How many dollars do you think it took to get your 02' right?

[NYNick]

10 minutes ago, tomphot said:

Let's talk about taxes and our cars.  Say you pay $10K for your car, restore it and later on sell it for $30K more than year later - you now owe long term capital gains.  The IRS can come after you for a $20K profit.  Keep those receipts in a file just in case!  

Seriously? First, after you restore the car you paid $10K for your basis will probably be up to $30K anyway, so no gain to claim.

 

But, let's not talk about Capital Gains and cars. The IRS has better things to do than chase down car sales.

[tomphot]

25 minutes ago, NYNick said:

Seriously? First, after you restore the car you paid $10K for your basis will probably be up to $30K anyway, so no gain to claim.

 

But, let's not talk about Capital Gains and cars. The IRS has better things to do than chase down car sales.

 

Exactly what I was saying, keep those receipts so you can keep track of what you've spent.  The IRS won't chase down car sales - however, if your unlucky enough to be audited and have a $30K deposit in you account, they are going to want to know what it's from and see the records.

There was a huge discussion on this recently in my 356 group, some of those guys are seeing huge gains on their cars without putting money into them.

[deschodt]

+1 above, they won't chase it down but in an audit all bets are off... I was potentially in that situation with a 912 which I sold at the height of the porsche market in 2016-17. Thankfully I owned 2x 912s and a 911 at the time, and being identical bodies, the parts and repairs applied to whichever car you saw fit because the bills were so vague, ahem ?  No gain... 

 

i already have over 30K in the the bimmer and it may not be worth that despite upgrades. Better not adding these receipts up... 

 

PS: tomphot, we have extraordinarily simialr tastes, down to 2002 color ?

Edited January 15, 2019 by deschodt

[NYNick]

Sorry, but I'm not buying the IRS taking me to task on the sale of an (unknown) car and determining how, when and where that theoretical $30K deposit came from during an audit. First they have audit me. Next they have to find it. Then, "I sold a car and deposited the money."

 

356's are not 02's and have seen astronomical increases during the last decade, as I'm sure you guys know, owning them. Certainly a $60k, $80K, or $120K deposit or more upon the sale of a 60 year old car would raise an IRS eyebrow. Yes, it would be difficult to justify that kind of gain without substantial receipts and you would owe taxes. I submit you should not be complaining, either. You made a ton of money and should pay your way.

 

Still, I doubt the sale of a $30K car would garner the attention of an IRS agent in this day and age era of $30K new Corollas. Of course, our tax system is based on the honor system. I would NEVER consider not declaring everything that is taxable. ? 

[chargin]

9 hours ago, joebarthlow said:

With that in mind:

- $5000-$8000 body/paint (it's in good shape) - You could be here easily 

- $2000 interior (seat restoration and headliner) = Looks right, check out some local shops 

- $1500 wheels/tires - Close within $500-$1000 depending on wheels

- $1500 mechanical (motor mounts, seals, clean up wiring, carb)

- $1000 misc (window/door seals...) - I would add $600-$800 here

- Trim?

-Carpet?

 

Looks great, best of luck

 

I was in at under $1700 for my interior excluding Carpet 

 

 

 

 

[rstclark]

Have to think the reality today is:

 

Base model car if complete    $5,000   Tii add 10,000

Body and Paint                          8,000 to 10,000

Interior                                       3,000 to 4,000

Motor rebuild                             5,000

5 speed conversion                   3,000

Wheels and tires                        1,000 to 2,000

Misc                                           3,000

 

Total 28 k to 32 k     Tii 38 k to 42 k

 

This gets you to the territory of  "Man that's a nice car"

[BarneyT]

Rstclark above seems right on to me if you are doing a great deal of the work yourself and only subing our paint/engine rebuild, I always try to drive and sort out mechanically as much as possible before tear down for paint/engine rebuild... but look what you get.

[rstclark]

Your spot on  Barney T

[jgerock]

I'm with Barney on his response.

 

My first one was pretty well sorted as purchased. Thank goodness the body and paintwork was already done.  The other parts of the car have been upgraded to suit my tastes over the last 12 years.

 

My second one was completely opposite. Low initial purchase price ($2,750) that needed everything. I have all the receipts but don't know exactly how much I have spent. Doing everything myself (not body and paint) has been rewarding and certainly saved me from the high labor costs for my area. 

 

[irdave]

Plot twist.

 

This thread was actually started by someone's wife/significant other trying to figure out just how much one of us actually spent on their car...

 

I'm glad my wife loves me!

[npdw]

Nice topic. I bought a car with the thought of just doing a 3 to 4K respray but ended up with a nut and bold restoration of many $$$ ? I guess many make this mistake, because you start a job and think - when I am already this far why don't do this job as well? And on top of this you want to do some upgrades obviously, like nice interior, wheels, engine, suspension. 

 

If you do the restoration just for yourself then this does not matter, because you end up with your dream 02. But if you want to sell your car to make profit you really have to think twice about to what level you want to restore and upgrade your car. 

[Guy Cocquyt]

Nice topic. I bought a car with the thought of just doing a 3 to 4K respray but ended up with a nut and bold restoration of many $$$ [emoji23] I guess many make this mistake, because you start a job and think - when I am already this far why don't do this job as well? And on top of this you want to do some upgrades obviously, like nice interior, wheels, engine, suspension. 
 
If you do the restoration just for yourself then this does not matter, because you end up with your dream 02. But if you want to sell your car to make profit you really have to think twice about to what level you want to restore and upgrade your car. 

I'm definitely not it it for the money... :-)


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[DaveW]

I bought my 2002 tii a little over a year ago with the main goal being to restore it to as new condition. My budget was $50,000. I have spent $80,000 so far and almost done. Im doing most of the easier stuff myself. Had the bodywork, paint, engine, trans, dash, chrome and gauges done by pros. I removed everything and have been putting everything back on myself to save money and because it's fun. Always budget on the high side. Here's a few pictures from paint stripping to metal fabricators to get rid of the very few rust spots, suspension back on. Putting new interior back in now. 

 

[Vicleonardo1]

12 hours ago, irdave said:

Plot twist.

 

This thread was actually started by someone's wife/significant other trying to figure out just how much one of us actually spent on their car...

 

I'm glad my wife loves me!

My wife loves the car. Passed down the family tree. 

I think she is keeping me around until it gets completely sorted....

Thus, it will always be a "work in progress"...

[Flamingo 5]

1 hour ago, DaveW said:

I bought my 2002 tii a little over a year ago with the main goal being to restore it to as new condition. My budget was $50,000. I have spent $80,000 so far and almost done. Im doing most of the easier stuff myself. Had the bodywork, paint, engine, trans, dash, chrome and gauges done by pros. I removed everything and have been putting everything back on myself to save money and because it's fun. Always budget on the high side. Here's a few pictures from paint stripping to metal fabricators to get rid of the very few rust spots, suspension back on. Putting new interior back in now. 

 

“Like New” restorations are what I’m all about.

i like what you have done

$80K sounds about right