Whats it worth?
First, I decided I wanted a driver, something I could put a few thousand miles on each year. Show cars and very original survivors are cool to see at shows, but I would be afraid of putting alot of miles on a car like these due to the wear and tear of regular use. So originality and $10k paint jobs were something I did not care alot about. Restorations that move a car toward where I wanted it to be, had value to me. For example, the prior owner of my '80 put a fiberglass rear spring in it. Not original to an '80, but makes it a better driver (to me.)
Second, I watched the market for a few months to see what a completed car would cost. I checked ebay "Completed Auctions", whether it actually sold, or even if it received bids but did not sell, I could see what others would be willing to pay for it. I found that the car I wanted, with everything done that I would do to it, would cost me around $12k - $15k. (If I had that much to spend at the time, I would have been done.)
On the other extreme, I looked at what it would cost to buy a basket case and restore it from scratch - again keeping in mind the restoration would be to create a comfortable driver. When my estimate ran over $25k, I stopped adding - not the way to go for me.
This exercise gave me a frame of reference to evaluate cars that were partially complete, and what I would be willing to pay for one. I ended up buying the car in my avatar in May 2011, even though it was 650 miles from home. It had thousands of dollars of chassis work done in the past few years, stuff I would not need to redo myself. The recent paint job has it flaws, but is very nice for a driver, and will work for me for several years. The interior needed everything replaced, so I am looking at spending thousands more over the years. The engine is "tired" and will need rebuilt or replaced after a while, but it starts every time and runs fairly well, so it keeps me on the road. The key for me is that the car is on the road TODAY. I got it for a little over $8k. Some would consider this a great deal (I do!), others would say I spent too much. I'll probably spend more over time than the $12k - $15k for a completed car, but that's the price of enjoying my car now instead of later.
Bottom line - figure out what you want in the end, and what the different paths to that end will cost you, and you will be better able to place a value on this car.
Last edited by indydoug; Oct 11, 2012 at 06:57 AM.









