Yes indeed, it makes no sense whatsoever from a financial point of view, but that's not a reason not to do it if that's what you fancy doing.
I have done more or less this to my car over the last 15 years, I started with a cheap (and therefore pretty shabby) 1980's 4/4, and have now got it to the state where it is pretty much up there from a performance and handling point of view - although it still needs a new pair of alloy wings and could do with a respray.
In the process, I have spent enough to buy myself a brand new +4 with the usual options, the car I have is probably worth no more than £27k, and I could probably put another 10k into it for the wings and paint. So no, it doesn't stack up financially.
On the other hand 15 year's worth of fun and motoring has got to be worth something?
