selling bellow $10,000... the scale changes above that price point... anything else and you are wasting your time and money... Above the 10K price point it all depends on the car... I have seen restorations costing $8500 on cars that ultimately sold north of $20K.. but have seen $25K restorations on $20K cars because the owner had an emotional attachment...
951
"running" $3K
fit finish and tune..$3K
stock, everything working, shiny, clean interior should sell for 10-12K depending on mileage and fit and finish... it really isn't that hard to do... it requires the right car, the right skills, and a little bit of economic luck
07-21-2009, 12:41 AM
#10
Nordschleife Master
07-21-2009, 01:33 AM
#13
Rennlist Member
well hopefully you at least enjoyed the project. Personally I think its fun to buy an old beater and fix it up, even if you don't make any money selling it off. I'm trying to accomplish this right now with a 924, imagine how much harder it is to sell one of these things, and my price is only $400!
07-21-2009, 12:10 PM
#14
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well hopefully you at least enjoyed the project. Personally I think its fun to buy an old beater and fix it up, even if you don't make any money selling it off. I'm trying to accomplish this right now with a 924, imagine how much harder it is to sell one of these things, and my price is only $400!
