Restoration Minded

Rum1973

Rum1973

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I am considering spending a lot of money for me , 30-40k, on a restoration of a 1972 3.0cs. A well known BMW shoppe in the midwest has evaluated the car a Chamoix over Blue guts car from TX with minimal rust repair. My conundrum is that I do want a reliable car for driving and an investment, not to flip the car or even show it but for vintage events and driving pleasure, is it worth the money in the long run if my kids have to sale it in 10 years when I am dead? Need advice, reassurance, etc.
 
David,

Restore it for your enjoyment and it may well add another 20 years to your life! You can't look at it in terms of what it will be worth later for the kids. They might want to keep it in your memory and follow in your footsteps. Life is short, enjoy it now.
 
That entirely depends on the quality of the restoration. A 40k restoration can be good or bad, depending on the shop. Personally, if I were going to drop that kind of cash on a restoration that I wouldn't be around to oversee, I'd want the job handled by a coupe-specific expert, like La Jolla or Coupeking over a regular/reputable indy. I'm not saying the indy wouldn't do a good job, they probably would, but the experts know far more about the E9 in particular, and would do things a certain way, whereas an indy may just do them the normal way.

I've seen some regular E9s (with superb restorations) go for ~40k, but it has to be a perfect and original restoration to get that kind of cash for a standard E9. If it were a CSL, 40k would be about the going rate for a nicely repaired one, with concourse versions going up to 100k+.

In terms of investment quality, over the last 5-10 years E9 prices have risen by about 5%/year, for a given quality level. So, yeah, if you hold on to it and don't bang it up, you should be able to recoup your investment later.
 
Or for 20K you could just buy the coupe I looked at in Egg Harbor, N.J. and start enjoying it immediately. Look in the cars for sale section for a link. The car was exceptionally solid with a decent but not perfect repaint. I would have driven it myself in it’s present condition :-D but it’s an automatic without a sunroof so I passed :cry:. ~ John Buchtenkirch
 
If it's a regular/daily driver, take the advice above: buy a "nice" car and drive it. If you spend that kind of coin (and don't forget the months/years involved to get it just "right") you will not want to drive it. Trust me on this one. My 2800 (bought from Peter S) has a very nice interior, good stereo, 3.5 w/ 5 speed conversion. Exterior is a 15 footer. I love it and drive it 3 days a week, 50 miles R/T.

My CSL on the other hand is very, very nice all around and it sits more than anything else as I don't have covered parking at work and don't want the chips and dings.

I wouldn't worry about what happens after you're gone as there will be bigger headaches for your loved ones anyway. If you want close to concours/show you may well spend more than you suggested. For the same coin, you can get a very nice, comfortable and sorted complete car if you want a regular driver.

My $0.02 since you asked. Good luck and let us know.
 
Why not buy a $20K original coupe that needs a little work, drive and enjoy. Take the remaining $$$'s and find a CD paying a whopping 3% and divide the bundle among your heirs when you pass on.

This suggestion is based on all of the above advice, all of it sound and based on a lot of personal experience.

Steve
 
follow the previous advices,

buy a running car on that money or less, and forget about the future. you will NEVER earn money with that car! it is not worth as a finnancial source,

you should concentrate in the present, you want a coupe, you are so fortunate to have enough money to spend on it, so spend the money, get and drive the car right now, and forget about the rest

I don´t know your market specifics, but for 40k$ you MUST find a good car !, here en europe, for 35.000 eur, you will have the best possible coupe 3.0 CS, or CSI, for sure (take a look on mobile.de i.e.)

regards
 
Great advice, Thanks Guys

Thanks to all who have posted for advice and interesting commentary, the 72 is pretty plain and I am not so far in that I couldn't find a good one for 30-40 already in much better shape. I will consider my options in the next week or so and may be looking for a good other car and use this one for another day. I looked at the Egg Harbor but was looking for a stick shift tyranny. Thanks again for the advice and understanding. :-D DR
 
As far as the Egg Harbor car goes I can tell you it’s a lot easier, cheaper and faster to switch the car to stick than do a complete body restoration, the tranny swap was what I was going to do. If that car had the advertised sunroof it would be in my garage right now, it was that nice and you just don’t find cars that are that solid & original in the Northeast.

After 39 or 40 years in the auto body and metal shaping businesses I can tell you people restore the absolute worst cars for the craziest reasons, “It was my cousin Jimmy’s, he bought it new from the dealer” or “I dated Sue in it” a favorite girl that’s now married & living in another state or the ever popular “I don’t care how bad it is, I like the car and I know what I’ve got” because they drove it 6 months and by some miracle it never had to be towed home. It’s usually an emotional reason more so than someone sitting down and figuring out it’s more reasonable to restore versus buying a mint one. ~ John Buchtenkirch
 
oneills said:
Why not buy a $20K original coupe that needs a little work, drive and enjoy.
Click to expand...

OK, so the decision is whether to spend $40K restoring the coupe you already own, or else to sell yours for $8K (or whatever) and buy a nice car for $20K. Oneills argues quite rationally that the latter choice is the more logical one.

But hey, let's face it, neither of these choices is particularly rational ! No one in their right mind would own a 40 year old BMW that rusts whenever the humidity exceeds 15%. The sane thing to do would be to sell your coupe and put the money into a fully-depreciated Honda. But, what fun is that?

So if you are going to do something whacko, do what pleases you. Restoring a car will certainly take more time, money, and grief than you anticipate - but if you enjoy these sort of projects, they can be very satisfying. Buying a finished car puts you on the road quicker, and saves money, but you won't get to "enjoy the ride". Both are have their plusses and minus.
 
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Good advice

Well I took Oneills advice and got a really nice 73 with sunroof this weekend in Portland http://portland.craigslist.org/wsc/ctd/1909307086.html Had a local friend look it over and it is a solid carb version, on its way east. Thanks for the advice and now where to find a 3% CD in this market, Oh another forum! I am sure I will be asking lots of questions in the future, thanks for the counsel and advice. Rum
 
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