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Do repaints and average mileage hurt values/interest in collector cars?


Guest LuxDriver

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Guest LuxDriver

Recently looked at a semi rare late 70's Luxe boat ( MKV). The car is a "Designer series", it's well optioned, straight, seems rust free, runs decently, new tires and exhaust, etc. it still requires some upgrades and fixing to make it sing.

While the price is under $4000, the car has 118 on the clock, plus it's been repainted fairly nicely the factory colors , interior original..the seats ,door panels, inside trunk, are very good . I've been dragging my heels unsure of if the repaint and miles hurt its future interest? I don't want to invest in fixing and dolling up if there will be no audience for it when it comes time to sell. I know there's little in this price range $2500-4000, but working on it adds to that price quickly.

Opinions guys??

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Mr. Lux Driver, I have a Lincoln Mark V also.

I'd venture to say that 1977-79 Lincolns are not rare in the least, 

but instead, like 1976 Cadillac Eldorado convertibles, are the

most COMMON collector cars out there.  A buyer

has his choice of colors, and cars with 30,000 miles

or under are very easy to find.

 

There is no way that "restoring" a Lincoln of that era

would be worth your dollars, but of course feel free to do it

if you love it.  Yes, some Designer Series are scarcer,

but some of the Designer Series cars are not.

 

It would be more worthwhile to find a nice Lincoln 

that needs no work and has 50,000-60,000 miles.

If you are patient and shop carefully, you could find

a nice one for $5000, maybe a 70,000 mile one for

$4000 or less. Sometimes asking prices

(especially from classic-car dealers) are much higher

than what the cars really sell for.

 

Look at Ebay's completed auctions, if only for a comparison.  

There was one Town Coupe of that era with 30,000 miles,

where the dealer has been asking $17,500 for months,

but repeatedly the car was bid to $7500--I think a realistic price.

With so many low-mileage Lincolns out there, I maintain that a

high-mileage example which you poured money into

would end up with little value.

Edited by John_S_in_Penna (see edit history)
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Guest AlCapone

Not surprised that he dropped the price. What John said above is very valid. It is not uncommon and it is not wise to invest much money in it. Wayne

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#1 rule of old car buying: Spend more up front and buy the nicest one you can possibly afford. Be not tempted by a low purchase price, as it is only the first of many such checks you will be writing.

 

Fixer-uppers are never a smart financial move, especially on cars like the Mark V where nice ones are not a lot more expensive. Why buy a $3000 Lincoln that you could turn into a $10,000 Lincoln by spending another $20,000 on restoration? Buy the $10,000 Lincoln from the start and save your money.

Edited by Matt Harwood (see edit history)
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Guest AlCapone

#1 rule of old car buying: Spend more up front and buy the nicest one you can possibly afford. Be not tempted by a low purchase price, as it is only the first of many such checks you will be writing.

 

Fixer-uppers are never a smart financial move, especially on cars like the Mark V where nice ones are not a lot more expensive. Why buy a $3000 Lincoln that you could turn into a $10,000 Lincoln by spending another $20,000 on restoration? Buy the $10,000 Lincoln from the start and save your money.

A very wise man has spoken ! For your sake pay attention to what he has said ! Wayne

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Any car I can "drag my feet on" is one I know I really don't want. Logic and calculated purchases have very little place in the car hobby. It's like having one's mother pick a wife.

 

The last car I bought is just like the next one will be- I gotta have it. Period. Nothing will stop me and I have a tin can with cash hidden in case I find one on Sunday when the banks are closed (well, my son knows where they are).

 

If you can walk away and write to a forum about it, there's a better one coming. If you like it buy it. If it doesn't meet your expectations sell it and make a few bucks.

 

Remember. also, for every $1,000 more you are willing to spend you can usually get $4,000 worth of someone else's fiver-upper investment. There is an inverse corollary for that, too! And for 50 years my math has worked pretty good.

Bernie

Edited by 60FlatTop (see edit history)
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Guest my3buicks

There are to many good deals out there on 70's Luxury Yachts with nice mileage and excellent original cosmetics that need little to nothing to buy one that has had a repaint and higher miles.

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Jeez. How good do you want it? Are you really afraid you might lose $100 bucks when you go to sell it? For that price you can drive it for 3 years and scrap it and it won't owe you anything.

 

I would buy a car like that before I bought the most perfect one in the world for $25000.

 

This applies ONLY if you like the car and it is usable as is. If it needs major work, or you plan to restore it to a 100 point show car, go buy the expensive one and keep it under wraps.

Edited by Rusty_OToole (see edit history)
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Jeez. How good do you want it? Are you really afraid you might lose $100 bucks when you go to sell it? For that price you can drive it for 3 years and scrap it and it won't owe you anything.

 

I would buy a car like that before I bought the most perfect one in the world for $25000.

 

This applies ONLY if you like the car and it is usable as is. If it needs major work, or you plan to restore it to a 100 point show car, go buy the expensive one and keep it under wraps.

What he said.   For under 3,000 just drive the wheels off it and sell it for whatever you can.  Consider it a used car with style. 

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Guest LuxDriver

Trust me I've lost tons more than $100 on cars over the years having owned many, many cars, but also sold many without losing..My issue with this car was fiddling and spending, then only having a slightly cool ,different yet average car in the end.

After reviewing the responses, Im reminded that if you don't feel it or bond with it.. You drag heels, find reasons, excuses, etc. Simply put, guess I'm not all that into it, not feelin it. It's like finding your partner, or buying your home.. You know when it's right!

I remember my old rule when buying cars..(back when I had a garage full.. ) If I wouldn't go out of my way to see the car..even cross a street, or drive miles.. It's just not my kind of car. At 15 I flew to Michigan at 5am to buy a 53 Eldo, while my Mother thought I was still in bed upstairs. I worked all summer in a Chicken take out place to save the money to buy it! That car spoke my name... One of six I owned over the years!

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Any car I can "drag my feet on" is one I know I really don't want.

 

This ... 100% ... goes with most all other advice-responses here, too.  No matter how nice the car is (or isn't), if you're dragging your feet ... it ain't for you. That's how I've always done it.

 

 

Cort :) www.oldcarsstronghearts.com

1979 & 1989 Caprice Classics | pigValve, paceMaker, cowValve
"Hood slidin' like Bo Duke"__Dierks Bently__'What Was I Thinking?'
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I think that you have already answered the question yourself. If you are still on the fence on this, ask yourself how you want to use the car. If you want a concourse ready show car, forget it. If on the other hand driver, cruise night type ride is what you want, and the car's condition in that venue will not embarrass you, buy it. We aren't talking about much money here. If it were me I would probably buy it and try it on for size and sell it if I didn't like it.

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Guest LuxDriver

I'll tell u next to the crap I've seen since ,she is looking better to me .. The rust free part is a biggie!

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I like that kind of car because you can have more fun with it than a $100,000 job. Clean it up, make sure everything works, and just drive it. Drive it to work, to the store, the local cruise night, and enjoy the feeling of being a disco era millionaire. It should last as long as you want it to, if you keep it serviced and don't abuse it.

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OK milage is unimportant except for negotiating price though I'd put 125k as an upper limit. After that any car will deteriorate. Condition is everything. For me rust free is a must, I have spent more time and taken more photos under a car that above, it gives you a good idea what is hiding. 

 

I grew up on the coast where you could watch things rust & part of the reason I live in Orlando.

 

Must admit I generally decide what I want and then spend three or six months finding it. Do tend to get a bit fixated on American 2 seaters with a good AC and six cyl engines but even with that restriction I find lots.

 

So best to decide exacly what you want, what you are willing to pay, then find the nicest one you can.

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I'll tell u next to the crap I've seen since ,she is looking better to me .. The rust free part is a biggie!

No kidding!

Have you PRICED a GOOD quality paint job lately?.......  :o

I have two pretty good friends each with their own body shops.

I met one at the local convenience store a couple months ago while driving my RUST FREE '65 Mustang coupe.

Just for kicks I asked him what a paint job would cost.

He wouldn't tell me.

What he DID tell me is "I'm not going to tell you because you'd stop talking to me"........in the words of Johnny Carson: I kid you not.......  :blink:

Edited by cahartley (see edit history)
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Guest exbcmc

My father-in-law had a 77 Lincoln 2 dr, Cartier (?). It was silver with grey leather. He so wanted one of his kids or grandkids to take it. No one one wanted it. I so regret that now. Believe me the car was cherry. 460 cu in?

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