Cost-Benefit Analysis

[RickInTex]

It's been years (literally) since I posted here, though I've lurked for quite a while.  I'm debating whether to sell my pagoda, which I've had for ten years, or keep it with the plan of further restoration.  That's a practical and emotional debate that really involves me and my life and what I want, so something I can't really get advice on.  What I am wondering about is what is what I might be able to sell it for (or, rather, what would be a reasonable asking price).  Clearly the values of top-end examples are rising, and while mine is not condition 1, or even close, I'm wondering about prospects for lesser examples like mine, a '67 250*SL (see below for asterisk).

The good:  very solid engine and drive-train (rough second gear when cold):  ~ 165 k, with 20K since valve job and new injection pumo, replating of injector lines etc. as per spec, bead blasted valve cover which are still lovely, regular routine maintenance, new fuel pump two years ago, a few assorted ignition gremlins over the years, but runs sweet. (Thanks, Jose Gueverra!)  Original interior (cognac MB-Tex), hard-top, decent but not factory fresh wood, 4-speed, Kindertotenseat, good tires, good compression.  Leaks oil and ps fluid, but not critically. Installed non-original good condition euro headlamps that are gorgeous.  Always garaged; driven maybe 50 miles a week, once a month for 30 or so miles at highway revs that leave it running smoother and stronger than before.

Sentimental connection:  when I bought it, my best friend was telling me how much she loved one she saw as a kid; turned out the one I bought was in fact the exact car she saw and loved as a kid in upstate NY.  Such a coincidence it clinched the deal.

The not-so-good:  It was originally a 230, but previous owner installed 250 block* when rebuilding it and rebadged it as 250SL.  So is it a 230 or 250, and how does that affect value--less than either?  Or split the difference?   Originally olive green, repainted dark green (factory color) with exception of dash, alas, and engine bay, which is black.  Apart from a few scratches, it's a nice job that waxes up well.  Chrome is good at 20 feet; full restoration would mean new grill, bumpers (no dents, though, door sill aluminum trim).  Odometer non-functioning; tach-cable probably needs replacing, along with some dash light wiring and some gauge cleaning.  And bezels. Square-weave carpet replaced by previous owner with wrong-color brown loop fading into 70's shag carpet shade.  Canvas top a hideous shade of vinyl, suitable for awning, and i never use it.  Rust:  some repair in floor wells by previous wonder, effective but not seamlessly done, some rust visible underbody at seams behind front wheels underneath, but who know what rocker covers hide (new ones riveted (!) on by previous owner, preserving a mystery I've never explored).  On other hand, I live in Dallas and never drive in rain, so I'm hoping rust isn't much more than when I bought the car.  Suspension is original (apart from engine mounts two years ago), and if I had 5-6k handy, that'd be the first thing I'd do to restore ride and handling; right now feels loose and noisy.  Fan blows Heater blows insulation, not fun.  No A/C.  Hard top leaks powered stuff from liner, of course, unrestored.

I guess I'm looking for, first, are thoughts on what would be a fair asking price; paid $18k, put probably close to $10k since then into it.  I was thinking $30k to sell.  Of course my problem is that it's not critically urgent that I sell, because all things being equal, driving the car weekly or so is one of my great pleasures in life.  As a liberal arts college professor, I don't value everything in monetary terms.  But as a liberal arts professor I'm weighing a practical/monetary issue against an emotional one.

Any thoughts are welcome.

RickInTex

[jameshoward]

I can't help you with the price point, although $30K may be a little low?

I would say, though, that the car is a 230 and I'd change it back. You'll just confuse the...easily confused...with rebadging. Everything else points to a 230, anyway, so leave it there and just mention the different block. Judging by what you say of the cars condtion, which sounds pretty good, I wouldn't say that the block is a factor at all.

Should you decide to sell, I think you'd be very well advised to spend money on getting any mechanical faults rectified, (eg the tach, leaks, etc) and replace the soft top. Neither will be expensive, but both should more than pay for themselves easily. If you're remotely handy, a few hours of reading here plus a few hours under the car could do wonders for the ride. Many of the bushes are easily accessible. And if you don't fancy doing the work yourself, find a good garage that you trust and take them the info - printed from here - on how to do any of the more tricky jobs.

US members will have a better idea of price vs condition.

[GGR]

As James say, it is a 230 (defined by its VIN) with a 250 engine block.

The black engine compartment, the different dash color, the riveted sills, some visible rust and the bad looking soft top may pull the price down, though the car really looks nice.

I once sold a car I was really attached to (a '72 inka orange BMW 2002). I thought by then that it was ridiculous to be attached to a car. Since then, many cars have come and gone with no regrets, apart from this BMW. I dearly miss it and I kick myself each time I think about it.  So, if you are sentimentally attached to the car, you enjoy it every week and you don't really need the money, then keep it. You are in a better position wondering if you want to sell it rather than missing it, trust me. And the day you're absolutely sure you want to sell it, since their value is on the rise, it will most seemingly be worth more than what it is today.

[RickInTex]

Thanks for the quick replies.  James:  It seems like good advice to deal with the comparatively minor and easy things before even considering selling--leaks, soft-top, etc.--matters that would be on my list even if I weren't to sell.  I've thought about rebadging as 230, and perhaps this would eliminate confusion for buyers, though it would confuse the Texas DMV.  GGR: point taken about regrets--I've been told much the same by my father-in-law, who once had a 57 Chevy that he wishes he'd never sold.  And with prices trending as they are, I'm unlikely ever to own another if I sell this one.  That said, I appreciate your thoughts about current values and asking prices.

I meant to post this in General Discussion, so will copy my original post there for more visibility. Many thanks!

Rick

[Rothko]

I would think long and hard before selling the car.  I would rebadge it as a 230 even if I was keeping it; I agree with the prior posts that it is a 230 with a 250 block.

Funny, my father always bemoans the fact that he sold his red TR3 that he had.  I don't hear too many people complaining about keeping a car longer than they should have.

[RickInTex]

Rothko, a telling observation about regret--thank you. i'm not in a rush to sell, though a notion of what it's worth--or a plausible asking price--is something I would like to get a better sense of.

[lamakdaddy]

I recently purchased a 71 280 which is a solid useable car with original panels etc. It has poor paintwork. It cost 40k usd.  There is a similar car on ebay atm for the same price. So if your car is good bones it should fetch around 35k I would guess..

[71Beige280SL]

RickInTex, try going to Hagerty's website. They have a valuation tool based on selling price data. Many of us believe their valuations may be a bit on the high side for insurance purposes but, at least it is a place to start.

[Flyair]

I would rebadge it as a 230 even if I was keeping it; I agree with the prior posts that it is a 230 with a 250 block.

I think that, if you decide to sell, you should openly state what is the main issue, i.e. the body/engine mismatch. This would eliminate the buyers who cherish the originality above all. There may be others that would actually enjoy having a vintage car with a larger engine and would not mind that at all. Good point is that you are not unique in this case, there were some posts before about a 230 with 280 engine.

And I would strongly advise that, for once ( ) you lessen to wise words of your father. Dont let the opportunity to ride one of the finest cars go away!

[scoot]

I actually think that 30k is a little high, but I'm no expert.  Regardless, you are in the $25k - $35k range.  I don't think that price should be the driver in your decision.  If you want to keep the car, keep it.  If you want to sell the car, sell it.  Don't be held ransom by your car over the money, it's not the most important part.

[RickInTex]

Thank you, all, for advice.  It was mid-70s today in Dallas, and I had such a lovely time driving.  All I can do on such days is think about how I'd like to rebuild suspension, fix minor things, and keep driving it.  I feel guilty when I don't drive it for a week or more, but when I do, once it's warmed up, engine runs like a champ. 

So:  not inclined to sell but to save summer-school teaching money to redo suspension.  My mechanic, who has been very good to me, has suggested a full rebuild--not restoration to factory-pristine cosmetics, mind you--would run $4000 for front, $2000 for rear.  We're talking subframe, kingpins, shocks, bushings, all worn parts.  Does that sound to anyone reasonable to expect to shell out? I don't have time or equipment to do this sort of thing myself.  But handling and driveability would be greatly improved.  Also rattles, I'm guessing....

Again, thanks, all, for weighing in.  It's not critical that I sell it, and it seems to me that even with investing more in it, appreciation over future years will compensate in some measure at the least.