What's it worth? '66 Conv Project Car...

[CapeCod65]

So... I ran into a guy at a cruise night a few weeks ago. He saw me standing near my Mustang and mentioned having a '66 Convertible (289, factory AC, 4-speed). He's had it in his garage for "30 years", is getting too old and doesn't have the time or inclination to restore it. Doesn't seem like he's in any hurry to get rid of it either, as you'll sort of see from the pictures.

So I drove the hour-and-a-half to his house this past weekend and took a few pictures. The car is fairly solid (it appears). It was hard to get at because of all the stuff piled around it and/or on it. I helped the guy take stuff off the hood so that I could peek and make sure it was a 289 , but the thing has basically been a shelf for the guy for several years.

The floorboards are shot. The doors are "tender", probably not salvagable. The fenders and quarters looked pretty solid (minor rust), but I could only get at one side of the car because of the way it was wedged into the garage. Couldn't get into the trunk to look in there. Hood is shot. Some nimrod took off the hood springs (?) and repeated openings and closings have turned the hood into a louvered door. Shock towers and engine compartment looked OK. Frame had surface rust (what we could see), but didn't appear to have any serious cancer. Roof was iffy, but the roof hardware looked almost brand new. Interior might be mostly usable at least initially. Driver seat had a large rip. Rugs shot. Engine hasn't been started in 30 years, but did have a "new" carb (2V) installed 30 years ago to get it back to the his garage. I'm probably forgetting stuff to mention, but it was also hard to really get "at" the car.

He seems to think it's a $25,000 car restored and I didn't want to get into a big argument with him. My research shows $15,000 or so "nicely" restored. I wasn't planning on making it into a show car, just a well-restored car that I won't be afraid to drive. I have a '65 Coupe 6-cylinder now that my father and I restored when I was growing up. Had it for 25 years or so and just got it out of storage and started driving it again.

The guy has a bunch of NOS parts supposedly "direct from Ford" for the car. Two full 1/4s, front and rear bumpers. They were in the basement and I didn't go look. He's also got front/rear valances, bumperettes (big deal) and a new trunk lid and hood. Not sure if those last two are Ford NOS.

With that information and a couple of pictures, anyone care to suggest an offer price to the guy? He said he'll sell just the car, or the car with all/some of the parts. We didn't discuss a price at the time. He told me to think about it and call him back with an offer.

Thanks!

 

[CapeCod65]

Additional pics...

 

[krash kendall]

It appears to have the GT package as well. The good thing about is he didn't get half way through installing all the new panels before giving up. This gives you a cleaner slate to start with. Prices vary from place to place and a car is worth what someone is willing to pay for it. Has he given you any indcation of a ballpark figure he's looking for? When making a blind offer it is difficult to balance the fence between insulting him and ripping yourself off. You don't appear to have any compitition to buy it and he may be just as happy to let it sit there for another 20 years if your offer is too low. You may want to bring someone else who knows mustangs to help give an objective opinion to help find this fellows bottom line without ruining the possibility of a deal.

 

[CapeCod65]

It appears to have the GT package as well.

Because of the fog lights? Didn't the GT's have special body striping, 4V carbs and other "stuff" to sort of give them away. This is only a 2V carb, although it's not original.

Has he given you any indcation of a ballpark figure he's looking for? When making a blind offer it is difficult to balance the fence between insulting him and ripping yourself off.

Yeah... that's my concern. Don't want to insult the guy, but his restored value and mine are off by close to $10K. Maybe I'm undervalueing the car, but I've been to various places looking at prices and he's going off of one car that he saw for sale at a show that he said was "pristine". At least that's the vibe I got. He hasn't said anything about price other than to "make him an offer".

You may want to bring someone else who knows mustangs to help give an objective opinion to help find this fellows bottom line without ruining the possibility of a deal.

I did have help. My father went with me and actually did most of the talking. He's more of a wheeler-dealer. He tried to compare the car with a '69 Cougar that he just picked up for $1200. The Mustang was in better shape, but the Cougar was a rare-ish 3-speed convertible that came with spare 1/4s, trunk, hood and other "goodies". The guy indicated that "you won't get this car for $1200". We knew that, but were just trying to lay some sort of groundwork for value.

I was thinking of offering him around $3000. That's pretty much my limit, though, so if he balks or wants to negotiate, he's SOL. I may have to start closer to $2700 or so and negotiate "up" to my limit. I also have to find a place to keep the car while I probably sell my '65 for the funds to do the restoration. If mine is sold, I'll also have more motivation.

Thanks for the advice and reading my long-winded posts.

 

[krash kendall]

No problem! Glad to see you are approaching this logically and not emotionally!

 

[Capt Dan]

His price estimate for a 'pristine' '66 conv. may be close, but you would have to put more than that into what he has to get it there. Don't insult him by low-balling and then coming way up. Look on ebay and see what you can get a comparable car for and offer him that. That way if he balks, you can walk away knowing you can still get it done with a different car.

Hard to believe the car has that much rust after only 9 years on the road.

 

[CapeCod65]

His price estimate for a 'pristine' '66 conv. may be close, but you would have to put more than that into what he has to get it there. Don't insult him by low-balling and then coming way up. Look on ebay and see what you can get a comparable car for and offer him that. That way if he balks, you can walk away knowing you can still get it done with a different car.

Thanks. I think I've come to the conclusion that I can't take on the project anyway. Space is limited right now (as are funds) and although it would be nice to have a convertible, I think maybe I'll use the time and energy to spruce up the '65 Coupe I already have and really enjoy. The original restoration of the '65 was done on a budget and I have various parts that aren't correct (66 grille, 73 Comet front seats (!), other minor non-65 stuff). Since it's already running and a fun car, the projects are generally smaller and more manageable.