Project cars could be good option for tax refund investment

Project cars could be good option for tax refund investment

They’ll take some work, but you could make some money back and learn a lot

Take a deep breath: Your tax return is on its way to the Internal Revenue Service and, with any luck, you can start thinking about what to buy with your refund.

Business Insider said the average American will receive a refund of $2,895, which is far from chump change.

That money could go to bills or maybe scooping up a new TV, but it could also be invested in a project, such as a classic car.

ClassicCars.com had nearly 500 vehicles on the marketplace priced at or below the amount Americans were expecting to receive.

You’re not wrong in assuming that pretty much every car under $3,000 will require some work – OK, a lot of work.

However, for those looking to get into the classics market who like to tackle a big project, it may be time to start browsing.

Depending how much elbow grease you’re willing to put into it, some of these cars could put a bit of cash back in your pocket:

A 1954 Plymouth sedan – with all the original parts — priced at $950 was running when it was last parked.

This 1954 Plymouth four-door sedan was selling for $950 (ClassicCars.com Photo)

A quick valuation check online showed that pristine ones go for nearly $10,000, while the average retail price is $5,850.

One of America’s favorite classics, a 1967 Ford Mustang, was going for $2,000. The body was in decent shape and the car still has its legendary 289 V8 engine along with an automatic transmission with matching numbers.

A 1967 Ford Mustang going for $2,000 (ClassicCars.com Photo)

A fixed-up Mustang with those specs could fetch as much as $30,000, though something closer to $15,000 would be more likely.

Those willing to push the budget further can pick up a 1967 6-cylinder Dodge sedan for $2,500, but it looked like there may be a little wiggle room.

Own this two-door Dodge sedan for $2,500 — or so. (ClassicCars.com Photo)

But the two-door car won’t fetch as much as the Mustang. The average asking price for a finished was about $7,000.

Of course, restoring a car isn’t cheap, and takes some expertise. But after you pull out of your garage in the classic you rebuilt, we’re betting you’ll think that tax refund was well spent.

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3 Comments

  • James McIntire
    April 23, 2018, 8:30 AM

    Most restorations are not a money maker. And while none of us enjoy losing money, it is disheartening. Trust me, I’ve lost money or at best broken even on every project car I’ve taken on. But are we really in this hobby to become millionaires overnight? I think the big-name auctions and "reality" television shows have put us all in the mindset that there’s a rare, undiscovered gem hidden in every garage and backyard in America that’s just waiting to turn us all into billionaires overnight. Truth is, that doesn’t happen in real life for most of us! Most of us must be in this hobby simply for the love of it!

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  • William W Thurber
    April 23, 2018, 3:18 PM

    I bought my ’64 Corvette at a good price being "at the right place at the right time" with cash.
    I have redone the interior, new convertible top, some minor engine work (carb rebuild) and 3 days polishing the swirls out of the paint – I will never do that again and will rebuild the headlight motors.
    I am about 48 hundred in stuff done to the car. Not a huge amount but I know I will never get that money back when I sell the car. I did it because of pride of ownership. I want a good looking good driving ride.

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