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The Cost Of Hot Rodding

Discussion in 'The Hokey Ass Message Board' started by Ryan, Nov 29, 2007.

  1. Retrorod
    Joined: Jan 25, 2006
    Posts: 2,034

    Retrorod
    Member

    "Tman" is right on. Cost is one thing, it's the dedication and the will to work on, sacrifice money and TIME to complete something. I don't know how many times I've been found just sitting out there next to a partially completed project, wiring strung all over the place or bare frame rails staring at me.......wondering how and why I ever started this in the first place and at the same time hoping that some day it might actually move under it's own power. The prize at the end seems always to be worth it all as I back it out and take off on that "maiden voyage" around the block. The money part of it doesn't seem to enter into it at that point.

    To causual observers who think "yeah...I'd like one of those cars".....they really don't understand what it takes and I could never really explain it to them. I guess you have to LIVE IT to understand it. That of course leaves Mr. Huge Checkbook as the exception....he can just buy what he wants......but in his case the car means almost nothing.
     
  2. JeffreyJames
    Joined: Jun 13, 2007
    Posts: 16,628

    JeffreyJames
    Member
    from SUGAR CITY

    I wish I could blow 50% of my income on parts. Perhaps some day I will, but for now I have to put most of my money into house hold stuff such as mortgage, utilities, oh and my dog's $5000.00 torn ACL bill which requires special attention. Right now I would sell my soul for a 30-31 Model A so that I could take my time with the '54 CHevy and actually do it right. One thing that I am getting from this blog post is that Hold on to the things you have because it is only going to get more expensive when you want it again later in life. If I would have only bought that Model A 5-10 years ago I would have been sittin' pretty.
     
  3. JamesG
    Joined: Nov 5, 2003
    Posts: 5,249

    JamesG
    Member

    Being a hotrodder takes a VERY understanding spouse.
     
  4. hotrodladycrusr
    Joined: Sep 20, 2002
    Posts: 20,765

    hotrodladycrusr
    Member

    For most people it was a sacrifice back then, as well as a sacrifice in todays world. A person only has so much disposable income. Some are willing to sacrifice just alittle to be in the hobby and drive an old car. Others are willing to sacrifice greatly to build and drive their "dream car". They have the passion and desire to obtain what they want no matter the sacrifice, within reason of course.

    I have seen the passion bring out the best and worst in people. There are those that will work a second job to be able to afford something for their car and I have seen people go so far into debt that they lose everything. Having the ability to know and execute a balance in ones life is extremely important. Some get it, some don't.
     
  5. GZ
    Joined: Jan 2, 2007
    Posts: 1,272

    GZ
    ALLIANCE MEMBER
    from Detroit

    A couple of other interesting comparsons:
    The cheapest new Ford ever made was in 1923, when a new Model T roadster was 290.00. This was the stripped down version which did not have an electric starter or demountable wheels. If you take the 290.00 of 1923 and extrapolate that into 2008 dollars it would be about 14,500.00. For this amount, you can still go to a Ford dealership and buy an entry level new 2008 Focus.

    A local friend has a 1929 Duesenberg Model J Murphy body sport phaeton. He purchased this car in 1959 for 5,500.00. When this car was new in 1929, it sold for about 20,000.00. By the 1950s, these big monster classics were just becoming collectible and my friend located this car in the classified section of the New York Times. He took a train to from Detroit to New York city, bought the Duesy and drove it home. He has used the car regularly and during the last fifty years has restored it at least twice.Today, this car is worth about 1.4 to 1.6 million. We were at dinner the other night and someone commented what a good investment he made by purchasing and keeping the Duesenberg all of these years. He laughed and replied "If I invested that 5,500.00 in local real estate instead of that car, the real estate would be worth over 10 million today!!!
     
  6. 1950ChevySuburban
    Joined: Dec 20, 2006
    Posts: 6,187

    1950ChevySuburban
    Member Emeritus
    from Tucson AZ

    Everything kind of floats to its own level in a free economy. Prices go up, so do wages. (It really does).
    A lot of other things go unchanged as well (being real generic here), such as society's outlook on hot rodders, street punks, whatever. Also how it's "different" when girls get involved, that hasn't changed for some. (Some people are still surprised when a girl gets involved).

    Someone mentioned the Internet as helping.... yes and no. We are blessed with the HAMB of course, and theres the impact of ebay, etc.... makes parts easier to find, or does it really? (Thats a whole different topic)

    I guess I'm just trying to say, the more things change, the more they stay the same (generically). Our '50 Burb appraised at 60K. Compare the monies against income, fuel prices, etc..... is the ratio still similar?
     
  7. 1950ChevySuburban
    Joined: Dec 20, 2006
    Posts: 6,187

    1950ChevySuburban
    Member Emeritus
    from Tucson AZ

    You're darn right it is a sacrifice! Our home looks like a Home Depot blew up, but the cars look nice!
    I have an understanding wife, thats for sure!
     
  8. Plowboy
    Joined: Nov 8, 2002
    Posts: 4,278

    Plowboy
    Member

    One of my wife's friends was over the other day. She made the comment that I am ALWAYS doing SOMETHING when she comes over. She asked me, "Don't you ever feel like sitting around and doing nothing?" That is what I have a day job for, ha ha ha.

    I always have co-workers tell me "it must be nice to make enough money to afford all those toys" I usually reply with, "I couldn't afford to buy them either". ha ha ha

    Those same people will go and spend 200 bucks at the bar over the weekend and drive new trucks (finaced for 6 years) and live in new houses with a high monthly payment and a 30 year mortgage. My house will be paid for in 10 years and every vehicle I own is paid for. Choices you make I suppose, you can't have it both ways.
     
  9. JeffreyJames
    Joined: Jun 13, 2007
    Posts: 16,628

    JeffreyJames
    Member
    from SUGAR CITY

    AMEN hotrodladycrusr.
     
  10. HotRonScorcher
    Joined: May 28, 2007
    Posts: 15

    HotRonScorcher
    Member
    from Boston

    hell i only make around 30,000 a year. and i pay 1000 a month in rent. doesn't leave much for toys....
     
  11. JohnnyCASHcadillac
    Joined: May 9, 2007
    Posts: 681

    JohnnyCASHcadillac
    Member
    from SO CAL-

    This is a great post! I think the cost will never go down, andthis is why so many people are seeing classic cars as investments and selling them off at barret jackson just for profit.

    My 57 cadillac new cost 7,552.00$. The eldorado was 14,000 and some change this was the cost of an average home in California. These were for the high class and then add on the cost of customizing.
    My wallet is still hurting!
     
  12. 1LIFE2LIVE
    Joined: Oct 20, 2006
    Posts: 421

    1LIFE2LIVE
    Member

    Another great entry from ryan and makes you think about it. when i read the post the first thing i thought was i didnt think it was really accurate. as BAD ROD puts it i feel the same way because a 28 year old car today would be alot easier to "hotrod" just as the T was easy to "hotrod" then. I dont disagree at all though that it does take great dedication and a certain breed of people to be as dedicated to tradional styles and continue to build cars of that era no matter how much sacrifice in time, money, and labor it takes. when someone who isnt in to thelifestyle hears how much money i have invested in one of my cars they never ask how much time and sacrifice it took, money is only a small part of it to me.
     
  13. hatch
    Joined: Nov 20, 2001
    Posts: 3,667

    hatch
    Member
    from house

    I remember a pack of cigarettes for fifty cents, and hot rod magazine the same....so I never smoked, just bought car mags..... Today cigs and hot rod magazine are close in price. Name your poison.
     
  14. Shifty Shifterton
    Joined: Oct 1, 2006
    Posts: 4,964

    Shifty Shifterton
    Member

    Excellent point. Today's hot rods are 5.0 mustangs, G bodies, and the like. The average guy can build a sweet one for $12K without industry connections and a decade of hoarding.
     
  15. SinisterCustom
    Joined: Feb 18, 2004
    Posts: 8,277

    SinisterCustom
    Member

    Well, the hop up parts that TRAD rodders want were new back then and many are rare TODAY....so building a traditional car is going to be considerably more (inflation-wise) then back then.....

    I think it's a better comparison to match the 1954 ad to what is a more common "hotrod" of today.....which unfortunately....is the tuner-type cars.

    You really can't compare the costs of "copying" cars of 'back in the day' with the cars FROM 'back in the day'...........
     
  16. Jalopy Jim
    Joined: Aug 3, 2005
    Posts: 1,867

    Jalopy Jim
    Member

    How you do things also makes a difference in price.
    When I started in this Hobby, I bought a 1954F100 and a wrecked 1984F150 and started to build a street rod.
    When I started on the HAMB in 2005 I picked up a 1938 Ford pickup.
    On the 54 I took the 3:00 Ford 9" had posi installed and cut down total cost of the rear end $950.
    On the 38 I did a lot of home work to find out an 92 and older V6 Ford ranger rear is what I needed. I found the corect axle codes and Auto salvaged till I found one total cost $225. plus 100 miles of driving - plus time searching information.

    So when both trucks are done it will be interesting how much I have in each of them.
     
  17. Wildcycles
    Joined: Sep 17, 2007
    Posts: 335

    Wildcycles
    Member

    Well... I am in the midst of building a '28 Ford Model A pickup and surely feeling the financial pain for the most basic pieces, but that's just part of the deal. As my friend who's helping with fabrication said "Cars ain't cheap man!." It's starting to turn into a respectable rod and that fuels the creativity I need to complete the project with the least amount of $$$ possible. I finished my '56 Ford Big window pickup in 1999, having done most of the work myself, I was still out of pocket more than $25000.00. The model A will be cheaper by a long shot, not as "glamorous" and probably more enjoyable! I think I might have learned a lesson here?
     
  18. Slide
    Joined: May 11, 2004
    Posts: 3,021

    Slide
    Member

    You'll spend money/time on what's important to you.

    When I first got married, my wife's brother was interrogating me about how I could afford to mess with cars... it must be real expensive. So I asked him to add up all the money he spends on golf and deer hunting every year. Now, add in your truck payment. How expensive is that?

    I frequently tell people that cars is my golf, my deer hunting, my big screen TV, my football, my beer drinking, and my stamp collecting. Of course I may not get to spend quite the percentage of my income that some people do, as my wife stays home w/ the kids. But that's something more important to me than old cars.
     
  19. I can remember being about 18 years old... digging through old 60's Hot Rod Magazines and telling a friend of my dad's "I sure would have liked to have lived back then... it would have been a lot easier to run a dragster back then"

    He said "It wasn't any easier then than it is now."

    I believe it.

    I think "desire" plays a major role in owning and driving a hot rod... or shoeing a race car... if you want it bad enough, you'll do what it takes to have one.

    Sam.
     
  20. Too many are looking at this as an expensive hobby.

    I look at it as cheap alternative to the hugely overpriced late model stuff.


    If this did indeed cost more than driving a late model, I would have to switch to late models.

    It does NOT cost anywhere near what a late model car costs, so I get to drive the interesting stuff as daily cars.

    Keeping an older "collectable", well-maintained as a daily driver, is cheaper than driving a late model.

    Did you ever compare a $300 -400 per month car payment to what the same money can do on your older favorite that you would rather drive?

    This wasn't a discussion about poodles buying the $200k Hemi-Cudas and stuff was it? This was about regular rods for normal people wasn't it?
    You can get pretty fancy with your rod and still beat the cost of a late model by quite a bit.... unless you are in on the 59 Caddy or SuperBird fads that come and go.
     
  21. metalshapes
    Joined: Nov 18, 2002
    Posts: 11,138

    metalshapes
    Member

    It is...

    I guess it allows me to live beyond my means.
    ( as far as being able to own a car with that much Style and Performance )

    And Trad Hot Rods are Real...They wont be the outdated flavor of the month in 10 years or so.

    And I have a passion for it...
    I couldn't imagine my life without them ( Hot Rods & Race Cars...)

    We make the sacrifices in time and money, but we are ( at least I think I am ) pretty damn fortunate to be in a postion where we can do this...

    I wonder if the Old Hot Rodders back in the day felt the same way....
     
  22. AHotRod
    Joined: Jul 27, 2001
    Posts: 12,216

    AHotRod
    Member

    excellant blog Ryan......
     
  23. fab32
    Joined: May 14, 2002
    Posts: 13,985

    fab32
    Member Emeritus

    Here's an interesting comparison. A few years back a couple we know invited us and a few friends over to celebrate them making the last payment on their house. When they bought it, it was a new subdivision where most of the houses look similar, with the floor plans switched around for variety. You know the scene.
    After everyone arrived the talk turned to how much the house cost compared to a similar one today.
    This led to comparing the cost of other comodities. Paul, the home owner started putting some figures down on paper. Then someone mentioned the cost of cigarettes. Paul and his wife have both been life long smokers and both agreed on the amout of cigarettes consumed. After crunching some numbers a shocking thing became apparent. If neither of them had smoked they could have paid for the house next door (which was for sale when they bought theirs) and would have been able to burn two morgages instead of one that night. This was NOT using the current cost of cigarerttes but the old prices when they smoked them.

    PRIORITIES-------- CHOICES

    It's called LIFE, pick your poison.:eek: :)

    This might not have been the right choice of subjects as Paul died of lung cancer 2 years ago:mad: and his wife suffers with respiratory problems on a daily basis even though she quit smoking when he was diagnosed.
    The reason I brought this up is to reinforce what Plowboy and others have said about making choices and the outcome of the ones you make.

    Frank
     
  24. $200!! I got gifted tickets to a concert and spent $70 at a bar before/after and I'm still pssed at myself for wasting the money and half a Sunday recovering.

    If you spread the $25,000 dream out over say... 10 years, that's only $2500 a year. You just can have your dream tomorrow, so chose you projects wisely, if you are poor like me, you going to have to be committed to it for a loooong time.

    If you make less than $46K and think that a project would be nice to have, pick up another hobby, because this takes more than "...yeah, that'd be nice" dedication.
     
  25. Lil' Billy
    Joined: Dec 9, 2006
    Posts: 1,088

    Lil' Billy
    Member
    from Georgia

    This is another great article! Even though the percentages differ I imagine then, now, and in the future people will always think they are spending quite a bit on their hobbies. That's particularly true when you're outside the hobby. We've all had that conversation. A person outside the hobby asks how much you've spent on your project. After you tell them they often say something like, "You could have made a down payment on a new car with that," or "You could have invested that money," or "You could have put that away for your children's college and just drove a regular car." Now stay with me here. I truly believe the true hot rod and custom folk are some of the most savvy, frugal, and self-sacrificing bunch of folks I know. Afterall, that average median income isn't wrong. It may be wrong for the area you live in, but across the country there aren't millions of households bringing in 6 figure salaries. Some households aren't even bringing in $80k before taxes. Let's break it down further. Say you get to keep $60k after taxes. That's 5k a month.Still a lot of money if you're single, have roommates, or a couple living in an apartment. I could go on and on forever breaking down scenarios about financing, because I teach personal finance. The point being that being smart financially and setting goals is key to it. Regardless of all my rambling on, great article Ryan. I'd love to see more of these types coming out.
     
  26. One thing I'm choosing is to quit smoking...not easy really, but the figures add up and definitely helps me not crave them as badly.

    Choices indeed.

    You know how folks in other countries seem to think we whine too much when we don't like paying $3.00+/gallon for gasoline? It really doesn't fill your soul with rapturous delight and urge you to leap for joy, does it?

    "How's THAT feel, Sucker?!?!"

    I don't feel the crunch as bad, not from being financially independent, far from it; rather I live where the cost of living isn't as high as most places. My sweet little 2 bedroom (there's room for another if the need arises) 1 bath brick ranch style house sitting on a half-wooded acre cost me a paltry $21,500, this would have been the DOWN PAYMENT in most areas of the country. My student loans can be paid off with the profits from a little wheeling/dealing, and I know where the stashes of old car parts are around here that can be had for cheap. I couldn't be happier...well, much happier, I'll be glad when the business degree is mine, and I actually have TIME to work on something...

    I'm the first in my family to go to college, unless you count my brother who went to a "bible training center" and became a minister...I was raised by parents who had a strong work ethic, but never really got ahead because of a lack of education. I decided I was NOT going to live like that all my life. It's been a long process because of OTHER choices I made earlier in life...I wouldn't trade my son, nor the time spent raising him for anything. He's grown up with dad (me) as the only parent he knows, seeing me bust my ass to pay the bills, take care of him, and continue going to college in the meantime in order to better our lives. No, mommy's not around, and I don't get child support from her. She made HER choices which included not contacting us in the past seven years, even though she lives less than 30 minutes away. I figure we're better off if that's how she wants it.

    Choices, from the simple to the complex, life is ALL about choices, and this regardless of what situation you were born into. One can accept the status-quo, or do something about it.

    If a "hillbilly" can make something of himself, anyone can...but you know what? I'll still live where I like my neighbors, and I'll still build things the way I've learned to do, because I CHOOSE to, and it's more fun to trounce a spoiled rich guy on race day with something that cost a FRACTION of what his pseudo-traditional hot rod did :D

    The thing I love about the H.A.M.B.? There's all kinds here, and even the supercilious "separates the wheat from the chaff" types are car people, and that makes them less nauseating.:cool:

    Sort of.

    I think I'll divide my investments between cars and real estate, Surely one will fund the other after retirement.:p
     
  27. Johnny1290
    Joined: Apr 20, 2006
    Posts: 2,834

    Johnny1290
    Member

    It costs more to look cool.:D
     
  28. Hellfish
    Joined: Jun 19, 2002
    Posts: 6,626

    Hellfish
    Member

    According to the Bureau of Labor Statistics, $1,200 in 1954 has the same buying power as $9,320 in 2007.

    I used their inflation calculator. The CPI inflation calculator uses the average Consumer Price Index for a given calendar year. This data represents changes in prices of all goods and services purchased for consumption by urban households. This index value has been calculated every year since 1913.
     
  29. Unless you're just born that way:p
     
  30. Mazooma1
    Joined: Jun 5, 2007
    Posts: 13,598

    Mazooma1
    Member

    The calculations for CPI might work for goods, but it certainally won't work for real estate or desirable cars. Around here, the price of homes has gone up 20X in 30 years and I remember seeing an ad in Hot Rod in the early 60's for Roth's Tweedy Pie for $2300. I think it just sold for over $300K....
    The price of cool cars and housing has its own index...supply and demand.
     

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