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Discussion Starter #1 (Edited)
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!

:surprise:

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?


:confused:
 

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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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Discussion Starter #3
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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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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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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Discussion Starter #7
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......


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........:nerd:
 

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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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Discussion Starter #9 (Edited)
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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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......:frown2: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!
 

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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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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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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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I paid $2000 for mine with very little rust but it had sat for 12 years. That’s was 10 years ago.. my signature pic is how I found it after we pulled off the tarp. My price probably isn’t 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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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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Discussion Starter #16
I think you guys are extremely optimistic on your value estimate for a fairly plain ragtop. Knock about $10K off of those estimates.
Actually, those aren’t out of the ballpark around here. But of note is that’s what people ask, not nessesarily what they get...
 

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Well I look at it as you are like me in that you do the work yourself. One thing that most tend to focus on here is the resale value and they ignore the project value. Restoring a car isn't about the resale value if it was you would be a business restoring cars not someone restoring a car because they enjoy the restoration.


Now the way I look at it the A code Z code DHFGSJ code is just a random letter stamped into the metal up front that only a few people will care about. I couldn't care less what that digit is it's what the finished car is that I care about.

As for price. My 66 is from a friends mom that passed away Long story most of it on my build page. If I were to pay cash for mine I would have only offered around $500. No rust other than two small spots from a dripping window and cowl drip but it had accident damage etc.
Now being more familiar with current parts prices and how they are built if I were to do a convertible I would most likely NOT start with an existing car unless it was either really solid or really cheap. If I were having to pay 7-10k for a car that I know is rusty needs interior and drivetrain that means that very little of the original car will remain. That said that now means that I would just order a new assembled floor pan and just build a new car as it makes more sense than dumping that same amount of $ into a rust hulk but with much more labor needed and consumable cost.


Remember why you are doing it. For the end product or because you enjoy the project. If all you are looking at is resale value then start up a car lot and become a dealer because that's not what being a car guy is all about.

And yeah I am thinking about a 67-70 ish vert for the next project because I enjoy the project since I am not a socialite bar hopper that spends more on beer than they would on restoring a car I like to have something to show for my $.
 

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I think if you are looking at these cars as anything other than a love affair you should try and buy "finished" cars (or almost finished ones that the PO got tired of or ran out of funds) instead of projects.

If you like cut knuckles and grease that will not come out of your fingerprints, or if you love the idea of saving one then dive right in.

Myself, I'm somewhere in between but I've owned mine since the '80s and spent about 20 years working on it. Oh who am I fooling...I'm always working on it.
 

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Just as an example here, not expressing a strong opinion on your plan, but I bought my very rusty 68 vert for $8000 back in 2008 and put at LEAST another $10K into it for parts and paint. It was a terrible, horrible, financial mistake. I lost a lot of sleep during those four years of sheet metal replacement and parts refurbishment (all done in my little garage). I also changed the exterior and interior colors so I gave myself the added bonus of paying for new interior when I really could have re-used much of the original. To be honest, I farmed out the body blocking and paint as well as the exhaust. I tried doing both on my own at first but found that I lacked the "touch" and patience and decided it best be done by an experienced hand.

HOWEVER! During the four years of hellish pain and anguish, I have this car of mine to show for my trouble. Most people think I just bought it off a dealer or paid someone else to restore it so my pride is generally lost on everybody else but my inner circle. I also hate entering it in car shows but I LOVE driving it. It's everything I'd hoped, partially because I made it that way myself. No buyer's remorse here. I blogged the entire ordeal:

1968 Mustang Convertible Restoration

Good luck on whatever you decide to do.

- Alex O.
 

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Discussion Starter #20
Here's teh thing: I am a car guy, I do all my work myself. Engines, suspension, welding, upholstery, etc. I love it.

But, sometimes, you just want to turn the key and go.

I'm also not a "convertible guy". I generally prefer a hard top of some sort.

But that being said, my wife is not into cars at all. Other than driving something back and forth to work that is. They're appliances to her.

In looking for another car, I wanted something we could use together yet still engage in some "car culture". We decided a nice little convertible (maybe a 2 seater) would be a fun toy that we could use together and enjoy some countryside drives as well as the occasional car show (either going to it or being in it).

On top of all this is the restriction we all deal with: I'm not made of money.

At the end of the day, I passed on the 68 for obvious reasons. We looked at a 69 vert, but that was 15,000nd it would have taken a good 10G to get it to where I woudl want it (paint, light rust repair, engine work, running gear replaced, disc brake conversion, etc). Really liked the car, butdecided to pass on it. Too much money to buy, too much money to get up to snuff and too long to get it to "driver" status.

So I'm skunked, right?

Well, hold on to your seat and please resist the urge to throw large or sharp objects: I bought a corvette.

1988, convertible, LT98, 700r4, Z52 package (suspension and handling upgrades), black on black with a saddle color top, Greenwood appearance package (spoiler and lowers), 9500 Cdn (around 7200 USD). Need sa few things like mufflers and a master cylinder, but it's good enough for what we want.

I don't need to be too attached to the car, so the decision was made with the head, not the heart. Same way my wife makes deisions about her cars (well, similar, but not same, the heart still gets in there a little bit).

At the end of the day it boiled down to this:

68 mustang was never in the running, full stop.

69 was 15000 to buy, Vette was 9500.advantage: Vette
Mustang needed about 10G to get it up to snuff, about 2-4g would get the Vette in tip top shape. advantage: Vette
Finished, the Mustang would have be super cool and very usable but still 1960's tech. Vette, finished, pretty much modern running gear (cruise, tilt, power modern brakes, fuel injection, etc) that you can jump in and head for the other side of the continent with little concern and all the comfort you can want. Advantage: Vette
Performance - not even a race, the C4 buries the 69, every time.
Resale values: A C4 will never be worth as much as a 60's mustang, just a fact. Advantage: Mustang
What does the heart want? Mustang. Advantage: Mustang.
"Bro appeal" - A C4 can turn heads as you cruise on by, but a 69 mustang convertible WILL turn heads as you drive by....and will also gather a crowd when stopped. Advantage: Mustang.

Sure, a C4 is not the most desirable Vette out there (by far), but that's what makes them affordable right now. The values will go up eventually in the event we ever want to get rid of it. All I have to do is reference the C3 corvette with the big rubber bumpers: When I was younger, you couldn't give one of them away. Now, the prices are climbing ridiculously fast. Doesn't take a genious to see that the C4 will eventually go down that road, especially with it's racing pedigree and the specialty C4 models (IE:ZR-1).


Now...I have to go get my Argo 8x8 ready to sell and the trailer I haul it on. Need to free up one of my 4 heated bays. Only so much space available here......;)
 
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