Restorations - Can you get your money back?

trainguytom · Post by **trainguytom** » Thu Feb 14, 2013 9:32 pm

My goal when I somehow got started in restoring Shopsmiths was find accessories that I didn't have. What I found was if I could buy a Mk5 (of any vintage, but most end up being greenies, probably because I think they built the most of them) for less than $200 AND if they had all the small parts, chucks, lathe centers, etc, AND had an extra accessory, like a jointer of bandsaw, belt sander, or a bunch of small accessories like shaper bits & fence, good carbide saw blades, etc, I could keep the accessory or sometimes 2 that I needed and/or saw blades do a total rebuild & get it to someone for around $350 as a basic 5 tool setup. I sometimes sell the extra or duplicate small parts (arbors, mortise stuff, etc) on ebay to keep my head above water. I don't get much interest if it costs much more that $350, or so for a standard Mk5.

I don't buy them up & restore them unless I already have a buyer in the wings unless I come across one that's ridiculously cheap. Who could pass up a $75 double bearing quill machine...right??

As for 10er's, I love them. I own & use 3 of them, but I can't give them away, especially one without the metal legs & casters.

Anyway, that's been my experience.

ryanbp01 · Post by **ryanbp01** » Fri Feb 15, 2013 9:10 am

I agree with those that you have to look at it as a labor of love and not of profit. The resale value just isn't there. about the only way I would foresee the market picking up for used machines is for woodworking to pick up, but for reasons explored in other threads, we live in a world where a lot of consumers prefer to buy already made items rather than trying to make it themselves.

Forgive me for getting off topic, but please indulge me since there is a question I would like to ask. It is related to this thread. How strong is the market for those who restore classic cars?

BPR

trainguytom · Post by **trainguytom** » Fri Feb 15, 2013 10:48 am

ryanbp01 wrote:Forgive me for getting off topic, but please indulge me since there is a question I would like to ask. It is related to this thread. How strong is the market for those who restore classic cars?
BPR

It's great as long as you don't mind selling your car for less than what you have in it. The best deals on classics are when someone who has put a ton of parts & labor into a car sells it, because, in most cases, you'll pay less than restoring your own. I think most classic car guys get that concept. It's kinda like the Shopsmith thing. You have to look at it as a labor of love, and the "love" labor rate is next to nothing.

The possible exception to that is for extreemly rare or sought after cars, like a genuine 67 Mustang Shelby GT500 or a Yenko Camaro that might have a strong rich guy following so that they'd spend up for something because they can.

nuhobby · Post by **nuhobby** » Fri Feb 15, 2013 11:59 am

trainguytom wrote: The possible exception to that is for extreemly rare or sought after cars, like a genuine 67 Mustang Shelby GT500 or a Yenko Camaro that might have a strong rich guy following so that they'd spend up for something because they can.

You're right on that! This recent Christmas I was privileged to see a "rich guy's" latest toy. It was a '74 Trans Am Super Duty 455, extremely rare. The rich-guy had bought it from another guy who had over $100,000 in receipts for NOS components and restoration services. I have no idea what the final transaction $$$ was

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trainguytom · Post by **trainguytom** » Fri Feb 15, 2013 12:18 pm

nuhobby wrote:You're right on that! This recent Christmas I was privileged to see a "rich guy's" latest toy. It was a '74 Trans Am Super Duty 455, extremely rare. The rich-guy had bought it from another guy who had over $100,000 in receipts for NOS components and restoration services. I have no idea what the final transaction $$$ was .

By the way, I'm not condemning or poking fun of rich guys in any way...I just wish I was one.

JPG · Post by **JPG** » Fri Feb 15, 2013 12:30 pm

trainguytom wrote:By the way, I'm not condemning or poking fun of rich guys in any way...I just wish I was one.

If I were 'rich'($$$$$$$$$$$) I would not give a rats behind what you thought of or poked fun at me.

:p:p:p:p

On second thought I probably could not over come more than 7 decades of being poo. . . ahhh. . . .humble!;)

Maybe when PCH brings me my $5k/week/lifex2 I will find out!:D

db5 · Post by **db5** » Fri Feb 15, 2013 10:28 pm

Yes you can but not with Shopsmiths or other used equipment. This is like purchasing a used car, driving it while improving it and wanting to recover the cost you paid. If you had purchased a Mercedes Gull-Wing in the '50s and taken very good care of it you would have made out like a bandit. If you purchased a Colt Diamondback in 1972 and have never fired it (which I did) you might get a 5% annualized return. Not good. If you are looking for an ROE from a shopsmith then discount it by several hundred dollars. This is a tool designed to perform work that you want. The value is in the tool and in maintaining it to do the work. Like a used car, it will depreciate. Don't be suckered in by the Craigslist and eBay ads that lure suckers to purchase things that are worth mice nuts. Do you know how small mice nuts are? Pick up one (a mouse) at the local Petco or Persmart and see if you can find them.

JPG · Post by **JPG** » Fri Feb 15, 2013 11:36 pm

db5 wrote:Yes you can but not with Shopsmiths or other used equipment. This is like purchasing a used car, driving it while improving it and wanting to recover the cost you paid. If you had purchased a Mercedes Gull-Wing in the '50s and taken very good care of it you would have made out like a bandit. If you purchased a Colt Diamondback in 1972 and have never fired it (which I did) you might get a 5% annualized return. Not good. If you are looking for an ROE from a shopsmith then discount it by several hundred dollars. This is a tool designed to perform work that you want. The value is in the tool and in maintaining it to do the work. Like a used car, it will depreciate. Don't be suckered in by the Craigslist and eBay ads that lure suckers to purchase things that are worth mice nuts. Do you know how small mice nuts are? Pick up one (a mouse) at the local Petco or Persmart and see if you can find them.

Ever tried to determine the sex of 'chicks'(baby chickens!!!!!).

reible · Post by **reible** » Fri Feb 15, 2013 11:54 pm

JPG40504 wrote:Ever tried to determine the sex of 'chicks'(baby chickens!!!!!).

That is why the minimum purchase is six.

Think about it.

JPG · Post by **JPG** » Sat Feb 16, 2013 10:56 am

reible wrote:That is why the minimum purchase is six.

Think about it.

Chicks come in 6-packs??????

Shopsmith Forums

Restorations - Can you get your money back?

And speaking of "rich guys"