Classic/Antique Car Repair: Restore or Modify, sealed beam headlights, old chevys


Question
I have two 1940 Packard 120 sedans. One is a parts car; the other is complete and restorable. I have even had it running, although it seams to lack power. My question is should I do a close to original restoration (as funds are very limited) or replace the drive train and electrical system with a modern donor car? I love the cars style and want this to be a reliable daily driver with the option for one or two long cruises per year. If your suggestion is to go with a donor, what would you suggest? I was thinking of a V-12 from an old Jag, strictly for the look, and possibly using the suspension too. Your help is greatly appreciated as I have been holding off on starting this project until I can make the decision.
Thanks,
Lou

Answer
I have to tell you first that I am not an unbiased person - I am very much against modifying old cars - they are important and rare historical objects to me, and I think it is a shame everytime I see one that has been "street rodded".  Old Fords and old Chevys don't bother me - there were a million of those made every years, but a rare car like a Packard should be preserved in as close to it's original state as possible.

That said, if you are thinking about someday selling the car for a profit, then go the street rod route, because those are selling for big bucks.  However, doing a credible job is going to cost you big bucks also - a minimum of $50K - and to do a really top job, it will be twice that or more.

If I take you are your word, that you are looking for a reliable, comfortable, capable driver, there is no better choice than a 1940 Packard 120.  The design was mature, it has the modern column shift and sealed beam headlights and hydraulic brakes, so it is capable of safe transport in any condition.  If you have overdrive, it will run at modern speeds all day and not be stressed in doing it.

(How do I know this, you ask?)  

I have a 1947 Packard that I has almost 300,000 miles on it. I drive it in all kinds of weather, holding my whole family, driving all over the western US, and have done soe since 1967. It had 140,000 miles on it when I bought it, and had been used as a travelling salesman's daily car up until 1959, then parked in his garage. I bought it after it sat for 8 years without being run, started it and drove it the same day - and I'm still driving it.  These are exceptionally quiet, powerful, comfortable cars - so get yours running right (it probably needs no more than a good tune-up and possibly a valve job) and drive it in pride!  If you need help with specific problems, I plan to be here as long as I can (I'm getting a bit long in the tooth myself) and I'll be happy to see it on the road again!

Good luck with it.

Dick