What's a fair price to Pay 1970 Mach 1? - Page 2 - Vintage Mustang Forums

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post #16 of 30 (permalink) Old 03-18-2017, 01:36 PM
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Have you done anything this thorough before,.....how are you coming in at 15K?!
I'm re-reading your original plan and see that in the 15K parts estimate you've budgeted for a complete, "nut and bolt restoration".

Here I was thinking that you were waaay under budgeting at 15, with just a basic refresh. If you're really talking nut and bolt, you're at least in for double that budget.

I'd get a spreadsheet started and get a catalog from Rick.
If you're nice, he may even give you a very rough, ball park estimate.
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post #17 of 30 (permalink) Old 03-18-2017, 06:32 PM
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What do guys think a reasonable price to offer for this car would be.
The restoration costs of this car will exceed its value when complete. Whatever you pay for the car initially puts you that much deeper in the hole.
Unfortunately this car has reached the point where it's more valuable for the unique Mach 1 parts, the '70 bolt-in glass, the 9" rear end and other parts than it is as a candidate for restoration. Sure, I've seen the photos that 22GT has posted of Mustangs brought back from the dead but they are Shelbys and 428CJ Mach1s and I wouldn't be surprised if the restoration costs still exceed their value.
You say you don't care if you're underwater when finished as it's a labor of love but it sure is an expensive one.
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post #18 of 30 (permalink) Old 03-18-2017, 09:16 PM
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Imho, a firm $12k asking price is way too high and is half the value of the finished project. Where is this "local" car located? A local to Arizona car is not prone to heavy rust under the skin, while a local car in the rust belt of the USA certainly is. You can add your location in your profile at no cost. I'd find another car where the seller is a reasonable person.
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post #19 of 30 (permalink) Old 03-19-2017, 09:23 PM
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VULTURE VULTURE VULTURE

I have bought LOTS of failed projects, failed dealers, etc.

In January, I bought the BFF of your project. The person bought a fastback from "up north" had it trailered to Texas, and discovered just how badly it was rusted.

He bought just over $10,000 in metal to fix it. Here is the partial list:

Front frame rails
Rear Frame Rails
Radiator Core support
Shock towers
4 front aprons
Complete Cowl Assembly
Complete Dash assembly
Complete 1 piece floor pan
Rear Torque Box covers
Front torque Boxes
Floor transition pan with rear shock mounts
Trunk Floor
Front Fenders
Outer Rockers
Hood
Doors
Firewall
Rear Quarter Panels
Roof frame
Roof skin

And there was more parts than this, I just got bored writing.

He slaved, he worked, he failed. He finally bought a coupe, chopped off the top, garbage welded on the fastback roof and quarters, and sold it.

He drug around the parts for 7 years, maybe to find another project, or hoping to get FULL RETAIL for them, even though many had been test fitted, weld marks, etc.

He finally bottomed out, and I bought it all for Uber cheap, and have sold 90% of it on this site, ebay, and CL. It is pretty sad to sell a $400 part for $150, but if it cost me $25, not bad for me, bad for person 1.

You do not want to be THAT GUY ! He has LOTS of company.

This project strikes me as SOMEONE else figured out the bought a dog, and is trying to adios it on some rube.

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post #20 of 30 (permalink) Old 03-19-2017, 09:31 PM
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I am sorry for the 2nd post, but I MUST , I MUST.

So after I finished this post, the plodded off the Craiglist, and here is a BRAND NEW POST:

NIP parts for 1966 Mustang restoration that never happened - $475

I am selling all of the parts that I have collected over the years with the intention of restoring a 1966 Mustang. Most if not all of these parts came from CJ Pony Parts. All of it is brand new and never used and all of it except for the radio repair plate are still in the original packaging. Recent life changes have forced me to accept that the restoration will never happen and now that the car is gone I no longer have a need for the parts so here is a list of some of the parts that I have left.

And the vultures start circling. He is asking roughly 75% of CJ price for the parts, but they are the weird parts that are slow movers, turn signal lever, neutral safety switch, windlace.

Probably not going to be a happy ending.

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post #21 of 30 (permalink) Old 03-20-2017, 10:30 AM
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Fair depends on which side of the transaction you are on. If you bought it for $12 & put $15 in materials in it you would have a car worth $ 30 - $ 35 - maybe. If you are even considering this at $ 12 I would say save the $ 15 and buy a done car for $ 30. Now if you like doing the work and you don't have the $ 30 to spend I would say offer him what you think it is worth and if he doesn't take it just move on. If it is a truly rusted car revisit him in 3 - 6 months - he may be willing to sell it then. Good luck. Sounds like you know what you are doing and you enjoy the build.

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post #22 of 30 (permalink) Old 03-20-2017, 11:28 AM
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As mentioned, most all projects you'll be upside down on. It just depends how upside down you want to be.

If this were a sentimental car, then personally I wouldn't care about the upside down level, unless it was just a totally stripped / crushed, Worse case senecio. But if this is just a random car I'd pass.

Wife,........."You drove how far for that thing?"
Daughter,..."Theres no inside and it stinks."
Friend,......."Dude, thats a rusted piece of sheet."
Son,.........."This old car is cool."

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post #23 of 30 (permalink) Old 03-20-2017, 11:56 AM
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id walk. sure its an original car and that's awesome but by the time you get done with it she will be
an asian import just like the majority of us now have

unless you plan to find NOS metal and parts which will quadruple your estimate

like mentioned once you dig into her youre going to find the X factor and likely 3 times more rust and holes and repairs

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post #24 of 30 (permalink) Old 03-20-2017, 04:23 PM Thread Starter
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After working the last two days on my current project, which is a super clean garage kept 68 from NC, I've come to realty with the fact that the one in question would take me years to complete. I'm going to pass on it and search for a clean southern car, even though I'm sure it will cost a lot more initially. This one is a basket case. I think it would end up being a "replace every piece of sheet metal except the roof car". The interior and everything mechanical would need repaired or replaced to bring it to my standard. I think I was being seduced by the price at first. If anybody wants it, look in the Monroe, MI Craigslist. The guy has a few to choose from but they are all major projects.

Thanks for the advice ~ Lenny B

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post #25 of 30 (permalink) Old 03-20-2017, 05:04 PM
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A wise person.

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post #26 of 30 (permalink) Old 03-20-2017, 08:38 PM
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Joining the dog pile here..... I've done two cars in the past several years, neither needed ANY rust repair and my sublet items (freshen engine/steering box/paint) and "new" parts exceeded $15K each with a close eye on the budgets. Also keep in mind that some trim parts are NLA and if you can even find them, the asking price is usually heart stopping.

As much as you are likely to derive satisfaction from a DIY such as this, take a look at what a car that is already done to your standards costs today and subtract out the cost, including labor of getting this car to that level and you have arrived at its current "as-is" value. So long as you are patient, the seller, or his heirs, will eventually realize that the car needs too much work to command the current asking price.

Good luck.
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post #27 of 30 (permalink) Old 03-20-2017, 11:19 PM
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for $12k I think you're in 428 territory or at least 351C 4v with some options. Restoration usually costs the same so in my opinion its better to restore a rare one that has some value.
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post #28 of 30 (permalink) Old 03-22-2017, 04:35 PM
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Walk away from any rust project unless its very special. Keep looking.

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post #29 of 30 (permalink) Old 03-25-2017, 12:27 PM
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My 1970 Mach 1 project will celebrate its sixth birthday in May. Yay! Here is my perspective:

- Finding a 69 or 70 Mach 1 project car is getting close to impossible. All too often, they are either completely restored or completely stripped and rusted shells. You'd be hard pressed to find another 1970 Mach 1 project car that still has most of its parts.

- If what you really want to do is restore a Mustang, that's cool. That's why I bought my Mach 1. I understood it would have been cheaper to buy a "restored" car. But I also knew what some people call "restored" requires a lot of time, work and money to make it correct. I also wanted to build a car the way I wanted it and not how someone else wanted it.

- Just yesterday I renewed the insurance policy on my Mach 1. I had it insured for $12,000 just in case it was lost in a fire, it fell off a trailer or if some dunderhead stole it. Now that the car is nearing completion, I wanted to increase that amount. The Hagerty agent told me my H-Code Mach 1, in "excellent" condition was valued at $46,200. I was shocked. I used to look at values on the Hagerty web page and thought they were low. So, yeah. I was pretty stunned when he told me how much my car's value has increased since I bought it. Of course, a concours example is valued much higher.

Overall, it sounds like you know what you're getting into. If you want to restore this Mach 1 as a passion project, go for it. But I do agree the seller is way too optimistic for a rusted car. Likely, if you're patient, he'll come down in price when he figures out it's way too high. It's possible some unknowing, starstruck buyer will come along and pay $12,000, but unlikely. If that does happen, it's not your problem.

BTW, the color appears to be Grabber Orange. If that's the factory color, it's bumps the value up just a little. It's a desirable color. Negatives are the 351W 2V and no shaker. Are the frame rails and torque boxes rusted? If they are, that would kill any deal for me.

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Last edited by Klutch; 03-25-2017 at 12:34 PM.
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post #30 of 30 (permalink) Old 03-31-2017, 11:47 AM
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If you are willing to buy a rust bucket for $12K and put another $25K or more into restoration, you might as well take $35K and buy one that's already done. Lots of rust-free restored cars in Arizona. That way you get to enjoy it right away and don't lose your butt by underestimating the cost.

We've all seen those ads that say "Selling car for $25,000, have $35,000 invested."

I've had my own share of projects in the past, won't do it again.
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