I've always wanted a 356 T6B, C or SC and I still keep an eye on the market and prices hoping one day the bubble will pop and I can get one at a somewhat reasonable price (by my standards anyway). They are obviously still slowly increasing in value but it seems the market has begun to plateau to some degree as of late. There are the normal outliers with an occasional average or nice driver listed above $60K (they seem to fall in around $40K-$55K normally) which I assume falls under the category of a "sucker born every minute" or at least starting high and seeing what they can get.
With that, I've noticed that project cars have become almost ridiculous in their pricing. I looked at a few projects over the last few years and I remember a very rusty south east car that "ran" and needed basically everything for a price of no less than $12K. It would have cost an excessive amount to even make it a decent driver, probably $25K or $30K conservatively. I also found a barn find out west somewhere that was pretty solid but had a pretty banged up front end and the owner was only entertaining offers over $10K (it didn't run). Same as before, it would have cost $25K+ just to make a decent driver out of it which would have been well beyond its actual value once that time and money was invested. These numbers also really assume you do a lot of the work instead of farming out to a shop which only drives the prices even higher. I'm not sure a lot of internet listed cars are actually selling for the list price but lately I've seen complete rust bucket T6B, C, SC and cars selling for upper twenties and even into the mid-$30K range. What in the world is causing this? These cars are pretty expensive to restore and the cost of the restoration normally far outstrips the actual value of the car once completed. Generally, if you've got a "little bit more" you can buy a drivable car that needs less work. I've always heard a project should be priced based on the equation of restored value less restoration cost. A decent driver 356 is about $45K and from the above mentioned examples would take $30K (conservatively) to restore so it shouldn't cost more than $15K for a complete car. I know there are exceptions to every rule especially considering very rare cars but late model 356's aren't that rare I feel.
Does anybody know whats driving the project car prices so high? Are these project cars actually selling for what people are asking for them? Just curious but thanks for any input.
Stretch