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Certainly it can be resurrected, the issue is at what cost. You'll be upside down in no time, which is not at al unique in this crowd. The question is: are you willing to spend more getting this particular vehicle up and running than you are scrapping it and buying an already running model for less money.
Weight that, and you'll be clear on your next move.
CATTMAN
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2005 Porsche 911: 997S, supercharged to 530HP
1987 Porsche 911: Concours prep OEM guards red on black
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