Value speculation

[tech71]

6 hours ago, drew944 said:

Any initial thoughts/prayers? Run? Towards? Away? 

Dont run away, may be a jewel in the rough.

But dont run towards it! Approach slowly..cautiously😉

 

6 hours ago, drew944 said:

Owner has indicated he may be interested in selling but it depends on the price, so I’d like to make him a fair offer.

No way, seller should throw out HIS ask price first.

At this point any "value speculation" is just that, pure speculation.

Edited February 22 by tech71

[drew944]

Thank you everyone for the tips and comments. 
Certainly will be a long road. I like my MG but I’m a little big for it (6’4”) and I have two young kids, so I’d like to have a back seat to stuff them in. Plus it’s a Tii, so definitely worth getting back on the road (if it isn’t too crusty)

[Mike G]

$4500. A rebuild 25 years ago is zero value because these cars had zero value 25 years ago so it wasn’t a rebuild done to today’s standards. Make sense? You could buy a 74 tii driver today for 20k. This car needs 15k of work to get there. What’s your time worth?

[Tulah007]

No real opinion on what it’s worth but I’ll share my recent purchase.

In January I paid $7k for a project Cali car 74 2002tii in Chaminox with a complete matching drivetrain and new paint. No rust. 
Missing a lot of small items, no trim and no glass. Thankfully WN had a 30% off glass sale last month. 
Between rogers tii, blunt tech and WN, im in another $8k so far.  Needs assembly but im tied up with a 68 fastback sitting on a roadster shop spec chassis getting a big ole pig 5.0 coyote and 10r swap  the bmw Should be a fun summer project . I feel like a decent tii brings $20k-$30k conservatively 

[Monty]

I'll approach this form the sellers prospective . As I have a 74Tii that matches your sellers very closely (no sunroof). Engine rebuilt around 2010, many under hood parts rebuilt or replace about 2016/2017, suspension was all rehabbed and upgraded (bilstein, IE springs, exaust, etc). New trim was installed or stored. I have no idea what I spent during this 2016/17 time frame, but I can tell you my wife noticed and my wife doesn't know what's in the bank account on any given day. And one day, I looked up at the car,  on the car lift and thought - holy shit you still have a ways to go. And a mild depression set in.

 

Don't want to forget the repaint and interior reskin around 2010 while the motor was out.

 

So the car sat until the VID 19 hit. I thought I could do my part to help the economy in a very small way and started working on the car again. Remember 2016/17 was still raw.  We had the car running really good. We, being the mechanic JB and myself (mostly JB). JB is that mechanic that can fix anything from a broken heart to the crack of your ass. He may be a Tii specialist by now. I don't know.

 

I retired and thought it would be rude to keep the car lift tied up, so I hauled it to the house. I hated myself for letting it sit under the  carport rotting away. So, I put it up for sale on this site. The only offer I had was $8500 from someone in California. His offer didn't offend me, but I didn't take it. So it sat some more. 

 

Now to the present time 2024. I have spent around $2200/2400 in the past 6 weeks. Needed carpet (Esty), windshield and so many of those small clips and caps, nuts and little shit that you just need. Had one box come in the size of an old McDonalds hamburger box that put me back $180. Holy Shit. Still need the front arm set and I will have something capable of putting on the road.

 

But, that is just the parts. Someone must assemble the pieces. Not sure if I mentioned it or not, I have hated every second of every hour I worked on this car. And it was a lot. I'm not mechanic, carpenter, or painter. Sorry about that.

 

So, let's round up. $3000 (parts)+ $8500(offer) + labor ? = $$$$.  Let's say the labor is $3000. Is a 1974 02Tii worth $14,500?  Is $14,500 low? I think so. So does the difference go to the buyer or seller?

 

We all know you can never get your money out of a restored car and a 5/8 restoration is even less. The car's worth is in your hands as a buyer. Just remember you may spur him enough to finish the car himself. And you won't have a 74Tii in your driveway. 

 

With all that said, I will finish my car hopefully by late spring/early summer (me & the dog are going hiking for a month), or I think I could finish it sooner.

 

Regards Chas,

 

PS  It downed on me that many of you and maybe you too drew944, that the true value of the car lies with your appreciation of the work before you and not the value of the car itself.

 

 

 

 

 

 

 

 

 

[drew944]

6 hours ago, Monty said:

I'll approach this form the sellers prospective . As I have a 74Tii that matches your sellers very closely (no sunroof). Engine rebuilt around 2010, many under hood parts rebuilt or replace about 2016/2017, suspension was all rehabbed and upgraded (bilstein, IE springs, exaust, etc). New trim was installed or stored. I have no idea what I spent during this 2016/17 time frame, but I can tell you my wife noticed and my wife doesn't know what's in the bank account on any given day. And one day, I looked up at the car,  on the car lift and thought - holy shit you still have a ways to go. And a mild depression set in.

 

Don't want to forget the repaint and interior reskin around 2010 while the motor was out.

 

So the car sat until the VID 19 hit. I thought I could do my part to help the economy in a very small way and started working on the car again. Remember 2016/17 was still raw.  We had the car running really good. We, being the mechanic JB and myself (mostly JB). JB is that mechanic that can fix anything from a broken heart to the crack of your ass. He may be a Tii specialist by now. I don't know.

 

I retired and thought it would be rude to keep the car lift tied up, so I hauled it to the house. I hated myself for letting it sit under the  carport rotting away. So, I put it up for sale on this site. The only offer I had was $8500 from someone in California. His offer didn't offend me, but I didn't take it. So it sat some more. 

 

Now to the present time 2024. I have spent around $2200/2400 in the past 6 weeks. Needed carpet (Esty), windshield and so many of those small clips and caps, nuts and little shit that you just need. Had one box come in the size of an old McDonalds hamburger box that put me back $180. Holy Shit. Still need the front arm set and I will have something capable of putting on the road.

 

But, that is just the parts. Someone must assemble the pieces. Not sure if I mentioned it or not, I have hated every second of every hour I worked on this car. And it was a lot. I'm not mechanic, carpenter, or painter. Sorry about that.

 

So, let's round up. $3000 (parts)+ $8500(offer) + labor ? = $$$$.  Let's say the labor is $3000. Is a 1974 02Tii worth $14,500?  Is $14,500 low? I think so. So does the difference go to the buyer or seller?

 

We all know you can never get your money out of a restored car and a 5/8 restoration is even less. The car's worth is in your hands as a buyer. Just remember you may spur him enough to finish the car himself. And you won't have a 74Tii in your driveway. 

 

With all that said, I will finish my car hopefully by late spring/early summer (me & the dog are going hiking for a month), or I think I could finish it sooner.

 

Regards Chas,

 

PS  It downed on me that many of you and maybe you too drew944, that the true value of the car lies with your appreciation of the work before you and not the value of the car itself.

 

 

 

 

 

 

 

 

 

Thanks for that perspective Chas and keep it up on your project! From the owner’s perspective, this has all of the above plus the sentimental value of having worked on it with a friend who has passed. That can be a real wildcard (I’m the same way, so I get it). I really would just like to see it back on the road, whether it’s mine or his (or someone else’s, but preferably mine or his). When we were neighbors, I’d even offered to help him get it back together/running but our schedules never aligned

[rjd2]

I don't want to be a debby downer, but am I the only person who's eyes immediately did not go just to the car, but the....surrounding ground?

 

These images, to me, look like a car that has sat in a wet environment for at least long enough to have algae growing on the concrete. Rotisserie blah blah blah would be meaningless to me if the car sat for years outside. I'd want to see the underside. While not getting direct rain is great, outside is.....outside.

 

If the body and undercarriage look good, then I think anything in the 7-10k range could get you out the door on a running car, and not be underwater.

[drew944]

4 minutes ago, rjd2 said:

I don't want to be a debby downer, but am I the only person who's eyes immediately did not go just to the car, but the....surrounding ground?

 

These images, to me, look like a car that has sat in a wet environment for at least long enough to have algae growing on the concrete. Rotisserie blah blah blah would be meaningless to me if the car sat for years outside. I'd want to see the underside. While not getting direct rain is great, outside is.....outside.

 

If the body and undercarriage look good, then I think anything in the 7-10k range could get you out the door on a running car, and not be underwater.

good call! We are in the southeast where rain/humidity is certainly an issue to watch out for. 

[drew944]

Was able to go check out the car again and grabbed some more pics. Some squirrel action but overall, kind of as expected. Found out the headliner is new, engine was rebuilt, 5 speed swap, and the rear end is lsd but needs rebuilt/replaced. Owner has stock front seats that were reupholstered in saddle. Seats in it are from a prelude

 

[tech71]

Unfortunately none of those pics are helpful in determining how much rust is present, that will require a more detailed inspection.

Theres no point speculating a value until its evaluated further for rust.

So my original estimate of 3k-10k seems plausible.

I am aware the owner says "it was on a rotisserie for metal work/paint." How long ago was that? Just words until  verified and there's only one way that will happen.

Stuff has to come out, trunk contents, floorboards and spare, rear seat at least. Have to get under the car with a strong light and sharp awl to do some poking/probing.

If the owner balks at this then it is now time to "run away" 

I'm also acutely aware of how destructive rodents can be (little bastards) Not convinced they have not moved in, looks pretty forested around there.

 

Edited March 24 by tech71

[Aaron R]

I just took a 74tii from 20-odd years in a barn to back on the road. I deliberately didn't calculate the specific total I have spent, but it's gonna be somewhere between $8,000 and $10,000, and that does not include my time. That does not include any body work, but I was lucky enough to get a car that is pretty solid. It has cosmetic rust, but nothing I can't control, and nothing structural. 

 

From what you have shown us here, I'd say you're looking at like $8k-$10k as it sits, assuming the engine turns and the rust isn't terrible. 

 

It kinda depends what you want out of the car when you're "done." I'd rather have a driver that might have some minor to moderate issues, so I would: Have a look at the floors/frame rails/subframe mounting points/bits of the shock towers not visible in those photos, and assess from there. If there's just cosmetic/easily handled rust and the engine is free and the kfish pump is turning, I'd say it's a win. Get it, make it run and drive, and enjoy the hell out of it. 

 

If you want an All Original Neue Klasse BMW 2002tii With Very Correct Numbers Matching Parts And OEM BMW Air In the Tires, that car is a long and expensive journey from that.