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Value of MGB V8 project

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Aridgerunner Avatar
Aridgerunner Silver Member Bill Bussler
Montoursville, PA, USA   USA
1956 MG MGA 1500 "The A"
1959 Triumph TR3A "The Mistress"
This is a long story that I'll try to make short.

About 22 years ago my son, who was then in his last year of college, started a V8 conversion on a 1975 B. The engine is a Buick 215, four barrel, with MG factory headers. The body was perfectly straight and absolutley rust free with faded paint.

Working with my brother they got the car basically in running condition. It needed a repaint and the bumpers and interior were not completed. Needing money and moving out of town forced him to sell the incomplete project.

The person that bought the car still has it. He did a poor job of painting it but it is now a complete car and he is interested in selling it. He says it still runs fine. When asked when he drove it last the answer was 21 years ago, and that was when he drove it off the trailer into his garage. Can you imagine that? No additional miles in 21 years. We expect the car is still rust free because it has not been on the road and has been in dry storage.

My son would like to get the car back. Now that he has a garage, tools and good job he could finish what he started.

So, the question is, what's it worth?

We appreciate any comments you might have. Even the humorous ones.

Bill

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geezer Avatar
geezer Silver Member charles durning
Magee, Mississippi, USA   USA
1958 MG Magnette ZB "Chick Magnette (sold)"
1967 Morris Minor 1000 Saloon (2-door) "Marvin"
1974 MG MGB GT
Some pictures would help.



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ohlord Avatar
ohlord Gold Member Rob C
North of Seattle, N.W., USA   USA
1957 Land Rover Series I "EYEYIYI"
1971 MG MGB
1971 MG MGB "Bedouin 2"
Unfinished,unproven, underpainted ,undereightwinking smiley



"I'm a long way gone down this wild road I'm on
It's gonna take me where I'm bound
It's a long way around"



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RD2 Radar/ Electronic Warfare Technician
Vietnam 1969-1972

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Jim Blackwood Avatar
Jim Blackwood * BlownMGB-V8
Gunpowder Rd., USA   USA
How much did he sell it for? Adjusted for inflation, that is your basis.

A bad paint job does not really improve the value of the car. It only means it has to be repainted again. In some cases that means the value went down because it will be more work than it would have been if it was not painted. You will have to evaluate the increase, if any. ANY rust or other damage will subtract from that value.

What else was done? Was it work that your son would have done? Finished the way he would have done it? If not, it adds no value to him because he will have to rework it. It may subtract value. Subtract the cost to replace perishable items such as the top, tires, and various rubber and plastic bits.

Add up those factors and you have a realistic offer. Do not think just because your son may have sold under duress that this guy is any different and deserves to profit from storing the car for 20 years. OTOH, aside from perishable items. provided the car was started regularly it may be in excellent condition. Your bargaining range is anywhere between the realistic offer and what your son is willing to give. For that top number you will have to do a little market research.

Jim

NOHOME P P
O, Ontario, Canada   CAN
1967 MG MGB GT "Maggie (GT From Hell)"
As someone who is in the middle of getting a sleeping beauty back on the road, I have to say it is worth less than what he sold it for. EVERYTHING has to be pulled apart and cleaned or replaced.

But nothing is ever straignt-forward and all sales involve people with different motivations:

If it were me selling, I would be motivated to see the car go back to the previous owner and I think they should just get together and discuss the exchange in good faith so that they both get what they want/need.

If I were perusing CL and saw a 21 year dormant MGB for sale, I would probably not want to spend more than 2k on it if it looked promising when I saw it.

If I were committed to restoring an MGB and my shell was really rusty, I would pay 5k for a rust free shell. ( cause it would save me $$$ over fixing mine).

Pete

Aridgerunner Avatar
Aridgerunner Silver Member Bill Bussler
Montoursville, PA, USA   USA
1956 MG MGA 1500 "The A"
1959 Triumph TR3A "The Mistress"
I know, pictures always help. In this case by the time we get pictures it will either be back home or there will be no deal.

"Unfinished,unproven, underpainted ,undereight" Yep.

He sold the car for $500.00 Inflation is not the correct factor to use. The increase in the value of MGB's of the past 22 years would be more correct. But, are what could basically be a running basket case car really increasing? Are the Buick aluminum block engines worth more now than they were 22 years ago? We used to get them for free or maybe $50. I would think a running 215 would be worth at least $1000 maybe more. Those factory MGB V8 headers were not cheap 22 years ago. TS Imports lists them for $310. They list used engines for $500-$1000 and the 4bbl intake manifold and carb for $500-$700 depending on the make.

The transmission is one of those Chevy Monza five speeds where first gear is off to the left and forward. Not really a great tranny.

I am certain the car needs all new interior. To do it right the car has to be completely disassembled, stripped of all paint and then brought back to like new condition. Then there's the tires and the entire brake system to go through. Convert to chrome bumpers? Probably.

I have been searching the www trying figure out what a car like this is worth today and I'm not having much luck. That's why I came to the dark side.

I'll update this thread when the seller decides on his price.

Thanks again.

Bill

Aridgerunner Avatar
Aridgerunner Silver Member Bill Bussler
Montoursville, PA, USA   USA
1956 MG MGA 1500 "The A"
1959 Triumph TR3A "The Mistress"
In reply to # 3591296 by NOHOME
But nothing is ever straignt-forward and all sales involve people with different motivations:

If it were me selling, I would be motivated to see the car go back to the previous owner and I think they should just get together and discuss the exchange in good faith so that they both get what they want/need.


Pete

Well, as usual, there's more to the story. I tried to keep it short.

The seller was a good friend of mine years ago and is the preacher that married me and my wife. He knows the family well. When he retired he moved about two hours away so we rarely ever see each other. Neither of us wants to beat the other guy out of money. Friends are friends.

Bill

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ValveCoverGasket Avatar
Portland, Oregon, USA   USA
have you guys checked in with him to see what he values it at? i assume hes aware of how cheap he got the car in the first place, and it sounds like he should be able to factor in the friendship into his asking price...



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BMC Avatar
BMC Gold Member Brian Mc Cullough
Minneapolis, Minnesota, USA   USA
Rust free MGB 1975, rubber bumper in running condition with an interior that is great from 40 feet away and scratches but mostly presentable: $3,000-$7,000.

No brakes- and trust me, if it still has brakes, drive it 200 miles and it will NOT!!!
Other things are going to need replacement- most rubber just about everywhere.
From the still vague description, $3500 from a blind mans perception of a car half way across the world.
That's based on nothing is toast but everything needs something. Hope the wiring and other basics are in okay condition.

-BMC.


Member Services:
Minnesota's only Fully Dedicated British Classic only shop providing Professional Restoration & Services & Specialty Products including- proper L.E.D. tail lights, Wiring looms and Engine and five speed Conversion Kits
V8MGBV8 Avatar
V8MGBV8 Carl Floyd
Kinggsport, TN, USA   USA
1000 bucks, maybe. Don't see the relevance of comparing business prices to a sale among friends.

Runs fine, but has not been out of the shed in 21 years. Does he start it occasionally? On 21yo gas & battery? And, for how long?

Sitting for that length of time does a vehicle no good. Gonna need everything top to bottom, front to back.

I would think a running 215 would be worth at least $1000 maybe more. Nope. The little 215 has fallen out of favor. I paid $600 for a rebuild 215 about 17 years ago. Probably wouldn't consider that engine these days.

Factory MGB V8 headers The factory used cast iron exhaust manifolds that were very prone to cracking. I doubt Ted has any of those to for sale.

The T-50 is a decent, serviceable tranny for a 215, but not really worth anything in negotiation.

Personally, I think he should just give it back to your son & be happy that he will do something with it. I bought my friend's double barrel 12 gauge shotgun for $140 over 30 years ago when he needed the money. I plan to give it back as a present.

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Aridgerunner Avatar
Aridgerunner Silver Member Bill Bussler
Montoursville, PA, USA   USA
1956 MG MGA 1500 "The A"
1959 Triumph TR3A "The Mistress"
In reply to # 3591414 by ValveCoverGasket have you guys checked in with him to see what he values it at? i assume hes aware of how cheap he got the car in the first place, and it sounds like he should be able to factor in the friendship into his asking price...

We talked him this morning for the first time, regarding the car. He said he wanted to take some time to think about the price. I do hope he factors in the friendship but at the same time do not want to beat him out of any due money. Yes, he bought it cheap. But it was 22 years ago. I'm sure he will treat us right.

What I was looking for was some kind of benchmark. I think Pete gave me a fairly good one. If the car is still as rust free as it was, then $5 grand would not way out of line when you consider a new Heritage shell is $13 grand.

Thanks to all of you for helping think this through. I will update you when I know more.

Bill

mgcyclo Avatar
mgcyclo Tim Rich
Township of Washinghton, NJ, USA   USA
$2k feels right, given the personal relationship maybe you'll both settle at $1500

Ps: I have that trans in my conversion and I love it despite a weak 2nd gear that jumps into neutral,on downshift . That issue only teaches to me donwnship the correct way, exiting the corner not going in to it. (Use brakes slow the car, use gears to accelerate)

V8MGBV8 Avatar
V8MGBV8 Carl Floyd
Kinggsport, TN, USA   USA
In reply to # 3591460 by mgcyclo That issue only teaches to me donwnship the correct way, exiting the corner not going in to it. (Use brakes slow the car, use gears to accelerate)

Uh, not the fast way thru a corner.

John Hamilton Avatar
Laurel Hill, FL, USA   USA
1963 Austin-Healey Sprite
1965 MG MGB "The Great Pumpkin"
1968 MG MGB GT "Buck"
1970 MG MGB "Dad's Car"
I always buy high and sell lowconfused smiley



If I can't be fast, I'll just be obnoxious!

late 64 Terry O
Milton, Ont, Canada   CAN
22 years of storage fees.........?confused smiley

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