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1968 GT350 Convertible Value?

Discussion in '1965-1970 Shelby Mustang GT350 & GT500' started by skeet, Apr 21, 2009.

  1. Apr 21, 2009 #1
    skeet

    skeet New Member

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    I guess I need to ask the pros. I have a chance to purchase from a co-worker a 1968 gt350 ragtop. the car needs complete restoration, not really much body rot but floors and frames are soft. Interior is poor, top is poor, body is on second paint, no options but a 4 speed. Has about 100k miles. Mechanical is worn.

    NADA can not value it, but Old Cars puts a value on a #4 car at $30,700 (the values are 1-6, 6 being parts only and 1 being museum.) I can not find recent auctions for a similar condition because no one seems to auction this condition and ebay does not have any history of similar.

    I want to offer $30k and estimate a 40-50k restoration. Does this seem in line? Your comments are really appreciated. We are located in the West if that matters:confused:
     
    skeet, Apr 21, 2009
    skeet, Apr 21, 2009
    #1
  2. Apr 21, 2009 #2
    Coralsnake

    Coralsnake Well-Known Member

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    It is very unusual for a Shelby to be under $50,000 no matter what the condition. The price guides are whack. If you can get the car for anything less than $50,000 I would say it is probably a buy. The more under that number, the better for you.

    Unfortunately, there is not much of a price disparity between decent cars and projects because of the always high demand for these cars. (Especially the convertibles).

    Just as reference, I know of a guy that recently bought a nice driver, original drivetrain and original body panel GT350 convertible for $86,000 in the last 30 days. I would say that is the going rate.

    It usually boils down to what are you expecting from the car. If you want to make fast money, this may not be a good choice. If you want to keep it forever, it is a good time to be a buyer.

    $30,000 is an excellent starting point. The seller of course will not want to admit the market is depressed.
     
    Coralsnake, Apr 21, 2009
    Coralsnake, Apr 21, 2009
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  3. Apr 22, 2009 #3
    TLEA

    TLEA Well-Known Member

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    I agree 100% with Pete's comments. Rarely are project cars a bargain. I recently saw a KR fastback that was so rough it seriously would cost probably 80-100 to restore. Seeing as that is what a lot of them are selling for even for free the car wasn't much of a bargain.
     
    TLEA, Apr 22, 2009
    TLEA, Apr 22, 2009
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  4. Apr 24, 2009 #4
    67200F5A02206

    67200F5A02206 Well-Known Member

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    50K for the restoration should make a very nice car (but not Concours).

    A nice driver (no glaring flaws) sells in the $75-90 range.

    Do the math. If you get it for $30K you will probably break about even if you have to sell it. But you also have to deal with the restoration.

    I have had two cars painted. One took 4 years, the other 2.5. It can be a BIG hassle.
     
    67200F5A02206, Apr 24, 2009
    67200F5A02206, Apr 24, 2009
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