The value of a restoration?

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kerryb

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We know what it can cost to buy parts for our bikes. We've seen prices on ebay for stuff we wouldn't buy and been a little surprised. Some of us have restored or upgraded a bike and then sold it later, such as my "camp" bike. This was a 1983 gl1100 standard (poorly dressed) that I worked and learned on for three years. It was my first wing, I paid too much for it, and decided that was the price of tuition. When I decided to take it on a long ride I figured it should have some reliability upgrades. I went through the entire bike, rebuilt every system except the engine, that was swapped out for a low mileage engine from another '83 that I bought for its engine. Of course it got belts, water pump, new tires. I polished all the aluminum, forks, covers, and manifolds. Painted the engine and frame but not the bodywork, remember this bike was expected to fall over in a campground ( it didn't disappoint!) And added many parts from an interstate model to my taste, such as crash bars, bags, and mounts.
The bike performed flawlessly for a three week tour through five states without a hiccup, so when I sold it the following spring I was dismayed that all I could get for it was $1500.00. Picture attached.

And now the question...my friend (who owns a bmw bike repair shop) asked if I would be willing to " get his old goldwing running" He said "since you seem to know these bikes". He bought it in a group of bikes as a"lot" sale, it came in pieces and boxes as a low mileage bike (35k on clock) . We had to pry the front calipers off to roll it in the shop. My only directions were to "get it running for him" because he said "after I rode yours, I thought I might like one of those". When we go for our 1 week ride in august he takes his BMW R90S with a vetter fairing on it.
So I start working on this '79 gl1000. I don't remember why I took the engine out, but I decided I couldn't put it back in without a paint job. That started a domino effect that included polished covers on the new belts, polished manifolds and caps on the rebuilt carbs, new wiring to fix the damage done during a vetter fairing installation. De-rust and paint the gas tank. New parts where needed to rebuild the brakes, and new bearings in the front wheel ( stuck and wobbly) lots of brackets got sandbladted and painted, but I didn't paint the frame ( now I wish I had). I've had this bike for two years, and I know he will reimburse me for any parts and supplies I bought. Just got the new connectors to replace the melted ones on the voltage rectifier circuit, which works fine now that the other connections are clean.
Question is what's all that worth (no, I have no dea how many hours are in it...it's my hobby!)?
When I return the bike to him I will only ask for parts reimburesment and maybe a good deal on a '92 K75 that he has in the shop that needs a bunch of love (elbow grease)
What do you think a restoration like that is worth? Picture attached, he says he has the seat.

No, I'm not sorry for the long post, you going anywhere?

Edit to add pic of finished bike.
 

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Rednaxs60

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I'll weigh in on this. Being a friend, are you going to charge for labour - keep track of your hours? Parts and such should be on his dime - who gets the parts - you or he? It will not be inexpensive, but it depends on what your friend is going to do with the bike. Does your friend want a frame up restoration that gives him a mechanically sound and safe bike to ride? Is he keeping it for the long term? How far into the restoration does he want you to get?

If your friend is not keeping it for the long term, minimum to get it safe for the road and to be plated. Probably get away with $1500.00 USD to do this, not including your time.

I just painted my 1500 Goldwing. The painting supplies were about $600.00. The labour to achieve this was considerable, but I'm keeping the bike. My paint guy told me that I took on my first project that had one of the more intricate paint schemes, colour, pearl and clear coat. He mentioned this because my '85 LTD only has a colour coat with some metal flake, then clear coat.

If you can do a detailed review of the bike and take him a list of what needs to be done, what should be done, and what be nice to have, you can probably come up with a way ahead. Be nice if a price could be had as well. Once the way ahead is decided, what is your timeline/schedule like? Wouldn't want it to be a driving force in your daily routine.

Don't know if this helps. Good luck.
 

mcgovern61

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My answer? I acquired an '81 Standard that sat for years. Bike was all there, but needed everything gone through (except paint). Cleaned everything, did brake calipers and new pads, replaced brake fluid, master cylinder rebuilds, complete carb rebuild, wiring fixes, new battery, timing belts and such. I had $1500 in parts into the bike. After all was said and done, it was worth $3000 to me. Sold it on Ebay for $3000!

When acquired:

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After repairs and sold:

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kerryb

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Thanks guys, that helps. I spoke to my friend today and he located the seat (s) so I can do more test riding in comfort
My work on this is done, I didn't keep track of my hours on purpose. I didn't have any directions except "get it running for me" so anything beyond -get it running- was my call and I never intended to try to charge him for it. I did however enjoy bringing another one back from cold storage and I'm proud of my work, especially since someone else got to foot the bill for the parts. Now I get to decide if I want to add a gl1000 to the fleet someday.
 

kerryb

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Hey mcgovern61, you did a really nice job on that restoration. I agree, it was worth $3 grand.
 

mcgovern61

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[url=https://classicgoldwings.com/forum/viewtopic.php?p=216882#p216882:csgjny0j said:
kerryb » Tue Apr 28, 2020 9:23 pm[/url]":csgjny0j]
Hey mcgovern61, you did a really nice job on that restoration. I agree, it was worth $3 grand.
Thanks! Restoring these bikes to roadworthy condition sure is fun. My riding days are at an end, but I can keep on restoring and reselling them for others to enjoy.
 

Tom_Charlton

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[url=https://classicgoldwings.com/forum/viewtopic.php?p=216880#p216880:3aj9qh4j said:
kerryb » Tue Apr 28, 2020 9:13 pm[/url]":3aj9qh4j]
Now I get to decide if I want to add a gl1000 to the fleet someday.

Decisions are only needed when you have more than one possible answer. In this case, there is no alternative.
 

pidjones

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I don't do restorations. I do rescues. If I can sell them for what is invested (getting zero dollars for my time) then I figure it has paid for my entertainment.
 
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