Re: 1955 Caribbean

Posted by ewrecks On 2016/1/17 23:33:57

I strongly agree with Tim's opinion that buying/ restoring old cars in the hope that you will turn a profit is a risky proposition.
You can review the auction results and market trends regarding the Carribean on Hagery's Valuation site. It is free and tracks the sales at the major auction venues.
I began restoring a basket case 55 Caribbean in 2010. At the time I began looking for one to restore in 2007-8 the cars were commanding premium prices. If they were trailer queens restored to the highest standards. Those numbers....like many others....dropped after the market crunch in 2008,
My car was purchased with the intention of restoring it to a high standard but.with the intent of driving it on the street.
The body was removed from the frame, the engine and transmission rebuilt,, the body restored and painted and the interior restored.
Parts are generally available to allow restoration but there are no restoration guidelines......and the prices are prohibitive.
I was fortunate to have friends who do excellent body and paint work without the need to spend the tens of thousands of dollars charged by professional restorers. I was able to have the engine and drivetrain restored at similar savings. The price of $10000 for the interior and top seems in line with my cost.
I was forced to locate and replace the majority of the interior and exterior chrome and stainless.....or to have my cores plated.
The end product is quite satisfactory and the car turns heads and is really fun to drive.......but whether I break even on my out of pocket expenses much less receive anything for uncounted hours of my time is questionable.
Buying a complete original car has the advantage of knowing where things fit together and if the stainless and bumper cores are decent, you can save some time and possibly a few dollars.
Unless you are able to do much of the work yourself, starting with a $49000 start point probably assures that you will have at least twice that amount tied up in the project before it is done. There are any number of very nice cars already available for under $100,000. Check out Schmidt in St Lous....or even Hymen Ltd.
One thing that I have discovered is that the majority of people interested in cars from the 1950's are diminishing. Few people under the age of 60 ever saw a 55 Caribbean on the road when the cars were new. While people seem to be spending outlandish sums for Hemi Mopar and Corvettes, the Packards of the 50's do not seem to command that attention.
If the Caribbean is drivable without doing a restoration, it may be better to just drive it and do needed upgrades as required. It avoids getting bogged down on a project that ends up being sold without ever seeing daylight. There seem to always be a few of those on the market....and cars are only original once. The preservation classes are finally coming to be appreciated.
This forum will be extremely helpful if you decide to take the plunge. I am not sure that I would have been able to complete my project without the help.