Advice on buying a classic mustang

[wil33562]

I have the chance to buy a 67 mustang with a 289 engine & c6 trans. According to the vin it came factory with a 6 cyl engine and a c4 trans. I have the opportunity to purchase this car for about $2500.

I know it needs some floor pans and a couple of other items, but the frame rails and trunk are great.

My question is: Is this a good deal? If I keep this vehicle for a couple of years and repair all needed areas and put a new paint job on it, will people frown upon it becuase it came factory with a 6 cyl? Finally, if I perform all of the repair work and things will I have a reasonble chance of selling it for $5000 in three or four years?

Thanks,
Kris

 

[timwcol2]

I paid 3500 for my 66 with a 6cy

 

[57fairlane]

I have the chance to buy a 67 mustang with a 289 engine & c6 trans. According to the vin it came factory with a 6 cyl engine and a c4 trans. I have the opportunity to purchase this car for about $2500.

I know it needs some floor pans and a couple of other items, but the frame rails and trunk are great.

My question is: Is this a good deal? If I keep this vehicle for a couple of years and repair all needed areas and put a new paint job on it, will people frown upon it becuase it came factory with a 6 cyl? Finally, if I perform all of the repair work and things will I have a reasonble chance of selling it for $5000 in three or four years?

Thanks,
Kris

 

[57fairlane]

I have the chance to buy a 67 mustang with a 289 engine & c6 trans. According to the vin it came factory with a 6 cyl engine and a c4 trans. I have the opportunity to purchase this car for about $2500.

I know it needs some floor pans and a couple of other items, but the frame rails and trunk are great.

My question is: Is this a good deal? If I keep this vehicle for a couple of years and repair all needed areas and put a new paint job on it, will people frown upon it becuase it came factory with a 6 cyl? Finally, if I perform all of the repair work and things will I have a reasonble chance of selling it for $5000 in three or four years?

Thanks,
Kris

 

[57fairlane]

I have the chance to buy a 67 mustang with a 289 engine & c6 trans. According to the vin it came factory with a 6 cyl engine and a c4 trans. I have the opportunity to purchase this car for about $2500.

I know it needs some floor pans and a couple of other items, but the frame rails and trunk are great.

My question is: Is this a good deal? If I keep this vehicle for a couple of years and repair all needed areas and put a new paint job on it, will people frown upon it becuase it came factory with a 6 cyl? Finally, if I perform all of the repair work and things will I have a reasonble chance of selling it for $5000 in three or four years?

Thanks,
Kris

 

[57fairlane]

Its safe to say my computer sucks.

My question is: Is this a good deal? If I keep this vehicle for a couple of years and repair all needed areas and put a new paint job on it, will people frown upon it becuase it came factory with a 6 cyl? Finally, if I perform all of the repair work and things will I have a reasonble chance of selling it for $5000 in three or four years?

Thanks,
Kris

yes, sounds like a very good deal for a v-8 car.

The only thing people will care about is that the v-8 is there. A mustang is NOT the car to do a numbers matching 6 cylinder car unless something is rare about. And even then that motor is still a turd in stock form.

 

[Edbert]

I always suggest walking away if there's any rust. Rust is ALWAYS (!) worse than what you can see, and if you can't see any rust that just means they hid it under paint/bondo.

I have seen frame rails rust from the insides even though the outside was solid. As the owner for permission to poke it with an icepick. If he says no walk away.

I'm not suggesting that a rusted car is a total loss by any means, I'm just saying that it is gonna cost 2 to 3 times what you think it will to repair, so price the vehicle accordingly.

But to answer your question directly...you should be easily able to get $5K for a rust free coupe (frankenstang or not) in 3-4 years.

 

[1320stang]

Yes, you should be able to get $5000 for it in 3-4 years as you will have invested more than that in the repairs and the purchase of the car.

 

[Edbert]

I'm not disagreeing with you at all Larry...

But, look at it this way...

If you invest $7K into a classic and then sell it 4 years later for $5K you've made a fairly sound investment in the automotive world. My 2005GT was purchased for $25K and after 4 years (when it's paid off) I'll have paid about $30K for a car that'll be worth $12K if I'm lucky.

 

[washMO66]

I always suggest walking away if there's any rust. Rust is ALWAYS (!) worse than what you can see, and if you can't see any rust that just means they hid it under paint/bondo.

I have seen frame rails rust from the insides even though the outside was solid. As the owner for permission to poke it with an icepick. If he says no walk away.

I'm not suggesting that a rusted car is a total loss by any means, I'm just saying that it is gonna cost 2 to 3 times what you think it will to repair, so price the vehicle accordingly.

But to answer your question directly...you should be easily able to get $5K for a rust free coupe (frankenstang or not) in 3-4 years.

+1

Just to hit the highlights, check the shock towers, front and rear frame rails, floorpans (especially under the cowl vents) pour some water in the cowl vent and see if it comes in the car under the dash. Rear quarters behind the rear wheels etc. Ice pick or screwdriver it underneath where it looks questionable....

Buy it, come to the dark side, spend your hard earned money on part after part, nut after bolt. do it, do it, do it.

Ok sorry for the drama.... couldn't resist.....

 

[washMO66]

I'm not disagreeing with you at all Larry...

But, look at it this way...

If you invest $7K into a classic and then sell it 4 years later for $5K you've made a fairly sound investment in the automotive world. My 2005GT was purchased for $25K and after 4 years (when it's paid off) I'll have paid about $30K for a car that'll be worth $12K if I'm lucky.

Fuzzy math Edbert, where you educated by Al Gore? OK just kidding and I completly agree with your scenario. Unfortunatley in the car world these days unless you spend $130K to restore that 70 Hemi Cuda that you will sell for $700K at Barret Jackson, you will fare just as you described above, not a bad deal.

I wouldn't look to make money off of an original 6cyl 68, but it does not sound like a bad buy at all.

 

[Edbert]

LOL...it aint fuzzy...it's HAIRY!

Using my classic as a model then...

I paid $3K for a B-grade 67 vert in 1987. Drove it for about 40,000 miles until 1993 when it was parked until 2000. Since then I've spent about $23K on parts and outsourced labor, still can't drive it and it is not even worth much more than $15K as it sits right now. If it were finished and painted (add another $4k for that) I could probably get $30K if I held out for the right buyer. Not exactly a good turnaround for a 20 year investment. I do have a mutual fund earning ~50% a year if you are interested in smooth math.

Like wash said...don't look at the average classic car as an investment.

 

[tylerrocks]

Rather, as a money PIT!

 

[Jester67]

My advice Run Run away while you still has money and sanity. If you chose not to then follow my advice then enjoy it and what ever you do don’t and I mean never add up your receipts.

 

[Jester67]

Sorry just having a budget and time problem on my car. Please ignore previous statement because I still believe this hobby is cheaper than therapy.

 

[washMO66]

LOL...it aint fuzzy...it's HAIRY!

Using my classic as a model then...

I paid $3K for a B-grade 67 vert in 1987. Drove it for about 40,000 miles until 1993 when it was parked until 2000. Since then I've spent about $23K on parts and outsourced labor, still can't drive it and it is not even worth much more than $15K as it sits right now. If it were finished and painted (add another $4k for that) I could probably get $30K if I held out for the right buyer. Not exactly a good turnaround for a 20 year investment. I do have a mutual fund earning ~50% a year if you are interested in smooth math.

Like wash said...don't look at the average classic car as an investment.

I'll take some of that Mutual fund action.... American Funds by chance?

My 66 -

I had $22K into it, sold it to a good friend for $10K, he put an additional $16K into it (body work, paint, R&P, Discs, interior, motor freshened, tranny freshened, new stall, trans brake etc), end of the month I am buying it back from him for $18K. So the way I see it is that I sent it out for 10 months and had $16K worth of work done to it for $8K.

How's that for fuzzy redneck math?

 

[GNN60GT500]

I had a Mach 1 once that I sold for 7900 (this was years and years ago)

The new owner put another 3500 into it- then decided to sell it, I happened to be looking for another one at the time-

and I bought it back for 7000-

so I gave some guy a car and he paid me $900 to let it sit in his garage for 2 years and do $3500 worth of work for free- LOL-

 

[67FBack]

I totally agree. If you buy the car, do it for you, not as an investment. You can spend 1000's and never recoup your investment. Look at Fleabay

But if you do it right, and spend the money wisely, and find the right person who likes your work, then you might get more than you invested