LPMM

It's a black '85 euro M491 bought in 1999 by someone who turned it into a weekend racer. I talked to him and he mentioned that he pulled the engine out and raced it with a 3.6L in it (SPB on the doors). He also removed the AC, swapped the seats for a set of buckets, added fiberglass bumpers/rockers/RS3.8 decklid, aftermarket wheels, and added Smart Racing shocks and a DAS roll bar. Then, he put the 3.2L back in and sold it to the current owner.

Pros are that the car has some nice upgrades, it looks very nice and doesn't appear to have been hacked up. Apparently, it could be returned to stock if wanted, although some parts would need to be sourced. I have not seen the car in person, so this is all from from talking to prior owners and seeing pictures.

Cons are that the original wheels/seats/decklid are gone, the chassis has ~70K miles while the engine has ~50K miles, no real maintenance history since the car was a track toy until 4 years ago, and exhaust mods and/or replacement needs to be done to pass emissions.

I know it is tough to price modded vehicles, but any insight would be appreciated.

Mondrian

I saw an 85 turbo body M491 Targa for around $40k in summer, it was close to top of the pile as condition looked very good with unusual colour and in the rare targa form too. If you start from 40 and mark down for missing bits, history etc then you should land somewhere around $25k give or take 5. It all depends on what you want to use it for, it will be worth more to someone who wants a track toy and less if you want to bring it back to original spec due to forthcoming bills.