OK guys, I am going to open myself up for potshots with my question. I also threw this out to the Pelican BBS and only received one response. I thought I would ask the early experts here.
I am sort of considering a 1970 E Targa that can be had for significantly less than $10k. That's the good news. The bad news is that it was converted to a later look using SC (?) fenders, bumpers, and tail. I think it was a well done conversion, but a shame nonetheless.It was originally a Euro car purchased by a military person and brought to the US. I think he is the one who did the conversion. Current owner is the 3rd, I believe. Here is what I know about the car:
1. It seems to be free of any cancerous rust although I have not seen it in person yet. From the photos, it looks pretty clean except for some surface rust in the smugglers box and at the battery boxes. I believe the front pan is original and in good shape.
2. The motor number is 6201611 and it includes the MFI. The compartment is a little crusty, but nothing that a little elbow grease won't clean up. The bottom of the engine is a little oily - smokes on start up, but goes away quickly. The right heat exchanger has oil seepage on it, which could mean a mainseal leak. The left one is dry. He says the engine runs strong and starts easily.
3. The interior is in pretty good shape - door pockets there and in decent shape. No rips or tears in seats. No dash crack. Carpets need to be replaced. Wrong radio and shift knob. Rear deck had speakers installed so has small mounting holes in it and it is warped a little. Targa top seems in good shape.
4. Glass seems to all be good although the rubber probably needs to be replaced.
5. Typical suface oxydization on chassis components, such as sway bars, typical of a driver. Rear shocks are green - Boges?
6. Converted to single battery system - not Optima - just a basic battery.
7. The car is in a mild climate - not quite dry like CA, AZ, or TX, but not bad. She has 61k on the clock and is believed to be original, but cannot verify.
I think I listed everything. My thoughts are to bring it back to 1970 configuration, but leave the rear fenders for now and work on replacing the front fenders and both bumpers. If it seems like a good thing to do, then I will absolutely go down and take a look - PPI will also be mandatory. What do you guys think? Am I nuts for even thinking about this?Even if I put 10k into the car, for example, I would money ahead. I just want to be fully educated and go in with my eyes wide open so I don't end up under water with a POS. Should I pursue this or "run Forrest, run" like I have heard before.
Thanks for listening!
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Seems to me that you would have about a total of between $18 to 20K total to stay above water or break even in the current market. Can you get the body, paint, etc. (there is always a lot of 'etc.' in these projects) done for that total plus the purchase price? If so then it should work out. Be sure to bring photos to MI next weekend.