$20,000 in cash earmarked for immediate repairs. Pushing the limits of absurdity today, I see.

There goes the neighborhood.

He mucks up every thread he enters. On purpose.

I think for $20,000 in repairs, I'll just buy a second, rougher G50 to sit around in the driveway to pluck parts off of as mine fail.

Spring, late summer or early fall are good times to look as cars are going into or out of hibernation and owners are looking to sell for one reason or another (trade up, lost storage space, moving etc.) The swap meet/DE attendance is a great suggestion. In this regard, Hersey might be a good one to get to next month although it might be too far to get to for you.

As far as search is concerned, don't discount CL. While there is the usual assortment of garbage one can find in any for sale site, you would be surprised how many nice cars you can find there. Many owners use it just to keep the sale local - I found my 964 this way.

As far as price is concerned, $20K might not go very far these days unless you are looking at water cooled cars, a 914 or 912.

Think of it as a hedge against prosperity and you won't be disappointed! 😄

The '82 targa I paid $21k for in January 2013 will be worth about $25k next week after about $5k worth of work, including new Bilsteins all around, new motor and tranny mounts, new brake lines, rebuilt shift linkage and shift shaft seal, valve adjustment and new valve cover gaskets, fresh fluids and a few other odds and ends. About two thirds of the cost is labor, which a DIY guy would save.

There's probably another $2-3k of mostly cosmetic and minor mechanical stuff to be done when I feel like it, weather stripping, new dash, climate control thingies, etc.

And then there are the unknowns/unpredictables, hence the "hedge against prosperity"!

On the other hand, unlike any other fun car that I could afford or would want, it's not depreciating, so I don't mind putting some money into it.

All of this is by way of echoing previous comments here that the OP would be well advised to expect to spend at least 10% - 20% beyond the purchase price in the near term to get some basic things sorted, even assuming major items (body integrity, engine, trans, etc.) are basically sound.

Most of the buyers' guides recommend the same thing. Not 100% of the cost like some village idiot might suggest, but 20% is a nice, safe number. This will help you get some small niggles squared away, and get a start on saving for a bigger repair, should it become necessary.

It's like any other illiquid tangible asset. It has a readily determinable fair market value that can fluctuate with other market conditions but that doesn't make its value any more or less real.

The fact that you can enjoy it during that period of ownership is even better.

Did I use the word "immediate"?
No, I said $5000 to sort it out.
And $20k for big ticket failures that are constantly discussed on Pelican.
This $20k would be for the tenure of ownership.

Not everyone can store a parts car.
In fact, most people can't.
Consider yourself lucky.

Wow, I had no idea $6000 was so far out of line.
That's exactly what my friend paid last winter.
Matt, approx. what does a G50 rebuild cost in a major metro area?
Please respond with a NUMBER only.
Not your attitude, but a dollar amount.
Thank you in advance.

In that case, never buy a house because between real estate taxes, renovations, and repairs you may need $200,000 additional in cash to maintain it over the life of the loan.

See? The story is constantly changing.

And hey, lookee here - another thread started to troll the Marketplace forum. Who could have predicted that???

;)

This is the most action the marketplace discussion forum has seen in years!

Yeah, this much more fun than threads on how much my '67 mirror is worth.

If you want to maximize your return put it on EBay. Have your learned nothing from PML?

Damn, I'm not keeping up the way I should. Millions of users certainly do seem to provide the best opportunity.

BTW, my apologies to the OP for tossing trash into his thread. Hopefully, you've realized that we are a friendly group, eager to help out newbies who ask for assistance. We are not so fond of those with no experience with the marque yet somehow believe they are experts.

This is worth doing. Many years ago I put a "vintage race car wanted" ad in Autoweek. I got about 50 responses. I may have called 5-10 (you will learn from interviewing sellers too). The winner was a Lotus Eleven that was in the open in a guy's backyard with goats sleeping on/in it. Literally! (All 'barn finds' aren't IN the barn.)

I have a couple of other points for you:

Be aware that the first car you look at may be the 'right' car, and it will take a lot of courage to buy that without the knowledge that you plan to acquire via a long search.

"Buy the seller, not the car". That has become a cliché, but that doesn't mean it's not true.

And #3. Have fun.

In an effort to provide some constructive input, because that's what we genuinely try to do on this board, I'll throw in a few comments. My apologies if I duplicate some feedback; the thread got a bit muddy due to a certain user's input.

Anyway, I'd start by saying you're in the low end of the price pool, especially considering how air cooled 911's have increased in value over the past few years. But it's still possible to acquire a car that will mostly meet your criteria.

My first comment is to look everywhere. RL, here, use a CL search site, etc. Here's a site with a bunch of links to try as well. Some are likely dead but it's a start.

Porsche For Sale Links

Again, what you're looking for will not necessarily pop up tomorrow but you need to be checking a group of sources daily and be prepared to jump on the right car. Decent cars that are priced right don't last long. You may have read how my 89 Carrera sold in a day and a half. Plus, there are dealers who have people doing nothing all day except surfing the internet for the same Porsche you're looking for. Trust me, they won't hesitate.

Do a PPI!!!! Again, personal experience - found a 40k mile car that seemed flawless. Agreed on a price and sent it for a PPI. The car needed a top end rebuild. This is where I would humbly disagree with the 'buy the seller' comment. The seller, in this case, was fairly wealthy and his shop had more of less of a blank check to do work on the car. He was a great guy but quite shocked to hear his car needed so much work.

Be prepared for a long process, full of both interesting people as well as complete numbskulls. I've dealt with both over the years. Being put on hold by Richard Sloan so he could take Jerry Seinfeld's call. Sellers that were convinced the car had a new water pump. You get the idea.

And if you want honest feedback on a prospective purchase, ask us. We're full of opinions. Oh and knowledge too. :D

racerX, what did your top end rebuild cost you?

:roll eyes:


I think the point of the story is that he didn't buy the car when the PPI found a major engine issue.

What a chucklehead.

Rubbish. There are still reasonable sellers out there who will take a refundable deposit for a day while the PPI is done.

In fact these days there are so many scumbags trying to capitalize on the market I wouldn't deal with anyone who didn't want me to get a PPI. Probably hiding something.