Classic cars have a strong hold on the car loving community, from a historical point of view. They do say after all that you do not know where you are going until you understand where you have been. In short, this means that you have to take a look at the classics of the past to see how we have come to the cars of the present, and to look into the future at what might be in the pipeline for years to come. Other classic car aficionados take a contrary view, believing that classic cars are to be celebrated for being what they were, and that any considerations of present-day influence are at best barely relevant. Some take the attitude that by picking up an old car at a bargain basement price and putting a little investment in – of time and money – they can turn a profit on a classic.
Bear in mind if you are planning to do this that it does not always work out that way. If you buy a classic car with the intention of restoring it, be prepared to make a loss on the deal if you come to sell it. Bear in mind, in fact, that you may not even sell it for anything worth talking about, and that it may be worth viewing it as “your” classic car, as opposed to an investment.
In a recession, people who have bought a house looking to renovate and remodel it in order to sell for a profit may well find that there are not the conditions to realize that profit, and end up cutting their losses and living there for the meantime at least. You may just end up in a position where that profit-making classic car initiative you had leaves you with a marvellous classic car but little investment potential.
Think, too, about what it will take to renovate the car. It will take a lot of space, for one thing. When you take apart a car the component parts take up as much space as the body of the vehicle and more besides. If you take an area the size of one car body plus a second car and a bit of excess, that is ideal. Bear in mind that it may take more time than you thought as well. Sometimes work turns out to be fiddly and time-consuming, and you may find it is even beyond you - so consider getting a pro to do some of the more tricky work. And realize that it is better to do it right than do it quickly. Rarely will you get the chance to do both. Use the right parts and the right equipment for the best results.
Ideally, you should have a printed picture of the car you intend to end up with, as something to work towards and also as something to illustrate your endeavor should you come to sell the car. A before, during, and after photo montage -- as well as an original photograph of the automobile -- will serve you well in this respect.