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So much for a budget

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tibalda

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55 2 Dr HT Long Island, NY
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Discussion starter · #1 ·
Before I even bought my 55 project I tried to estimate what I thought it would cost. I still have my tools from my days as a Cadillac mechanic back in the 80's, so i thought i was covered on that point. Once I bought my car 4 years ago I spent time going through catalogs listing what parts and cost I thought I would need to fix it up. I had multiple budgets going from bare minimum to ridiculous, which I would base on how well my investments did. Well that is another discussion 🙄. I neglected to factor in some things that I thought were minimal such as welding equipment, a new compressor and wiring my garage with 240V all of which cost about 2 grand. Then the prices for parts have increased astronomically. My minimum budget would mostly be to fix rust, including floorpan, paint, replace gas and brakelines and wire harness. I am now retired and on a fixed income so even though I have some money set aside my resources are limited. I must say the current economic situation is taking some of the fun out of it.

I am curious how others manage. I guess my plan will be to go slow.

Art
 
#4 ·
Robert Haas said:
Don't let the little thing of being broke stop you from working on your car. Food and shelter a highly over rated.
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well the deed for shelter is in the safe and I have good neighbors who won't let me go hungry LOL. If they let me starve they won't have me to help with their projects LOL
 
#5 ·
Shadetree55 said:
what's a budget?? I have been working on mine since last December and I have no idea where any receipts are. I don't want to know what I spent. Deep down, I really pretty much know but don't want any paperwork reminding me.
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I started with 10 grand, 6 of that for running car and intended to just sort of rat rod it with the other 4 grand but as I worked on it things changed, too solid to rat it so here I am almost 8 months later with engine built, wiring about done, complete brake system and suspension and steering linkages. in complete primer ready for paint and a warehouse in extra bedroom full of parts. have it insured for 25 grand and know it won't be enough down the road.
 
#6 ·
I started out on my 57 years ago trying to stick to a budget. Towards the middle or 3/4 into the rebuild i took on the attitude that "it`s only money" and quit worrying about it. Save for an order and then spend the money, then repeat.

And i should add, that i bought my 57 back in the 70`s and started with a good solid car for less than 1k to purchase it.
Terry
 
#8 ·
chevman57 said:
I started out on my 57 years ago trying to stick to a budget. Towards the middle or 3/4 into the rebuild i took on the attitude that "it`s only money" and quit worrying about it. Save for an order and then spend the money, then repeat.
Terry
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yeap, I've got a regular paypal payment each month LOL but finally down to the last few purchases. down to moulding clips, stainless screws and a transmission and vintage air LOL and the big money items are done. At almost 70 just hoping I have time to install it all.
 
#11 ·
My nephew says this all the time. You can sleep in a car, (get food through any drive to place)......but you cannot drive a house......LOL

Mikey
 
#12 ·
When I bought my car in April 2019 I knew I was going to sell my other car to fund the build. Being retired I also was able to work on it almost every day, so prices over the build time didn't change much. I built it through the pandemic also, but before things went crazy with inflation.
I sold my '63 Falcon gasser for $11k and knew I'd never spend close to that to build it as I do all my own work from start to finish. I also already had a great rear axle, and trans, so no need to spend money to buy those. And a vast majority of parts I use come from Craigslist, or wrecking yards, so cheap there too.
When I finished my car last summer I'd spent a little over half of my budget from the sale of my Falcon, and that included the original purchase price for my '39 Chev coupe of $1500. Recent small purchases have been shocking at the inflation since last year when I finished. Betting I'd have spent at least another 50% on parts now!
I used to do builds for friends and those funds were my main source of income to fund my own car builds. But I quit a couple years ago as I just want to have fun with my own cars now.
 
#13 ·
I don't put a specific budget in place, but, I also buy fixer uppers that need work. My "budget" is dependent upon what it costs to get it actually roadworthy again. After that, I know I can drive it while doing the other "nice to have's", which allows me to space out my additional purchases.

I know other people build cars from scratch, and sink thousands in a project that doesn't move for a long time. I can't do that, I'd lose my mind with all that money sitting stationery. Just my .02.
 
#14 ·
Budget, lol, now there is an oxymoron, lol! I have been working on the same 57 for 45 years. If there was ever a budget, its been long long blown to smithereens!

Just go with the flow. Be careul with the bread as best you can, dont go overboard and get yourself in a spending hole or in any kind of real debt, do the best you can with what you can afford, and enjoy the process. None of it will matter when you are dead and buried.
 
#16 ·
Oddly enough, my wife is what sent my budget over the cliff: I was good fixing the rust, putting it in epoxy, and painting it “some day.” I’d get it running and driving how I wanted before ever worrying about what other people were looking at- I was on the inside, and my view of the tach was not affected by how pretty other people thought the car was.
She said that since she had to look at it in the garage, she wanted it painted. Now I have a gorgeous car sitting while I save enough to do small projects to further it along.
Yeah- once it got painted, I stopped keeping track.
 
Discussion starter · #17 ·
Dragsix said:
Budget, lol, now there is an oxymoron, lol! I have been working on the same 57 for 45 years. If there was ever a budget, its been long long blown to smithereens!

Just go with the flow. Be careul with the bread as best you can, dont go overboard and get yourself in a spending hole or in any kind of real debt, do the best you can with what you can afford, and enjoy the process. None of it will matter when you are dead and buried.
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I just hope to get at least most of the project done before the dead and buried part 🙄.

Thanks for the advice.
 
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tibalda
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