Author Topic: Whats going on with prices on cars needing heavy work?  (Read 6487 times)


jf308

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Re: Whats going on with prices on cars needing heavy work?
« Reply #1 on: December 04, 2014, 03:50:00 »
WOW....especially that 230SL "project" for $15k.

I guess since the Pagoda's are rising in value across all categories there is always the feeling that there is room to "build investment value".   There is a pretty wide range in pricing giving to optimism for landing somewhere in the middle.

As tragic as it sounds, some of these "projects" are worth more than the price paid in "unobtanium" original parts.

Jonny B

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Re: Whats going on with prices on cars needing heavy work?
« Reply #2 on: December 05, 2014, 22:28:31 »
As a bit of a further look:

Another set of "barn finds" in Europe:
http://www.sportscardigest.com/forgotten-baillon-collection-artcurial-retromobile-2015/

You just have to love the spin the auction house puts on this stuff:

Pierre Novikoff, motor car specialist at Artcurial, commented, “These sleeping Beauties are clothed in the precious patina of time gone by. A collection like this can’t fail to arouse the passions of those who love automobiles, as well as art and history enthusiasts. Never again, anywhere in the world, will such a treasure be unearthed!”

Sleeping beauties indeed! Take a look and judge for yourselves. Then look at the price estimates for what will be the two star cars.
Jonny B
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Shvegel

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Re: Whats going on with prices on cars needing heavy work?
« Reply #3 on: December 07, 2014, 08:46:44 »
Or this:
http://www.ebay.com/itm/Mercedes-Benz-SL-Class-280SL-Pagoda-1970-mercedes-benz-project-280-sl-280-sl-w-113-113-pagoda-/191421705870?forcerrptr=true&hash=item2c919f6e8e&item=191421705870&pt=US_Cars_Trucks

My theory is that the jump in price at the low end is the result of enough people with a dream and little money. Having been one of those people years ago I completely understand but wish they would save their money a little while longer and buy a better starting point.  I am the perfect example of this.  I bought my 280SL 12 years ago as a nearly complete car that had been "restroyed"by someone with a brazing torch and an air chisel.  I paid 5.000 USD, rebuilt the stuck engine and drove it for 4 years.  At that time really nice cars were in the mid 20,000 USD range.  If I had spent 15,000 USD more at that time I wouldn't have 30,000 USD in the restoration of my rusty then butchered shell.

If these cars ever get finished (and that is a big if) they will have far more than they are worth into them at least at today's prices.  Re-covering a pair of seats with new pads will set you back 2,000 USD and Just getting fuel to squirt into the engine of the 230 might run you 5,000 USD (Gas tank. fuel lines. fuel pump. hoses and injection pump rebuild).  The great service of these high prices for me is that as I continue to write checks for the restoration of my shell I can show my wife these links and ease her mind about my foolish passion.

As a public service maybe we should do a "SO you want to restore a 113?" thread on here somewhere where we can list what it really costs to bring a rough car back to life.

Cees Klumper

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Re: Whats going on with prices on cars needing heavy work?
« Reply #4 on: December 07, 2014, 16:26:10 »
Wasn't there something about these old basket cases being bought so that a really nice stolen car could assume a new identity? So if a 'hot' car is worth say $125,000 then paying $6,000 such as for this example to make it 'legal' then that'd be a small investment for the thieves, and they can still sell off some parts, although there don't seem to be any to speak of on this car.
Cees Klumper
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Garry

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Re: Whats going on with prices on cars needing heavy work?
« Reply #5 on: December 07, 2014, 21:24:33 »
Cees,

I think you have nailed it that the majority of these sales are for rebirthing another vehicle and as such then its cheap given the latest values.

Garry
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Panzer82

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Re: Whats going on with prices on cars needing heavy work?
« Reply #6 on: December 12, 2014, 19:01:32 »
I've seen absolute parts cars sell for $20,000 in the past 6 months (end buyer had no intention of restoring, as end buyer was a Mercedes dismantler / parts outlet).... cars like the really rough one pictured above.

Have you looked to see what parts are going for these days? The chrome strips on the doors of a 230SL cost just as much as those for a 280... as they're identical... in the UK I just saw a price of 220 GBP, the Classic Center charges about the same (just priced a complete set, for both sides of the car at $800). How about the little latches to secure your 230SL hard top... $550 a pair at one place I found. God forbid you need body panels... putting in a new trunk floor? You might as well Papier-mâché your trunk with $100 bills.

I only see the prices of all Pagodas going up as parts prices increase, restoration costs increase, etc. etc. Any restorer will tell you, it's cheaper to buy a well restored car than a basket case and try to oversee a restoration yourself. Unless that's what you like doing, and for a lot of people, that's their thing... but more often than not, people end up spending $125,000 and end up with the nicest $85,000 250SL. It depends what you want. Buy a less than perfect driver to drive and enjoy... that's what I did.... if I want a better car, I'll sell the one I've got and buy a nicer car because trying to make mine into that 'nicer' car will take more time and money than I'm interested in spending, all while having nothing to drive for the what, year, year and a half (easy) it might take to have the car restored?

I always say... "There is nothing more expensive than a cheap Mercedes-Benz".

bogeyman

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Re: Whats going on with prices on cars needing heavy work?
« Reply #7 on: December 12, 2014, 23:28:00 »
What about the price of headlight "buckets?"
Used to be able to get the US version for $200-300. Now they are $1,000 - $1,500?
It's almost cheaper to buy the Euro versions??
Rick Bogart
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Kayvan

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Re: Whats going on with prices on cars needing heavy work?
« Reply #8 on: December 16, 2014, 01:15:22 »
113 SLs sell for over $100K here in Cali all the time

The Classic Center has sold many (5+) in the $175-200K range

At some point the market is going to break with the:  "oh those are $35K cars" sentiment; happened to the 190 SL and happened overnight in the Porsche 356 / 70s 911 market.

When that market break-through happens you wont be able to get any parts cars period; and $50-75K will be new normal


Classic Car market is irrational and has almost zero relation to restoration cost.

When a new trend emerges, prices react overnight