Yes.
It will need more work than you think.
You will not mind since this is what you wanted in the first place.
Like so many others here I have a TR that started out as a "driver", six
years and ~$10k later it's pretty nice.
I bought the car from my racing partners for $1800 although since it's a 4
with an original surrey top I figure I got a discount for all the hours
spent wrenching on their race car.
For reference when I finally decided that I was in a position to "restore"
it I spent ~$6k on body and paint work. This was with a good friend working
out of another friends shop with me doing most of the unskilled parts like
stripping and sanding. This doesn't include any mechanical work, and my
friend only charged me $17/hr for his labor. Restoration is expensive....
Rust repair and body work add up quickly so you might as well look for
something that's either "rust free" (yeah right), or has already been
stripped so you can see what needs to be replaced. Cars in your price range
are likely to be either completely rusted out or in pieces as you have
already found. I would opt for the "in pieces" car over a driving one with
lots of rust. You're more likely to get a good deal this way, especially if
it comes from a collector's estate. Look for the deal where they want you to
bring an extra truck to haul away the spare parts....
If you start from a car that runs but has rust and bondo then you don't
really know what you're getting into. It may get you around for a summer or
two, but eventually you'll want to set things right and this is where you'll
wish someone else had already stripped the car. More than half the work is
tearing it apart and removing old paint/rust which is what you'll have to do
eventually, so if you can't spend more than $5k go for the basket case and
put a year into it before you start driving.
There are always other alternatives. If you have $5k you're halfway to a
decent older restoration in fairly good condition. You can keep saving while
you look, or finance the remainder of a nice car (yes you can finance
classic cars, it just takes more work).
If you're tied to the $5k figure you can go for a nice Spitfire or TR 7, the
"3" will come along eventually but at least you'll have a Triumph to drive
in the mean time.
I assume you've been attending the Triumph Travelers Sports Car Club (TTSCC)
meetings. Often deals only come up after you've made some friendships in the
hobby. Not everyone uses the internet, and many of us have more than one
project waiting for a time we know will never come....
Best of luck in your quest. Be selective, this is a decision you'll live
with for many years so approach it with a critical eye.
Cheers,
John Matthews
'61 Herald
'63 TR 4
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