Many people believe that performing mustang restorations is a good way to make some good money. I'm sure many of you know how frustrating this may be along with money and time consuming (Especially just doing this as a hobby like myself). Seems like you're constantly forking out money for this and that, and never get anywhere. When I sold my K-code, it was the first time that I made any decent money. I'll show you why. These are the last 4 cars I have restored.(not including the K-code) If the honey gold GT convertible looks familiar to some of you, it was the centerfold in Sept '07 issue of Mustang and Fords Magazine...
1965 Fastback with a Boss 302 engine: Spent out of pocket not including labor--$21,000--. Sold for $21,000
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1965 True GT convertible: Spent out of pocket not including labor
--$26,000--. Sold for $30,000
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1965 289 Rangoon Red coupe: Spent out of pocket not including labor
--$14,880--. Sold for $12,500
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1965 289 Honey Gold coupe: Spent out of pocket not including labor
--$12,500-- Sold for $10,500
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I had over 3500 hours in these 4 cars, and have all out of pocket expense receipts. The average labor rate around here is about $40/hr. If you add that up, thats about $140,000 that i have pretty much given away.(I have alot of friends now..LOL) I do all the work myself, except for the engine rebuild, and those are included in the prices spent.
I titled this "Labor of Love" because thats just what this is. I restore these cars not for a buck, but to enjoy the time spent doing it and showing off something that I <i>LOVE</i> to do. It's never about the money with me. This is something my family enjoys together whether it be my son welding for me and going for test drives, my wife listening to me cuss and throw a tantrum while she helps me install a hood.[Blocked Image: http://i40.tinypic.com/f53pm8.jpg]
Edited by - jr.S on 04/27/2010 11:06:21