Vintage Seikos worth the repair?

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OP, I've got to agree with Dan S - getting a bag of cheap projects watches is probably a bad approach. While I'm very fond of even cheap vintage Seikos, it just doesn't make financial sense to repair them, nor are they special or exciting enough to be worth the effort of keeping them running.

FWIW, I'm considering spending a bit on repairing some relatively cheap Seiko 5126's next year. I'll likely end up spending more on repairs than they are worth, but I really like the design. Moreover, I have a sentimental attachment to the Japanese show "Kamen Rider", in which this model was featured. But, if the repairs aren't too bad, maybe I'll still break even.



And, at risk of this turning into a 6105-800X appreciation thread. I'll repair this thing any time it needs a tune up. I love this thing.

 
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As mentioned by @Dan S and @Dsloan (and others), vintage mechanical Seikos are definitely putting the cash and effort into.
But as noted, you don't buy a bucketful of hospital cases with a view to producing a jewel.

The other thing noted by @Canuck, having a hoard of donor parts helps immensely when restoring/servicing vintage watches (in this case; Seikos).

I buy many basket cases but not for the hope of finding a pearl, but simply to accumulate donor part movements so I can access spare parts in the future.

I do buy specific Seikos that I find attractive, or even rare, and feel comfortable that I can restore/service them with my parts stash.
 
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The other thing noted by @Canuck, having a hoard of donor parts helps immensely when restoring/servicing vintage watches (in this case; Seikos).

I buy many basket cases but not for the hope of finding a pearl, but simply to accumulate donor part movements so I can access spare parts in the future.

I do buy specific Seikos that I find attractive, or even rare, and feel comfortable that I can restore/service them with my parts stash.

Indeed. Since I've accumulated a few 5126's and 6119's that I plan to maintain long-term, I've been buying lots of very cheap, less attractive watches with those movements to build up my parts storage.
 
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I think in addition to the cost of repair and the value to you, you also have to consider is it cheaper to just find another one that does run well?