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356
I think you have to ask yourself what are your intentions for the car - resale or keep it and enjoy it. I consider the notch a slight minus as well, odd that they made it at all. I'm usually not a "red" Porsche fan, but that deep red looks very good to me on a 356, a plus. If you love the notch and want a nice driver with your free labor, don't buy it as an investment, but a fun driver that should not depreciate.
For resale this car seems way overpriced to me, worth $80k?? It's a '61 1600 normal notchback with a lousy repaint, bondo in the nose, rust in the trunk, and it has not run in many years so the brakes are probably shot, the engine needs a reseal, etc., etc.
If it was an original car (good paint, no wrecks or bad rust) that needed some mechanical work, I'd offer $25k to $30k max. This car I'd say in order to make any money at all, you would need to pick it up for $20k max. A good paint job is not cheap these days, figure $5k minimum with little/no bodywork.
There are so many variables to consider, and the stagnant economy does not help in this price range. The uber rich will always drop a million on an unrestored rough Ferrari, but a '61 1600 normal notch - a harder market to find. If it was at $10k to $12k it would be a no brainer, but at $40k it's right at high market (considering it needs paint and mechanical work) seems to me - hard to make much money unless you want to hang onto it and hope it turns into a $80k car in a few years (possible I suppose, but not probable).
Good Luck with your decision, I wish I had bought a couple of 356 rusty hulks and threw them in a barn years ago when they were "worthless," I had no idea they'd be worth so much today....
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