Would you rather fix this, or buy it after someone else rebuilt it?

Spend some time at any cruise night, swap meet, or car show, and inevitably, you will hear two or more people discussing the virtues of building a classic car, as opposed to buying one that has already been built – and vice versa. Sure, there is nothing more testosterone-settling than being able to brag about how capable you are as a man, because you built your car with your bare hands. But, the other side of the argument has to do with a claim of intelligence over brawn. Some feel that they can buy a car that is finished, and usually for less than what it cost to build it. The argument will never end, because both sides have sufficient cause to make their claims.

Is this a real SS car? From a distance, a clone can give you the appearance of a Super Sport without the expense.

Buy It And Drive It.

If you want to immediately get behind the wheel of a classic ride, buying a car that is completely restored, gives instant gratification — at least until the realization of how much you spent reaches your wife. Many times, a feeling of nostalgia is what drives our impulse buy, and nostalgia can be costly. Guys have a bad habit of relying more on the memories of the good old days than they do of financial ramifications. But, sometimes it works out. When the price of classic cars hit what many called a “correction factor” in 2008, after the economy took a hit, the selling price of many investment-grade cars dropped considerably. That being said, “average” cars like most of us are accustomed to working with, didn’t seem to be as drastically affected. It is true, that sometimes it is less expensive to buy a restored – or an almost completed restoration, than it is to buy a project and restore it.

That is, unless you are the unfortunate recipient of someone else’s shortcuts. Let’s take for instance a plain 1969 Chevelle. We’re not talking about a Super Sport or convertible, just a basic Malibu. We first looked for what we thought was a decent, driver-quality car that had been “rebuilt”, and was ready to be driven and enjoyed.

We did find a ’69 Malibu that happened to have a big-block under the hood, bucket seats, and a console. The asking price was $16,900. The car looked good in pictures, but pictures can be deceiving. The owner claimed the car was only showing 43,000 miles on the odometer, but for all we know, that could be 143,000. Anyway, for the money, it looks like a good deal for a first hot rod. Keep in mind, if you have to travel to pick it up, or have it shipped, the price just went up. For some guys though, finding a deal means finding a project.

Buy It And Build It

Every car guy has hopes of finding a car that has been sitting in a barn for 30 years and simply needs cleaned up and enjoyed. The reality is, that doesn’t happen anymore. Typically, what is found, are cars that have been sitting for 30 years, but need a complete rebuild. The engine doesn’t run, the floors are rotted, and the rear wheelwell openings have been enlarged to fit the 1970’s era M50 bias-ply tires. This is Sometimes, the potential buyer has that feeling of nostalgia that drives his or her impulse buy. Again, we adults have a bad habit of relying more on the memories of the good old days than we do of financial ramifications. We think we can get this car reasonably cheap, spend more time than money fixing it, and then enjoy it.

If you’re looking at a car like a Malibu, you are not planning to make an investment purchase. The overwhelming odds are that the rebuild will end up costing more than the car is ultimately worth. Let’s take for instance the 1969 Malibu project car that we found for $6,500. If we wish to keep the cost comparable to the driver car that we found for $16,900, that leaves us $10,400 to rebuild the car. Even if by some miracle, the engine does not need rebuilt, you can plan on spending every bit of that on the parts you need to make this classic car even driver-quality. Heck, even if there is no rust, a quality paint job can cost anywhere from $5,000 and up. That leaves you $5,400 to redo the interior, and rebuild the suspension and brakes so the car is safe to drive. That doesn’t mean it can’t be done, especially if you are capable of doing that work yourself.

When it comes right down to it, both philosophies have a place in the hobby. Without guys wanting to restore classic cars, the guys that want to buy them when finished would have no cars to choose from.

So what do you guys think? Would you rather build your classic yourself, or are you content with buying  car that someone else has already rebuilt.