HELP!!! Value of a 1987 911 Cabriolet needing engine work
 

The overall question - do i come out ahead financially fixing or selling as is? I need to make a decision in the next day or two on whether to do the work or sell as-is.

Now the details: 1987 3.2 Carrera Cabriolet with 54k original miles, guards red/linen partial leather, options included 16” fuchs, sports seats, Blaupunkt Reno, cruise control and factory alarm (no spoilers, non-power top car). The only non-original/not correct items are 1.) lowered ride height (torsion bar re-indexed, sits a bit lower than Euro spec), 2.) third brake light from an 89 painted in guards red rather than in black as fitted on MY 1986-1988 (have original that goes with car) and 3.) 930 Euro rear impact strips with reflectors (again have correct US NOS impact strips).

Car is a very, very strong #2 condition car. I commissioned Concours John for much of the cosmetics. (see concoursjohn.com for his long list of award winning work since 2000). Complete documentation from brand new - ALL (and i mean all) books, records, owner’s info since day one, original window sticker, COA, etc. All accessories - spare air compressor, FULL toolkit (Pudenz fuse pack even), Owafix gloves, spare tire plastic bag, cab top boot with storage bag. As well, a huge collection of dealer sales related items (every 1987 PCNA item imaginable for specifically the 911 or Porsche generally). There is evidence (paint meter) of some paint work on the back right, although was done in single stage (not two stage base/clear that became common starting in the 90’s as easier to match repairs), so possibly repaired before sold new. No records by prior owners of the repaint. No physical damage detected, so cosmetic only repair. Great efforts to bring the cosmetics as close to concours as possible - details like reupholstering the G50 shift knob with a perfectly skived fitted linen leather (not just tossing a black one on), correcting the very minor flaking paint on the inside of the tail lenses. The list goes on and on and on, those are just a few examples of the small details to show how OCD I am about the car.

Mechanically, I keep on top of everything preventively. P3 Autokrafte in Centerville, Ohio has serviced the car since 2014. Again, nothing gets put off. When i take it in for it’s spring service, if it is recommended, it is done.

Recently I decided to sell the car. During the service I asked to have a PPI performed with compression and leak down tests as any of us would want to see if we were prospective buyers. Plus, makes me feel better selling it with full disclosure. Everything was fine, except cylinder #1 - compression under 100 psi and leak down in the 70%. Pulled the valve cover - head stud is fine. Likely valve/head issue and will likely be a full top end, around $14k. Best case scenario, something less, but i can’t image less that 10k and let’s face it - it’s a well, while you’re there, might as well do it right issue, so likely full top end.

I’ve been down this road before, albeit with much less $$$ in play - is it worth repairing or sell as is? Basically will i get the rebuild amount (or more :-)) back when I sell. My valuation thoughts after rebuild is anywhere between $45-55k. I was planning on trying Bring a Trailer and if it doesn't sell there, list here on Pelican, Pano, Autotrader, etc. I think its a $50-55k car, but it’s my car and naturally I am biased. It’s red - which right now everyone seems to be anti-guards red (and I get it, very common color) and it’s a cab, not a coupe or targa (and I understand that debate, too). So I’m not debating it’s a red cab and I get why the market responds to say a marine blue coupe. The red with linen combo is unique though. But what’s it worth as-is? $30k? $20k? And yes, I absolutely would disclose the engine if I sold as-is, so factor that. Am i overvaluing it with the rebuild? Is it really a $45k car and $35K as-is? Basically, I want to be smart here. If the loss would be less than the rebuild, why do it? Then again, if the difference in value is $20k, then well…. I’ll stop. As you can tell, I love this car and am heart broken. I’ve owned it for 6 years, was looking to downsize as I haven’t been driving it as much and wanted to pass it along to the next care taker to enjoy.

Thanks so much in advance - I really appreciate any insight and opinions.

Put a full fresh tank of gas in it and drive it some more. Drive it hard, taking it over 5000rpm repeatedly once it's warm and get 100 mi or more on it. Then test again.

Thanks Matt! Can I ask why? Carbon build up?

Really low miles and not driven enough. There may be some crud that’s preventing the valve from closing completely.

Matt - I really appreciate you weighing in. I’ve read many of your posts and always enjoy your expertise.

You’re welcome.

70% may be too high for carbon build up, but it is absolutely the correct path to take. And to be crystal clear, you need to drive the absolute piss out of it. If any tracks are open in your area take it out for a two day event.

As for valuation, I think the market is going to be soft for a red cab. $45k is probably all the money+, even with only 55k miles. I think you should be more realistic in the $40k range. Assuming it needs the top end done, you should absolutely do it if you can get it for between $10-15k. Trying to sell it “needing a rebuild” will have buyers telling you the rebuild will cost $25k and wanting a discount based on that.