I am not a gunsmith, but I generally base the "do I fix/refinish it" question on:
1. What will be the final disposition of the firearm? Am I selling it? Am I keeping it? Will it be an heirloom?
2. Is the cost worth it, based on current condition and final disposition?
3. Do I really feel like it?
Two good examples that I bought in 2013 for about $20 (combined):
1. Savage/Stevens Model 258 bolt action shotgun. It had been run over by a truck. The stock was shattered, the barrel was bent, the magazine guide and clip were tweaked, the trigger pin had sheared on one side and torn out of the receiver on the other side, and many of the screws and springs were missing or broken off. Most of the remaining screws were bent.
As I described it last year, "
...Aside from the wood between those [massive main] cracks, the rest of the stock was held together by luck, workshop grime, and mouse crap." ...And someone was still shooting this thing for a while, in that condition!
I took a very long, hard look at that shotgun, and decided that I trusted it enough to get it running again. And, given some time and ammo to prove it was safe, I'd be willing to sell it. The receiver and barrel were sound, it's just that the muzzle deviated slightly from its original orientation.
The missing 2-round magazine was expensive (something like $35
), but the rest of the parts were cheap or scrounged from the parts bin. The trigger pin hole was peened back into shape and should hold fine.
Even a used replacement stock, however, could not be located for less than the market value of the complete shotgun in working order. So, I spent about 5 weeks pinning, screwing, bolting, epoxying, patching, and reinforcing the shattered stock.
When I was done, it looked like a nightmare. So, I covered it in textured paint, let that cure for about a month, and then coated it in a clear satin sealer.
In the end, I'm into it for about $75 (the paint cost more than the shotgun!). And it's worth $100-150 or so. But, I like it and haven't found myself wanting to sell it.
2. A Springfield Model 56 bolt action rimfire (.22 LR). This one was just a case of neglect and abandonment. It came from the same source as the shotgun (said to be the estate of a gunsmith). It was missing the bolt, magazine, and one trigger guard screw, and had 30+ years worth of workshop grime on top of an already beaten-and-battered exterior (the metal
and the wood). It was, however, otherwise in working order and complete.
I figured if I could find a bolt, I'd have a "beater" .22 to play with. If I didn't like it, it would be worth $75-100.
I found a bolt that headspaced well for $35, a magazine for something like $13 (standard Savage), the screw for a couple dollars, and that rifle instantly turned into a family favorite. It is an absolute shooter! Not only will it shoot, but it will even feed .22 Short from the magazine (pretty danged rare thing to find, these days).
Now, I plan to refinish and rust blue that rifle and drop the action in a stock more befitting of its abilities. I'll be into it for FAR more that it is worth on the open market, but it's worth it to me. I'm hanging on to that Springfield, for a very long time, and I think it deserves a new lease on life that includes good bluing and a nice stock.
(I don't have any photos, and can't even find an example photo online of just how badly this one had been abused.)