Based on personal experience, I wouldn't get my hopes up that this will fetch a
high price.
Outside of the popular valuable classics, only a small percentage of restored
vehicles fetch the amounts that the emotionally involved sellers perceive as
their values.
I've been on both ends.
A Bugeye such as Larry's requires +/- $20,000 costs to restore. There are a
couple of people out there that might pay that, but it isn't the norm. Spridget
owners are more excited by the challenge of the hunt rather than the dinner
afterwards. i.e. they want to restore the cars themselves. Most others are
uninformed of the costs and effort associated with such extensive restorations
and undertake it themselves thinking it is possible to do the job for a fraction
of the cost only to find out otherwise.
I recently purchased a meticulously restored Innocenti 950 for a "fire-sale"
price, close to .50 cents on the dollar and that doesn't even take into account
the prior owner's personal labor involved in the project.
Cars are not investments and you don't "invest" money on restorations, you
"spend" money on restorations. The only cars you can make money on are those you
can flip for a quick profit.
For example, if you did the math on purchasing a '67 Cobra for $7,500 (in 1967),
paying taxes on the purchase, property taxes if applicable every year,
insurance,
repair and maintenance costs, costs to store, etc. you might be surprised to
find
that it was a poor investment compared to putting that same money into a
conservative investment. But you can't drive a CD or a mutual fund and that
should be the motivation, not notions that it might be an "investment".
(Little Story) There are two car enthusiasts in CT who "invested" in Ferrari's
in
the 80's. They bought everything that they could get their hands on, thinking it
would be better than "money in the bank". Their "investment" turned out to be so
dismal, they are reluctant to discuss it to this day, and still cannot sell the
cars for their purchase prices.
I've lost money on every car, but one, that I have ever sold, but I never bought
a car for any reason reason other than the fact that I passionately wanted to
own
it. And I still regret to this day that I ever sold my '72 RWA Aqua Midget!
jay fishbein
wallingford, ct
63 Pink Sprite Mk II HAN-6 - Rust-free California Car
74 RWA Midget - Rust-free California Car
61 Innocenti 950 Spider - Restored
61 Innocenti 950 Spider - Complete California Car awaiting Restoration
65 Innocenti S Spider - Almost complete 18,000 mile car awaiting Restoration
SDOliner@aol.com wrote:
> It is in all our interests to see how much this perfect bugeye will fetch.
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