I’m curious, at what point does someone say, “This vehicle isn’t worth what I’m putting into it”? We are nowhere near that right now, I was just wondering.
Look up the blue book value as it currently sits. Calculate the amount of money you are going to spend to restore it properly, not a 1/2 ass weekend warrior type of job, but a whole restore top to bottom. Now, re-look at the blue book value. That's when you know its time to call it quits when the cost to repair/restore is 100x+ more than the vehicle is worth.
Now, onto what most people do, they go all out and do a complete restore on a $200 vehicle. New engine, new transmission, new interior, new paint, etc. Easily $20-30k to have a shop do the work. So how long do you plan on keeping the vehicle after all that money is dumped into it? Chances are you'll run out of money long before the "Project" is done, so no it'll sit in the yard for 20+ more years before you think about it again. By that time, everything you had already done will have to be re-done again, so starting back at square one. This is how 99% of "Project" vehicles are, and continue to be. They buy a vehicle cheap, or someone gives it to them because well its just junk in the first place. They park it in their yard as a "Project", well 20 years go by, its still sitting in the same spot LOL.
Here's pretty much my story with my 88 Eddie Bauer Bronco 2. Purchased for $800 July 20, 2020 (almost 4 years ago). The seller said overdrive was out...yep, drove it home 30 miles in drive did great. Shortly thereafter it was blowing smoke. So, I already have it, they don't make them anymore, and I love driving it and want to keep it as long as I possibly can....
$4800 later from a newly rebuilt transmission with upgraded parts to prevent future failures, windshield wiper repair only 2 speed now, lost intermittent and park as a result of a short somewhere in the system but at least the wipers work, a complete engine tune-up, front, rear differentials, transfer case service, new drive shafts with U-Joints instead of the CV joint crap, axle bearings greased, new brakes front/rear, new starter, 2nd set of keys (there wasn't a single door key, but somehow the rear hatch has no lock mechanism, lock cylinder is there, but no actual mechanism to lock anything with)
$4600 later a fresh re-manufactured engine, new water pump, new fuel injectors, fuel filter, fuel pump in frame rail, new starter, upgraded alternator, new exhaust headers, and upgraded valve cover gaskets.
$650 for new tires that match and have tread on them to move in snow, at least better than the mismatched disaster that was on it.
$75 for a spare tire & matching wheel
$49 for a spare tire cover with Bronco 2 logo and bucking bronco emblem
$125 for title, registration, and sales tax
$2200 to have the hood and lower tan repainted
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$12,499 (not counting break in oil changes and services since)
All that and its still not restored, and not repainted completely. Going to tackle the paint myself, probably this next spring, have to finish my 87 Ranger first, got about 1/4 of it done with the lower blue stripe and front and rear bumpers. Then there's the interior that needs gutted and either new carpet installed or vinyl or something, plus the driver's seat needs replaced its a different color because that was all I could find at the pick a part, put seat covers on so nobody can tell LOL.