How to afford a hot rod on a regular guy's income.

I haven't spent more than $700 I've driven daily in 10 years. I've been through six cars, but only two really had to be replaced and even then they still ran - this is the salt belt and a couple got to where they weren't going to pass the next inspection. Most of the others were just good deals I happened to find, and a couple of the old ones I then resold for a profit on the initial price so I didn't have a ton invested in the end anyways.

The one I have now was a $700 grab that needed rear axle seals. I put 2000 miles on it in a week in September driving it six states away on a trip. Turned out to have a GM reman trans, and when I got it 107K on the odometer - I've seen these things do three times that.

A couple tips - if you keep buying the same, or similar vehicles, you can keep the worn out one as a parts source, or strip and junk it if you can't keep it around. I keep buying Chevys with a TBI 350. The gas milage isn't great but they're super reliable, not bad to work on, and easy to find parts for.

If you have a you-pick salvage yard handy, that helps too. I have a choice of three, including one who sells any tire for the same price (the other two pull the best tires and charge more for them now). I've gone out and found alternators and radiators that still look like new, with the stickers, where someone replaced them before giving up, I've changed stuff just for the sake of making it better - one van I converted to power windows with a door swap; it didn't really NEED doors, but the ones on it were rotty and this yard only charges $35 for a door.

Even my one-ton truck I got to haul a car trailer was only $800 - and another Chevy TBI 350 motor. Reman engine, NV4500 trans, a dually, needed nothing to run and go; I think it would part out for more than the $800.


The same you-pick yards help with the hot rod project if you're not afraid to use old parts, adapt things, and fabricate yourself. I also bought and parted out a couple of cars, from which I kept parts to use on my project. The drivetrain? Came out of one of the ones that was too rusty for another inspection. I tabbed up what I spent versus what I sold on that car and I was about even money on it. The van I had that succumbed to frame rot, I cut the top skin out of and set aside for my '32 Rockne body. And so on.

 

Dont spend too much time overthinking a project and get to work on something. Go to swap meets and collect parts. That's part of the fun also. Get it running and driving as soon as you can and forget what it looks like for a while. Pretty can come later, have fun with it.

 

Good advice. It can be modified many different ways to work, but having the buffer savings is what I keep preaching to my son.

Also the plan generally needs to eliminate all the stupid stuff like expensive junk food, meals out and even cigarettes and alcohol if you are serious about making it happen cheap.

There are always ways to get there from here. It all depends how bad you want it. That being said, if you have made a commitment to a wife and family, reasonable priorities may over ride your wish list.


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I bought my wife a new car last year Dec. 31st. first car payment I've had since 1984. I work out of state and she needs a car that has a warrenty if I'm not around to repair.My daily 2000 f-350 7.3 has 468,788 miles. kids in college is what keeps me from spending money on a hobby. It's a good formula if you are single but Life gets in the way. I had rather my family do well than have a nice hotrod. I have owned 30+ fairly nice cars over the past 40 years. When life gets tough the cars are the most money, quick. I wish I could run a budget the way the original poster stated. Maybe I'm just bad at managing. My family[kids,mother,wife,sister ,in-laws] will Always take presidence over my cars. I have 2 projects going now. TP

 

I wouldnt think that all of us are rich
i drive an 86 ford escort and sell stuff at swap meets to make "it"
happen in my household

 

Something that helped me....I sold off other non car related hobby stuff I had collected over the years. It also freed up a clutter room!

 

I cut out car shows, drinking, smoking and going out to eat... and it wasnt enough. So I cut back on projects and random parts, its better but more optimization never hurts.

I know whats best for me, which often changes as my needs and wants change. Best advice I can contribute is to be flexible financially, pay debts and save for rainy days before all else. If you cant get to work reliably you are on thin ice... without work, you've got nothing.

 

I would advise anyone that is 20-30 yrs old to concentrate on building earning power in their careers (education/work experience) that can allow you to simply have more spending options available to you down the road. Just another strategy that can work as well. IMHO

 

I agree 100% here.

In '05 I bought the wife a brand new off the lot zero miles '05 Silverado. The price was right, she had never ever owned a new vehicle and she liked it. She drives through mid town to work and it is dependable as a hammer. I had a windfall so it was a cash transaction.

I on the otherhand wouild not even remotely consider a new vehicle for myself. It is not a pride thing I just don't need one.

 

Best advice. Take a long, serious look at the shit you spend money on and get rid of it. 300 channels of cable? Bullshit. A freaking iPhone? Bullshit. Fastfood? Bullshit. Sports bars? Bullshit. Anything that doesn't involve your car? Bullshit. Credit cards? Bullshit. Complaining about it? A HUGE pile of bullshit.

Lastly, maybe you just weren't meant to have one. The people who have a rod or project know what it takes and they do it. Maybe, if you have to ask, you're either not trying hard enough or you weren't meant to have one. There's no shame in being an admirer.

 

Ding ding ding ding ding......

 

My wife and I became mostly debt free this year (ie..huge credit card debt)...we did this by driving a 99 Crown Vic and a 97 F150. A lot of my friends have a couple car payments and a huge mortgage. I have neither...and my daughters are now out of college. YEA!! My wife does not need or want a new car and neither do I.
I go into sticker shock eveytime I walk the Ford Dealership parking lot...26K for a Fusion...not...

 

My wife kills cars. Her job has her driving 100k a year plus.....not gonna drive a junker.

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I've never had a car payment, and I don't have a credit card, either. My $450 Cavalier has almost 300K miles on the original clutch. My shoes cost $2. But I have 16 old cars, so you know where my priorities lie.

I agree with those who have said that you always pay cash and carry no debt outside of real estate and that holding onto at least some kind of buffer savings will end up saving you more money in the end. That's all solid advice.

 

Now if someone can come up with a way to find time to work on our projects.. Thats always as tough of an issue for me as the money side of things

 

I drive a 300.00 1996 Buick Century Wagon, bought from an estate sale with 88k on it, always garaged, looks sweet. I've turned down 3k for it. It looks like a new car. My buddy said to me, "you'll never get laid driving that thing!"..........he was wrong! My work van is a 2006 Caravan with fold down seats and a rack on the roof, paid 7k for it with 22,000 miles on it. I make over 80k a year and could drive a 600 payment on a macho 4wd pickup....why bother? More money for the stuff that matters.....I kick a kick out of the yuppies around here making 40k a year and leasing a 4-500 a month Mercedes and renting an apartment. I give two hoots about status vehicles, homes, clothing etc.......those people are fools suckered in by Madison Avenue.

 

That was my initial thought as well. Maybe it has something to do with where you live.

 

I drove POS vehicles for 12 years to support my racing habit. Finally upgraded to an 02 accord. Woohoo

 

This is true. I bought a 2005 Ranger in 2008 with 24000 kms (Canada here) for half what it sold for new. Found the original invoice in the glove box.

 

I've never smoked or used alcohol. I figure those two have allowed me about half of the old cars I've owned. Some friends of ours did some figuring the day they finally paid of their house. They both smoke and go out at least once a week for a movie or trip to the bar with friends. The figures didn't lie. If they had cut out a little over half of their "entertainment" it would have paid for the house. I'll never forget the look of regret on their faces when the reality of their choices sunk in.

Frank

 

Fortunately, when I was still working, I could save at least $2000 a month in overtime. Every dime of it went into a car account. My regular paycheck went into the family account. When I was getting close to finishing my '32 3 window, my wife said to use the family account. I said no, it will get built with overtime or it won't get finished. That was 5 cars ago.

 

If i could critique your good and helpful advice:

Regarding point 1) i feel you should this even if you're not planning on building a hotrod.

a) i don't feel a person should even entertain the thought of buying a new car unless your net worth is at least 1 mil. OR the new retail price of the car is 10% of net worth---example the car is $50,000 so the net worth must be $500,000. And even then pay cash, no financing.

b) No computers---this makes things easy to diagnose and fix yourself at home cheaply (for the most part). This means further savings. i think vehicles equipped with small block chevy engines and no computers (before 81 model year) are some of the most economical transportation around. But there are others too.

c) Because the initial cost and upkeep of the car is now so low, my philosophy is when parts eventually do need to be replaced, i feel you should replace them with the best quality parts available i.e., Bosch. The reasoning here is twofold: It will increase reliability perhaps even greater than when the car was new and there is still money savings in buying a higher priced part vs. the savings of having no car payment, lower maintenance and insurance costs etc.-----all that money saved allows you to buy a higher priced quality replacement part.


Regarding 3) i think you need more than $1000 emergency fund if you are single. More like $5000 minimum. And if you have a family than add in accordingly; i think $20,000 minimum for a family of four would be most appropriate.

You may be thinking with that strategy you'll never be able to afford a hot rod or not at least until the kids move out...... But.....

a) i can't help you with a pre-49 hotrod because i simply don't know how much one would cost.

b) But as far as pre 72 street machines, i think you can find one in decent condition for a few thousand. For example, i saw a 67 4 door lemans in ok running condition going for a few thousand. Sure, it may not be ideal and probably had a straight six, but this is something you could have fun with without too much cash outlay. Then, as the financial picture gets more solid you can get what you really want.

 

P.S. The whole notion that you need a fancy car, or even a car at all to get laid is complete Bull's hit.

You probably did not need to know that but i'm just walking the dog so to speak due to other things going on in life.......

 

i've never owned a vehicle to get laid...if you can't get the job done on your own you've got other issues that need to be addressed besides having a nice car.

 

I'm kinda the opposite. I don't owe anyone anything, yet I own my house, pay cash for my kids' educations, and all my nice family cars. Money for my hotrod hobby is whatever I can muster without impacting the stuff that really matters to the family; a nice comfortable house, good educations, nice reliable and safe cars to drive every day, and a financial cushion in the event I turn into worm food. This old car thing is just a hobby for me.

 

Not too hard if you have a decent job,and can wait until the kids are grown,and the ex is off the payroll.. I paid off my house twice ( bought her half a second time in the divorce),and both my kids make 3X to 6X my salary,so I don't spend money on them anymore. My standard of living/car play $$$$ went up drastically,but only after I was 50 years old.
When my buddies are surprised at what I buy and spend now,I just tell them there's nobody here to tell me no.

 

This thread is about finding the cash to build, its funny...when you drive the hot rod that you literally spent years hoarding and horse trading your time, effort, doing without, making stuff from others castaways, the ordinary people you drive past think you're rich cause you can afford a hot rod....I've never had the money to buy parts, kids, mortgage, home improvements, sick dogs and cats, braces, calamities, job loss, camping trips, holidays, christmas, the list doesn't end. I've always made good money as an equipment operator, my wife has always made good, but life gets in the way. However, most of us have a never say die attitude and will do what we need to to get it done, today I made some 4 bar brackets from an old smoke shelf from my last wood stove, appliances furnish some awesome sheet metal, always junk appliances around, santa claus has been known to drop off a tool or two at my house.
I'm retired now, don't owe anyone five cents, but still scrounge and horse trade, its become a learned skill, I don't know anyone who can afford to build from a catalogue. All my life I drove older stuff, my wife always had a newer car, didn't want her broke down, so she ferried the kids around reliably, I ferried the boy and his buds around in something cool, beat up and fun. We have had some very good times riding in old trucks doing stuff you'd be afraid to do in a new truck.

 

If money is tight, it will just take a lot more time to build. If you take 10 yrs to build it ans spread the parts purchases out, it won't seem as expensive. For me, things only get pricey when I am impatient and think I need to buy something.

 

OBD-1 on a GM is not hard to deal with and you can pull the codes without a scantool. A cheap laptop and you can have an instant diagnostic tool with WinALDL, too.

But it depends where you live, too. A pre-1981 car in decent shape will be easier to find in the southern states than the northern states. I saw plenty on the last few trips south I made. Around here, they get to be 15 years old and the salt has eaten them up. One of my Suburbans I had to switch from a tailgate to barn doors because when the rear window broke, the tailgate fell off in my arms, there was nothing for the hinges to attach to. It still lasted me about four years, but I spent a lot of time chasing rust issues (fuel lines, brake lines, a fuel tank and sender, etc.).

Just to give an idea, I saw an '88 or '89 Ford Escort on the street the other day and it stuck out because I haven't seen one in a long time, especially one in decent shape.

 

Guys, this is solid rolled GOLD!
If you're smart enough to tell the difference between a '33 and a '34 Ford, you have enough brains to do just about anything, and for most of the guys on this forum, that's easy.
Lots of people are just too lazy or uninterested to try that bit harder to get a career or start a business.
Earning power is the key. That's what separates the people who create wealth for themselves from those who just scrape by.
Don't get me wrong - eveyone is entitled to their choices, but people who just sit back and bitch about someone who has gotten off their duff and had a go really grind my gears. Don't be afraid to go back to college / university and do the training to get what you want, or if it's just not your thing, improve your skills in your chosen trade / career. It might be hard, but it'll also be worth it.
I've had times when things have been tough - haven't had work for a while, or there's an emergency that only throwing your heard-earned cash is going to fix, but the one thing that I have always lived by is;
Spend less than you earn.
It's simple, but luxury lifestyle on a poverty budget is always going to cause problems.
Learning, or working out how to earn a healthy income is a sure-fire way to be able to afford the things you want.