What woudl you pay for a rusty 68 c code vert? - Vintage Mustang Forums
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post #1 of 20 (permalink) Old 07-15-2019, 07:12 PM Thread Starter
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What woudl you pay for a rusty 68 c code vert?

First, a couple pics of the car:














I haven't seen the car yet, I go to look at it tomorrow.

Talking to the guy (he's older and a bit of a character) he says things like the floors are fine, but whoever buys it should "probably redo the entire underneath", so I'm expecting rusty underbelly at best, totally rotted out at worst. He says it was running fine when he parked it, but that was 1998!



It's a C-code. 2BBL, 289, automatic. From what i can figure, about as base as you could prob get in a vert in 68.

It's in Eastern Canada, so there's not many of them and most are "returning to the earth" in various stages of deterioration. Closest US environment would be North Eastern seaboard I guess (Maine, Vermont, etc), which is why I'm expecting serious rust.

Guy is asking 7500, but has already told me he had accepted 7000 and the guy backed out. So I'm thinking 7G is my top price. He keeps tossing out guys are calling from all over the country, but he's selling so I just don't listen to that kind of "pressure tactic". The car is what it is when I look at it. If it's gone, it's gone. If it's a rust bucket/parts car, I walk away. I'm no poorer off not having it and there's always another car waiting just around the corner.

Honestly, I'm just looking to get it safe, reliable and nice looking so the wife and I can do the occasional sunny weekend day trips (I retired earlier this year).

I'm guessing I'll have to drop somewhere between 5-10G on it. I do all my work myself (upholstery, electric,mechanical, body, etc) so it's all money for parts, no labor. Only thing i don't have available is a spray booth.

I know a C-code is nothing rare or special, but any idea on what I should be paying for it? 7G sound about right? Too high? Grab it at that price before someone else does?



Last edited by Tourmax; 07-15-2019 at 07:23 PM.
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post #2 of 20 (permalink) Old 07-15-2019, 07:33 PM
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If I have to do floors, frame rails, wheelhouses and quarters...no way I am paying more than $5000 for it unless its something really special..its a ton of work and extra money when you could likely just go southwest and find a better base
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post #3 of 20 (permalink) Old 07-15-2019, 07:49 PM Thread Starter
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If I have to do floors, frame rails, wheelhouses and quarters...no way I am paying more than $5000 for it unless its something really special..its a ton of work and extra money when you could likely just go southwest and find a better base

That's a fair point.



Crossing the US/Can border with a car is possible, it's just a major paperwork PITA and it can get expensive.......fast.
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post #4 of 20 (permalink) Old 07-15-2019, 08:13 PM
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You will be better off financially buying a completed car. Let somebody else take the loss.
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post #5 of 20 (permalink) Old 07-15-2019, 08:28 PM
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I agree with walking away unless you plan to spend the next two years in major metal repair. Structural repair, floor pans, cowl area, rocker panels etc., take a good level of skill, time and money. Once that is done, then start on the interior, paint and convertible top. If you feel comfortable doing those things or have someone that can do the metal work for you and then you do the rest, maybe then it would be a good project to consider. For that car - "safe, reliable and nice looking" = big $$$.

Ron
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post #6 of 20 (permalink) Old 07-15-2019, 08:42 PM
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Keep in mind though that until you look, you dont know what the underside of the car really looks like....this is all based on the assumption its rotted away. What the pictures shows doesn't look bad
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post #7 of 20 (permalink) Old 07-15-2019, 10:13 PM Thread Starter
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I agree with walking away unless you plan to spend the next two years in major metal repair. Structural repair, floor pans, cowl area, rocker panels etc., take a good level of skill, time and money. Once that is done, then start on the interior, paint and convertible top. If you feel comfortable doing those things or have someone that can do the metal work for you and then you do the rest, maybe then it would be a good project to consider. For that car - "safe, reliable and nice looking" = big $$$.

Ron

No worries on the metal work. I've done lots of floors,unibodies, even cowls (albeit on Fox chassis cars). Labor is free, if I don't count my time. What I'm looking at is the cost of parts to rebuild it.The real question is do I WANT to get that deep into another car at this point......


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Keep in mind though that until you look, you dont know what the underside of the car really looks like....this is all based on the assumption its rotted away. What the pictures shows doesn't look bad

No worries, I'm just planning for the worst. The car is what it is when I look at it. But Maritime weather is not known to be nice to steel and this car is right on the coastline sooo........
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post #8 of 20 (permalink) Old 07-15-2019, 10:19 PM
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There's significant "room" in a '68 convertible, even if you started at $7k, but your estimate on the costs for restoration may be low - I'd say 10K is the minimum you should expect. Its amazing how it all adds up, but consider this car has not been run (or likely moved) in 21 years! - Just off the top :


-Brakes, seals, bearings, front and rear are all suspect. Brake lines may be shot and I'd replace them (all of them) including the M/C.

- As a very likely leaky convertible, interior will no doubt need work, carpets, underlay, etc will all need replaced and if its too look right, all new interior kit
- Almost certainty has a failed top, so add that to the list
- Engine & transmission may be free and salvageable, but people don't just park cars for 21 years because they ran great and were super reliable....so....questions....
- Looking at the paint, its pretty clear the existing surface will not make a good base for a fresh coat, and in fact its peeled off to the metal in places, which likely means blasting it all off before epoxy, prime and top coat. Even if you went with a driver quality Macco single stage, I'd still say you're at least $5k in paint & prep alone, before body work. (dustless blast $850 +/-, Epoxy $300 - $500, Prime and paint single or dual stage @ Macco, including door jambs, trunk, hood - $3000)



So far I'd estimate we're at $7,000, assuming the engine and transmission are effectively good, and we haven't even talked about rust repair and or panel replacements.



So I guess I'm saying the car could easily be worth it, even at $7,000 - get it to a solid 20-footer at its worth something like $22,000+ - so you've got $15,000 in headroom - the question is whether you have that much to spend, and if you wouldn't be better off with a car not quite so in need of help - unless you absolutely want a '68 convertible, in which case this may be your opportunity - but I'd up your restoration budget.



Allan

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post #9 of 20 (permalink) Old 07-15-2019, 10:24 PM Thread Starter
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There's significant "room" in a '68 convertible, even if you started at $7k, but your estimate on the costs for restoration may be low - I'd say 10K is the minimum you should expect. Its amazing how it all adds up, but consider this car has not been run (or likely moved) in 21 years! - Just off the top :


-Brakes, seals, bearings, front and rear are all suspect. Brake lines may be shot and I'd replace them (all of them) including the M/C.

- As a very likely leaky convertible, interior will no doubt need work, carpets, underlay, etc will all need replaced and if its too look right, all new interior kit
- Almost certainty has a failed top, so add that to the list
- Engine & transmission may be free and salvageable, but people don't just park cars for 21 years because they ran great and were super reliable....so....questions....
- Looking at the paint, its pretty clear the existing surface will not make a good base for a fresh coat, and in fact its peeled off to the metal in places, which likely means blasting it all off before epoxy, prime and top coat. Even if you went with a driver quality Macco single stage, I'd still say you're at least $5k in paint & prep alone, before body work. (dustless blast $850 +/-, Epoxy $300 - $500, Prime and paint single or dual stage @ Macco, including door jambs, trunk, hood - $3000)



So far I'd estimate we're at $7,000, assuming the engine and transmission are effectively good, and we haven't even talked about rust repair and or panel replacements.



So I guess I'm saying the car could easily be worth it, even at $7,000 - get it to a solid 20-footer at its worth something like $22,000+ - so you've got $15,000 in headroom - the question is whether you have that much to spend, and if you wouldn't be better off with a car not quite so in need of help - unless you absolutely want a '68 convertible, in which case this may be your opportunity - but I'd up your restoration budget.



Allan

-

One of the few things I've never done is spray paint. Bodywork ad rust repair I'm good. I thought a side bonus of this car might be a good opportunity to learn some paint spray skills. I've got a couple friends who paint and would be more than happy to give me some guidance.

Space isn't a problem, I've got 4 bays....no lift though. Wish I had a lift......But the good thing is with space (heated and insulated) is the weather can go to sh...errrr, "poop".... and I can just keep working. Nice thing is it's in floor heat, so lying on the floor is like laying on a nice big hot rock at the spa.





I'm essentially not going to look too hard at running gear and things like brakes, ball joints, tie rods, etc. I'm just assuming anything rubber (or fluids) is going to get tossed and replaced. As long as the hard parts in place (IE: control arms, etc) I pretty much am not concerned with the "wearable" stuff being good or bad. I'm just going in with the assumption it's bad.


Engine wise; worse comes to worse, I'll grab a rotted 5.0 (many, many, MANY rotted 5.0 foxes around these parts they rot out before they wear out), gut it for the drivetrain then swap in the EFI to the 68. That will take care of everything driveline related forward of the driveshaft....



Yeah, I'm a little crazy when it comes to working on cars.....lol!

Last edited by Tourmax; 07-15-2019 at 10:47 PM.
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post #10 of 20 (permalink) Old 07-15-2019, 10:57 PM
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Here's what Hagerty says.... now add up EVERYTHING this car needs in parts and labor, deduct it from Hagerty's figure, deduct costs associated with acquisition (taxes, fees, transportation, meals & lodging) and see what's left. That's what it's "real" value is, at that moment. Depending on the market, you could, in 12 months time, have equity....or not.

$32,300
#2 vehicles could win a local or regional show. They can be former #1 vehicles that have been driven or have aged. Seasoned observers will have to look closely for flaws, but will be able to find some not seen by the general public. The paint, chrome, glass and finishes will all appear as excellent. No excessive smoke will be seen on startup, no unusual noises will emanate from the engine. The vehicle will drive as a new vehicle of its era would. The one word description for #2 vehicles is "excellent."

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post #11 of 20 (permalink) Old 07-15-2019, 11:00 PM
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One of the few things I've never done is spray paint. Bodywork ad rust repair I'm good........................

................Yeah, I'm a little crazy when it comes to working on cars.....lol!

It sounds like you have the right resources to be successful, and keep costs as low as possible. Personally, I hate body and paint work, - mostly because I suck like the vacuum of space when it comes to anything requiring sheet metal work, and my welding is best described as "almost not completely bad" - so I tend to factor body and paint at a higher cost.
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post #12 of 20 (permalink) Old 07-15-2019, 11:17 PM
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You will be better off financially buying a completed car. Let somebody else take the loss.
Yes! Or buy a rust free west coast project. They made a bunch of Mustangs.

A plane ticket, a check, and a shipper!

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post #13 of 20 (permalink) Old 07-15-2019, 11:43 PM
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I paid $2000 for mine with very little rust but it had sat for 12 years. Thatís was 10 years ago.. my signature pic is how I found it after we pulled off the tarp. My price probably isnít representative of most of the country even back then. Once you get a good look at it, you can assess the rust. Most likely value will be between 5 & 10K

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post #14 of 20 (permalink) Old 07-16-2019, 05:52 AM
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I would expect to pay $8,000 to $12,000 for that car and would plan to put another $20,000 into restoring it (doing all the labor myself). I'd only do it if I really enjoyed the work (400-500 man hours worth), otherwise buy a complete excellent condition one for $30,0000 $35,000 and enjoy it now.
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post #15 of 20 (permalink) Old 07-16-2019, 06:22 AM
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$32,300
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$30,0000 $35,000

I think you guys are extremely optimistic on your value estimate for a fairly plain ragtop. Knock about $10K off of those estimates.
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