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Determining value of my vehicle. Need guidance please.


nol3afclover
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Hey guys. 

 

I recently purchased this beaut at an estate auction of a deceased friend and car enthusiast.:

 

1968 Ford Fairlane 500 Fastback (rare body style for this year--even google searches are scarce) 

 

Powered by its original 200cu in 3.3L I6

 
Original interior 
 
Racing wheels & tires
 
Runs and drives
 
Clean title
 
 
We've had the car appraised by Iberia bank and it was assigned a trade-in value of $7600 in its current condition, not taking in effect current market trend. We tried searching for this exact make, model and year and I simply cannot find a 1968 fastback anywhere so my efforts to price it according to market has been moot. 
 
I don't know much if anything about card, so I was hoping to get some insight as to your opinion regarding the value of this vehicle. Any help would be appreciated. 
 
PS: Yes I've tried 'classic car value estimators' but they're all over the place and they don't take into account market trend. 

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Valuations are always tricky on unusual cars and you're right that the price guides are often not reliable for cars that don't have a proven record of sales like this Fairlane. I looked at several for this car, and they do list it, but they also list some kind of significant discount for the six-cylinder engine. I'd call this a #4 condition car, and all the price guides seem to agree that it's worth less than $6000. They built about 44,000 of them with all engines (punch "1968 Ford Fairlane fastback" into Google and you'll see hundreds of them), so the fastbacks aren't that rare. However, there's no way to know how many 200 I-6s were built, but it probably wasn't many, so that particular model is definitely uncommon.

 

I think these are cool cars, but they aren't Mustangs, they aren't Chevelles, it's not even a Torino GT, and with a six-cylinder, it's probably going to be discounted by every price guide and potential buyer despite the fact that it is undoubtedly a rare creature. It looks clean and well-preserved, but it is right at the cusp of needing a lot of work. You could fluff it up a bit, but doing things like the interior might push it past its market value and you'll be upside-down pretty quickly no matter what.

 

Also, what is "market trend?" It sounds like you're trying to figure out if the car is more valuable today because it might be more valuable tomorrow. That's not how it works. It's worth what it's worth when a guy shows up with money in his hand.

 

In as-is condition, I think the bank's valuation is good, maybe even a little generous. Cool car, but rare doesn't necessarily equate to valuable. I bet they didn't make many 6-cylinder Fairlane fastbacks, but I also bet there's a reason for that. There's probably not much upside to it--either you keep the six and everyone looks under the hood and says, "Oh, it's just a six," or you put in a V8 and everyone says, "Oh, it's had an engine swap." Neither will improve value, although I think a lot of show-goers would definitely find it interesting at shows. Interesting matters, even if it doesn't add to the bottom line. You could have a lot of fun with such a car and that's really the right reason to play with an old car. Unusual is always better than common.

 

Cool car, have fun with it, don't worry about value. You'll be upside-down before the paint dries, so you may as well do it with a smile.

Edited by Matt Harwood (see edit history)
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Thank you, Matt, for the well rounded and educated input. I agree wholeheartedly in regards to having fun with the car and caring less about value, however we purchased this vehicle solely as an investment. I know nothing about cars and even less about project cars. We purchased this vehicle for $4850 in its current condition and thought it had the potential to offer me monetary value while offering someone else the value of enjoying rarity of the model--I just had a problem with setting the appropriate price due to my ignorance. I think I'll set the price at $7500obo and go from there. 

 

Thank you for your time

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I am usually on the low side but taking into account the flaws as above I think the bank was indeed generous. I say if you get offered $6000 grab it very quick. I personally think the value is within a couple hundred of what you paid, likely in the $5000 range, Wayne

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"I know nothing about cars and even less about project cars."

 

We have a local university that offers post graduate courses toward an MBA at $3,000 per credit hour. I've taken a few hours worth of home schooling at that rate. Just remember what you learn.

 

The Ford could be worth more than the mineral oil Rolls-Royce.

Bernie

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Never invest in something you know nothing about, especially cars and art (sometimes the line gets fuzzy between the two)

 

I am in Australia, but I do watch the US car market a bit for cars in my range, which your ford falls into and I agree with the others, if you get more than $5000 for it, your doing well

 

Anything that has a 6cyl in it, but could have had a v8 will have people turning their noses up at it, that said, If it was mine, I would restore it with its original engine and either supercharge it or turbo. either one, dont matter, but it then gets the wow factor that could actually trump the V8 in crowd appeal, just because its unusual, that is what "I" would do, because I can do it myself

 

You appear to not be a car guy, so just off load it, to pay someone to bring it back, would be more than you would ever get for it (minimum $30,000 for a good driver quality car, $50,000 to get to the upper end show car and keep chucking money for a trailer queen) or have a go at it yourself and become a car guy :)

 

Good car to learn on

 

Rolls, hard one for me, no real interest in them, but condition is everything with them, I dont imagine people buy them much for restoration, most want to have them for class I think

Go to a motor trimmer and see if there is anything that can be done to the seats, full leather re trim would be very pricey

 

Funny thing is, I think the rolls would be worth more (maybe $15 to $20 grand, but as I said, I dont look for these so I could be very wrong) but I would have the ford over the rolls myself

 

Mick

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I'll give you $2,500 for that Ford if'n you deliver it. I likes 6 Cylinders.  ;)

 

Like the others have said, I think you have enough in it. If you can make a few bucks on it as is, let it ride. The trouble with the Rolls Royce is everything is expensive except buying one at a "Bargain Price." Dandy Dave!  

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Yep. There's a 1930 RR out in my barn. It is now on it's second owner since it has been here, and finally getting some long overdue repair work done. Several of my friends fell in love with it and I told them who to see about purchasing it from the estate of the former owner. They did, and I'm back to getting some stuff done on it. Looks like I'll be the only winner when the pennies are finally counted. ;) And therein lies the reason I did not buy it for myself. Dandy Dave!  

 

I have heard more than a couple of people say " There is nothing more expensive, than a cheap Rolls Royce"

Edited by Dandy Dave (see edit history)
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 Just a thought on the Fairlane, You paid more than anyone else would pay at the sale.

 

 As far as trade in value, I used to sell used cars and many a time I would end up with a trade in that actually cost me nothing in addition to making money on the sale of the car that I sold.

Edited by Roger Walling (see edit history)
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I have heard more than a couple of people say " There is nothing more expensive, than a cheap Rolls Royce."

 

A Rolls-Royce owner once told me that there are a lot

of $25,000 Rolls Royces that need an additional $25,000

worth of work.  He joked that his Rolls Royce club was

full of either "millionaires or mechanics."

 

Nowadays, Rollses of that vintage (probably needing work)

can be bought for $15,000.  I am not at all a Rolls expert, but

I understand that those cars must have regular maintenance,

perhaps $2000 to $3000 a year worth from a Rolls specialist

who isn't a high-priced dealer, or else they will be problematic.

 

So if your Rolls has been properly maintained, and you

can demonstrate that fact with all the work receipts, your

car will be worth more than a less-maintained Rolls.

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I think "scarface", Al Capone, is pretty close to where I would place an estimate. Several condition issues and missing original wheels and hubcaps doesn't help, those cheap aftermarket Crager wheels don't cut it. It's not really a desirable car so If someone offered what is close to your asking price, take it and don't look back. Good luck!

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My first car was a 68 Fairlane 500 2dr hardtop notchback. I will bet you someone replaced the original V8 with the six. The model Fairlane 500 means V8 car. Both the outside and the door panels say 500, so I'm certain that's the case. Check the VIN to decipher the correct engine code. Finding a 60's era V8 should not be tough, and would bring the value up for sure. Good luck!

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The Ford, I agree $5000 to the guy who wants that year & Model is about it's value.

For the Rolls, some years ago (Maybe 30) a friend had a beautiful 1957 white Rolls with a spectacular red leather interior.   We loved to have the owner & his wife stop by our house to decorate our driveway.

After several years he sold the car and told me it cost him $5,00 @ mile to own that car.  I lost interest!   I guess it's not a car for people who want to watch their spending, or don't value prestige as "priceless".

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I am in a minority as I love straight 6 engines and have never owned anything with a V8 engine,

Your Fairlane has a very Torino look to it but, sad to say, I think the 200 6 banger (great an engine as it is!) is a drawback for 90% of potential buyers.

Having gone through the entire interior of my '59 Chevy I think you'd be very lucky to get a headliner installed for under $750 and that's IF you have all the bows and trim.

A proper headliner installation is the benchmark of a great auto upholsterer.

Good luck.......  ;)

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300K seems really amazing. You must have really babied it. Both of mine needed serious valve jobs much sooner. The 200 needed it at about 80K and the 250 at just over 102K. The 200 was needing rings by just over a 100K. The one with 250 was wrecked at 102K so I never found out how much longer it would have went.

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Did that RR figure include Gasoline? Dandy Dave! 

 

The Ford, I agree $5000 to the guy who wants that year & Model is about it's value.

For the Rolls, some years ago (Maybe 30) a friend had a beautiful 1957 white Rolls with a spectacular red leather interior.   We loved to have the owner & his wife stop by our house to decorate our driveway.

After several years he sold the car and told me it cost him $5,00 @ mile to own that car.  I lost interest!   I guess it's not a car for people who want to watch their spending, or don't value prestige as "priceless".

Edited by Dandy Dave (see edit history)
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I agree with E. J. Boyd above.

Cars are a wonderful hobby, great for learning

history, reliving one's youth, or for taking the

family on memorable outings;  but they typically

DO NOT make good investments.  When you

take into account storage, maintenance,

insurance, and possible restoration work,

it's easy to spend more than you can recoup.

 

Please don't get into the hobby merely trying for profit.

You have an interesting Ford that can make memories for your family.

You'll have a lot more fun if you spend your money wisely

and do it for the enjoyment!

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I believe that is why we have not had a reply from the original poster in a while. "We are going to buy some cars, fix them a little, and then sell them at large profits at one of them big time auction houses for big dollars" is a reality for only a few choice cars with high value and an older collector that had enough insight to save them when they were "Cheep" at the time of purchase. The people that made money on these cars are the ones that inherited them, and decided to run them through and auction company and have them sold as is where is. Even after settling the estate expenses. What is left over is profit. Dandy Dave!

 

I agree with E. J. Boyd above.

Cars are a wonderful hobby, great for learning

history, reliving one's youth, or for taking the

family on memorable outings;  but they typically

DO NOT make good investments.  When you

take into account storage, maintenance,

insurance, and possible restoration work,

it's easy to spend more than you can recoup.

 

Please don't get into the hobby merely trying for profit.

You have an interesting Ford that can make memories for your family.

You'll have a lot more fun if you spend your money wisely

and do it for the enjoyment!

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Did that RR figure include Gasoline? Dandy Dave! 

 I didn't ask.  I know it had transmission problems and the local RR guy told him he replaced the torque converter.  That ended up in  court because old RR's didn't have torque converters.  There were many other problems with an otherwise beautiful car.  (Left hand  drive 1957) and he only owned it few years.  Later he had a couple Cadillac Limousines,  but now drives us around in a 1931 Cadillac  Fleetwood 7 passenger V-12.  Now, that's class!

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300K seems really amazing. You must have really babied it. Both of mine needed serious valve jobs much sooner. The 200 needed it at about 80K and the 250 at just over 102K. The 200 was needing rings by just over a 100K. The one with 250 was wrecked at 102K so I never found out how much longer it would have went.

 

You wont believe this but it happened in my misspent younger years.

I went 150K in  66 Mustang convertible that was literally falling apart.

The old lady next door had a 53 Windsor that had a blown head gasket. The 200 with the three speed stick ended up in there.

The tranny didn't like the heavy car so it got a three speed out of a maverick. I drove that thing another 150K and sold it to some one that I didn't know that was going to drive it across the country. Never saw it again.

The Chrystang got 22 mpg, over the road NO KIDDING !!

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Easiest car I ever saw to hotwire was a 57 Rolls, just moved one fuse. Joyrides were limited though, you needed a key to open the gas cap.

 

Personally have had V8s and enjoyed them but have always liked the sound of a healthy six better. Moreso with OHC, double with DOHC (now have two DOHC 6s, both with all independent suspension, four wheel disks, and AC.)

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If I were offered a RR from the 1960's that needed a brake overhaul and the price was FREE I would likely gratefully decline the offer. RR brakes are the definition of unnecessarily complex and troublesome. They are almost like a bad joke in their Rube Goldberg complexity.

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If I were offered a RR from the 1960's that needed a brake overhaul and the price was FREE I would likely gratefully decline the offer. RR brakes are the definition of unnecessarily complex and troublesome. They are almost like a bad joke in their Rube Goldberg complexity.

 

I have heard that that's the case.

Twenty years ago, a knowledgeable person

told me that a brake overhaul was $7000

at Rolls-Royce dealer prices.

 

Truly good engineering is so well conceived that

the solution is simple.  Despite all the promotion of

Rolls as a luxury car, I can't believe it's worth what

it's made out to be.  After all, it was made in England

(at that time a socialist country that had nationalized

all major industry), and we know how reliable English cars

of that era are! 

Edited by John_S_in_Penna (see edit history)
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