1987 911 priced high?

[Vintage914Racer]

A colleague of mine is jonesing to get a 80's 911. I've recommended a handful of cars over the last three months or so, all of which sold before he was able to make contact. We've found a car a few hundred miles away that appears like a good candidate, but the price seems high to me. Any insights would be greatly appreciated.

1987 911 Coupe
Grand Prix White with Blue Leather
73k miles, original engine, strong compression/leakdown
G50 transmission
Meticulous maintenance at reputable shop
One panel has been resprayed otherwise all panels have original paint are are very clean
Owner firm at $53k

Data points are all over the board. I see asking prices higher for comparable cars with more miles, but these are of course asking prices.

For my colleague there is value in a pseudo local car and he loves the color combo. He will likely own the car for quite some time.

Thoughts on price? I think it's more of a $44-45k car myself....

[COLB]

That is reasonable money if it is actually a condition 1 car, but that is highly unlikely.

At that money, everything should be perfect and stock. Original radio should work. A/C should blow cold.

I think your instincts are right on $44-45k, but as pmax says, if it is the car he wants, how much is the ease of purchase worth?

[Matt Monson]

Not a condition 1 car with a panel repainted. Maybe a 2, but most likely an excellent 3.

[Farrell]

what P-car isn't over priced these days? if you feel its overpriced for the condition, just wait and find the right car, if you can live with it buy it... these cars ain't going down in price.

[Nachtfalter]

You never pay too much, you simply bought too early.

[trader220]

I agree with the crowd. If thats the right car for him and it checks out just negotiate a price. If it feels high now it probably wont in a year or three. The market cannot sustain the meteoric rate of appreciation its seen over the last 18 months but I don't think we will be seeing any slump in prices either. So maybe the car wont be doubling in value as they have done recently but its reasonable to expect some appreciation and surely no reversal in prices over the next couple of years.

[Patrick3000]

Originally Posted by Matt Monson

Not a condition 1 car with a panel repainted. Maybe a 2, but most likely an excellent 3.

X2 no way is that a number 1 car with a panel repainted. Most likely an excellent number 3, should be low -mid 40's

[COLB]

He can pay the ask and then pretend it was a new car -- that depreciated 10% the moment he drove it off the lot.

[Vintage914Racer]

Thanks all for the input. I'll keep you posted on what happens

[spb350]

Way to high. Keep looking there are better cars for less money $35K - $45K should buy a premo car. JMO

[COLB]

Originally Posted by spb350

Way to high. Keep looking there are better cars for less money $35K - $45K should buy a premo car. JMO

Sort of.

$35k will get you a good car, but not necessarily a great one.

$45k should get you an outstanding (but not #1) car.

But it you are specific about your desires: 87-89 coupe, in white, with blue interior -- and you want a local car that you can perform due diligence on, then paying a little more might well be worth it.

For some folks, time matters more than money.

[Flynt]

In about a week, this will be a good data point for your friend (it will have the BAT hype tax of ~10% plus a buyers fee tacked on)
1988 Porsche 911 Carrera G50 Coupe | Bring a Trailer
More or less exact same spec. Weird.

Lots of good info here on value.

[COLB]

Originally Posted by Flynt

In about a week, this will be a good data point for your friend (it will have the BAT hype tax of ~10% plus a buyers fee tacked on)
1988 Porsche 911 Carrera G50 Coupe | Bring a Trailer
More or less exact same spec. Weird.

Lots of good info here on value.

As discussed in the listing, that car sold for $45k last year (1800 miles ago), sporting gold BBS wheels, and a matching gold bolt-in roll bar.

Current owner has done some work to get it back to stock. It hit $34k+ within hours of the listing. It will sell north of $50k.

[pmax]

Originally Posted by Patrick3000

X2 no way is that a number 1 car with a panel repainted. Most likely an excellent number 3, should be low -mid 40's

Any car which is not a complete garage queen will collect rock chips on the hood.

By your standards then, none of the condition 1 cars have been driven on the roads.
That makes no sense.

[COLB]

Originally Posted by pmax

Any car which is not a complete garage queen will collect rock chips on the hood.

By your standards then, none of the condition 1 cars have been driven on the roads.
That makes no sense.

True condition 1 cars aren't driven on roads much.

The fact the panel has been painted doesn't automatically knock it down from condition 1 -- so long as it is indistinguishable from factory.

Otherwise no restoration could ever be a #1 -- and we know that is wrong.

In preservation classes, for really old, original cars, you can have patina and still be considered a #1. Not sure if '87 cars are old enough to really qualify in that regard.

[ficke]

Originally Posted by pmax

Any car which is not a complete garage queen will collect rock chips on the hood.

By your standards then, none of the condition 1 cars have been driven on the roads.
That makes no sense.

Not his standards, Hagerty's standards. #1 car is a new car or,restored like new car that has never been driven,a #2car is one that has been driven off the lot or driven to the car show.
The car described by the OP is a nice #3 car using Hagerty's description of condition.

[pmax]

In other words, a car with a repainted panel can be a condition #1.

[ficke]

Originally Posted by pmax

In other words, a car with a repainted panel can be a condition #1.

Yes.
But not the car described because it was driven and is not perfect, the panel is not what is keeping it from being a #1 car.

[Sox Fan]

I bought a similar car two and a half years and have followed the market pretty closely on these cars since.

I would say $53k is at the top end of the price range for a car like this but not way over priced. $45k is a more typical asking price but if the car is as described, I would say $50k is not completely unreasonable.

For $50k I would expect it to need nothing mechanically, be 100% up to date with service and look great inside and out.