Almost finished projects (Non-mopar) Too risky?

[Bryan Z]

Let's say you wanted to "flip" a muslecar for profit. As an example, this car is almost finished. Seems like the hard work is done. Body work done and paint finished, numbers matching engine rebuilt. Also, (to some people anyways) it's a rare & desirable model. So why are they quitting so close to the finish line? To me, this throws up a flag. After all that hassle and expense, it almost doesn't make sense. A similar model sold for almost 40 grand at auction! So is something like this an "easy" ten grand, or should you be looking for fraud somewhere?

http://albany.craigslist.org/cto/2660994834.html

similar car that sold at auction:

http://www.barrett-jackson.com/application/onlinesubmission/lotdetails.aspx?ln=131&aid=46

 

[EV2 GTX]

Hey Bryan...

I can see what you're saying, but there are so many angles to consider here. If a guy was doing it to make $, you'd be taking a chance, that's for sure. No way of knowing the quality of body work (unless documented), engine and trans work are hard to judge- sure he may have bills, but what skill level did he or his builder have? So many things to consider...the car may need all new trim...lots of $ when it comes to finishing the car properly...if you're gonna have the car enter the 40K market things should be done correctly to bring the $.

To me, in some ways, this type of car is harder to judge than a basket case...at least with the basket case you are paying low $ and know what you are in for. With the car in question here, you could pay the 20K and sink more into in than you bargained for.

As for fraud, you never know. Maybe the guy has a divorce on his hands or other issues, not everyone advertises the same...

Just my opinion

 

[MRHWS]

Life, it always gets in the way. Also need to consider the frustration of restoring a car. Some people get fed up with waiting for others to complete certain tasks. Or realizing they have invested the max for what the car is, with a ways to go. The wallet always seems deeper than it really is. The car in question is a 3 speed, if I'm reading that right? There is also the health issue. I have seen a few restos stopped mid point due to back and heart issues. But most common is the wife, or soon-to-be X. You run the risk no matter what you buy and need to accept that up front. Murphy's Law is ALWAYS just around the corner.

 

[Joe Mopar]

That car still has a boat load of work to be done and I don't think you'd be able to come close to making 10K on the deal, just to many variables.

 

[YY1]

Look at all the painted bolts on the firewall, the overspray in the wheel well, and the painted over scoop/bump insert. Yikes.

 

[Satellite65]

A friend of mine had a '66 vert back in the day. Real nice car and a pleasure to drive. This one's off to a good start but it's a LONG way off from being complete. As a fixer-upper you could probably just button it up and drive it but as a resto you would probably want to tear it down and re-do some things. The engine was dropped in without any detailing of the engine compartment. The undercarriage/frame/suspension looks like they could use some going over. Where's the interior? Top frame? Trim? I think it's a nice project for someone who wants that car but if I was just looking at it from an investment standpoint, I think I'd pass. No money to be made here.

Edit: I see there is a top frame in the pic and a new top to go along with it. Still think $20K is a lot for a car that far off from being complete.

 

[Jonnyuma]

My bud has a 68 GTO convertible, 400 4/sp that he's been restoring for about 4 yrs. New floors, trunk, quarters and a dozen or so doors and fenders just trying to make up a single decent pair. Last summer the tub came off the whirly-gig (what we started calling it because rotisserie got too hard to say after, say, 15 beers) and got mated back to the frame. He finally told me during a beer fuled bench racing session that he had pd 10 grand for that car. He's into it for at LEAST another 10G and its not even close to being painted, although he has most of the high-dollar items already bought.
Long story made short... the 67's owner may very well have $20-plus thou wrapped up in that little beauty....with another 5 to 10 grand needed to make it a solid #2- or 3 car, mostly because of the shortcoming stated by Satellite65 and YY1, among others that make it a "less than perfect" restoration.
If it were me, and the car checked out to be solid, I'd throw the interior and top together over the winter and drive the whiz out f it come spring while not spending insane amounts of money on hard to find trim and coveted Pontiac fanboy one year only wiper blades. You think Mopar guys are fanatical about originality....?sheeeit, try talking to THOSE cats.

 

[iraqivet01]

That car still has a boat load of work to be done and I don't think you'd be able to come close to making 10K on the deal, just to many variables.

You can say that again. Car has at least 10K worth of work to be done, if your lucky.

It blows me away how people don't spend a few hours cleaning it up the before posting a car for that kind of cash.

 

[HitIt]

^^I agree, clean the thing up a little before you place the ad! Also about the money invested, always judge what is there for your self... reason being that 20k could have been used very wisely or very stupidly. What if they guy paid $2000 for a used console, would you have done the same? To me that is the big risk of buying an unfinished project.

I bought my 64 unfinished but it's exactly what I wanted - Paint and body done, roll-able, and including some of the key interior parts and most of the trim parts. I knew I'd have to get the paint and body done by a shop. Mine worked out great but no matter what you think you are getting there are a million surprises along the way. Here is what it looked like.

 

[Donny]

That car likely was not media blasted. The qtr wheel wells are still wearing the undercoating, and the overspray; yikes indeed! Any good painter concerned with a quality job would not overspray like that.

 

[THE STIG]

Consider the current market, a lot of economists are still saying that we're a heartbeat away from a double dip recession and I really think the days of muscle cars going for $40-$50k and up are gone, at least for the forseeable future. And as others have said the body work may not have been done properly, so if the car needs another $10k in work can you get $40k for it? If you settle for less than that is the profit margin worth the head aches? Personally I don't believe in "flipping" muscle cars, if you want one go get it and make it what you want it to be. I paid $4600 for my Charger in 2009 and drove it home since then I've spent almost that much on it and you would'nt know it if you looked at it.