I suppose everyone has to ask themselves what is the right size garage for them and there budget. It would be of no use to build a great big garage and then be to poor to start or finish any projects, after all what is the purpose for the huge garage if not to build hot rods.
We recently finished our new shop, and i would have to say it's about the right size. We planed, designed and built our garage, so there isn't to many short comings. Yes , you can always use more room, but can you afford it? Can you afford to heat it? Every project like building a garage can be broken down into so much a square foot, so while large spaces are nice, paying for them isn't. Most buildings that most would consider a shop or nice garage should run in the $35-60 a square foot for the building. This range varies greatly, because of areas, styles and labor rates.
Our building was 44 x 66 x 12 foot high, with an additional 10 feet of overhang all around. We had a team come in and build the building, it took about 3 weeks, while we did and electric, ran all water and air lines, set all equipment and built the inside office area (16 x 20 x 8 high). We also coated the floor, hung all the lighting and built all the shelving. Our garage has two (2) 12' x 10' garage doors and a 4' walk in door. For heating we hung two(2) large electric heaters in the garage and one smaller heater in the office, it keeps everything nice and warm.
For vehicle lifts, we bought one 4-post 10,000lb lift and one 2-post 10,000lb lift, along with a large ATV/Motorcycle lift table. For equipment we bought a tire balancer and changer, various lift equipment, presses, benders and several saws. We already had all the welding and cutting equipment, so we just made a nice welding area and moved all the stuff in. There are too many item to list, but I research everyone of them before we bought anything, and I am happy with the way thing's worked out. We ended up with a nice building that looks nice and did not break the bank to build. The office was the best thing we built, it allows us to tinker and relax while getting away from things. It is very easy to heat and cool, and is a fun place to hang out.