Question about restoring a car

Quite a few SL models for sale online. $5k up to $20k for low mile ones. Saw a few nice looking ones for $8k approx.

Looks like the motor turns counter-clockwise . . . ?!

$10K won’t touch a quality paint job. ( I have 3 classic cars)

Unique and rare doesn’t automatically mean valuable.

While you’re correct, I think the OP is aiming a bit lower.

Depends on what you mean by “quality.” You can have a normal body shop paint a car for less than 10k and the result will look as good as the factory job. Once you get into the realm of high-end classics with special, custom paint and painstaking application that’s far better than factory, you can reach truly eye-watering prices, but it’s not necessary for all resprays.

There were two engines for the U.S. spec 3K . The SL model was FWD with a N/A DOHC 3.0L V6. It made around 220-ish HP. The VR4 model was AWD and had a twin turbo DOHC 3.0 V6. The Dodge Stealth had a base model with SOHC V6 that was not offered on the U.S.spec Mitsubishi 3k.

The 3K VR4 was a car before it’s time, it had stuff that’s just now becoming commonplace ( dual mode exhaust, active aero) as well as AWD , 4 wheel steering and electronically adjustable suspension. It was a very complex car that wasn’t very reliable when new. They never sold in high numbers and specific parts for it’s complex systems are both difficult and expensive to come by these days.

The SL model on the other hand had none of those things should be much easier to restore, but at the as the same time isn’t nearly as desirable as a collector car.

But by-God it was amazing when it was working. I drove one once. What a car. A real shame it couldn’t have been less fickle mechanically.

The decision to restore a car is an Emotional decision, NOT a Rational decision.

Book value may be $2,000 but if you “love” the car, is it equivalent to you to a new car for $2,000 plus the $10,000 restoration cost? Understanding that whatever you plow into the car, it will never be the equivalent of a modern car.

For myself, I always liked the 3000 GT and for $12.000 in “like new” condition it would be a deal but any attempt to add “bling” or “update” the car would be a negative.

Hagerty might not value this at exactly what you spent to fix it up but you could get an agreed value on the car if you show them what you spent, Certainly more than the $2,000 rough book value.

Mine is a ‘95 mustang. I started restoring it little by little years ago. It’s been fun to see it come back to life. Not cheap but it’s my project car and I’m a project kind of guy. I’ve got about $17k into it and haven’t touched the paint or interior. Mine is a resto-mod so price tag is a little higher that just stock restoration, by maybe 30% if I had to guess. If you like the car, I say go for it! My one piece of advice would be find a shop that can do engine, chip programming and will support the build, all in one shop. Don’t piece-mill that part. You may need to find a performance shop to get that level of support but worth the money because you’ll avoid lots of headaches after the build.

Yeah you never really get your money out of a restoration-not even the cost of parts. Like I said one year our Sheriff’s Department experimented to save money and tried restoring their cruisers to get a second year out of them. I don’t remember the cost figures after going through the engine, transmission, suspension, brakes, etc., but it was cheaper to buy new cruisers.