I have heard the same sage advice and have studiously avoided following it. I have long realized that it's the process of finding a project, learning about it, researching it and restoring it is what I enjoy. I am far less interested in the cars when I am done.
Rudy, it's funny you say that. Growing up and being into BMW's at an early age and having old school parents that made me work for everything, I always had to buy used cars to fix up. But of course would spend some time finding the nicest one in the budget. It is part of the fun; the parts hunt, getting to know other members in the community, learning from them etc. The parts hunt used to be much harder before the internet. Everyone here remembers scouring the local classified ads and relying on friends, your mechanic, etc. to find the really hard stuff out of your zip code.
You don't get all that knowledge just buying a "off the Pebble Beach green" restoration or reading a book about it. I was always told as well that, "once that car leaves the green, the work isn't over." Vintage cars, Race Car, Newer Supercar, whatever...they always need work. But is it work you enjoy? I'd say yes to most of us as we all like seeing our vision come true and see and enjoy the "never quite finished" product.
On the flip side, I heard this more in vintage or newer Porsche circles, "buy the best one you can afford." I understand that more the older I get. I used to enjoy taking something ready for the junkyard and reviving it, to the point it could be on the cover of any vintage motorcycle mag etc. Older motorcycles were more affordable to do that kind of stuff, for me at least.
I am realizing I have too many hobbies and don't have the time to spend just on the car hobby which was my life for a long time. I am finding I am losing time spent with family, fly fishing, hunting with my Lab, exercising, motorcycles (on/off-road), boating, gardening, the SxS etc. Nice part about where I live, all of that is "in my backyard" so to speak. This vintage car hobby isn't cheap, it all comes at a price: time, time away from other things, money, and usually, all the above. Unfortunately, I may have to hang up the hat some day on all this and start enjoying the outdoors more and getting out there, in boots, not rubber tires. It's not just the restoration but the events, races, drives, C&C etc. The lifestyle I guess. It's something I have been thinking a lot about lately.
It's always sad for me to see cars like this in the decrepit shape like this one. They all have different stories of how they got there from a once gorgeous piece of artwork like Steve pointed out. It's like bird $h!t on a Rodin. I couldn't believe how they left some of his sculptures sitting outside like that in Paris. That was NOT a nice patina. This car is beyond patina.
The buyers for these sorts of cars are dying off and it is good to know there are still people out there willing to take these kind of projects on, even at a loss, just to see what they accomplished and saved from the scrap yard sometimes is where you get the joy, and even if the parts are to be used on an already existing project, another beautiful car was saved.
Until next time....
Edit: This made me take a trip down memory lane, for any of you interested in motorcycles, here are some pics of some of my restorations with credit to builder Jason Steed. But good examples (except the full 100ci S&S) of junk to cover bike. Before and after. The tank on the cafe hand pounded out tank and side covers by a guy in Scotland, took almost a year to get it back.