|So, when you buy an old car for restoration, the car body should not have any rust. otherwise it will need welding to replace rusted area. Maaco will cost $3000 including painting|
The engine generally can last 1 million miles. tune up components 70,000 miles.
If the odometer has multiples of 70,000 miles, you may right away have a large repair bill. If you buy a car with 100,000 miles on it. You do not need to restore it until 140,000 miles. You may have bought 40,000 miles of trouble free driving.
So, buying used cars by the blue book value is not very clear cut. But buying service free driving miles can be estimated by asking the previous owner a few questions on services already done. Brake job($1300), tire threads($450), Gas consumption(tune up job $350)?
Now, the cheapest cars are year1997-2000 or earlier. $2000 give or take $500.. A restoration program may cost only $2000. divided into 70,000 miles or service free driving cost you slight over 5 cents per mile. Not bad for cheap transportation.
If you start with 2004 cars, you may have to pay $3000-4000 before any restoration cost. The difference in odometer mileage may be all in the 150,000 mile range.
2006 cars will be in the $6000 range. It will be hard to do cheap transportation, if you need restoration. You have to check out trouble free miles you can drive on that car. Ask for all the service records to do serious analysis.
Now, you know how to do cheap transportation with a budget of $5000.amortized over 5 years, for 70,000 miles.
You can first select used cars from junk parts dealers; they are amazingly honest, in my travels. And they can also put in some good used parts for you on the deal.