Hey there, this is my first post, but I'll try to explain my situation and stuff the best I can so you guys can answer me the best you can.

I have a 1992 Pontiac Firebird. It has t-tops, a 305 TBI engine, fair interior, and 274,000 miles on it. Two years ago it was totaled, and now is considered a salvage car even though it still runs perfectly fine. Anyways, here is the story: My dad was rushing into work one day during a flood, and he went around a curve maybe a little too fast. Well, he hydroplaned. Later that evening he told the insurance company, and they gave him $2700 for the total value. He used that money to make minor repairs, and now the car runs great. As it sits now the insurance company will only give us liability insurance, but for my dad to give the car to me forever, he wants me to have full coverage on it. He thinks it would be impossible to get full coverage again, and doesn't think it'd be worth it to restore the car.

I came here because you guys know the value of these cars a lot better than I do, so I want to know would it be worth the money to restore it?

Feel free to ask me questions if I was unclear on anything.

Thanks,
Bryan

 

I am just giving my opinion, so you can take it for whatever it is worth. If you are going to restore any thirdgen it has to be for more than the future value. The cars may go up in value or they may not. If you like the car and think it is something that you will want to keep for a long time than I would restore it. If its not, than you may be better off getting a car that you really want. I personally love the look of the 91' and 92 firebirds. I have a 91' GTA that I have been restoring for 2 years. I chose to restore it because it was a gift from my dad and we are restoring it together. Plus, I just really like the look of the car.

I hope my rambling makes some sense. Good luck and if you choose to restore it let me know. I have some additional parts, as well as, some tough lessons that I have learned along the way.

 

Thanks, I appreciate your input. I love the body style of the 91' and 92's as well, that'd be the main reason along with sentimental value to keep it. I plan on having a talk with my dad sometime during the summer about this, so I'll let you know what we decide.

Thanks again.

 

To be honest, I would probably say at this point in time no its not worth it. Although I will admit that the values are going up, as inflation increases the values will increase.

The problem with this particular car is not the car its the engine, unfortunately its not highly desired. Granted its better than a V6, and its a V8 so putting in a larger engine is an easier possibility than in a V6 car...

There are still a ton of inexpensive 3rd gens out there, there are fewer and fewer every day, I just bought a 91 with 208,000 miles for $500 not to long ago, same setup, 305/A4/ground effects etc...

For collectability get a Trans Am or GTA, or a Convertible Trans Am. You can even get an 89 350 convertible and swap your ground effects over, you will be far ahead.

If you want to restore the car, then go for it, you will learn alot, especially if you complete the job.

Good luck

John

 

John,

Are you saying that our cars are only appreciating because of inflation?

 

How bad is the damage? You got $2700 for it...I'd take the money and go buy yourself a TPI Trans AM. I've gone through all of what you want to do on a couple of cars myself, and what I learned though all of it is not to waste my time on any more base model cars. The ones I have I've put too much money into, and no matter how much money you toss at them, in the end they are just base cars that have been upgraded. You've got the ins money. Be smart and use it to get a better thirdgen. You will be way ahead of the game that way.

 

If the car has sentimental value to you, I'd say go for it. If it doesn't I would say that you'd be better off spending your money on a TPI Fbody. Look for a 350 as they are a lot more fun as you can tell by my sig.

 

Unfortunately Sentimental Value has no monitary value to others... IE although I love my Formula, I would never get out of it what I have into it at this point. It will take another 10 years to possibly break even ifr everything goes well...

Its the sad truth, but buying a rare car in good to veryfine condition initially is a better investment. Something that needs JUST PAINT is a better bet than something that needs everything, like interior, rebuilt engine, rebuilt trans. By the time you do it yourself, you will have 5000 without paying somoene else to do it for you... Start with a 7000 car and you will be far ahead.

John

 

IF GTAS ARE WORTH RESTORING HOW ABOUT FORMULAS 305S AND 350S WERENT THEY THE MAIN COMPETITION FOR THE MUSTANG LX

 

I'd say, no.

There's WAY too many of those cars in the world with WAY fewer MAJOR issues than that one now has. Much better plan would be, instead of dropping $10 - 12k on a "resto" job on a bottom-of-the-line plain-jane sedan at at the end of which you will STILL only have a $2500 bottom-of-the-line plain-jane sedan, is to spend $3 - 4k on a REALLY NICE car, a TOP-OF-THE-LINE one, and do your "resto" on that, while fondly remembering the corpse of the old one after you bury it. (kinda like when your dog wears out and you hafta go to the free-dog store and get a new one)

 

Full coverage for a 1992 Firebird with 275,000 miles on it is not really worth it. You get a dented in fender and they will want to total it out again, its not a collectible car namely because of the miles, accident and its not a Trans Am or Formula.

If you are to do anything get it insured through a Classic car insurance company, I'd imagine it being rebuilt won't affect things too much so long as its an agreed on value.

 

Every car is worth restoring. It is just a timing thing.If you are going to keep the car forever then yes. If you are the type to get tired of things and trade or sell them then probably not. I have only sold 1 car in my life making me a true *******. I never get tired of what I like. I have guns I have owned since I was a teenager and will never get rid of them since I still like and shoot them and always will. Just depends on what type of person you are and what you want. If you could restore either a 1940s truck or a 92 firebird then pick one of them and be happy. Since you already have the car and if you like it it makes part of the process easier since you don't have to purchase it. After almost 20 years I found a triple black 92 Z28 convertible and it is all I mess with now. I have two corvetts including a 1990 ZR-1 corvette but I love the vert a little more right now and I work on it. All depends on who you are and what you want. Try to look 5 and then 10 years into the future and see what you would like to have in the driveway.