current rusty driver-ok 64 356c value?
 

i have my eye on a fairly rusty (jack tubes are shot, floor has rust, from that i'd gather the rest of the car is rusty too) 356c, i think it's a 64. car runs and drives. it's slate grey with red leather, Side Mirror, AM-FM radio, and luggage rack. never been repainted. the slate grey color is in full super-delux patina mode. seats are split. one owner car, with pretty good records, though not entirely complete. my question is, what would a no-brainer, only-an-idiot-wouldn't-buy-it price on such a vehicle be?
i've seen the car. it looks great, if you're into patina, as i am. sadly, i don't have any pix to post. what do you think?
(my plan would be to get the car drive worthy and then drive it. i don't plan on doing a full restoration -- mainly because i have no DIY mechanical skills and not enough $ to pay someone else to do the work.)

If not DIY, that is a money pit. Minimal rust mitigation to get it to 'driver' status could well hit 5 figures.

If the car is numbers matching, my guess (and I'm far from expert on 356s) is low $20s keeps you within the value envelope. I've seen pretty good cars under $55K, so proceed with caution.

Thanks. At most all I can spend is 15. Right now only one other person is in the running and I'm sure his pockets are deeper than mine. He'll probably get it at the bargain price of 15,001. Sigh.

You should send him a thank you note

For keeping me out of a messy situation?

Yes...

You're a romantic and dreaming which is awesome, but just to get it roadworthy to drive with cost lots of sweat equity. Which is fine, but you have to remember that time is worth more than $$$. My fist Porsche was a '63 B Super 90 that I got for $100 in 1988. It had rust so bad that it was overwhelming. So much so I never got it roadworthy, as once we got something done, another piece fell off. I would say a high of $25K at most - as they are out there for sale. It would be a relationship for sure, but if someones got deeper pockets, then they will have the dough to fix it right. Get yourself something like an Oval window bug if you got the itch. They feel the same to me.

A car like this is something you buy when you are interested in DEVELOPING some DIY skills.

It is a practical exercise in welding, wiring, and scrounging. There is tuition involved -- in the form of parts, tools, and time. The lessons can be had for free on the interwebz. The community is great.

If you have no time or inclination, I would suggest a 1st gen miata. Not as cool, but a blast to drive, cheap to acquire, and don't break much.

well, here's the thing. the other offer on the table is $12,500 and, from what i can gather, it's either me or him. i don't think the person is interested in getting other parties involved. so do i really let this car go for so little? some crazy part of me wants to bid it up to at least $15k so that the owner will at least get that. and if by some chance i did get it for 15k, well, i can always sell it for around that (i'd hope), if'n it begins to seem like too much work. sure, there's rust, probably a good bit of rust, but i can probably summer drive it around my little town for a year or two and to hell with the rust, after which i could sell it to someone who can do what i can't.

here are two ebay cars that seem to be in considerably worse shape than the one i'm looking at. prices are in the mid 20s.

http://www.ebay.com/itm/Porsche-356-2D-1965-porsche-356-c-an-excellent-original-356-for-restoration-/271746093614?forcerrptr=true&hash=item3f4554522e&i tem=271746093614&pt=US_Cars_Trucks

http://www.ebay.com/itm/Porsche-356-coupe-1965-porsche-356-c-coupe-restoration-project-/221607612286?forcerrptr=true&hash=item3398d7cf7e&i tem=221607612286&pt=US_Cars_Trucks

unless the market falls apart completely, i don't see how i can lose. and i don't want a miata or a different porsche. it's the lines on the 356 that speak to me. if i don't get it, i won't lose sleep over it, and i won't go looking for another. in the meantime, the romance of the thing has a deep grip on me.

Having just sold a 356 that I had owned for 23 years I can attest that that's cars are highly sought after. I think you have a no brainer at 15k especially if it's an original never been touched car even with heavy rust. I assume it has a motor and drivetrain and if numbers matching or with interesting options you're even better off. Now keep in mind, if you plan on fixing it be prepared that it's going to take lots of time and money to get it right.

Go for it as these cars are hard to find and have a strong following.

Buy, you will regret it otherwise. From what you tell I can say that this opportunity will never come again. Patina is the new gold, and original paint is almost unheard of.

You could always resell if the task is to daunting....

I would approach the owner with "$15k if the bidding ends right this minute". To let the bidding drag forever on is never in favor of the guy with lesser money. Ask me how I know!!


Regards,

Johan

Put $15K cash on the barrel head. If he takes it, sweet. If not, that's all you got and you tried - move on. You'll find another if that's what you really want.

with only two bidders, i know that's how i should do it: either take the 15 right now or else i'll back out entirely and you'll be stuck w/ the 12.5. i'm pretty sure that's my only chance of getting the car. but the other party is some kind of friend of the family (i know, what kind of family friend offers 12.5 on a car that is worth far more) and i'm pretty sure the owner wouldn't go for that ploy, even at the cost of 2.5k.

sticky situation!

here's my other thought about how to deal w/ this. i tell the owner that while i could offer more than 12.5, and want to offer more, at the same time, i don't want to get in a protracted bidding war. we both know that the other party has deeper pockets. that being the case, ask him to give you his best offer, knowing that it will be considered his final offer, there'll be no back-and-forth bidding, that's the most he will pay. then i can either beat that price by $500 or let the car go. and then i'd explain that if we don't do it that way, i'd rather not bid at all and 12.5 is what the car would sell for.

seems to me that's a fair way to handle the situation and very win win. certainly the owner will get more money than if i drop out of bidding altogether. and he stands to get much more money if the other bidder actually decides to pay close to fair market value. if that happens, i lose, of course, because i won't pay more than 15. at the same time, it's not the kind of loss that i'd feel bad about.

what do you think?

Ask the seller to name a price. Tell him point blank that you have no internet in a bidding war. He names a price. If you find it acceptable you will buy the car. No games. The end.

I would pay more than $15k for a car like that.

Colors...
 

Slate grey with a red interior is a very nice combo - the colors would give me a push...

Sounds like you have little chance in reality. You are personably being used, He is using your offer to the establish a "fair" price for the other guy.
Make your offer with a window of 24 hours then get on with looking for another Porsche.

I think you guys are way too eager to deplete the OP's funds. That car needs money spent on it after the purchase. Potentially a lot of it.

i owned a porsche for a while and have gotten the p bug mostly out of my system. then this came along and i suddenly took ill with desire all over again. if i don't get this particular car, i won't go looking for a different one. it's only this one that has me all fired up. slate grey / red -- what a hotsy-totsy combo.
the owner is not going to name a price. i've asked.
again, let me ask what ya'll think of this "negotiating" tactic:
i tell the owner that while i could offer more than 12.5, and want to offer more, at the same time, i don't want to get in a protracted bidding war. we both know that the other party has deeper pockets. that being the case, ask him to give you his best offer, knowing that it will be considered his final offer, there'll be no back-and-forth bidding, that's the most he will pay. then i can either beat that price by $500 or let the car go. and then i'd explain that if we don't do it that way, i'd rather not bid at all and 12.5 is what the car would sell for.
again, what do you think?

That's the best course of action. And truth on the price.
I also would pay more for the car (PM sent yesterday :D), but have the drive and most of the knowledge to fix it myself. Even if you have neither, and you can get into it ~15, you pull it apart and get in over your head.. you'll still be able to cut and run and likely still make a couple bucks.

If the car is truly all original, please just clean and preserve what you've got. Original, but beat is so much cooler than perfect, and restored (and more rare by far!)

What Porsche have you owned in the past?

again, the owner is not going to do what matt suggests. it just ain't gonna happen. and that's that.

my only porsche was the bastard child 76 912e. loved the thing. but the second i saw rust on it, i sold it to someone in a non rust part of the country. it was absolutely rust free up until my ownership. i felt terrible. but ... this 356 is already full of rust, so if i get it, i wouldn't have to worry so much, depending, of course, on how deep it goes.