What Restoring My IC-735 and the Current Economy Taught Me About Changing My Mind
It started as a weekend project: an Icom IC-735 HF transceiver, its matching PS-55 power supply, an AT-150 antenna tuner, and an MFJ-1208 sound card interface — all sitting dusty on a bench, quietly waiting for someone to bring them back to life.
The plan was simple enough: fix it, flip it, move on.
But radio projects, like life, have a way of rewriting the script.
The Restoration Journey
Opening the IC-735 reminded me why I love old radios. Dust settled deep into the boards, electrolytic capacitors bulging slightly with age, solder joints dull and tired. It wasn’t just “vintage”; it was nearly historic.
The IC-735, introduced in 1985, was one of Icom’s first truly modern rigs — and this one had clearly seen decades of use.
I started with a full recap, pulling out every original electrolytic capacitor and replacing it with fresh Panasonic FC and FM series caps. Soldering iron in one hand, schematic in the other, I ticked my way through the radio’s heart — the RF board, PLL circuits, audio stages, and internal power distribution.
At the same time, I replaced critical drift-prone trimmer capacitors, particularly around the reference oscillator, ensuring the TCXO I installed would actually hold its promised stability.
The PS-55 supply only needed light service: filter caps tested solid, and the voltage held beautifully under load.
The AT-150 tuner was similarly clean: just a little dusting and a check of the relays.
Finally, the MFJ-1205 interface was tested, ready to translate digital audio from the laptop directly into clean, contest-ready tones for the IC-735’s accessory port.
When I finally powered everything on and spun the dial across 20 meters, it was like breathing life back into an old friend. The radio sounded great. Better, honestly, than some much newer rigs.
This was the project, I thought — now sell it, right?
Not quite.
Reality Check: The Value Lesson
At first, I imagined there would be a line of buyers eager for a fully restored IC-735 package: transceiver, power supply, tuner, sound card interface — the works. A classic station, turnkey, plug-and-play for SSB, CW, and digital modes.
Instead, reality hit me hard.
Selling Price Expectations: Fully working IC-735s typically sell for about $300–$400 — at best. Add the PS-55 (another $50–$75), the tuner ($75–$100), and the MFJ-1208 ($40–$60 used) — and the total market value barely cracked $500–$600 on a good day.
Time and Parts Cost: I had spent dozens of hours and well over $100 in parts to recap, upgrade, test, and align everything.
Labor of Love: Buyers didn’t seem to care that it was recapped, that it had a TCXO, that the finals were clean and output full power. Most inquiries wanted the radio only, wanted it cheap, and weren’t interested in a complete, matched, ready-to-run station.
The hard truth? Restoration value rarely matches restoration effort.
People appreciate working radios, but unless it’s a rare collectible (and the IC-735, while loved, is not rare), the restoration itself doesn’t add much cash value.
Worse, the market for used radios right now is tough.
The Economy: Why It Matters More Than You Think
While wrestling with this decision, I realized the broader world was giving me signs, too.
By early 2025, U.S. consumer spending was showing clear caution:
Discretionary spending — things like hobby gear — was down sharply .
Restaurant visits, hotel stays, electronics purchases — all slowed as people tightened their belts .
Inflation had technically cooled, but everyday Americans still felt squeezed .
Interest rates remained high compared to historical norms, keeping credit card and loan payments expensive.
In short: people weren’t throwing money at hobbies. They were being tactical, cautious.
And that included hams.
Fewer buyers at swap meets. Lower bids on online sales. A general hesitance that I could feel when trying to move anything beyond the lowest-dollar quick buys.
Selling this complete IC-735 station would mean deeply discounting it — and even then, it might sit unsold.
Changing My Mind: From “For Sale” to “For the Fight”
It was after one particularly frustrating series of lowball offers that I sat back, turned the IC-735 on again, and simply listened.
There was 20 meters, alive with signals.
The receiver sounded so good — no hash, no weird artifacts, strong selectivity thanks to the narrow CW/RTTY and SSB filters installed during restoration.
And that’s when it hit me:
Why am I trying to sell the best backup contest station I’ll ever own?
This was a rig built to work.
Built to transmit strong, clean CW and RTTY signals, not just collect dust or bounce from one owner’s shelf to another.
With the PS-55, the IC-735 had a stable, high-current DC supply.
With the AT-150, I could easily match anything from 80 through 10 meters.
And with the MFJ-1205, I had a fully integrated digital audio interface ready for FT8, RTTY, or anything else — directly compatible with N1MM Logger+.
It clicked: I wasn’t going to sell it. I was going to contest with it.
Instead of lamenting a weak market, I could put this station into service.
Run RTTY contests. Operate backup digital shifts during 24-hour SSB events. Set it up as a field-day secondary station. Teach my younger family members how to work CW with a real, tactile radio instead of a touchscreen.
This wasn’t a second-rate backup.
This was a station that deserved to be on the air — punching through noise, working DX, doing what it was built for.
What I Learned
The project taught me more than how to clean dirty PCBs and align aging radios.
It taught me that:
Restoration is rarely a profit center. It’s an act of craftsmanship and love, not a business plan.
Today’s economy demands patience. Selling hobby gear at a loss is easy. Preserving and using good gear wisely is better.
Old radios still have a place. The IC-735 isn’t obsolete — it’s battle-tested, solid, and still fully capable of competing on modern bands with modest upgrades.
Sentiment isn’t weakness. It’s okay to form loyalty to gear that served others well and will serve you well too.
Instead of chasing dollars, I chose to honor the work — to keep the IC-735 station operational, active, and meaningful.
And every time I spin the dial and hear a clean CW note or snag a weak RTTY station on 17 meters, I’ll know:
I made the right choice.
Value for Value
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