Need your advice on fair value: 1973.5T Targa with 2.7 engine

[kp.sfo]

Hi fellow Pelicans,

I need your advice on this:
I am in the market for a 1973.5T Targa and found a promising one, it even happens to be local to where I live. Took it for a test drive and it feels pretty solid, engine pulls strong and all gears shift smoothly. It does leak some oil, and after the test drive I could easily smell burnt oil in the air around the car.
The interior is in pretty good shape - except for missing door pockets (aftermarket speakers) and an aftermarket stereo. Dash is in very good condition with one tiny crack. 5 Fuchs wheels in great condition. Owner's manual + tool kit come with the car.

Here's what I know of the car:

• Current mileage on odometer is 124k mls (since engine replacement in 1990). Prior mileage unknown.
• New fuel tank + fuel lines in 2008, 122k mls
• New carpets in 2008, 122k mls
• New oil lines in 2008, 122k mls
• New shifter + coupling in 2008, 122k mls
• New front + rear brake pads in 2008, 122k mls
• New turbo tie rods in 2008, 122k mls
• New spring plates in 2008, 122k mls
• PPI from current owner in 2005: Compression @ 135/140/144/120/130/131; leakdown 3/2/2/15/6/3. Bought the car with 122k mls on odometer.
• New front + rear shocks, sway bar bushings in 2003
• Complete bare metal strip, professional repaint in orig color (detailed photo documentation) and all-new trim in 2001
• 90k mls on odo in 1999
• New timing chains + cam shafts in 1995
• Replacement engine (2.7) in 1990 (engine with unknown previous mileage) - odo set to 0
• Airbox pop-off valve in 1990
• Oil-fed chain tensioners in 1985
• No evidence of prior accidents.
• No evidence of transmission rebuild.
• No evidence of rust.

So, my question is: What's your ballpark number for this car??

Of course a PPI will be my next step to figure out any potential (hidden) issues, but I'd like to get a feeling if the asking price is in the right ballpark or not (taking into account the replacement engine with unkown mileage, which makes it a non-numbers matching car).

I appreciate your input and thoughts.

[kp.sfo]

C'mon folks, don't be shy!

Let me put out a number first: do you think I should pay more than $20k for this car?

Your opinions are greatly appreciated!

[KNS]

People pay top dollar for originality which this car no longer has. Me personally? I would pay 20k as the absolute max if everything else checks out, maybe a bit less. Rust is going to be the a big issue with this car - check carefully!

Are you looking for a collector car that will increase in value down the road? This one will go up in value but not nearly as much as with the original engine.

Are you looking for a solid, early car that you can drive the piss out and just have fun with? Then buy this car (if the PPI comes back good).

[geshaghi]

If you search this forum, you can find several recent threads on the recent value of early 911's. IMO, a non-rusty driver-level long wheelbase (69-73) 911T is still languishing somewhere in the mid-$20k range. Coupes tend to be more desirable than targas (but my sense is that early targas are rising in popularity, although still not at the level of coupes). Originality, condition, needs, colors, options, model year, etc. all factor in to value and can affect the price up/down.

It's hard to tell from the one photo that you've posted, but from the description, it seems that the car has received much attention over the years and is probably better than average. The non-original engine is a negative for the purist, but a nice running 2.7 certainly adds to the fun factor.

[kp.sfo]

Thanks for your replies - pretty much what I had thought as well.

I guess my major concern is that a few years down the road it might be difficult to sell the car again b/c of the non-numbers matching engine.

@geshaghi: I didn't take a ton of pictures, but the car shows very well in reality - super straight body, no rust anywhere, and the paint is in very very good condition. This is exactly why it makes it so hard to walk away from it... I am thinking that it will be hard to find another one that shows as well as this one but has the original engine - at a reasonable price, that is.

[geshaghi]

A non-matching car will almost always be less valuable than a matching numbers car, so you will have to contend with the issue in some way when time comes to sell. I will say that patience is important when looking for an early car. Here is a similar car with a 3.2 that also looks nice (no affiliation):
1973 911T Targa 3.2 Hot Rod

[kp.sfo]

Originally Posted by geshaghi

I will say that patience is important when looking for an early car.

That is very true. I tend to forget this very easily...

Thanks for pointing to this other Targa. Perfect proof point for me. I'll keep looking (and fully concentrating on our baby, due in 2 weeks)!

[regency]

kp.sfo, who is selling this car? Have you done a search of him / her or the business?

Steve

73 911 T MFI Coupe, Aubergine

[techweenie]

That weak cylinder has likely gotten worse since 2005, and was already (IMO) at the outer limit of what I'd accept (-20%). So figure a top end overhaul as part of the costs you'll face in the next couple of years -- depending on the miles you drive.

Subject to PPI, I'd say $18-19K tops.

[kp.sfo]

Originally Posted by regency

kp.sfo, who is selling this car? Have you done a search of him / her or the business?

Steve

73 911 T MFI Coupe, Aubergine

The car is sold by Jay, he runs a Porsche racing shop in Petaluma:
__________________
PORSCHE, BMW, PREPARATION, MAINTINENCE, CONSTUCTION
Cell # 707 775 7682
jjarvisautosports@yahoo.com

He sells the car for one of his clients, and came across as really honest and straightforward...

[kp.sfo]

Originally Posted by techweenie

That weak cylinder has likely gotten worse since 2005, and was already (IMO) at the outer limit of what I'd accept (-20%). So figure a top end overhaul as part of the costs you'll face in the next couple of years -- depending on the miles you drive.

Subject to PPI, I'd say $18-19K tops.

Good catch with that one cylinder - you're completely right...

In terms of fair value, your ballpark number of 18-19k sounds about right to me. You couldn't go wrong with that amount - especially since the rest of the car appears to be real solid (albeit not numbers-matching - that's the main reason why I'll pass on this one).