Nah, it's an inexcusably cheeky thing to do and any body who signs up for it needs the bumps feeling!.
I notice he's got 10 bucks so far, presumably that was his own starting donation.
It's nothing like donating to restore a Steam locomotive. When those are restored you get the opportunity to ride behind, photograph it working and generally enjoy it, you can't and don't normally expect to drive it. Classic car restoration has always been a private individual thing, we do it for our own ends, sure it doesn't stop people enjoying it even if you don't own it, but to ask for money for your own individual project is just ridiculous... the phrase only in America comes to mind
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It's also got the possibility of a con written all over it, anybody could find a load of photos, talk a lot of twaddle and then ask for money. Come to think of it, I've just bought an Alfa 33 Stradale, I found in a Barn on Wetwang, I need about 50 grande to restore it... anybody like to donate???