I guess, the key is how much time can you let it sit on the back burner? If the answer is indefinitely, than it probably won't ever be a true money pit. The longer I can wait out Craigslist or parts yards, the greater the chance I'll happen upon the pieces I need for a good price. If I have to get it done this week, today, ASAP... the cost to complete increases exponentially.
For instance, my wife wrecked her car. It was an 04, I bought it in 09 for next to nothing because the interior was rough (guy was a tradesman and it was his commuter car). I put a lot of man hours into making it nice again. Well, I figured I could spend 3-4k to fix it by ordering parts or I could wait for parts to come up for sale. We replaced her car and went on our way. After a few years I finally found a similar year, same color, blown engine on Craigslist. Bought it for $300 and than probably spent another $200 in parts, fuel, and misc getting it all sorted. Yesterday morning I drove it to DEQ and got it tested and it passed and I am getting it Rego'd this next week.
Patience pays off.
