If Richard Rawlings gave your team a $7,500 budget and access to Gas Monkey's resources, would you buy a beater 1987 Chevrolet C30 work truck? Team Millennials did, and it turned out fantastic with some Gas Monkey style thrown in. In this episode of Gas Monkey Garage, Rawlings returns to the garage to guide Team Millennials to finish the beater work truck build and teaches them a lesson in economics.
Flipping a Beater Chevrolet C30 Work Truck
To teach the younger members of Gas Monkey a bit about the business of car flipping, Rawlings gave Team Millennials a budget of $7,500 to buy and freshen up any vehicle they choose. The only requirement being the team has to make a 25% return on their investment. So of all the cars available in Texas, they bought a bright yellow 1987 C30 Chevrolet work truck with a utility bed for $5,500.
The seller said they drive it occasionally, so the team decided to drive it back to the garage, but it overheated on the way and cost them $300 to replace the head gaskets. So with Rawlings' input, they decide to reupholster the seat with black vinyl, apply a leather wrap to the dash pad, and call in a pinstripe professional friend who goes by "Skratch" to give the truck a little Gas Monkey flare.
After adding Skratch's pinstripe work, the team didn't like the look of the bright yellow truck's black wheels. The solution involved painting the wheels with three layers, gray primer, maroon, and white. After the paint dried, the team distressed the top two layers with chains and Scotch-Bright, then applied a clear coat to protect the finish.
The Economics of Flipping a Beater Chevrolet C30 Work Truck
At the end of the build, the team reports spending $9,500 on the truck, $2,000 over the original $7,500 budget. Team Millennials counters that hiring Skratch for a $2,000 pinstripe job was Rawlings' idea, and without that cost, they would be on budget. However, Rawlings points out they didn't count the cost of overhead or shop labor hours that he estimates at $5,000, bringing the team's total investment to $14,500.
If you would like to park this truck in your garage and own a piece of Gas Monkey Garage history, it is for sale listed at $23,900, putting the team well within the required 25% profit margin even with Rawlings' "help."