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What to pay for an IB project?


alastair

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Most projects (RHD) are in the 12 to 15k range. Most of them are advertised in bits. 

I have been watching the market daily for years, and every now and then 10k and less projects (complete with engine and box) do come up, and are sold quickly, ive bought AND not bought over 10 x RHD 911s in the last 2 years, all less than 10k, and all complete cars - trust me they are out there!!! These days where cash is a bit better, i would buy them all and store them, but i really had to be choosy before.

So technically you could say 5k to 15k for a project, with anything less than 10k being a bargain. I sold just last year an 83 SC cab (RHD, non matching, but with engine, but no gearbox, for £9500, had a good body, ), and it never got above £8500 on ebay, so they are out there.

The difference  in price between a project (15k) and a nice car (30k to 40k) is less than it cost to do (just a full engine rebuild WITH injection, AND oil system rebuild AND igntion can be 15k to 20k), so what that shows me is demand is very very very strong (hence the £12k-15k for a project), so the nice cars at 30k to 35k HAVE to move up. Thats my take anyway.

 

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  • 2 months later...

Yes, good cars, very good cars need to move up in price, I'm a hands on guy and I'm thinking I did a fair amount of work myself on the car, you buy a project for £15,000 and if you've not got the skills, and let's face it, not many have, then you could be, as I was, at over £30,000 before I'd started because I had to have a full engine build, done by one of the best in the business, my choice....

It's a very hard thing to price and I think, to justify some of what your asking then current bills will speak for themselfs, proof is in the pudding, if it's done right then bills will be a plenty, my car was not a at all cost car, it's just it needed most of what I spent.

It needed he engine doing, the gearbox changing, the body painting, the interior trimming, the brakes, the suspension, lights etc etc, two new front wings, and that's just the big bits, as my car was built for us and not for profit, I approached this build like any other I'd done.

Ive not seen any other cars to comment on there interpretation of a good or rebuilt car so I'm only speaking from my own experience.

Yes money was an issue, I sold a lot of my NOS VW stash to fund this, and anything else I could find, just to raise the cash, and I'm still spending now, areas I thought would be fine, like the under hood heater fan, just found it seized, new motor and fan.....so you see it can and will catch you out, my speedo has stopped working and the clock too, both jobs for future spends.

All I hear about is market value but not all cars can or should be priced in this way, just my opinion...

 

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I was working for someone recently and we got talking, turns out he had bought a 911T from the states, as a restoration project, the car was about £15k and he decided to do a proper job.  He was well into six figures when it was finished, he said it was a big stress for him, like when he had spent 50 grand and thought it was not far off, things just continued and he was in too far to get out, he reckons he could get his money back as its that good, said he never drives it as he is terrified and it just remains garaged.

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I think ron is right, compared to what a project sells for, a well sorted original  car is actually very cheap,

 

I still kick myself over a brilliant 3.2 that I haggled over a while back, it seems embarrassing now that I haggled, it sold for full money and was totally lovely and sorted, but still original.

To get an idea of a restoration cost commercially, autofarm offer the autofarm 911, you provide a donor car and they do the rest,

it can take over a year and its 6 figures, work that out........!!!

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I'd guess that would be for a totally rotten car, six figures though, but from me doing some of the work, if I was to add my Labour I'd be not far off that.

It would seem to me not many have or are doing the full beans themselfs, I could be wrong and probably I am, but if they do and buy genuine parts they will know what we mean, I'd love to dig a bit deeper into some of the cars and there owners, what they have done, what they paid, what parts used and replaced etc. 

I feel you can do a car justice, but not all at the same time, i.e. work a bit, save a bit, buy a bit, yeh it takes a while  but could be and I'm sure is being done, then the other side is open the cheque book and write......to some its that easy!!!

Took me 5 years + from buying the car to where it is today, and 99% rust free, as and when money allowed, god knows how some of you guys do it if it's really rusty, probably over 10 years....restoration of an old car will, in most cases, cost more than the "market value " if it's done right, you just have to find a guy with more money than skill when you come to sell.

Ive restored  many cars over my life, I'm 67, Mini Cooper S 1967, MGC Roadster and a C GT both 1968, Mk 1 Golf GTI 1983, 1967 Devon Carravette, 1967 Spitty RHD Panel Van, 1967 Baywindow Westfalia.....and some......check out the BUS...

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I think current prices reflect cars value to existing owners who bought a decent car for £15/20k a few years back and have had the car sorted paying yesteryears Labour & part fees.

Future prices might well reflect today’s costs.

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  • 5 weeks later...
  • 4 months later...

OK, so I have listed the car at £25K and invited offers which have come from as far afield as Australia.

https://www.ebay.co.uk/itm/Porsche-911-Carrera-3-2/263694611829?hash=item3d656c7575:g:evwAAOSwnTpa~Yej

Several offers at £15K a couple at £18K and one at £12.5K - all declined as no one has come to see the car.

Seems the comments/ opinions on here are pretty accurate.

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Hi, I bought my 78 911sc off Beverly Hills Car Club in LA it turned out to be better than I thought . No rust and loads off top quality parts, 55k mls and £15,000 plus £2,000 postage and packing. They were great to deal with and even open to offers, took £2,500 off the asking price of my car. Check them out for projects etc.

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Matching numbers, crap paint job and tatty interior. Pmo carbs, brand new boxter brakes front and rear, new shocks all round, even the tyres were in great condition. My MOT boys were super impressed by the underside, better than some four year old cars. 

History with it and there's a good bit,  suggests the mileage is correct. 

 

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Looks the perfect buy to me. Watched that Beverly hills site before - they usually have something which is 'suspiciously' cheap. Given your experience maybe should be more trusting!

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I found them very helpful, salesman was a wee bit pushy, but over all it was a painless transaction. They were the only company I spoke to that were willing to negotiate the price and accepted my first offer. 

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11 hours ago, David Gander said:

£15 K.....are you sure that the body is not fibreglass.....Covin?

David.

+1 on that😁 Thats`s a bargain .

To me Alastair`s car is  spot on the money,for a 3.2. 

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On 6/3/2018 at 8:00 AM, Roy M said:

Watched that Beverly hills site before - they usually have something which is 'suspiciously' cheap. Given your experience maybe should be more trusting!

There are exceptions to every rule but - no. Don't do it to yourself.

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