Trying to convince the wife to let you buy a Miata? Is “built, not bought” just a catchy saying to you? Let me help make that dream a reality. Buying a project car has been one of the best financial moves I’ve ever made.
Several years ago, now, a friend of mine happened to be selling his 1994 Mazda Miata. At the time, I owned a new WRX, yet I was head over heels in love with the idea of a small, cheap, Rear Wheel Drive two-seater.
This one was a fair-condition car, but not much beyond that: the airbag light flashed at me constantly, the right door and fender were dented, the soft top ripped at the back window, the HVAC vent selector didn’t work, and the clutch was on its way out.
By this time in my life, I had changed my own oil and rotated tires, but beyond that, not much. Or so I thought. I knew this car had potential and, so long as I was willing to do the work myself, it could actually be cheap to own.
I bought it.
Since then, I’ve learned about as much from this car as I did in college, met a lot of great people, and acquired several great stories.
Keep reading to see why buying a project car is SO worth it.
What Is a Project Car?
A project car is any vehicle purchased in poor condition for the new owner to restore themselves as a hobby. Contrary to popular belief, they don’t have to be vintage classics, and almost any used car can become one.
Project cars are purchased for cheap, as they are broken or otherwise in condition that warrants a restoration. The new owner takes the challenge on and injects their time and money into reviving the car for a second chance at life.
The mark of a project car on a person’s car is some sort of hands-on renovation, restoration, or modification of the car, so the car isn’t some rotting hunk of metal lost in the street.
Whether it’s body work, electrical work, mechanical work, interior rework, or whatever, you’re the owner. Your project car is whatever you want it to be.
9 Ways Your Project Car Will Pay for Itself
#1. You’ll Know Your Machine Inside and Out.
I’ve touched nearly every component in the engine bay, short of rebuilding the engine itself (though one day I plan to do that as well). I’ve replaced every fluid and changed every external seal, and know the mileage behind each serviceable part.
If an issue crops up, I have a head start on where to look, since I was in there not too long ago and remember how it’s put together.
#2. You’ll Learn to Be Self-Sufficient.
It’s pretty easy to take your car to a dealership, hand them a blank check, and make the problem go away… but you don’t really learn anything by having someone else do the work for you.
Doing the work yourself gives you an unmatched sense of pride and accomplishment, with the confidence to fix any issue that lies in your path.
As a bonus, you may find the things you learn in the garage transfer to other aspects of your life, such as home maintenance or furniture assembly. Hey, I bet you can throw together a mean chest of drawers in no time flat after changing your own clutch!
#3. You’ll Learn Excellent Troubleshooting Skills.
The intake cam (left) is overly advanced in this picture, even with the timing marks aligned.
What is that sound? Why is my idle so rough? You’ll learn how to quickly diagnose these types of annoying issues by digging into the factory manual to learn how each system works, then following up with some diagnostics to figure out which parts are doing their job, and which need to be tossed.
There are few things greater than that feeling of “AHA!” when you solve a problem you’ve been chasing for hours, days, even months. The longer you’ve spent tracking down that pesky problem, the more of a high you get even if it was just a careless mistake.
These troubleshooting skills may even transfer to more than just your car and can be quite lucrative–everyone wants to hire the guy who can fix anything.
#4. You’ll Understand How Different Vehicle Systems Interact.
How does ignition timing relate to idle speed? How does my car run with the mass airflow sensor not plugged in?
These are the types of questions you’ll find yourself suddenly knowing the answers to, because you’ve spent time under the hood studying them, fixing them, tuning them, and praying for them to work!
#5. You’ll Overcome Your Fears.
A compressed spring contains an amazing amount of potential energy. This felt like defusing a bomb!
There are many jobs on a car that used to scare the snot out of me. Working on cars can be dangerous but really, if you take the precautions and inject a little common sense, there is nothing to fear.
When I worried about breaking something expensive, I reminded myself that with the cost of every time you hire someone, you could’ve done it yourself three times over!
#6. You Will Save Money!
Knowing the ins and outs of how things are supposed to work is much cheaper to learn on a $500 project as opposed to a $50k sports car. Parts are more readily available, and there’s plenty of information floating around since they were mass-produced and present in the world for many years.
Some people hear the words “project car” and think “money pit”. The two blur sometimes, but a lot of that depends on your mindset. If you think to yourself, “I will get this thing running again!”, you’re probably ok.
Sometimes it takes a few more bucks than expected to solve a problem, but you come away with knowledge and wisdom that is worth more than you can put a price on for your next adventure in ways that you never could’ve anticipated.
When you eventually save up for that car you’ve always wanted, you will know your way around an engine bay.
#7. You’ll Meet Great People.
Car guys are good people. When you post a question on a forum that’s just thought-provoking enough, everyone seems to be willing to chime in with advice. Some will even offer to help you do the job— some with nothing more than a six-pack in exchange.
These are the guys who love cars and will share in your personal victories. They’ll make sure you’ll be ready for the next autocross or car show.
#8. It Builds Character.
Working on cars is work. And while it can be a lot of fun, I’d be lying if I said it was easy every time I stepped into the garage (in fact, most of the time, it isn’t).
Sometimes, there’s simply not enough room to get a wrench on a bolt. Sometimes it takes all your weight to pull an old part out of a mount. Sometimes, it seems like the engineers who built the car never expected the car to be taken apart.
Going back and doing the same job again because of your last mistake is a lesson in patience, persistence, and perhaps even humility. I prize these traits, but acquiring them isn’t often a pleasant experience.
#9. They Make for Great Stories.
Why yes, this is a throwout bearing, aka a fidget spinner for men.
If everything went along peachy, just think how boring life would be? Sometimes jobs don’t go as planned.
Had to re-do my timing belt four times; the intake cam gear slipped off the pin. Timing marks were aligned perfectly, but the intake was too far advanced, rough idle. After I replaced half the parts in the engine bay, I realized my mistake.