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You can buy a decent lift for $1500. To build a pit in your garage you're going to spend roughly $500 to rent the equipment, another $1,000 in materials, then you need forms to pour the concrete (unless you want to die in your pit) and in the end...all you can do is change your oil. I'd say the pit would run at least $2,000.
Look in Harbor Freight catalogs at their lifts. Very high quality.
On a side note, is that your car in your avatar? Pics..the front looks very interesting.
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