I call it “project row”. This is a row of about ten bicycles in my basement that all need restorations. Like many I keep telling myself “NO new projects!” Sometimes you just can’t help yourself. It’s like taking in that pitiful stray dog to save it. Despite my resolve to not pick up anymore projects I’ve acquired two more in the last month. To my credit they are fairly desirable bikes (prewar Schwinn Cycleplanes aka Motorbikes) and they are complete. One needs some chrome and both need paint.

Projects aren’t necessarily bad things. The pride and satisfaction in bringing a crusty hulk back from the dead is rewarding although just not always financially. As this is a hobby to me I really don’t get too wrapped up in the cost wondering whether I will get my money back. A hobby should be enjoyable and if wealth building is a goal then you are spending your money in the wrong place. That said sinking three times the cost of finished bike isn’t a good thing either. There are only two exceptions to this rule for me: 1. A family heirloom that is too far gone and has great sentimental value, or 2. It is a special bike such as a gift. Of course everyone has different criteria for how far they will go for a project but here are some things to watch for:

Incomplete projects—usually not a good idea unless you have a great parts stash or have a network of friends that have these pieces of unobtanium—and will cut them loose. Buying an Elgin Robin without a tank or any other deluxe bike without the money parts is an exercise in futility. I have seen people search for years for tanks, fenders, and other parts to complete a project. Many times when they find the part the cost is hefty and by the time they finish they have at least two times what the finished bike is worth. Speaking of parts I noticed early on when I started collecting that old timers with rare parts would seldom ever sell a part but they would trade for something they needed. I am the same way now. I can always get more money but I can’t just go to the store and pick up another pair of Seiss lights for an Autocycle.

I can get a rare project bike for cheap and work/pay on it over time—A great concept but flawed for several reasons. First, as mentioned above the cost of parts alone will make this a money pit. The cost of plating is another deal killer. A typical chrome/cad bill on a deluxe balloon tire bike will be close to a thousand dollars. If you have to farm out painting this can be another thousand dollars not to mention a couple of years of time in some cases. Even if you do paint yourself it is not uncommon to have at least a couple of hundred dollars in materials. Factor in the cost of having a seat done, pedals, grips, tires, etc… and costs soon escalate. Of course you can cut corners such as buying reproduction parts, a fiberglass tank, powdercoat chrome, or use hardware store spray can paints but just don’t expect the bike to command the same respect as a properly done bike.

Badly damaged—Sometimes the damage is evident such as bent forks or downtube, tweaked dropouts, or cracked welds. Other times the damage may not be evident such as when someone covers up poor repairs with primer and paint or structural damage such as rusted chain stays. While just about anything can be repaired if you don’t have the equipment or skills to do it then this gets terribly expensive fast. Unless it is a very rare bike this normally isn’t worth it and you are better off waiting on something better to come along.

Of course everyone has different collecting tastes and goals. The above addresses those desiring to do proper restorations. If you want to build a rat, custom, or simply refurbish to ride then having the correct $800 stem may not be that important. The point here is to be able to realistically assess a bike and don’t let emotions override logic when it comes to picking up that next project. A hobby should be fun, not frustrating.

Enjoy the ride!