Car people are lying to you about their budgets, and I have the receipts

Kyle Smith

If you want to see a car person squirm, ask them how much they’ve spent on their car. Most of us don’t have the number handy. If we do, we are lying about it. I know this because I am guilty. There has long been a number in my head totaling the money I’ve invested in my ’65 Corvair Corsa over the last six years. After saying that figure out loud to a friend the other day, I decided to check myself.

I was off by about 30 percent.

Could it be because we tell ourselves that $5 here and $100 there doesn’t add up across paychecks? We are likely all guilty of some “creative accounting” when it comes to our project cars, and I hold myself as example number one. We apply this to other people’s cars, too. 

Last weekend, David Freiburger listed his 1969 Ford Mustang Mach 1, better known as “Disgustang,” for sale on Facebook, asking $75K. My first reaction was surprise at the fact that he was selling it publicly. The second was confusion—by listing it on Facebook, he was probably losing money. (He could likely get more on Bring a Trailer. Clearly, he wanted it to go to a fan.) Even if he was being helped by sponsorships, Freiburger has a lot of dough tied up in that car. Anyone could find the parts list by reviewing dozens of episodes from the three different video series he leads.

When you want OEM+ looks and effective air-conditioning, you don’t have many choices. Freiburger didn’t even try to hide the cash he put in: The front drive alone for the built Ford small-block under the hood was $3000. Then there was a set of Air Flow Research cylinder heads, and hours of tuning to make the car ready to drive daily—and comfortably, at that.

Despite the handle, Disgustang is a true restomod that puts modern function into a beautiful vintage wrapper. The design brief never included the word budget.

And yet a dozen comments on his post railed that Freiburger was taking advantage of people: “You got those parts for free.” “You got paid to install them.” “I could build the same thing in my garage for $15K.”

Freiburger laughed in the faces of a few commenters, and rightfully so, but I can see both sides. He is not completely off the hook. The brand in which he has so carefully wrapped himself centers on labeling project vehicles as “junk,” and rescuing such “garbage” by doing the right thing the wrong way. If you’ve paid attention, you’ve seen that while his schtick has remained consistent, the ambition of the projects he undertakes and the level of polish on the resulting builds has steadily risen.

Lots of fans didn’t catch the point when the Disgustang’s ratty look became only that. Everything not cosmetic was redone, and a bunch of carefully selected mechanical upgrades were installed. The shift didn’t click for me until I saw the for-sale listing.

We didn’t realize how much Freiburger had invested in that car because we often fail to acknowledge how much time and money we have invested in our own cars. Those who label his Mustang a $15K car are the same people still spouting off about sub-$1000 LS swaps. I mean, technically an LS swap that cheap is possible; but is that level of hackery really what you want to spend your limited amount of time doing? Why not just do it right?

Owning vintage cars is not cheap. If you think it is, you have been at this a long time.

Experience allows for creative accounting. A part or piece “just sitting on the shelf” often didn’t get there for free; yet you’ll pull it from storage and install it on your project with a zero next to it on your mental balance sheet. Look no further than a drawer of specialty tools in the tool chest of your favorite veteran wrencher. The first time they used those tools, the thought of their cost probably hurt. After two decades, suddenly that tool is basically free. It’s been paid off and costs nothing to keep. It has value, but the act of using it rarely triggers a thought of the original receipt.

Creative accounting isn’t limited to dollars and cents; it applies to time as well. A 15 minute job for you or I is a solid hour or possibly an entire evening for someone new to that same project. Experience creates efficiency, which we can leverage into value. Did you buy a project off Facebook Marketplace, something the last person gave up on, because you knew it would only take you an hour to rebuild the fuel system? That’s creative accounting. So many of us value our time at zero—or somehow less than that—but opportunity cost is real.

It’s easy to become jaded and thus unwelcoming when talking to those with less time invested in cars or their maintenance. We convince people that things are easy when in fact they are not, yet act surprised when newcomers are put off by the time, money, and emotional investment required to do things “right.”

The fact of the matter is next to nothing pertaining to our old cars is approachable, easy, or cheap. That’s not a good thing, or a bad thing, but it is a fact. The moment we stop lying to ourselves and accept this, the entirety of our hobby—and all the people on its sidelines—come into focus.

Some of us are good at finding and taking advantage of deals. Others use creative accounting. Regardless, we often end up with way more money tied up in our projects than we realize. I’m not calling for everyone at a cruise night to have a window sticker that says how much money they have tied up in their car—though I have seen it. I’m just asking that when people who are new to the hobby ask how much a build costs, we be honest. Nothing is more frustrating than getting excited about building a cool car for $5000 only to find out there is no way you can afford it.

Normalize being honest, and ditch the flair of “I did X or Y for so cheap!” Such a claim can be impressive, but it is more often disingenuous and makes us all look like liars who squirm when asked about specifics.

I suggest a rock-solid “I love this car enough that I don’t keep track. The car matters more than the money.”

That’s the truth, right?

***

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Comments

    I keep all my receipts for warranty purposes, but never ad them up. I also don’t keep track of my labor hours invested, because combined together, those two amounts will make any project un-enjoyable. Build it, drive it, enjoy it, and when you’re done with it, sell it to the highest bidder. The market will tell you what it is really worth. I’m sure all of my cars cost at least twice what I’d like to think they did, but they are fun, and that’s what it’s all about.

    Great writing, Thank you Kyle! When doing a complete restoration , forget about the parts cost, look at the freight! I was express shipping parts as I did not want the work to get stalled. Some of the freight bills were higher that the parts cost. If you don’t have them you cant continue and there is only so much time.

    Yes with better planning some of the shipments could have been avoided, but this was my 1st attempt of a concours level job and I had a end date. I didn’t want a stalled project.

    Was a great experience and had so much enjoyment working with my father and my then 2 year old daughter. Would trade it, but I don’t want to know what it all added up to.

    Kyle, love the cover photo, as I literally just paid $100 for a Supertrapp baffle for the Fiat x19. The open exhaust was too loud for this old timer.

    This was an odd find and I’ve really come to like the pipe. It works well for a track bike, but I couldn’t imagine using it for any regular amount of time!

    The enjoyment is doing the work myself and seeing it all coming together, then there’s the bonus of getting to drive it! I put all my receipts in a bag and try to keep my costs less than what the value of the car is when finished and usually meet that. If you have to farm everything out then you are probably better off buying a finished car. Again, its a hobby and how people keep track of how many hours they put into their hobbies? Or, for those who have no hobbies and spend time at the bar, add that up and look at your belly, because that’s all you’ve got to show for your time and money! All that really matters is at the end of the day are you happy

    Looks like I’m the oddball builder and you can blame that on being a professional mechanic. I have a spreadsheet for every project with parts and hours. I want to know exactly how much is in it so in the event of selling or insurance claim I get my fair share. My free time is worth more than minimum wage. It’s also a time stamp of what and when things were done to the car.

    The list is specially important with the Porsche as I keep buying ‘nicer’ parts and/or upgrading and have to sell the leftovers. If I died before the barn is cleared I want my family to know what it’s worth and what I paid so they can at least get my money back. Too many times I’ve gone to buy 1 thing and the at-home wife decides to throw in all the car parts because she wants the “clutter” gone.

    Back to the Disgustang’s value. Just because I score a set of wheels for $100 doesn’t mean you get them as cheap. Current market value goes both ways and I got bills to pay too.

    My take – if the price is too high, don’t buy it. Simple. And the example given – “you only paid this” or “you got parts free” don’t wash either. Assume you bought a $10.00 raffle ticket and won a new ‘vette. Would you sell it for $20.00 and double your money?

    I built a 64 Corvair Monza convertible with a 140hp engine. Most of the parts were stuff I already had, but I kept a box to put receipts in. To this day, I’ve never dared to look at the total. I’m nearing completion (for now) of a build of a 62 Chevy II with a stroked-out 283 in it. I had most of the parts, yet he still spent thousands even with the parts and labor I gave him for free. He still owes me a steak dinner. Double whatever you think it cost and you will be close.

    Interesting topic and article, and timely in my case. I have been building a 1933 Ford roadster aftermarket
    “hot rod” for a few years now in my shop at the house. More as a curiosity than anything else, I have been keeping track of all of my costs and time spent on that build. Currently, I have about $50k in purchased items and 550 hrs invested in the build to date. I keep Excel sheets for everything related to the build. If I buy something for the car that doesn’t work like a engine fan (this is a hot rod, not a restoration), it still gets counted as a cost. If I sell it later, then it gets deducted for the sale price. If I take 2 hours of time on the internet searching for the right parts/pieces/etc to solve a problem and then spend 20 minutes to order them, that gets counted. I literally log in when I start working on my project in my shop and log out when I stop. That includes trying to figure out how to best do something; putting the body on the chassis and removing it a dozen times to check various fits and clearances of other things, etc. Do I expect to get the real cost of the build back out of the project- H…L, No, but I am curious as to how much money and effort it takes me to complete the project. I retired out of the manufacturing/machining industry and also owned a retail hot rod parts store on the side for several years, so I am not a “newbie” or uninformed. However…..

    Three weeks ago, coincidentally on my 75th birthday, a finished, running, ’33 Ford roadster “hot rod” came up for sale and was brought to my attention by a friend. I showed the photos to my wife (who always gives me a “reality check” on my wild notions) who said that I should buy it! So I did! The cost of that car was less than my estimates of the cost of purchased things that still needed to be acquired to finish my existing project. (Those things included the cost to rebuild the Chevy “W” engine I was using, the automatic transmission, the fuel injection system, the roadster top mechanism, various small parts (they will eat your lunch), upholstery and paint (neither of which I do), which I estimated to be another $50-$60K on top of what I already had invested in the roadster project.)

    My wife’s rationale is valid: I could spend another 3-4 years and another $50-60k building my project, or I could buy the other car now and enjoy driving it for the 3-4 years (or more), sell my project and save the extra money.

    I have always known that it is cheaper to buy a completed car than it is to build one and this exercise proves the point. The purchased Hot Rod is a great car and I enjoy it.

    (…but I will also miss the enjoyment that comes with building my own cars, so I will have to find something else in my shop to occupy that space in my mind.)

    John

    I enjoy working on my cars and consider it free entertainment with something to show it for as an added bonus. Can you say the same for golfing as an example .

    Just finishing up a long term hot rod project. I got a free engine for it and found lot of sheet metal at swap meets or Craigslist. Trying for low buck hot rod (not a rat rod). Into it for about $20K now without interior.

    Great article Kyle. You bring to light what we store far back in our brains near the deleted files. My hours are “therapy time” when I restore a project and aren’t counted in the total cost. So, I try to keep track of parts and purchased services. The niggling little trips to the hardware or bodyshop supply house, etc. usually are forgotten skewing the total price. I add 10% when totaling my parts cost. My wife then reminds me of insurance and plates and maintenance just for keeping it in the garage. I call her “fun sucker”at that point. Why is she being so realistic??? The deterrent to me is the increase in parts cost(and how many need replacement). A few years back buying an A arm or the like wasn’t such a big deal cost wise. Something I could install myself. I have to think twice now and reason if the “juice is is worth the squeeze” when restoring with escalating parts cost. So, buying a car mostly done or needing a few minor items makes more economical sense as pointed out earlier in this thread….and I agree.

    I think his mistake was listing it on facebook, where people can “comment” on anything with anything! Wherever he got the parts, or whatever he may not have paid, doesnt matter , since the parts were obviously top notch & probly professionally installed. Plus the car is well worth the total price if it operates well as designed for hp & reliability. Why do we let whimpy whiners assess the value of a car they obviously aren’t gonna buy? Maybe they think if they cry enough the price will drop? I have lots of old mopar parts I’ve collected over decades that can save lotsa $$ in restore & rebuild costs, & when an acquaintance decided to build his mopar, he & his so-called hurry up & mechanic kept hounding me to “give” then parts as needs arose. Too lazy to find the part on their own, too cheap to buy new, or unwilling to offer an equally valuable trade, they relied on claiming friendship as a good reason to just gift them what I had.
    Obviously not seriously into the hobby, and into relationships for cheap.
    Same type of people who complain about the cost of their cars repairs when they dont bother doing any regular maintenance. Always forgeting the cardinal rule of auto repairs :
    We offer 3 kinds of servive =
    Good, Cheap, Fast
    But you can pick only 2 of the above
    (whatever 2 u pick, u wont get the 3rd)

    Amortizing tool costs is difficult. Since I retired I’ve purchased a lift and a rotisserie. How do you put a cost on being able to continue working without pain or just being able to work period?
    In sixty years tool accumulation takes on a life of it’s own, as well as a two car garage.
    Hardware is another item. Nuts, bolts, washers, fittings, rivets, wiring, connectors, fuses, need I go on? Plus saw blades, drill bits, electricity.
    A hobby turns into an addiction. “It keeps me out of the bars”, sure does because, I can’t afford it.

    Max, I’m in the same boat. Finally got a 2 bay shop with a 10k lift so I don’t gave to work on my back or creeper under my projects. My back & knees are happier now. You’re right about the bars, that’s why I have a beer fridge in the shop.

    Hmm, am I the only one who tracks my project costs? Guess I am a dork ?!
    I am almost finished with my Cherokee Chief project, and am approaching $40k in total. Now, 19k of that was paint and body – I do the mechanical/swap stuff. However, it is always a bit shocking when you add it all up. This project has been “underway” for 7 years now. I do little obtainable chunks, one at a time.

    The forum guys were shocked (mad?) when I published my parts and cost list.
    Many said I over spent and they could have done it “Quicker” and “Cheaper”. I chose to do it “right”, at least in my eyes …. Wife and I are driving Route 66 start to finish with this one, can’t have it cobbled up.

    As a final note: I think it’s good to have a rough idea of what you have spent.. just in case you decide to sell it.

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