911 Dilemma, WTF Options

[euro911]

I recently posted on a thread about 1964 911s on the Pelican site. A few days ago, a guy PM'd me from the Bird, asking about my '64 911. Technically it would be a M-Y 1965 if sold in the US at that time, but is considered a 1964 (ROW), as it is one of the unique 232 'first year cars' that were made and sold (in 1964). It is also currently registered as a 1964 with the CA DMV.

The guy has been a established member on Pelican since 2006, and is local in the Los Angeles area. I kind of know who he is, although we'e never met or conversed previously. There are pix in my 'Garage' on the Bird, so he's seen the car, although we all know that pix don't tell all ...


His PM starts off with "What a great 64 911... What are your plans with it? Are you going to restore it? Would you consider an offer to sell it? I look forward to hearing from you."

I told him that I do have plans to restore it, but if I were to think about selling it, an offer would have to be in excess of $150K.

He responds with "Thank you for getting back to me. I am still interested in your 64. Is is a numbers matching engine? Does the engine still turn over?"

I replied and provided him with a lot of info about the car, it's originality (matching engine and transaxle, etc.), current condition (roller with drive train removed), and all the repairs that the car needs to be a completely restored specimen.

I didn't hold back any negative info regarding rust repairs (front suspension pan, and other sections of the structure/body), and informed him that I possess a full set of floor pans, suspension pan, inner and outer rocker repair panels, etc. Over the past several years, I've also collected a lot of the rubber parts needed.

He responded again with "Great response. I look forward to talking with you. I am very excited to hear that it is original numbers matching. That is important to me. You can reach me anytime at ###.###.####. I look forward to hearing from you and hope we can do a deal."

My wife thinks I should think seriously about it (well, duh) ...

I haven't priced all the repair work yet, but the metal work, paint and the upholstery would all be done by 'professional' shops ... I can do the mechanical work (drive train), and have shot from the hip that $50K~$75K would be my total investment into the project (dollar-wise), not including my time.

Restored examples have recently sold in the $250K~$300K range on the world-wide market, and appear to continue upward as time marches on.


So I do have a dilemma on my hands. Should I continue on my restoration path, or should I consider selling the project if we can reach an agreement for a cash deal at the price I have in mind (IMG:style_emoticons/default/idea.gif)

Anybody think I'm nuts if I sell it now ... or want to talk me out of it? (IMG:style_emoticons/default/confused24.gif)



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[Mike Bellis]

If you can get $150k, sell it and buy 10 nice 914's... (IMG:style_emoticons/default/biggrin.gif)

Or sell it, give your wife half the money and buy seven 914's...

[Sfreeman615]

If he is a serious verified cash buyer at $150,000, take the money and run! Seems the choices are no headache for a ton of cash or a ton of headaches for a little more cash...

[Jeffs9146]

Having sold a 67 911s in 1991 for $9800 and thinking it was a boat load of money I always have a hard time letting anything go!

That said, I sold a 914-6 not to long ago because I knew I would never do the $50-$70K restoration that the buyer is doing! I am happy to have been a part of the history of the car that will be a show piece in another country.

I know how much I am willing to spend and decided that if I find someone who is going to take it to the top then that is enough satisfaction for me!

Now I drive a converted 75-6 with a 3.0L and I can dump a bunch of money into it for me not because it is a concours car!

[Maltese Falcon]

Restore and KEEP.

[swooshdave]

I would be asking myself what i would do with a $250k car?

[Cuda911]

Seems the choices are no headache for a ton of cash or a ton of headaches for a little more cash...

^^^^ What about Option #3?: Let the car continue to sit, and maybe sell it for a ton more a few years from now.

If you don't particularly need the cash now, and don't need the garage space to be more productive, I'd choose Option #3. Probably a pretty good investment strategy IMHO.

[colingreene]

I feel like i know the guy who made the offer, Then again, i could be wrong....

[PanelBilly]

If you don't need the $, then keep it and start the restoration.

[X911IC]

Just one man's opinion, but if it were mine and I got my asking price, I would sell it and buy another unique Pcar such as an 89 speedster or another specialty car. Hell, I think I might even buy the 50th anniversary car and just enjoy driving it. Only keep it if you have the money and time to restore it properly, only to have some Axxhole open his door and ding it the first time you take it out. Life is too short to have a car of that value just sitting in the garage and not enjoy driving it. We only have so many days on this earth and once they are gone, you can't get them back. Just my 2 cents. BTW, $150k gives you enough money to buy a really nice 356 or another car and have someone else restore it.

[john77]

I guess it depends what your thinking is. Do you think you'd ever regret not selling it right now for $150K?

The only scenarios I can see that would result in that are if the resto puts you under water, or the early 911 bubble bursts.

Sounds like you have the parts/skills to ensure the first doesn't happen, and while the bubble may burst of all the early 911 models your car will still be up there with the rare/desirable ones.

Oh, or scenario number 3, alien invasion. But think of the fun you'll have escaping from them in a 64 911 (IMG:style_emoticons/default/smile.gif)

[bmendel]

Have you checked in on the early 911s board? $150k is practically giving that car away if its a 232 car. Post your question over than and see what it's really worth, bet it starts with a 2 at least.

[Elliot Cannon]

Get a good evaluation of the car from more than one qualified source to find out what it is really worth. Check possible interested buyers in Europe. Sell to the highest bidder. Then take the money and run. You aint' gettin' any younger. (IMG:style_emoticons/default/av-943.gif) Good luck Mark. (IMG:style_emoticons/default/biggrin.gif)

[Hawk]

Just dangle that bait in the waters at early911sregistry.org and see what the Europeans would offer with their currency advantage. $150K is pennies for a true 901 car.

[Porschef]

I gotta agree with the last four posters, especially the last two regarding price. If you're ready to sell, that's good advice.

From my perspective, time is the number one commodity. You cant replace it. Consider how much of it you'd need to complete the car, versus what it would be worth. Is a 911 so valuable from a driving/owning experience that it can't be substituted? (You already know the answer to that).

The photos show me a very restorable vehicle. I'd fish for the best solid cash deal, take the dough, take a vacation, spend a little on the wife (IMG:style_emoticons/default/happy11.gif), have a nice chunk put away, and clear up a little garage space.

That's only if you're ready to sell...

[mepstein]

A lot of people want to be part of the 232 club. Who says $150k is the limit. I would do more research before I let go at that price. Personally, I would sell in current condition rather than take the chance at a higher price after putting out 70-100k. But you need to get this car in front of the right people before you make any decisions about price. Congrats on your dilemma.


The current offer might have a buyer lined up to pay $250. Who knows.

[gandalf_025]

If it is truly a 901 car, it is in Rare Company.

Here is a thread on the Early S forum about 1.
Check it out.

http://www.early911sregistry.org/forums/sh...;highlight=1964

Reality Check...
If it is one of the Ultra Rare.. Post it on the S Forum and see what kind of offers it generates.
Unless you have EXTREMELY Deep Pockets, let someone else fund the restoration. A car like that deserves a World Class Shop working on it..

What would you do with a car worth that much ?
Besides Worry about something happening to it..

Take the Big Payday and move it on... Research heavily first....
Just my 2 cents.

[dudzy's914]

I agree that the car deserves world class shop attention, but if you can do the drive tarain and get it somewhat running I think it may be worth a few more pennies.
But I think you should keep it for a while and preserve it, take extraordinaire care of it and keep it in the family for the next 50 years until Porsche has their 100th aneversary. The market would be at its highest then.

[billh1963]

A lot of people want to be part of the 232 club. Who says $150k is the limit. I would do more research before I let go at that price. Personally, I would sell in current condition rather than take the chance at a higher price after putting out 70-100k. But you need to get this car in front of the right people before you make any decisions about price. Congrats on your dilemma.


The current offer might have a buyer lined up to pay $250. Who knows.

I agree....if it's truly one of the originals sell it and move on. This bubble will burst....it always has and always will. You don't want to be halfway through a true concours level restoration (which will be over $100K) and watch the market collapse.

[billh1963]

.....keep it in the family for the next 50 years until Porsche has their 100th aneversary. The market would be at its highest then.

I don't think it will. 50 years from now the early 911's will be as appealing to the people around then as a Model T is to most of us now. Cool to look at but so removed from our modern world you won't have any interest owning one.