tyler

I know this isnt technical, if i posted in wrong forum please forgivd me

I have a "friend" with a factory speedster. Sitting in pieces....i know body is ok, engine is out, body has been repainted, no specific paint shop used.... a local guy in his garage, I believe the engine is original and matching

Going out next weekend to take photos and record numbers


Clearly there is no loan, and title is in hand....if I spend money to get this thing restored, can I act as a lien holder with DMV?

Any idea on ballpark price of speedster body with engine sitting on a pallet?

I am wondering what will happen if I hand over money and no progress is made...what can I sell the unfinished project for if it ever came down to it to get my money back

Thanks for the feedback in advance

tcsracing1

Decent Speedster body with all the parts, unassembled and needing restoration is easy $100k. But could be had for as low as 75k... depends on the condition and COA.

tyler

Would car be more valuable as is, if we could get it into a running shell, or would seats and interior make a difference


If we do this I have neither the money nor the time to do a Singer quality resto.....so at best it would be local folks making upholstery etc, I just am not going to spend months pouring through ads for old carpet etc.

I would like to help this person get the car running again, and I think once it is running the owner will want to sell it to pay bills

I would like to just get what I loaned back and maybe drive it a few times.....i don't have the 100k to buy it

tcsracing1

Car is valuable as is. The less molested the better as that is the way collector/restorers want them.

Once a backyard mechanic start messing around with the car it can be a waste of their time.
Big money buyers want big name restorers to make sure their investment is sound.
If a no name does a restoration on the car and result is presentable but by no means concours, big buyers will want to have it tore down and restored properly. Because of this they will only pay so much for a back yard build. Therefore it might be a waste of time to try a nominal resto in hopes of fetching more money then what it is worth right now as a roller.

These cars can bring big money but again, the buyers are very particular. They like to know who did the restoration and more noteably, they like to see a specialists name attached to the restoration if they are going to pay the big bucks so they know it is perfect and resaleable as such.

The good news is that they are rare enough that even a marginally restored car will fetch low to mid 6 figures anyhow.

But the good ones get $250k +

tcsracing1

Perhaps you should just buy it now as is. Make an offer and get the title in hand.
Then agree to an amount for them to finish it and pay them progress payments.

Or you can let me buy it now

tyler

It's more money than I can spend with good conscious. If it becomes something actively for sale, I will post

I can see the owner not wanting to sell, sat in barn since the 70s....clearly it isn't in a hurry to be unloaded.....some owners are unique. ..shall I say...putting it politely

tcsracing1

Interesting story.

I know of a Speedster still in a barn with the engine out since the 60s.
The owner is now a friend of mine.

I would love to buy it from him but it is not for sale.
As a collector i totally understand why it is not for sale and his interest in the car.

Someday, if he does decide to part with it im ready and waiting to be the new custodian of the car with total respect for the connection the he had with it.

I know to do a proper restoration it will be expensive and it requires someone with the money to accomidate it which im prepared to do.
However i would restore it with the previous owner's wishes in mind to see his vision threw...

jcnesq

Above is good advice.

Can you be lien holder with DMV? Yes, but you need some possibly complex agreements to make that work, as in hire an attorney.

tpd83911

Tyler, If this is more money than you can/want to spend with good conscious then do not touch. A restoration of the magnitude that you elude to could easily approach 2-3 yrs and be expensive even in a very reputable shop. To become mired in some type of partnership?? on this is only disaster. As posted, a numbers-matched well restored speedster has big value. Approach would be to pay an expert to evaluate, purchase, and then move to reputable shop to restore after very detailed discussion involving a specific contract for the restoration.
Good luck.

doublecabmel

Basically everything is $50k.

Paint $50k
Metal Work, replace lead, straighten, new floors, $50k
Engine, trans, trans-axle, wiring, $50k
Interior, new parts, fine tuning, misc, $50k

So about $200k to restore. Ask me how I know. Or you could go to John Wilhoit, the reknown restorer who will start you at $300k and has a 3 year wait list.

tyler

Just following up on my post, car exists, serial number legit, non original motor. Sent photos to some mid Atlantic brokers, etc.

I had a less than stellar feeling about sinking money into project, owner had pricing that didnt jive in my mind, and overall I just saw myself pouring more money into the project with more risk

I even explored having a lien on the title if the project came to a stand still

Car still sits as is, and will probably be held onto for a few more years in current state

Thanks for replies and if owner changes mind, I am sure I will be back on the site