When it comes to cars such as this, which can be looked at to some extent but have some fairly significant question marks – and I may be preaching to the converted here, so apologies in advance – my general rule of thumb is to assume it will cost me 100 per cent of the purchase price to return the car to the road.
For example, a £7,500 classic that's been parked for 20 years, and is potentially hiding some issues, I'll budget a worst-case scenario of £7,500 to get it legal and working properly. If it ends up being less than that, and it may well do, fantastic. But, in my experience of such things, it's easy to end up getting spiked by unforeseen costs, especially if it's something less supported locally, or a car that's more complicated. And, unlike some, I account for every single penny I spend on a revival or restoration, including shipping, transport, fuel, etc., so I have a pretty harsh but realistic account of whatever the car in front of me is costing.
Bearing that in mind, you have to start asking the question: 'Does that kind of money simply allow me to buy a nice turn-key car?'
In a lot of cases, the answer is probably yes. And you can get something that'll be in far better shape, and ready to use immediately. Just look at some of the cars from EMC Performance, for example.
And this is a doubly important question if you've little in the way of time, spare funds, space, inclination, and so on. Two weeks off the road can very quickly become two months, then four, then we're into winter... and instead of digging around under some grotty long-parked car, you could instead be blatting about in something infinitely smarter, more enjoyable and easier to sell if the need ever arose.
The last time I went through a similar classic project, as a case in point, it was mechanically viable – although I budgeted several grand to sort out things such as the exhaust, brakes, cooling pack, fuel lines, brake lines, some bushes, hoses, and tyres – but the metalwork appeared just about sound enough. However, once I finally got it out and up on lifts, it was clear that the boot floor had seen better days. It ultimately transpired to not be patchable; new sheet metal was the thick end of £800, then some £1,200 for fitting and related paintwork, so that was £2,000 out of thin air and a few weeks on the schedule. But, because I'd budgeted 100 per cent of the purchase price, I could soak up that hit. Including the ~£400 of transport costs, from having to shunt it back and forth at various points.
Just my two cents. I've lost track of the number of people I've seen buy project cars, only to end up spending countless thousands more than simply buying a smart, usable example that would have been infinitely more enjoyable for them to own.
Different strokes for different folks, mind, of course; if you have the space, time and desire to do so, and the ability to do significant portions of the work yourself, you can get a lot of pleasure out of bringing something back to life. But, in any case, you just need to think about the realities of the work, who's going to do it, the financial aspects of it, and the associated pitfalls. If you're all good with that, go for it!