1977 Porsche 911 Targa $11k good deal?

ItzaMe · 07-13-2015, 09:35 AM

Found this on craigslist locally. What are your thoughts?

It needs resto but if I offered him 10k cash and he accepted would it be a good investment? Seems like a decent price even for a targa. Let me know what you guys think!

1977 PORSCHE 911 TARGA

alfadoc · alfadoc's Garage

Wow, to think of the rust that could be lurking inside of that thing. Proof that galvanized cars can rust. I would not touch that with someone else's ten foot pole.

Trackrash · Trackrash's Garage

Get some cash and make an arrangement to see the car in person. Make a deposit and get a PPI. No wait. At that price buy it, unless it is either already sold or a scam.

ItzaMe · 07-13-2015, 09:46 AM

Quote:

Originally Posted by alfadoc

Wow, to think of the rust that could be lurking inside of that thing. Proof that galvanized cars can rust. I would not touch that with someone else's ten foot pole.

Quote:

Originally Posted by Trackrash

Get some cash and make an arrangement to see the car in person. Make a deposit and get a PPI. No wait. At that price buy it, unless it is either already sold or a scam.

LOL c'mon guys these are the two total opposite replies

Still not sure if I should hop on it or not. I can get the money and talked to the owner said I can come see it anytime today. So going to check it out after work. That rust does scare me the Porsche I have now just needs driver floor pan but nothing that bad.

Matt Monson · 07-13-2015, 09:47 AM

That car will be sold and gone by the time we finish disussing it.

ItzaMe · 07-13-2015, 09:48 AM

Quote:

Originally Posted by Matt Monson

That car will be sold and gone by the time we finish disussing it.

You think so? He said he hasn't had any offers yet.

Matt Monson · 07-13-2015, 09:52 AM

Quote:

Originally Posted by ItzaMe

You think so? He said he hasn't had any offers yet.

His ask is below market by a fair bit. The one advantage you have is location. If that car was in LA guys would already be driving to it and not waiting until after work to see it. I was exaggerating a little bit with my comment but I don't expect it to be available for very long.

spyerx · 07-13-2015, 09:52 AM

Quote:

Originally Posted by Matt Monson

If that car was in LA guys would already be driving to it and not waiting until after work to see it. I was exaggerating a little bit with my comment but I don't expect it to be available for very long.

Not really exaggerating... :-)

ItzaMe · 07-13-2015, 09:54 AM

Quote:

Originally Posted by Matt Monson

His ask is below market by a fair bit. The one advantage you have is location. If that car was in LA guys would already be driving to it and not waiting until after work to see it. I was exaggerating a little bit with my comment but I don't expect it to be available for very long.

I asked if he had a PPI and didn't know what that was so I might check it out and then set up PPI and hop on it. Hopefully can get all the funds together in time.

ItzaMe · 07-13-2015, 09:57 AM

He just told me "the car needs restoration, im not sure what kind of pre purchase inspection you want". I wonder how bad the car is not sure if I want to completely fully restore one lol. He agreed to the PPI if I paid for it which is cool I guess.

911SauCy · 911SauCy's Garage

Quote:

Originally Posted by ItzaMe

Seems like a decent price even for a targa.

1977 PORSCHE 911 TARGA

I love this crap...

In other news, I'd run away, unless you have another $50k+ to restore it. It's a rust bucket and he knows it, which is why the price is where it is and the add has "needs restore" in all caps, to cover his rear.

Das Schnell Ei · 07-13-2015, 10:03 AM

if you have a cut off wheel and a welder get at it.... i would if it was not in ohio

ItzaMe · 07-13-2015, 10:07 AM

Quote:

Originally Posted by 911SauCy

I love this crap...

In other news, I'd run away, unless you have another $50k+ to restore it. It's a rust bucket and he knows it, which is why the price is where it is and the add has "needs restore" in all caps, to cover his rear.

Ya it's obvious that it needs work. I guess you could say is this a good car to buy to flip or buy and hold onto for a few years for profit?

Quote:

Originally Posted by Das Schnell Ei

if you have a cut off wheel and a welder get at it.... i would if it was not in ohio

Ya I'm having my bro go look at it in an hour so we'll see what he thinks. If its just the door jam that needs attention then I think its an ok buy.

darrin · 07-13-2015, 10:10 AM

setting aside the rust for a moment, the magnesium case 2.7 liter engines have a bad rap too -- I'd also be sure that the car comes with a targa top -- none of the fotos show one, these can be pricy to buy/refurbish too

gr jetson · 07-13-2015, 10:27 AM

Dear ItzaMe,

You seem fairly new to the vintage 911 world. It is correct that the asking price is far below the market value, however (and this is a big however), without having an independent garage that often works on these cars carefully inspect this car (for a price), you simply have no idea what you are getting into. The entire bottom of the car could be solid rust; then your 11k$ deal is a massive loss. You would be amazed how much it costs to cut out rusted panels and weld new ones in. If you cannot do it yourself (usually out of love--not economic reasons), the cost will quickly unravel all but the extremely wealthy and courageous. How would you feel if your $11k 911 required $30k-$50k of restoration? It has happened before! If it has been in a flood, that is not out of the question. The little rust we can see, would be a dealer breaker for me even if the purchase price was much less. PPI means pre-purchase inspection, and without one on this car--again by a qualified neutral shop, you are rolling the dice for a massive amount of money, which you almost certainly will regret. That's how the messages above are not incompatible. It's possibly a deal, but the little evidence we can see suggests that it's not. Proceed with caution, not greed.
Best Wishes,
Greg

sugarwood · sugarwood's Garage

I've seen rusty door jamb cars go for more.
What if he decides NOT to restore it at all, since he would lose his shirt.
Can he just leave it alone, and drive it for a couple of years?
I think he can flip it on Ebay once he's tired of it.

ItzaMe · 07-13-2015, 10:34 AM

Quote:

Originally Posted by darrin

setting aside the rust for a moment, the magnesium case 2.7 liter engines have a bad rap too -- I'd also be sure that the car comes with a targa top -- none of the fotos show one, these can be pricy to buy/refurbish too

Asked him if it comes with the top and he said yes. So that's a plus

Quote:

Originally Posted by gr jetson

Dear ItzaMe,

You seem fairly new to the vintage 911 world. It is correct that the asking price is far below the market value, however (and this is a big however), without having an independent garage that often works on these cars carefully inspect this car (for a price), you simply have no idea what you are getting into. The entire bottom of the car could be solid rust; then your 11k$ deal is a massive loss. You would be amazed how much it costs to cut out rusted panels and weld new ones in. If you cannot do it yourself (usually out of love--not economic reasons), the cost will quickly unravel all but the extremely wealthy and courageous. How would you feel if your $11k 911 required $30k-$50k of restoration? It has happened before! If it has been in a flood, that is not out of the question. The little rust we can see, would be a dealer breaker for me even if the purchase price was much less. PPI means pre-purchase inspection, and without one on this car--again by a qualified neutral shop, you are rolling the dice for a massive amount of money, which you almost certainly will regret. That's how the messages above are not incompatible. It's possibly a deal, but the little evidence we can see suggests that it's not. Proceed with caution, not greed.
Best Wishes,
Greg

Thanks for the info Greg and I know what you mean. It could be nightmare that I don't want to deal with. I was thinking more along the lines of buying it and throwing it on an auto auction and letting it sell on there since I see rotted out/damaged 911's go 10k+ on there all day. I'm having my bro check it out and he'll tell me how much of a turd it is. Before I make any purchase I'll get a PPI for it for sure Thanks again.

ItzaMe · 07-13-2015, 10:35 AM

Quote:

Originally Posted by sugarwood

I've seen rusty door jamb cars go for more.
What if he decides NOT to restore it at all, since he would lose his shirt.
Can he just leave it alone, and drive it for a couple of years?
I think he can flip it on Ebay once he's tired of it.

Yup something like this is what I was thinking. Just wanted some input since I know I will not be doing a resto on this one at least.

ItzaMe · 07-13-2015, 10:41 AM

$6500 just for a shell

Porsche 911 911T | eBay

Matt Monson · 07-13-2015, 10:52 AM

Quote:

Originally Posted by ItzaMe

$6500 just for a shell

Porsche 911 911T | eBay

That's a long nose. Different category of car.

Engine, brakes, suspension and gearbox on the 77 could easily be sold for asking price. Interior, gauges, targa top core, etc very quickly put you up without spending too much time tearing things apart. But that's the old model.

Today, get this car on EBay in front of a larger audience and it could bring $15-20k. It runs and drives. Look at what BHCC sells crud for. That's expensive dealer pricing. Figure private party is 75-80% of their pricing. If this car isn't about to fold in half from rust $10-11k and selling it after driving it for a summer or two is low risk.