Advice on buying a classic mustang

wil33562 said:

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

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wil33562 said:

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

Click to expand...

wil33562 said:

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

Click to expand...

wil33562 said:

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

Click to expand...

Edbert said:

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.

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Edbert said:

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.

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Edbert said:

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.

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