Bringing Eleanor Together – A Financial Update

So when I started out with this project I don’t think I knew what I was in for. I didn’t know how much money I was going to have to spend, but as always with me, I love a challenge and I know the money will be well spent. So for those of you wishing to do the same thing as me take note.

Probably the major factor in the cost of such a project is that I am located in Australia. So getting a car here was costly. The car itself, shipping, import fees, agent fees, taxes etc. came to about $AUD20,000. That’s just getting the car here in its unrestored stripped back form as seen here.

So after buying a lot of parts (just about every major part I need to build her up), having the kit fitted and having the body-work taken car of, I’m up in the region of the $AUD50,000 spent!

Now I’m sure other people could do it a hell of a lot cheaper if they did these themselves, but for me, I’m no genius mechanic so I have outsourced the build to my builder friend John. Someone with expertise in classic car restoration has been the best idea I’ve made.

Over the years, and it’s been quite a few, (something like 5 years with this project), I’ve paid for everything with my own hard earned cash and this is partly the reason it’s taken so long, I’ve had to save then buy something, then save and buy something. The other part of the reason is my builder, John, who is flat out himself with his other builds and his fulltime job.

What I’m getting at is I’ve had enough of the waiting. I’m past halfway I would thing and would only probably have $AUD25,000 left to spend. I need to finish the RHD conversion, paint the car, interior, put her back together and some misc parts like the transmission, rear brake kit and rear suspension package.

So I’ve decided I’m going to take the leap and get myself a personal loan. Now I’m always a believer of having no debt and paying with everything in cash, but it’s just too hard for such a project. I’m looking at maybe a $AUD15k or $AUD20k loan.

So that is where I am at financially. I’ve always wanted to be honest with everyone with this build as this is what helps other builders in researching their own project. So over the next few weeks I will search for the best loan and apply for it. Then we’ll get the ball rolling and hopefully bring the end date a lot closer.

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