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Whats the real price?


Adrian
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Hi all

Slightly linked to Dougs scam post I've been closely watching fleabay and other sites to work out the real price of mini coopers. I know the core answer is whatever you feel comfortable paying. I've not done a basket case but have caught the bug (although haven't got the space or facilities like Colin).

So, Mk1's and cooper S's are outside of my budget. There is one 1969 basket case Mk2 on for £7K.https://www.ebay.co.uk/itm/Classic-Mini-Cooper-1969-Mk2-Austin-Morris/153347447102?hash=item23b438593e:g:~eUAAOSwFtNcRZLs Needs new floors welding in but reportedly the rest is good. There are many questions as the car has been off the road and stripped for over a decade so as a minimum assuming the body is straight and sills fine -

repay and repairs to the shell would be around £4K.

Engine would need a rebuild so maybe another £2-3K

Gearbox £500

Refurb the underside / running gear say £500 parts

Fuel system / tank £1K

Brakes £1K

Interior £1500-2K

This is all assuming the 5% of missing parts can be found and replaced. I realise all above costs are broad brush but using them as a starting point and probably missed some other big costs.

So adding a contingency this would put the costs in excess of £20K. The asking price for finished cars start from around £20K but realistically what in your experience is typically the selling price? as stated, 10% lower, 20% lower?

I personally think it is significantly overpriced and should be in the £4-5K bracket (Max).

Your centuries of experience would be most appreciated.

Thanks

Adrian

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15 minutes ago, Adrian said:

Your centuries of experience would be most appreciated.

 

One for Pete, then.

It's hard to put a price on things like this; all sorts of factors influence the costs and the eventual outlay on each car is so individual that it's hard to quantify.

You will probably never make a profit on a restoration* unless you can do all of the work yourself, and can keep the cost of replacement parts down as low as possible - this means basic things like bushes and shocks, as polybushes and uprated suspension etc soon eat into a budget. If the shell of this one costs £4000 to repair it's not worth buying unless you intend to keep it as a labour of love (and for that, read money pit)

Your estimated prices are immensely high; surely it wouldn't cost anywhere near £1000 for brakes, even with a complete replacement of all components plus pipework unless they're all unique to that model; similarly I don't think the fuel system would be anywhere near that unless again it's all unique to Coopers only? 

One man you want to talk to (I've known him for years through rallying and shows) is Ken Colbert, who has a huge collection of rare Coopers; he'll be able to advise on parts availability and prices, plus the feasibility of rebuilding that particular Cooper on Ebay.

https://en-gb.facebook.com/groups/26899788637/permalink/10156187473373638/

(* or else keep it for about twenty years)

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I'm with Colin you're grossly over estimating costs. Do the brakes yourself and a couple of hundred at most. I'm more concerned that it's claimed to be 95% done, it isn't. The interior will take more time than the mechanicals, it's a lot of work. Which makes me wonder what else the seller is not saying. Why weren't new floor pans put in BEFORE blasting and red oxide? I'd like to take a magnet to those front wings and blimey, look at the state of the doors! 

I had a Mini Traveller for a long time and another old Mini later on, easy to work on, easy to tweak. The kudos of a Cooper is not so great when you can turn your bog standard into something as good. I'd buy another if I had Colin's garage.  :unsure:

Doug

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Thanks Colin, Doug. I know some of the prices are high but currently doing a 1980 mini 998 and putting on a cooper front disc conversion, with replacement rear drum parts and refurbishing as much as I can its probably running at between £600-700 with braided brake hoses and not including new brake lines or master cylinder, hence the estimate. I've assumed that there will probably be limited re-useable elements. I agree - why blast the frame then not repair it to make it sound, then undercoat to cover up goodness knows what. I worked on some prices probably high and some too low.

There are many aspects of the posting that raises questions but the initial price has put me off enquiring anyway for the time being.

As I've got the GT6 and shortly the Mini, should I be looking at an 80's classic? I have to say though, driving the mini put a real smile on my face as well as onlookers - maybe it was the 6ft 16 Stone broad frame filling the front of the mini they were laughing at!

If I had Colins garage I'd probably have a nice 1960's Aston V8 tucked in a corner!

Putting the mini to one side do you think the asking prices in adverts are inflated to allow negotiation?

 

Adrian

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52 minutes ago, Adrian said:

do you think the asking prices in adverts are inflated to allow negotiation?

Mostly, it's human nature. Better off looking at club "for sale boards", here owners are looking for a good home for their pride and joy that they sadly have to sell.

Doug

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20 hours ago, Adrian said:

If I had Colins garage I'd probably have a nice 1960's Aston V8 tucked in a corner!

Please.... don't tempt me. In any case the money went on the garage so there's none left for cars. They say cars will expand to fill the available space and at present it's like that kids game where you had to slide the squares about to make a pattern... whatever it was called.

There's three Heralds, a GT6 and a TR7 in there at present; the GT6 had no rear axle for a time, so was up on the ramp. Then it came down and the TR7 went on, and now it has no front wheels. Last week I had to replace the front hub on a Mondeo so the GT6 went sideways, the TR7 went forward and the Mondeo came in. On Saturday I had to strip the injectors off the Mondeo, so same again; then I had an exhaust shield to replace on a Freelander, so the engine-less Mondeo was rolled outside whilst the bits dried out on the bench before refitting. I replaced a broken rear spring on a Clio by reversing the rear end in around the Mondeo.... and so on. Two cars are the max anyone should have; one to drive, and one to work on.

I'd say that Cooper is too much work for too little return. Even Wheeler Dealers would walk away from that one.

 

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Yes, but isn't it great waking up in the morning and thinking "I wonder what today will bring?" rather than "Oh, God , how many days till the next day off, when I have to cut grass / paint / take her shopping / MOT the car / sweep the drive......"

And.. when everyone else has gone to bed, as they have work tomorrow, I can sit up and watch my own programmes on the telly, and know that even 8am is still a lie-in... and I can get up earlier, because I want to, and don't have to.... :)

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Retirement is a few years off at the moment. So if I want to do up a car I have to sell one.

i wish my double garage had the room for a slide puzzle. The gt6 is in its bubble on one side and the mini, subframe, engine, engine crane, stripped bits, workbench occupies the rest. If I was to fit a meter rule in I could only rotate it vertically!

 

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Thing with a Cooper is it needs to be a real one with the right bits or it's just another Mini and worth much less.  The people paying top money for the restored cars will know what they are looking at, so you need to as well.  Not wishing to teach you to suck eggs, but if you are not a Mini/Cooper expert, be careful.

Nick

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Nick, too true, hence the question. But even the experts started at the beginning, so lots of reading and research. Not sure if I’ll get another one at the moment but key elements for another mini is the central binnacle and sliding windows hence the mk1/2. Also maybe branch into a bit of welding. I’ll keep an eye out and see if there is something in between. Or a different era, who knows what will crop up!

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