If you’ve been watching YouTube lately, then you have probably seen videos of people flipping antique furniture for profit. They scour flea markets to find an interesting old piece to buy and then refurbish it and sell it for a profit.
If you love working on cars, then you probably have considered that you could do the same thing just on a grander scale. These days, it is easier than ever to turn your hobby into a side hustle or even a full time living if you’re lucky.
The thing is, restoring old cars is very expensive and time consuming. So, it isn’t an obvious example of turning a hobby into a profit. Can it be done? In this article, we will go over the things to consider before you decide to make a business out of your passion for restoring cars.
What’s the condition of the car?
How much work you are going to need to put into the restoration has a big impact on whether the return is worth the time and money invested. Even if the expense of the restoration is not that great, the length of time to finish is a big factor.
Your time is also money so if it is going to take a long time, with a lot of man hours included, then when you break down how much an hour you were actually making then it math seem like you were working for minimum wage.
If it’s simply a matter of aesthetics and giving the car a few coats of urethane paint to get it looking like its glory days again then this should make it worth it since it won’t be as big a job.
The make and model
Before you go out and buy the first classic car that you find for sale, do some research. Not every antique is going to command a high price when it has been restored. Just like everything else collectible, it is the rarity of the car that is going to attract the big spenders.
Find out which cars makes and models are the ones that have the most demand and are hard to find. That way when you come across one of the ones own the list, then you know the effort will be worth it when it comes time to sell. In some cases you can command whatever price you want if your work is good enough.
Picking the wrong car may have you working for too long and then not able to find a buyer after.
Are there parts readily available?
Something that adds time and money to the job is having to machine your own parts for a classic car. When it is hard to find parts then this is sometimes your only option. Make sure to find out where to source the parts before you buy the car.
If the parts are hard to find then when you do find them they can cost a lot. This will reduce the amount of money you can make in profit once the car sells.