Buying a brand new car is not the only option when it comes to investing in a new vehicle. If you like to get your hands dirty and have a project car that you can spend your spare time working on, then perhaps you should consider whether a project car is the right way to go. A project car is purchased for a much lower rate, as it is second hand, old, or stripped down to just its parts. You can then build the car from the ground up, customizing it as you go along. It can be an extremely rewarding hobby and something that you can use to express yourself and be proud of.
A project car takes work, time and money. Here are some of the top things you need to consider before investing in a project car, to understand if it is the right choice for you.
#1 Are you motivated?
A key driver working on a project car is motivation. You will need to have a passion for hard work and cars, to keep you motivated throughout the project. This kind of mindset will help you get the work done, and ensure you can reap the rewards in the end. You should balance your passion with realistic expectations and make sure you don’t take on too much. You must have the right level of understanding, knowledge and skills to get the job done.
#2 Do you have time to dedicate to the project?
You might have the motivation and passion, but do you have the time? If you purchase the parts for your vehicle, is it going to sit in the garage for the next few years? Before you invest your money, you must consider what time you have to dedicate to the project. Consider how much experience you have, how quickly you want the project to be complete, whether you are building it from parts or refurbishing an old car, and whether you are going to need the help of professionals at an auto body shop to assist you. If you are investing in a rare car, you may need to think about how long it is going to take you to source the parts or get them custom made for you.
#3 Do you have the funds?
Just because you are building a car from scratch, or refurbishing an old car, does not mean it is going to be cheap. You will need to be able to source the correct car parts that are good quality and are made to last. If you are looking at investing in a specialty vehicle, then you may find you have to spend even more money on rare car parts. Make sure you take some time to research the different types of cars you can invest in and build, to gain a better understanding of the costs involved throughout the different stages of the project. This will ensure you can finish your project with no surprises or delays.
A project car can be great fun, but you need to ensure you have the motivation, time and money to invest.