Its a 72 eldorado convertible 501ci motor in it, i wanna do a complete frame off resto, my biggest question is that i do have matching numbers, but the mileage on the 501 is at 145k and i dont think that would look good on a full restoration and i wanna end up selling it after im done with the project. What would you guys do replace motor with a gm 502 crate motor or just rebuild it?. new to restoration saying im only 19 but i wanna get into it really bad i love the old cadillacs
145k isnt bad for a 40 year old car. I say rebuild it and leave it (if it even needs a rebuild.) no one would want a caddy restored to original specs with a chevy 502 in it and the car would probably only be worth the cost of the motor.
the chances of making your money back on a resto is slim to none. you can put 50k into a car and its still only worth 20k.
an eldo convertible would be worth 10k, maybe 15k (and thats for a near perfect one with low miles and a new top). plan on 3k for the top alone.
plan on spending 15k for a bare bones resto. a good paint job alone will cost a thousand and when you start doing body work, it gets expensive really quick. I know you can do most of the work yourself and save a few thousand, but (no offense) the chances of someone paying a premium for a car restored by a 19 year old are slim. unless you're a well known guy whos been around for a few decades and does top shelf work, the car wont be worth what you put into it. just fix it up and enjoy it. you wont get your money back out of it, but you'll have a great classy ride when you're done.
I agree with Kevin. Keep the original engine. Putting a Chev crate motor will make the car valueless. Also, restoring a car and trying to turn a profit is a nearly hopeless thing to try. The automotive speculation game is risky and what's hot now, won't be tomorrow. The market for Eldorado convertibles cooled off years ago.
However - what you have is a beautiful classic Cadillac that properly restored could give you decades of enjoyment and be the star of show when you drive it. Kevin is correct, expect to spend a minimum of $15k to bring the car back. Of course this is done over a period of time, so the costs can be spread out. Rebuild the original engine and you'll be ok, IF it needs rebuilding. 145k on a Cadillac motor is not that much, particularly given the age. I put over 300k on my Fleetwood Brougham.