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Is restoring ferrari's lucrative?

Discussion in 'Ferrari Discussion (not model specific)' started by buttons, Jan 2, 2009.

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  1. buttons

    buttons Rookie

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    #1 buttons, Jan 2, 2009
    Last edited: Jan 2, 2009
    A friend of mine buys rust bucket camaro's (67-70) for $500-3500 completely restores them to like new and then sells them for $25,000-30,000. Id much rather take a cosmetically damaged Ferrari Testarossa fix it up like new and... KEEP it. If I were to say buy a mechanically sound one for $15,000-20,000 and fix its problems do you think it would sell for $40,000-50,000 ?

    Ill never afford a new Ferrari, but ive started to see some older testarossa's in my price range that need a front bumper/hood. Appreciate any thoughts / experiences on the matter.

    Honestly the Testarossa would be one of my favorites. They would hold the most sentimental value to me.
     
  2. junglistluder

    junglistluder F1 Rookie
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    #2 junglistluder, Jan 2, 2009
    mechanically sound Testarossa for $15-20k?! WHOA!!!!!
     
  3. buttons

    buttons Rookie

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    #3 buttons, Jan 2, 2009
    The description says mechanically sound. im not saying i know that for certain. Just asking your thoughts on this idea: cost of body work, am i gaurantee'd to take a loss if i go this route, etc...
     
  4. UroTrash

    UroTrash Four Time F1 World Champ
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    #4 UroTrash, Jan 2, 2009
    Not a good idea.

    Sorry.
     
  5. dm_n_stuff

    dm_n_stuff Four Time F1 World Champ
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    #5 dm_n_stuff, Jan 2, 2009
    Last edited: Jan 2, 2009
    testarossa is not a good starter, fixer upper Ferrari.

    Go find a 308GT4. Just the gearbox or diff (can't remember which) when it breaks is a $15K repair in the TR.

    There's a decent 308GT4 on Craigslist on the west coast for $15K. That's where I'd start.

    Dave
     
  6. 2NA

    2NA F1 World Champ
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    #6 2NA, Jan 2, 2009
    You picked a model that is not appreciating. TRs are more likely to go down than up (for the foreseeable future).
     
  7. spiderseeker

    spiderseeker Formula 3

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    #7 spiderseeker, Jan 2, 2009
    Last edited: Jan 2, 2009
    Camero parts are cheap and plentiful, that's what makes it profitable to fix them up, Ferraris on the other hand are pretty steep, so it all depends on the condition of the Testa and what parts will be needed.
    I used to do the same thing in the 80's-90's with the early Mustangs(65-66), I always made money fixing them up.
     
  8. 62 250 GTO

    62 250 GTO F1 Veteran

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    #8 62 250 GTO, Jan 2, 2009
    If a car is worth saving, then it would be saved. All cars crash differently and all sit out in a field differently. You may be able to find cars to restore but to say "I restore Ferraris that are abandonded" is foolish. Look for a car you like that's in OK shape and fix it up, it will always be hit and miss. Even if you repair it well, who wants to buy a totaled car let alone a totaled Ferrari? Restoring them to showroom condition would be too expensive for you to try and turn a buck but you could hang onto the car and drive it yourself.
     
  9. chris marsh

    chris marsh F1 Veteran
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    #9 chris marsh, Jan 2, 2009
    How does your friend do with the Camaros?

    On Barrett-Jackson there are always commenting on how the cars are selling for less than the cost of the restoration.

    I have a friend who restores Harleys. Mostly pre WWII. Sells them for $40-50K. Says by the time he subtracts his expenses he averages about $5.00 per hour for his labor. I think very few people make their living at restoration but rather it is a hobby for most.
     
  10. buttons

    buttons Rookie

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    #10 buttons, Jan 2, 2009
    He knows people that knows people. He gets most of his parts extremely cheap. He owns his own body shop but doesnt spend any time there for customers. He just scours the internet looking for cars or parts to finish his current project. It usually takes him about 4-6 weeks to turn a pile of rust into a showroom floor condition car. quite amazing, but i couldnt tell you what kind of profit he turns from this work. He does probably 3-4 a year and i think he just enjoys it.

    Thanks for your input guys. I can't say I care for a 308, id might consider another model if the price is right. I really want something with V12 power and hopefully fuel injected. I think I am just going to wait and see where this economy takes us ... wait for it to hit rock bottom , then see if any other models become affordable.
     
  11. 62 250 GTO

    62 250 GTO F1 Veteran

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    #11 62 250 GTO, Jan 2, 2009
    I think there is a MASSIVE difference between repairing cars and restoring cars. I've flipped cars after fixing them but I've only tried to restore one car and I lost huge.
     
  12. 62 250 GTO

    62 250 GTO F1 Veteran

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    #12 62 250 GTO, Jan 2, 2009
    You said it right there, it's a hobby for him, hobbies don't have to make you money but jobs normally do and I assume restoring a Ferrari is quite a job.
     
  13. buttons

    buttons Rookie

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    #13 buttons, Jan 2, 2009
    I was looking at the prospect of flipping a few until I could afford a 550 :p I love the testarossa, I think it would be just a cool car to have. I probably would only drive it on special occassions or maybe occasional car show. Keep it inside my house (not garage) lol.

    How much would a decent 365 2+2 cost?
     
  14. Rifledriver

    Rifledriver Three Time F1 World Champ

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    #14 Rifledriver, Jan 2, 2009
    Ferrari fixer uppers are a money pit. Best case scenario is you find a 250GTO that needs everything. That car is worth top dollar minus a total restoration. At that point you are dollar neutral. Every other model ever made goes down from there and becomes a money loser to various degrees.
     
  15. 62 250 GTO

    62 250 GTO F1 Veteran

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    #15 62 250 GTO, Jan 2, 2009
    That's if the car IS restored and not abandoned without any mistakes or damages.
     
  16. WILLIAM H

    WILLIAM H Three Time F1 World Champ

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    #16 WILLIAM H, Jan 2, 2009
    Last edited: Jan 2, 2009
    its a great time to buy a nice TR cheap

    restoring 1 will cost 4 x what its worth

    My rule is to always buy the nicest car you can afford

    Restoring cars is a money loser unless you do all the work yourself or your car is worth millions restored
     

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