As much as we may not want to admit it, there sometimes comes a day when we have to conclude that a bike is beyond (economic) restoration.
With most restorations there is often more work to do than originally estimated. For one thing, we cannot see through steel, so until something is disassembled, it is impossible to know the true condition of a certain bike. That is why it is very important to buy at the lowest price possible.
If this point is reached, the owner must decide what to do with the many parts on hand. There are two main options to explore:
To part out a bike, the bike must be fully disassembled and the various parts offered for sale. However, it is not a good idea to sell all the popular parts too quickly. If possible, try to sell engines and fames with matching numbers at the same time. With parting out, research is the key again, so find out what people are looking for and, ideally, what to expect to sell the part for.
Buy Another Bike to Make One Good One
Although it may seem like doubling up the problem, it is possible to find other examples of a make/model that will create the possibility of making one good bike out of two. For instance, one bike may have a good engine and the other a good rolling chassis. However, this is very unlikely if the make/model is a rare one.
So which way do you go? The answer often comes down heart v. wallet. Sometimes we're willing to spend more than market value just because we love a particular bike. Only the individual can make that decision.