Economics of a Project Bike
During my research I had also found many folks who didn't understand why any sensible person would buy a project bike or car. I enjoy the experience of working on things. I have a project house and had a couple of project cars before. While neither of my previous project cars were completed I thoroughly enjoyed working on the Jetta and pushing it to the limits. The Gold Wing won't be pushed to it's limits per-se but it will satisfy my desire to fix things up. from the photos in the auction I determined that the bike needed at least these parts:
Windshield
Front Fairing
Front Fender
Headlight
Headlight trim
Front Left Turn Signal Housing (may be ok, but unlikely)
Front Right Turn Signal Housing (may be ok)
Right Rear View Mirror
Left Shelter Fairing (directly behind front fairing)
Left Lower Fairing (below shelter fairing)
Right Rear Saddle Bag Light Housing
Battery
Cluster
Dash trim
With this in mind I went ahead and bought the following on eBay:
Front Fairing (painted)
Front Fender (painted)
Headlight (newer style from '98-'00)
Left Shelter Fairing (painted wrong color)
Left Lower Fairing (painted wrong color and repaired)
The rest I will keep my eye out for... Items like the headlight, headlight trim, and windshield are common new on eBay. I bought the headlight because there was a good price on it at the time. I will evaluate and update my needs list once the bike is here and I can inspect it in person.
As far as the costs associated with this project I figured I would go ahead and keep track of everything here on the website. I have to keep all receipts for the repair work on the bike because the Department of Motor Vehicles (DMV) requires copies for when I submit my application for a rebuilt title when the work is done. So below are the expenses I have incurred so far. Costs associated with the actual trip to get the bike (Florida to Iowa and back) will be excluded because we made a nice little vacation of it. For reference Kelly Blue Book for this exact bike with a clear title and in good condition is $5810 Trade-In and $8380 Retail. I have noticed that these bikes tend to bring in close to the retail value when sold.
Item
Description
Where Bought
Price
Running Total
1
Motorcycle (1996 Gold Wing Aspencade with Iowa Salvage Rebuildable Title)
eBay
$3150.00
($3050+$100 Handling Fee)
$3150.00
2
Front Fairing (Painted)
eBay
$331.63
($305+$26.63 S+H)
$3481.63
3
Front Fender (Painted)
eBay
$96.63
($90+$6.63 S+H)
$3578.26
4
Headlight (Hondaline)
eBay
$225.00 (free shipping)
$3803.26
5
Drawbar
Walmart
$18.87
($17.72+$1.15 Tax)
$3822.13
6
Ball
Walmart
$7.42
($6.97+$0.45)
$3829.55
7
Motorcycle Tie Down Straps
Walmart
$21.26
($19.96+$1.30 Tax)
$3850.81
8
Left ShelterFairing (wrong color)
Left Lower Fairing (wrong color, repaired)
eBay
$199.90
($179.90+$20 S+H)
$4050.71
9
U-Haul Motorcycle Trailer
U-Haul
$63.69
($59.80+$3.89 Tax)
$4114.40
10
Front Fairing Support Bracket
Seminole Power Sports
$94.67
($88.48+$6.19 Tax)
$4209.07
11
Headlight Trim New
Windshield (Tall w/vent) New
Rear Saddle Bag Light Housings w/Turn Signals New
Front Turn Signal Light Kit New
Chrome Side Fairing Trim New
Chrome Fairing Scoop Accents New
eBay
$469.00
($442.00+$27.00 S+H)
$4678.07
12
Right Rear View Mirror
eBay
$39.55
($35.00+$4.55 S+H)
$4717.62
13
Right Rear Saddle Bag Light Housing Cover
eBay
$82.05
($71.00+$11.05 S+H)
$4799.67
14
Right Rear Saddle Bag Light Housing Cover
eBay
$12.00
($5.00+$7.00 S+H)
$4811.67
15
Battery
Interstate Battery
$79.67
($74.45+$5.22 Tax)
$4891.34
16
Dash Trim
Lower Headlight Trim
Radio Cover
Handlebar Cover
Upper Left Fairing Air Duct
Misc. Trim, Nuts, Bolts, etc.
BikeBandit.com
$185.33
($179.33+$6.00 S+H)
$5076.67
17
Cluster LCD unit w/Gauges
eBay
$150.00
(Shipped with front turn signal housings)
$5226.67
18
Left Upper Fairing Reflector
eBay
$14.50
($5.00+$9.50 S+H)
$5241.17
19
Metzler ME880 Tires
Motorcycle Superstore
$321.97
($297.98+$23.99 S+H)
$5563.14
20
Mounting New Tires
Seminole Power Sports
$41.99
$5605.13
Well... Only 4 days until we leave to get the bike... I'm excited!