So, I purchased an 89 RS 305 coupe from a friend for $750. I knew there were some problems. Here is what I have so far. I'd like to know if you all think this is a good project or a money pit? Will I have too much money in it by the time it is done?

Problem
Does not start - fixed, new battery under warranty from autozone.
Battery dies overnight - Partially fixed, removed fuse for rear decklid.
Does not pass smog - replaced catalytic converter and gascap $325. have not retested yet. should pass.
Power windows do not work - isolated passenger side to faulty motor, plan to work on driver side once pass is fixed. should be about $100
hood struts - fixed $40
missing stereo - unknown
Trans slips and rolls when in Park - unknown
Interior is shot - unknown
Needs new paint - unknown
AC does not work - unknown
Check engine light comes on - unknown

I can still get out of this thing without too much damage. if I go much further it will become an obsession.

 

hmmm

lemme see

I too purchased an 89 RS with 305

it was a FL car so no rust

it had new brakes and 4 new tires so it was worth the $500 purchase price
it ran and shifted but i would not drive it on the road

I

rebuilt the engine $1400 tax included but that does not include new siensors which I replaced

rebuilt the tranny incl new sunshell, sprag and TC- $550 for the bench rebuild and then add 12 quarts of fluid $30

replaced rug, headliner, sun visors, weather stripping, interior door panels, all the plastic trim, re-upholstered the seats in leather $ 850 and I got great deals on some stuff

replaced both power window motors
replaced driver side window
replaced rear hatch motor
installed new stereo and speakers


replaced the shocks and struts
replaced bushings
replaced u joints, had driveshaft balanced
serviced rear end replacing seals
replaced AC compressor and dryer
replaced heater core
replaced all hoses
replaced battery
installed a hayden fan switch
installed hedman headers to a flowmaster system
deleted AIR
installed open air element

sanded entire car and filled the couple dings

primed and painted vehicle with white, single stage from paintforcars.com and used an HVLP turbine to spray it.

I'm sure I've missed a lot but I did it all myself except the engine and tranny rebuild. I yanked them and brought them to their respective shops.

 

OK that's about where I see my self going with this.

Will I have a car that is worth thousands I will spend?

I don't plan on selling it or using it as an investment, but I don't want to dump tons of cash into a car that won't be worth spit when I am done.

Yeah, it's the same dilemma I'm sure all of us who own an older vehicle like this share. Just like to hear what other people think.

 

Then get out now. All project cars result in a loss of money.

Bottom line is this: Is the shell clean? As long as it is, everything else is just parts.

 

OK, let's address the last item first: what other people think.

frankly, who cares? Do they know your financial situation? Do they know if you just do it for fun or as a stress release from your high level day job? Of course they don't so what other people think doesn't matter. It comes down to whether or not you have the time, ability, patience,space and most important, money to tackle the project.

What will you end up with? Depending on how you did it, you will have a car which will start every time you turn the key. If you addressed most things including the wiring, you will get years of service from it. You will not get back your money from it. There are ways to go cheaper like finding a junk engine and tossing it in. maybe find a junk tranny and toss that in. MAybe someones used seats from a 4th gen.

What do you end up with? Why a whole bunch of junk just cobbled together but if that's all that you want then so be it.

I went the other way and thus why the interior was gutted and replaced and the old seats were re-skinned with leather and foam added where needed. i did not want someone's used seats. i wanted the appearance of new and by adding foam, and new leather, that is what i got. The same with a new rug, new headliner, new sun visors, new plastic trim which i repainted a few pieces and new weather stripping. I wanted the interior to be new again as well and who wants cracked and tired weatherstripping

So, with that done, the engine could be nothing less than either a complete rebuild or a different newly built engine. The tranny althoug it worked was also getting attention. My goal was a reliable ride.

So, again, only you know thew real answer to your question.

Would I do it again? Heck no. I've now done a 4th and a 3rd gen. I'm on to the next project so no I would not do another 3rd gen. I'm thinking either a New Edge stang or a SBC into an S10 with either spray or FI and lower it a little

I'm passively searching for the next project. Like with the 3rd gen, the vehicle will probably find me and not vice versa. My leanings are to the S10 and SBC and tubbing the rear but the New Edge with mods and lowered are just nice looking. The Machs and Termi's are too much $$$ to begin as the base project so it would be a GT if i go that route next.

 

Fair enough. Part of me wants to keep going though. it's like a challenge to see if I can do it.

I restored a '75 camaro a lot of years ago. Maybe I can do it again...

 

If you do it with the thought of flipping it you will do a crappy job because you're always trying to save money and hack sh*t together.

Build what you want how you want for you. You will get bored and sell it eventually, but you'll have done what you did correctly.

 

I have not done a super close inspection. The shell appears straight. I did just notice today that one of the hood hinges is a different color than the rest of the body. may have been some damage repaired. If there was it must have been done pretty well. I will have to look closer tomorrow.

 

Get your magnet out.

 

LOL yeah, good point. hope for the best...

 

Project cars are never worth all the money you put in to it. I have a 91 RS project that I've already put in the money it's worth, and it's still not even road worthy yet. And my friend built a 2000 Z28 Camaro that, even with all the modifications done to it, the car is still only worth what he put JUST in the motor.
Don't build the car if you plan on making a profit off of it... but if you say it's not to be sold, I say go for it. If it's something you love, it will be worth the money to YOU in the end. There's really no one here who can tell you any different. Alot of people critisize my 91, but I ignore it because that car makes me smile everytime I see it in the garage.

So the question should be: Is it worth the money to YOU?
--Hope this was helpful

 

A car is a depreciating asset.
But, it provides transportation.

In general, I have spent less repairing and maintaining than I would have trading regularly. But, if I considered the cost of my time, the margin narrows.

If you know a car very well so you can fix everything yourself that comes up, that's a plus. And if it gets you where you're going each day, that is too.

Pull out your emotions and try to calculate whether it meets your needs. If you never need a truck, mileage isn't uber important (but matters somewhat,) you have most all tools and knowledge to fix it up, you might just have the car for you. Good luck with it.

 

Thank you guys for the feedback. I am still moving ahead with fixing it up. For right now i am prioritizing what i spend. Not cutting corners but fixing what absolutely needs to be fixed. My smog is good, once I get my windows working and a basic stereo, I can drive it around for a while and see how she does in the daily driver role.

 

It's not about money, it's about what you want, if you're someone who would love to restore a car and keep it in the garage just too look at it, then do it, do what you want with it but don't let money come before what you want