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Meta
restore or buy new?
14th March 2009
mitchell m asked:
asked this question and got mixed reviews last time so i will ask it again. I will be graduating from college in december of 08 and already have a job lined up after school, i will be a cpa. My question is do i restore my 1994 300zx convertable, which is one of about 2000 left or buy a new 350z. I would spend about 25-30 thousand on the restoration. I plan on doing a simple ground effects package, nothing gotti. Rebuilding the motor with new twin turbo system wanting about 375 to the wheels. Add new interior, seats dash, plastic panels, carpet. I want to also add a new top. After that u want to upgrade transmission add a few performance parts to the amount of 2k and then new rims and tires, nothing gotti though. I want a tuner look, but with class, so i want to just make subtle changes to the body. Then to top it off do about a 6-7 k paint job. So so i buy a 30k very common car and add twin turbo or redo a rare care 100%. Either way i will have a cool car.
the 300zx is paid off already by the way.
why does everyone poke fun at my being an accountant, my car is rare and should increase in value with time. Look at muscle car, they once cost 3-5 thousand dollars, now some of them bring over a 100k. I dont expect for the car to be worth the money i put into right away, but in ten years it will be worth even more. Nothing is guaranteed in investing.
Werner
asked this question and got mixed reviews last time so i will ask it again. I will be graduating from college in december of 08 and already have a job lined up after school, i will be a cpa. My question is do i restore my 1994 300zx convertable, which is one of about 2000 left or buy a new 350z. I would spend about 25-30 thousand on the restoration. I plan on doing a simple ground effects package, nothing gotti. Rebuilding the motor with new twin turbo system wanting about 375 to the wheels. Add new interior, seats dash, plastic panels, carpet. I want to also add a new top. After that u want to upgrade transmission add a few performance parts to the amount of 2k and then new rims and tires, nothing gotti though. I want a tuner look, but with class, so i want to just make subtle changes to the body. Then to top it off do about a 6-7 k paint job. So so i buy a 30k very common car and add twin turbo or redo a rare care 100%. Either way i will have a cool car.
the 300zx is paid off already by the way.
why does everyone poke fun at my being an accountant, my car is rare and should increase in value with time. Look at muscle car, they once cost 3-5 thousand dollars, now some of them bring over a 100k. I dont expect for the car to be worth the money i put into right away, but in ten years it will be worth even more. Nothing is guaranteed in investing.
Werner
Posted in: Cars | | Comments (7)
7 Comments
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you will most likely never recoup the cost of the resto job. it boils down to what you want. if the older car is worth 40k to you then go there but don’t expect it to be worth 40k to anybody else.
Comment by freakboynv2000 — March 15, 2009 @ 5:35 am
of course get rid of that car and buy a 350z
this question is way too easy for anyone with a college degree.
Comment by Apple — March 16, 2009 @ 12:19 am
OK, you’re the accountant.
You know cars depreciate and depreciate and deteriorate.
It is rare for a car to hold value, let alone to appreciate, even when a rare car, limited production, etc.
So this is NOT an investment, but a labor of love, something to occupy your time and take your money.
Either way you’ll have a cool car. Which one will you really LOVE?
Comment by chatsplas@sbcglobal.net — March 18, 2009 @ 9:08 pm
are you going to have the time and money to do it? how much can you get for it as is? would it be enough to give a down payment for a new one? these are questions I would ask myself. to me It’s easier to buy a new one with low payments and enjoy life because if you think that in your future you would pass it down to one of your kids well they won’t appreciate as much as you do. I say BUY as NEW one
Comment by honeybunny — March 21, 2009 @ 8:40 pm
Honestly bro
Either way you go you have a nissan, they are good cars but they dont hold any type of classic resale value and are not considered exotic. Restoring a 1994 nissan for 25 to 30k is not an investment at all it would not go for anything near that on a auction block its a nissan. Cars should never be considered investments unless they are one of a kind or considered calssic by true classic standards not by just being 17 years old or being high value super cars like a Mc Laren or something like that. Check out any high end used car dealer that deals from low line porsches up to Bentleys you wont see any modded out nissan that looks like its ready for need for speed 10. I have a 68 chevy impala that would be considered 92% fully restored to factory standards. 2 dr hard top its worth about 35k on the auction block not bad for a car that cost 2k in 68 and cost me 20k to restore, the diference between my car and yours is there is a demand for true classic muscle cars I gain value each year becasue its a wanted car, if there is no one who wanted it at an auction it would be worthless. If there is no demand for your car its just a car and not a investent like every other car ont he road. Save the mony buy a house and make some real investments in realestate you will thank me when your 30 years old trust me.
Comment by El Jefe — March 23, 2009 @ 6:18 am
restore the old one.
Comment by piet lul — March 26, 2009 @ 12:24 am
Ok I’m an accountant too. I’m wondering are you planning on restoring the car yourself or just paying someone to do it.
If you’re passionate about your car – restore it yourself. The personal growth and stress relief from working on it will be a great stress reducer.
If you’re just going to pay someone to do it then buy a new 350z.
Comment by CHARLES R — March 28, 2009 @ 4:05 pm