Deal or No Deal

[Macroni]

http://forums.pelicanparts.com/porsc...-deal-16k.html

A 2.2S recently sold for $16,000 at a dealers auction. The question of Deal/No Deal was posed on Pelican. I thought it was a good question considering my own restoration as well as the others we have seen here.

[Macroni]

Pictures........

[Cornpanzer]

It all depends on the rust. Appears to have had red leather interior (based on the door panels) which would be a nice option. What color paint was it originally?

Fact of the matter is that there are very few "core" 2.2S's available, so this could be a reasonable buy in for someone who was looking for a resto project.

Even if you paid to have everything done and ended up basically even with the market after resto, you would have the benefit of (1) not having to cough up $60k all at one time and (2) full confidence that the restoration was done right.

[blucille]

agree with cornpanzer, it all comes down to rust, and you can be sure it has some, probably a lot.

at $6000 or even $8000, probably a deal, but not a great deal.....to buy a poorly running, mostly rust-free $8000 is a deal, paint, interior and mechanical work can be done on the cheap compared to rust repairs

$16 large plus auction fees makes this a 'no deal' in my book.....but it could be an interesting build for someone connected with a body shop

[Carrerax]

That looks like a deal to me!

[Mr9146]

16K + 60K (restoration estimate) = $76K

Is a perfectly restored 2.2S with zero miles "worth" $76K?

It would be a deal to some ... it would be no deal to others.

[Macroni]

Ironically, sitting here watching wheeler dealers on HDTV, this thread has drawn my attention again.

Mere Mortals
If you are in the trade or have access to a quality repair service, which will charge you less than retail or push around rates, this car has enough upside for the risk at $16,000+ fees. The risk being defined as selling a restored car with limited history. There is an opinion/ perception that restored cars are still prone to issues relating to fit, alignment, hidden short cuts, questionable parts that ultimately impact on performance. Other issues are an extended restoration timeline, as they are often fitted into shop openings.

Highest Value excluding McQueens
A highly pedigreed 2.2S, two of the best examples being Brian's Patrick or Donald's Hester, the value comes from the documentation back to birth as well as originality of the car. These are the top of the scale cars; sell for almost unrealistic values. Based upon 2010 auction results, these both would be greater than $100,000 cars to the proper buyer.

Hester


Patrick


Highest Restored Value
Restored cars which tend to achieve the same high value are those completed by the "name" restorers. This car, assuming number matching, completed by any of these builders would be gobbled up by their built-in following from here and across the ocean. Documentation to these cars comes in the form of detailed build photos and big dollar receipts. Their reputations for no short cuts and only period correct OEM parts are crucial elements. (A current example, a black RS, which can be viewed on the Gunnar Racing site. This car will sell for a top value in the $400,000 range.)

Gunnar RS


My TLG restoration of Sareena, a 69S, was unique in that I did not aim for a dead stock finished product. Purchase price was $18,000 for a documented car w/ rebuilt motor but the final invested amount outstripped the numbers discussed here as the budget for this particular auction car.

As purchased


Completed

[Macroni]

16K + 60K (restoration estimate)

Marco,
What is your estimate for just getting the motor up?

Luke

[Cornpanzer]

If one was forced to deliver the carcass to a restoration shop and just cut checks, it wouldnt matter if you bought it for $6k...you would still likely end up upside down. I dont know that there is any way you can pay to have one of these cars restored to perfection and come out ahead.

On the other hand, if you are someone who can do some of the labor in-house and farm out certain aspects, then you should be able to break even on this purchase (again, assuming that it is not rusty)

[LongRanger]

. . . for me --- HECK, yeah!!!!

My perspective would be that of someone who wants an 'S' . . . not an investment, or a show-piece, or a top-drawer collectible . . . but a real car, to drive and enjoy.

Here's my take . . .

1) As long as the car is 'sound' --- defined as both inner long/floor-joins, front and rear bulkheads, A-pillars, and front and rear shock-towers are intact, not eaten away, and un-distorted --- the basic structure is there. For me? . . . everything else can be repaired. Panels/gaps/non-show paint. Budget $17-25k --- the lower-end being with fiber-glass bits and no trim . . . oh yeah --- I'd be building me one mean-a$$ little light-weight.

2) Engine is a genuine 'S,' and --- critically --- is the correctly-numbered Kardex unit. Doesn't matter if it runs or not, but 'numbers-matching' will make a difference down-the-road. I wouldn't spend any money fixing it, though --- just clean it up, then crate it up. It's one thing if it's already intact, otherwise? Why bother? Find a nice 3.0 or 3.2 --- then drop that in. $5-$7k. Next.

3) Interior? I'd ditch it --- looks like something out of a John Waters movie, anyway (google him). I'd keep to the light-weight theme --- perlon head-liner, rubber mats, a couple of seats (GTS-etc or original), then have at it. Tape down a bag of ear-plugs in the glove box (the door gets tossed) --- for the occasional crabby passenger. I'd budget $3-$4k

4) Clean-up and re-use everything as far as the brakes, suspension, and wheels go. As long as the trans is sound, budget $4k.

Then?

I'd ride my little pony --- hard! Save my lunch money for some snazzier bits (like maybe a set of 7Rs, or weld-ups, in back). Take pictures, make notes, create the history as I went. Sorry --- but I don't drive 'documentation.'

Value-schmalue --- I could be into a Hot-Rod numbers-matching ('in a crate') 'S' for $45-$56k total. And I wouldn't worry about miles or scratches or hurting my net-worth . . .

. . . but I would have a lot of fun . . . remember fun?




. . . the kind that investments, show-pieces, and top-drawer collectibles --- can't!

Rick Kreiskott