Hear hear David!!!
I have always maintained that it takes almost 1000 hours to correctly
restore a typical well beat Healey. $90K is about right.
Michael Salter
www.precisionsportscar.com
-----Original Message-----
From: owner-healeys@autox.team.net [mailto:owner-healeys@autox.team.net] On
Behalf Of David Nock
Sent: Monday, January 31, 2005 1:05 PM
To: Reid Trummel; healeys@autox.team.net
Subject: Re: Barrett-Jackson Auction - Reporter on the scene...
on 1/31/05 10:11 AM, Reid Trummel at editor_reid@hotmail.com wrote:
> This has been really interesting and really educational. Things are not
> always what they seem, to put it mildly. I am more convinced than ever
that
> "the auction market" is NOT "the market." Auctions are special cases with
> only small, trickle down effects on the purchases and sales that you and I
> make of these cars.
Why do all car guys have to think that there cars are not worth what the
should be. If a car sell at auction at a high price the first thing that
everyone says is that it was way over priced for what they should be.
That car that sold for 90,000.00 for example. If you were to take a solid
late Healey with the standard rust repair needed and do a total restoration
on the car at a shop. How much would you be paying to have it done? The bill
to do a restoration of that level would cast you some where in the 80,000.00
to 90,000.00 range.
Some may say this cant be. Well lets figure it out.
Shop labor rate will vary across the country so lets say an average rate
of $70.00 per hour at aproximatly 400 hours for all the mechanical and
upholstery work. We have $28,000.00 in labor then just add up all the parts,
gauge repairs, chrome work etc etc.
Now lets take the car to the body shop for the rust repairs and paint work.
They will have another 300 plus hours. They will need at least another
$5000.00 in parts and supplies.
These figures dont change much if you go to other cars. I have a friend that
has a Mustang restoration shop and he has the same types of figures on the
labor to do a 67 Shelby GT and they were sell at auction in the 125,000.00
range. These cars sell outside the auctions for only a little less than
that. If he is to do a nice driver restoration on a 67 Mustang coupe with
some nice upgrades to make it a fun car. You would spend at least
$45,000.00.
So why do we all think that our cars are not worth what they sell for at the
auctions. If it costs that much to build a car to the levels that we want
then they should be worth close to that. I think it may be that if you think
that it may be worth these high values then you may be afraid to drive the
car.
David Nock
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