So you've got a money pit on your hands, eh? First thing to do is to list everything its gonna take to get Mustang Sally back on the road. Be fair to yourself and list everything. If you're planning on professional help list that too. Get several catalogs and with your list figure up the cost of all parts you think you'll need. Included are tires, brakes, interior, engine, suspension, etc. Once you get a total, then triple it. Say your parts total comes in at $2,500. Now if your plan is to have a mechanic or body shop do the work then multiply the parts by 3 and you'll have an idea of the labor. So in this example, you need $2,500 in parts and $7,500 in labor. Total is $10K. Add this to the cost of the car and this represents your investment in the car. If the total is less than the "Old Car Guide" value of the car then its a good deal, else it is not meaning you could buy the car restored for less.
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