1968 How much should I offer?

[747Driver]

I have an opportunity to to buy a "basket-case" GT/CS, and since my restoration projects have always been GM products (I've been waiting to stumble on the right Mustang for years), I'd greatly appreciate some more "Mustang experienced" opinions to help come up with a reasonable offer price on the car. Based on the vin, it's a pretty plain jane optioned car...2V-289 w/C-4, drum brakes in front, stock steal rims with GT covers. Although it has sat in the California sun not running for about 24 years, it's actually pretty well preserved, considering...body is nearly perfect (no rust or damage), chrome is in great condition, drive-train is clean and appears unmolested, odometer has around 37,000 miles (could be 137,000, of course), but over-all the car looks like it had a pretty easy life before it was parked and Mother Nature started taking it's toll. Interior "soft parts" are write-offs for the most part, but all the "hard parts" are in good restorable condition. All exterior and drivetrain parts are accounted for and in good restorable condition, as well, and the engine appears to be the original with no evidence of major work externally. Supposedly it was running when it was parked. Probably the most interesting aspect of the car that I've found so far is that, according to the vin, it was one of the first cars sold in Los Angeles, in the first month of GT/CS production in 68, and from what I've gleaned from vin and historical info, there was only one dealership in LA that debut and sold the GT/CS and most of those cars were supposedly special orders, sold sight-unseen. All in all, it's pretty well preserved, but obviously it's a complete teardown/rebuild restoration project. So, the big question is...what should I offer for it. The 18 year old kid who owns it inherited it from his mom, and is motivated to make some quick cash, hasn't the first clue about car restoration, but knows the car is relatively rare...and in my opinion, thinks it's worth more than it really is, but hasn't yet decided what he wants to ask for it. I'd like to have some ammo to justify what I think it's worth. Any advice or questions are welcome and appreciated.

 

[hookedtrout]

Looks like it needs a deeper look on the front end, missing the fogs and the hood is missing the hood pins, not sure if the hood pin parts are still on the car under the hood, could be a sign that the front end has been wrecked. Also the drivers side stripe seems to climb pretty high as it goes back so it may be a repaint from damage years ago. From what you've described and with a Marti report to verify it's authenticity I'd start in the 3-5K area dependent upon what the front end reveals.

Just my thoughts.

 

[di81977]

In this market, I would say not worth very much.

Many people underestimate restoration costs. Sounds like you have some past experience, so you are probably aware. Paint, Interior, Engine rebuilt will run you at a minimun $15K and could go much, much higher. Little things like brakes will probably run you $500 if you do the work yourself, more if you go to a shop. Costs add up quickly.

Don't buy it as an investment, buy it because it is something you like and want to enjoy.

Good luck with your decision.

David

 

[franklinair]

IF (note big IF) everything structurally were to check out OK, and verified with a Marti Report $5K would be more than generous. The car looks like a complete re-do, and as David stated, I see an easy $15K cost to bring it to an "Occassional Driver" status- not Concourse. I recently re-did a '68 and spent $10K without the need of a paint job, and did all the work myself.
It looks like a worthy project, and you'll find loads of info & help on this site if you decide to go for it. Remember to check the cowls for leaks - a BIG job to fix. Just pour a glass of water into the cowls and see where it runs out. Hopefully not inside/under the dash. And verify condition of floorpans, frame rails & torque boxes.

Neil

 

[J.Bart]

verifiy the vin number from the inner fenders, under the hood.
and get your own marti report.
then i would check the engine to see if it's matching numbers.
see how original the car is.

 

[747Driver]

Your thoughts jogged my memory that I read that the GT/SC grills and Marchal lights are no longer available (?), and the original hoods w/lock pins have only recently been reproduced. All of which are missing from the car (no lock pin holes in hood). So, I stopped by the car this morning and did some closer snooping. Finally got the trunk unlatched and found a crunched left headlight bucket and left bumper brace, one crunched Marchal light and one perfect one. Then took a closer look at the inner fender wells...left front is original with factory undercoating, and the right is a replacement with no undercoat! Obviously the guy who abandoned it had a minor front fender bender at some point after there were no longer replacement hoods, grills and Marchal fog lamps available. Interestingly, the hood has the two cowl vents with turn signals in the top, but not the locking pin holes. My offer price just got lower. Thanks for your clue-birds.

 

[franklinair]

The missing parts are available. The hood can be drilled for the lockpins.

Neil

 

[747Driver]

Good to know. Thanks

 

[franklinair]

747Driver ?
I used to oversee maintenance (primarily avionics) on 747's back in the dark ages (1970's). Eastern leased 3 of them from PanAm, and I 'baby sat' them in SJU.

Neil

 

[rvrtrash]

I need to have Neil do my restorations. When I did the one on my CS several years ago, I put $20K into it, not including the purchase of the car. The '73 Mach 1 I'm finishing up is also at $20K, and will go a little higher before I'm done. I would guess $2-$3K for the car would be fair. It's always cheaper to buy a finished car then to do it yourself, but when you do it yourself, you know what you have.

Steve

 

[747Driver]

I just moved over to the 747-400 from the MD-11 at UPS...Great airplane.

 

[747Driver]

I think my wife views it as more of an expensive "character flaw" than an obsession...I keep telling her she should be happy that I'm not into gambling or other women! At least cars and airplanes have more longevity and you can generally control the final product. As far as the GT/CS offer price...you all are validating what I've been thinking all along... 2-3K has been my target considering the condition it's in and knowing how much I'll spend on it just in replacement parts and machine work...I'll be doing most of the mechanicals myself, so time is a wash. The boy who's selling it is the son of a family friend, and he's trying to scrape up cash while working and taking college courses, so I'll probably end up over paying him to help him out anyway. I'm just looking forward to learning Mustangs after years of building nothing but Chevys. The car is not rare enough to ever be a trailer queen, but just interesting enough to make it fun to restore and drive without guilt (I'm thinking completely stock-looking stroked 289 sleeper). As I get neck deep into this car, I'm sure I'll be needing advice and sources from you all. Thanks already for your thoughts. Cheers, Josh

 

[aemoo28]

Not rare enough to be a trailer queen? Give us the VIN & we can tell you how rare it is in our book registry. With only 3867 built in 1968, they are rarer already than the '68 Shelby cars.

Oh yes the GT/CS can be a trailer queen, but wouldn't you rather drive it?

A Chevy man turned.... I LOVE IT!! Do you by chance have any '68 SS Camaros in your garage?

 

[Midnight Special]

....Welcome 747Driver! You sound like my kind of guy

The present era for the '68 GT/CS has never been more perfect! Affordable, well supported, easy to restore & maintain, rare enough to be cherished - but not too rare to be driven etc, etc... I know from experience with this site that you will enjoy getting there as much as ultimately driving one.

....Oh, and feel free to yell at me when I sabotage your threads with talk of airplanes.
You wouldn't be the first ;-)

 

[somethingspecial]

Welcome

I see you are in Dixon, Ca. Is the car near there? If you would like someone to inspect the car for you, and the car is in the area, I would be more than happy to inspect it for you as my schedule is pretty open after this weekend. Just let me know. Mike mikej@bigbytes.com. I am in Grass Valley.

 

[747Driver]

My philosophy is, they are like airplanes (and women?)...you're still gonna have to polish and maintain them whether you take them for a ride now and then or not, so why bother having one that just sits around looking pretty. Warranty# (VIN) on the car I'm looking at is 8 R 01 C 142682 and the Serial Code is 65A Q 15 B 71 2 W (the 15 is questionable...difficult to read). If anyone has time to confirm my research, I'd appreciate it. By the way Tim, beautiful shots of the Mustangs next to the Mustangs and the Electra. Josh

 

[747Driver]

Neil: You mentioned that the missing parts I'll end up needing down the road are available...I've searched several sights and turned up little so far for GT/CS specific parts. This is already becoming a fun "quest," as nearly all of the parts books and websites I have saved are Chevrolet related...I feel like I'm re-taking a history class that I slept through in high school! Let me know where I can search for OEM GT/CS parts when you have a chance. Thanks Josh

 

[Midnight Special]

Josh,
In the interim, contact Ron Moore of R&R Classics (blue-oval icon at left column of this page) 'Not sure if his web store is up again, but he always answers his phone and is extremely local to you. My son & I have acquired many parts from him lately

 

[Mosesatm]

Rob, you out there?

This may be an interesting car to check out for your little research project.

 

[Mosesatm]

Your thoughts jogged my memory that I read that the GT/SC grills and Marchal lights are no longer available (?), and the original hoods w/lock pins have only recently been reproduced. All of which are missing from the car (no lock pin holes in hood). So, I stopped by the car this morning and did some closer snooping. Finally got the trunk unlatched and found a crunched left headlight bucket and left bumper brace, one crunched Marchal light and one perfect one. Then took a closer look at the inner fender wells...left front is original with factory undercoating, and the right is a replacement with no undercoat! Obviously the guy who abandoned it had a minor front fender bender at some point after there were no longer replacement hoods, grills and Marchal fog lamps available. Interestingly, the hood has the two cowl vents with turn signals in the top, but not the locking pin holes. My offer price just got lower. Thanks for your clue-birds.

A '67 grill can be purchased from Ron then easily modified, or I think you can buy one already modified from Somethingspecial (Mike).
The Marchals are being reproduced and can be purchased from NPD and used ones are on eBay fairly regularly.
Hood pins and all the associated hardware can also be purchased from Ron.

My humble opinion would be to take Mike up on his offer to inspect the car for you. He'll let you know the good, bad, and ugly about the car, and he has one of the most beautiful, and best restored, cars on this site so be sure to check it out as an example of what can be done.