I find myself faced with a dilemma involving a 911 and respectfully request information and opinions from members of this community to help me resolve it. The dilemma is my role in the future of this vehicle.
The vehicle is a U.S. specification 1967 911 (non-S) targa, the 512th built. It has 118,000 miles. It is essentially rust free (about which more anon). It is straight, complete, and largely original. The primary deviations from originality are a single, amateur quality re-paint applied without any visible preparation directly atop the original paint and the fitment of 1970's-era aftermarket wheels.
I recently acquired the vehicle from a good friend and fellow Porsche enthusiast. I was present when he purchased the vehicle in 1985. He purchased the car because, even 25 years ago, rust-free, straight, complete SWB targas were uncommon. It became part of his then-large collection of Porsches and he used it sparingly.
In 2001, the car received a thorough mechanical freshening and restoration of the targa top and soft rear window. Prior to collecting it from the reputable independent Porsche specialist who had completed the mechanical work and supervised the restoration of the top and window, my friend encountered circumstances that precipitously altered his priorities.
The car was placed without any preparation into what was intended to be short-term storage. Short-term storage evolved into long-term storage, and the car was literally untouched from 2001 until I collected it last month.
The car was stored outdoors. It was covered by a tarpaulin in an arid region of Southern California.
Extended outdoor storage was not kind to the car. The soft materials in the targa top disintegrated. The plastic rear window discolored and hardened. Many of the original rubber seals disintegrated. Superficial rust appeared on the surface of the front deck, front fenders, and a rear fender adjacent to the targa bar. Much of the poorly-applied blue paint peeled or crazed, revealing bright patches of the original Bahama yellow paint beneath. Pitting developed on metal surfaces of the interior. The wood on the wood-rimmed steering wheel developed splinters. Several seams on the front seats split.
Upon acquiring the car, I devoted many hours to cleaning it. The original interior and trunk carpets, rubber mats, door panels, glass, sun visors, and exterior chrome and deco strips were transformed and resurrected. The original spare wheel and tire, original top boot, Porsche coco mats, and original jack also responded well to sensitive cleaning. I replaced the original seats with seats from another 1967 911 that had been re-upholstered in correct black perforated leather by Autos International.
Last week, I had the car transported to a local independent garage renowned for the quality of its work. This shop historically provided excellent care for my sorely missed 1973.5 Signal yellow 911T targa, a particularly fine car I regret having sold in 2004 after 20 years of rewarding ownership.
Earlier today, I met with the shop foreman to discuss the results of their thorough inspection of the car. The goods news includes the facts that the engine turns freely, nothing of consequence is missing, and there is no accident damage or area of hidden rust. The bad news is that all of the work that was completed during the mechanical overhaul in 2001 needs to be repeated. Secondary to its extended storage, the car needs brakes, shocks, tires, and replacement of various lines, hoses, and rubber suspension pieces. The fuel tank needs to be removed and flushed. The carburetors need to be removed, cleaned, and quite possibly rebuilt. The engine will require gaskets and a full tuning. The preliminary estimate to mechanically resurrect the car is between $8000 and $10,000 (including $2000 assigned to rebuilding the original twin Weber carburetors and a labor rate of $127/hour).
I have been absent from the Porsche world for more than six years. During my absence, the price of old Porsche parts has increased substantially. I am no longer familiar with Porsche parts suppliers or Porsche restoration specialists, not to mention contemporary labor rates. I am confronted with the prospect of spending five figures for a mechanical resurrection and, if my preliminary research is accurate, $2000 to re-restore the targa top and soft rear window, several thousands for original alloy wheels and correct tires, hundreds if not thousands more for OEM seals and trim, and as many thousands as I am willing to pay for a proper re-paint.
As much as I would like to own and enjoy another early 911 targa (particularly one in a familiar color scheme), I do not have the resources to subsidize the cost of a full and proper restoration of this car at this time. Given low prevailing interest rates, the rising prices of vintage Porsche parts (and labor rates), and my wife's resistance to an unsightly old car in our garage, however, I suspect that if I am ever to restore the car, now is the opportune time.
I believe I have three options at this time:
1. Take a bank loan and restore the car properly;
2. Rent space and return the car to storage until I accumulate the discretionary resources to restore the car properly (a period that may be require years);
3. Sell the car to an individual with the skills and/or resources to restore the car properly.
To help me make an informed decision, I ask you to please share information and opinions regarding the following issues:
1. Current and long-term value of the car in its current condition.
2. Current and long-term value of the car restored to "driver" (not concours) condition.
Additionally, I welcome referrals to a reputable, reasonably priced mechanic, top and interior specialist, body and paint shop, and parts supplier in or around Southern California.
Thank you,
edsdad
BTW: If it transpires that I sell the car in the near future and the sale price exceeds the amount I have invested, that difference will go to my friend.
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