Yet another value question

[LPMM]

Thinking of getting a Coupe and came across a black '85 euro M491 bought in 1999 by someone who turned it into a weekend racer. I talked to him and he mentioned that he pulled the engine out and raced it with a 3.6L in it (SPB on he doors). He also removed the AC, swapped the seats for a set of buckets, added fiberglass bumpers/rockers/RS3.8 decklid, aftermarket wheels, and added Smart Racing shocks and a DAS roll bar. Then, he put the 3.2L back in and sold it to the current owner.

Pros are that the car has some nice upgrades, it looks very nice and doesn't appear to have been hacked up. Apparently, it could be returned to stock if wanted, although some parts would need to be sourced. I have not seen the car in person, so this is all from from talking to prior owners and seeing pictures.

Cons are that the original wheels/seats/decklid are gone, the chassis has ~70K miles while the engine has ~50K miles, no real maintenance history since the car was a track toy until 4 years ago, and exhaust mods and/or replacement needs to be done to pass emissions.

I know it is tough to price modded vehicles, but any insight to what a "reasonable" value is would be appreciated.

[Nick Triesch]

What? the original parts are gone? That can't be! Most people just put the parts away for when they sell the car! On another note, I would not buy the car. It has been raced. Maybe a lot. That is a lot of stress on all the parts that were left on. That is like getting an extra worn out car.

[Bauch]

With all of the modifications that car has undergone, valuation is going to be very tough, and the future appreciation these cars will experience may not apply in this case.

In my opinion, you are much better off trying to find an unmolested example. It's a pity that the seller chose an M491 car to hack up and race.

Good luck with your search. I'm on the hunt myself!

[COLB]

Pros are that the car has some nice upgrades, it looks very nice and doesn't appear to have been hacked up.

When you say it hasn't been "hacked up" I assume that means the fenders are all intact since it was already a M491. As a legit M491 with its original engine there is some latent value there.

Figure maybe $10k for replacement seats, bumpers, rockers and deckled? Maybe a little less if you dig in the used parts market.

Then a repaint. $5-10k maybe. Is the interior still intact apart from the seats? Calculate a lot more if it was gutted.

So it probably needs $20k of work to get it back into original condition. Turbo-looks are not cheap -- close to Turbo prices -- maybe $40-60k depending on a huge variety of factors.

As a modded former racer with lots of replacement panels, yours would probably be toward the bottom of that price range unless all of the work getting it back to original was exceptional. They will be some stigma with it being a former track car.

I would say if you can get it under $20k you could be in a decent position financially -- with all the caveats about DIY vs paying someone else to do it.

[vracer]

Beware! This will ALWAYS be a car "with a story". If you are very clear that this will be a driver or below category car, and will be a hard sell, then go for it at an appropriate price.

[LPMM]

@ Nick Triesch - Yes, unfortunately no Fuchs and no seats.

@ Bauch - I realize that valuation will be tough and I am ok with lesser future appreciation. I just need to figure out what a true M491 is worth and assess from there. I don't mind a hotrod-ish car as long as I'm not inheriting someone else's headache and the price is within reason.

@ COLB - When I say "hacked up", I mean that all the mods seem to be reversible with minimal effort: the aftermarket rockers are in place but nothing has been modified nor cut to fit them, the cage is a bolt on rear cage as opposed to a full welded cage, etc... So, that is the silver lining in the mods. I agree with you that the replacement parts wouldn't be cheap to source, especially the Fuchs wheels which I would definitely try to find. I don't mind the stigma but the main problem is that the owner's pricing is on par with original unmolested examples, which makes no sense to me. I have not been following M491 prices lately, but you are saying that good examples go for $40-$60K?

@ vracer - Agreed, not looking for a garage queen and I would either source the parts and turn it back to a period correct look and drive it without, or go for a hotrod theme. Either way, I realize that it will never be a pristine M491.

@ pmax - LOL, I'll take 2 at that price.