Major financial decisions in a relationship are typically something that are shared between the people involved. This is especially true when one person is looking at a classic car restoration project. The vintage car and truck specialists at Wrenchers LLC in Michigan understand the importance and the power of communication when discussing car restoration plans…before they are made and before the restomod project is underway.
Open and honest communication is crucial in any relationship, and it seems to be even more important when it comes to major financial investments. And making the jump into a vehicle restoration project, whether a frame-off restomod or other upgrade, can bring a substantial price tag. In fact, some vehicle restoration projects can cost upwards of $25,000, and in many cases, the price tag is substantially higher.
The Power Of Communication When Discussing Car Restoration Plans
While we certainly aren’t passing ourselves off as financial gurus or marital counselors, we do know that heated discussions can ensue when one of the people in a relationship doesn’t have any idea of just how much a vehicle restoration project can cost.
Here are some tips for bringing up the dollars and cents conversation of getting your beloved vintage car or truck back in show-worthy shape.
- Don’t hide the fact that you’re taking the vehicle in for a restoration. If you’re unaware of how much the project can cost, you certainly don’t want to be blindsided when you receive the estimate. You also don’t want to try to explain the dent in your bank account after the fact.
- Weigh the costs. What other financial obligations do you have? Is there a savings account set up for “fun money,” and could the vehicle restoration project fall into that? Are both of you on board with the project?
- Is the cost of the vehicle restoration feasible? There comes a time when you need to weigh your sunk costs and decide if it’s worth it to keep putting money into the car. Sure, it could be the car of your dreams, but how much do you truly want to spend? Ask yourself, what rewards will you reap from the money you’re putting into the restoration? If this is a project you’re both on board with and your aspiration has been to have this car of your dreams to use on cross-country road trips when you’re both retired, then that could be your reward/return on investment.
- Be financially transparent. The talk about the cost of the vehicle’s restoration could open the doors to other talks about money, how you’re spending and how you’re saving it. Don’t walk into the restoration project “blind” and with the idea that you’re going to be writing a blank check to the restoration professionals. It might also make a lot of sense to let us – or whomever you take your vehicle to – know just what your budget is. If you have a $10,000 budget, but the work you want done will cost in the $50,000 range, it’s best to scale back your expectations. We can walk you through what you can get for the money you have set aside. You may decide that this restoration project will be done a little at a time, and you will want to focus on what can be done to make it as usable as possible and then work on the aesthetics later.
Bottom line: Regardless of what you’re doing with a shared bank account – especially if you’re looking to have your vintage or classic car or truck restored, it’s best to get your financial house in order first. Once you do that, we’re here to help get the car of your dreams into your hands!
At Wrenchers LLC, we are classic, antique and hot rod enthusiasts, and that shows in the craftsmanship of our vehicle restorations. Whether you choose a full frame-off, traditional restoration or custom work for your vehicle, our experienced restoration professionals listen to you and work on your vehicle with the same care they take with their own. When your keys are handed over and you slide behind the wheel after your car has been restored, you will be hitting the road in the vehicle of your dreams.