I was wondering what your thoughts were on how to come up with a value for a project car. It's fine for those who have vehicles that are all together, but what about those of us with "special cases".
What would seem logical would be to take the Hagerty Valuation tool's "Current Value" - and probably use the #2 Excellent value and deduct what would be an estimated cost of a reasonably competent restoration (understanding that that would be tied to the model involved).
So, if one has an old race-car chassis and the Tool says that this particular model in #2 shape is worth $196,000. And a typical restoration for this model runs about $120,000 (understanding that there are many, many variables), would that make pricing the chassis at $76,000 seem reasonable? More importantly, do you think it would sell using that calculus?
That's a very logical path you went down, and its believable if the race car doesn't need a ton of body/chassis/roll cage work to be road or track legal. If it has a solid body a beautiful, professional cage and every factory correct part is clearly labeled/bagged, your price isn't out of the question. If it needs metal work and a lot of digging for unobtainum replacement parts, the price will likely go down from there.
Out of curiosity, what type of race car is this?
This is a 66 Shelby GT350 that had been an SCCA BP racer. The cage has been removed as has the drivetrain (but that is with the car). The car needs an interior - as in there wasn't one when I got it and the body is actually pretty straight. Sadly it has become more of a storage container. My thoughts on the restoration project come from the high availability and quality of Mustang parts available - but I understand that attempting to raise this to concours would involve taking it to a whole 'nother level - that's why I chose the #2 Value as a base of estimating.
Good info and thank you for sharing, James. I reckon that unless someone famous drove it in SCCA racing (i.e. it wasn't just some dude with a fair bit of money) that it might be worth a little less than #2 for a street car...only because there's usually a smaller market for race cars than street cars. How much less is probably 10 grand or less, but let me ping some more Hagerty folks to see if they have more insight.
Valuing a project car is too nuanced to put up an exact figure. Things such as retaining the original driveline would be a major factor in value now as well as when a restoration is finished. I think that will also greatly affect salibility. If you're serious about selling, I would recommend putting together a comprehensive list of original parts and chat with a Shelby expert as they will have the best idea of what a car in its current state would be.
I totally agree with you that the actual value is determined by many, many moving parts (pun intended) such as what parts are original and such. This was just an exploratory look at the possibility. If you looked at the picture of the car, it is obvious that I need to dig the damn thing out first to research what you suggest. I have owned this car since 1972 and I was trying to get a "ballpark" feel for how to go about valuing it.
Thanks for the thoughts.
For me, buying a car that is apart there needs to be some emotional connection, or perhaps I just flat out want it. Buying a car that is apart is basically suicide. Although I have done it. There are always small parts that they don't make any more, and it turns into a treasure hunt. Another thing, you will always end up upside down financially. Just my experience...
What makes this different (I know, everyone thinks their situation is different <g>) is the popularity of the early Mustang and the availability of virtually all the parts - with some exception of the original Shelby parts, and most of those are in reproduction.
What drove this question initially is the differential of the values of a 66 Mustang versus a 66 GT350. It is just such a massive difference. I have owned this beast for a very long time and dragged it along with me wherever I went. It has a serious emotional context for me but it is difficult to expect someone else might have that perspective.
However, I get what you're saying and perhaps it is better to have the car finished than to attempt to find a buyer to sell it to "as-is".