Nice to see some level-headed advice. However, I have been told that restoration costs on the West Coast are more like $75,000-$150,000.Are you considering a purchase, or just looking for conversation?
Assuming the car is exactly as pictured and has nothing hidden, it appears to be a good starting point at a fair-market price. These cars are going up in price. The cost of restoring one will be shocking, however. This one seems to have all, or most, of its parts, and that's a great thing.
There WILL be rust. There is little point in just painting one, although you can try. Generally, you're looking at $50k to restore one if there is very little rust, and there is rarely very little list. It is usually more than little, in which case the cost can double.
As a driver, it appears priced right.
Nice to see some level-headed advice. However, I have been told that restoration costs on the West Coast are more like $75,000-$150,000.
Although it is difficult to find one of these that drives and has its original tool kit and books, the buyer of this car will be underwater at the asking price in the ad, in my opinion.
I have always been a proponent of the idea that restoration costs more than most people realize. So it's odd to find myself on the other side of this debate.I have been told that restoration costs on the West Coast are more like $75,000-$150,000.
This, and Don's posts, are very helpful in providing a level set. Good shops out West are $100 an hour if not more for top work.Before I go off on a negative direction, I will say that this car is interesting because it drives and because it offers a bit of authenticity by having the toolkit, books and ownership history. It looks like an interesting starting point for a project. Now for why I am going out on a limb with my opinion about value.
The rocker panels have an obvious coating of bondo,and not skillfully applied. So you have to assume that they are rusted out. Once you open that can of tin-worms, you're fully committed. Say 1500 hours at $80/hr. and you're at $120,000 for labor alone. Let's say you get lucky, and it's 1000 hours. You're still in it for over $100k after you add parts on top of it. Now suppose that Don's hunch is correct, and it's 500 hours to restore. That is $40,000 in labor, plus whatever you put into it for parts and outsourced work, such as limited chrome plating. This scale of restoration gets you to a best case scenario, low end figure of $60,000. This is assuming that you want to have a good job done. Bad restorations are so obvious and so unattractive, however, that I don't know why one would spend money that way, at all. Plus, the market won't return the money spent at a no-name, poor quality restoration shop. The local body shop won't cut it, if someone wants to return this car to excellent appearance. The $80/hr. rate is what I see around New England. I am told that rates on the West Coast are more like $100/hr., but I do not have direct experience to support that.
Hagerty says a no. 2 condition car is worth $96,000, no. 1 condition is worth $126,000. I doubt that my best case scenario would leave the owner with a no. 1 condition car. There are too many details that would have to be skipped in a $60,000 restoration. So a buyer might break even with a $115,000 investment, assuming that the buyer is lucky both with the car and with the restoration shop. But I doubt it.
All this is just my opinion. If someone really loves 2600 Spiders, the final price won't matter as much as having a beautifully done car. But one has to be practical, too. Do you want to spend a fortune on an old car, then be unable to insure it for more than 75% of what you have into it? If we call this a no. 4 condition car, then Hagerty values it at $41,300.
Ha ha, I've added this to list of things not to do.although calling him an ******* in front of his wife may have set me back a little recently. I didn't realize she was there (it was in the middle of a local casino), and guys talk to guys the way girls talk to girls, when the other sex isn't around.
There are some inconsistencies in the description of this car (one owner car but Euro lights and leather interior, etc.). Condition is not great either. As Don pointed out above, these cars were born with rust at the factory.Thanks to all.
Wife says I can proceed with purchase of 2600 or 2000.
Please help me with model specific information I should elicit from seller.
Car is located in Connecticut -- please refer me to local regional specialist for PPI, if I go forward.
Please tell me if know of others for sale.