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I have an opportunity to buy a 1969 GT500 basket case. I have seen and touched the car. I am convinced it is indeed a Shelby GT500 by the badging and other details, although I'll admit there is more due diligence to do in that area before I buy it.

I think the car is wearing it's second paint job. It's straight and has no obvious previous body damage, although the spoiler on the rear decklid does not line up with the quarter panel caps. The owner tells me this is normal. The paint actually looks pretty good, but it would need to be repainted to be concourse. I have not thoroughly inspected for rust but didn't see any bubbles.

The car has 95000 miles on the odometer and is said to be original. The original 428/C6 is sitting on the garage floor with the heads off. The interior is clean for it's age with the main blemishes being cracked armrests. The owner says the sale will include every original part.

The car is in Arizona, where it lived most of it's life. The owner, who has owned it for 35 years, offered to sell it to me for $50K. My intention would be to try to resell it for a profit. Is there any upside in this deal as is? Or, would I need to get it running and back on the road first? If I did that, without restoring it, and it ran well, any guesses as to the value? It looks to me like it would sell for about $110k to 120 if it was really nice.

I don't want to buy it to keep it. I dig fastback Mustangs, but keeping a Shelby in the fleet does not fit my goals.
 

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Unless you are a savvy "flipper" go away. The fact that you come here looking for advice is testimonial to your knowledge. All the best!
 

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I've noticed some very nice 69-70s Shelbys in our area in the 80-85K range. If this car is a basket case I would think you would be into it way more than 30-35K over the 50K asking price. A nice paint job around here sets you back 15-20K. Basket cases are not always the bargains they appear at first.
 

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The only realistic way to flip this car is to carefully reassemble it so it's in running condition. Detail it, replace anything that's missing, and sell it.

Trying to restore it as part of the process will only eat into your margin. Sure, it'll raise the eventual sale price, but your actual profit will shrink. A lot.

Conversation between Don Johnson and Jay Leno about cars "you buy a car for $10,000, work on it for a year, and sell it for $12,000".
 
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BUY IT!
Im sure its never been hit or scratched, the paint job was just because it was faded and I'm sure the motor can be re-assembled and purr like a kitten. Those engines are bullet proof and everyone loves a C6. That color is the most desirable and those '69 drip with history of Carroll and his crews' loving touch that will only climb in value.
BUY IT! before someone else does! What a bargain!
 

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Carroll Shelby and his crew had very little if any involvement at all with the '69 and '70 (re-VINed '69s) GT350 and GT500.
I am hoping the BUY IT post was heavy in sarcasm.

Basket case cars are rarely complete as far as parts inventory goes. It is very unlikely there is any room for profit in that car.
 

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Carroll Shelby and his crew had very little if any involvement at all with the '69 and '70 (re-VINed '69s) GT350 and GT500.
Ummm... 1ofAMillion+'s post is OOZING with loads sarcasm!! Dean
 
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Hagerty values the car in fair condition at $58,000. Sounds like this has a ways to go before it’s considered fair. Not much upside in this for you. There may be some folks on here looking for a project though. Maybe you would share the details if you decide to walk away.
 
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When you say basket case and I say basket case....we are talking 2 very different cars. The description you give of the car sounds like a very easy, albeit expensive, restoration. What does your own research show on the value of a comparable restored car? Since I love flippers so much, yes, its a steal and you should buy it!
 

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Here you can grab a nice Driver 69 GT500 for 68k OBO. This is also a reputable seller. A 69 non running car is worth 25-30k IMO.
 

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Would you be able to post any links to those 80-85K examples?
CL ad for a 70 in the Bay Area:


There was another before Christmas that's now gone. Someone probably got a nice surprise under the tree.
 

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I think The $68k at capecodmustang is a good price point for comparison. Would be a blast with a 427 side oiler. You really need to get down to a nut and bolts inspection to value this car. A non running car with the engine out will bring much less. with the heads off you know there is something wrong. If the VIN block is toast it will devalue the car considerably. Just a guess with little information, to make this an $75-85K car you will spend $30K+ for restoration if the original VIN engine can be repaired.
 

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Discussion Starter #18
Thanks for the input. I think I will walk away. It doesn't sound like there is much upside. BTW, this car was parked a few feet from a real Cobra, and two other Shelby Mustangs of earlier vintage. It was a cool experience.
 

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I would fully inspect it for originality and damage that needs to be repaired. Point the problems out and devalue it accordingly. Provide comparisons like Hargerty etc. If he is non negotiable I would walk.
 
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