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Over before it began?
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73vertproject


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    Post: #1
    Over before it began?


    .jpg  Convertible Front.JPG (Size: 176.2 KB / Downloads: 254)
    .jpg  Convertible Interior.JPG (Size: 175.87 KB / Downloads: 251)
    .jpg  Convertible from Rear.JPG (Size: 175.22 KB / Downloads: 247)Hi Folks.

    I'll try to make it short. Last weekend (8-1-10) I bought a 73 convertible for most of my savings ($5000). Drove it (the engine was a dog, but no smoke or tranny troubles), the convertible top worked and exterior and most of interior were in great shape, etc. Beautiful paint, blah blah blah. But I didn't crawl under it or do any serious checking. The owner said he had it for a year and was the second owner, and that it only needed a "new front end suspension rebuild.

    Well, I finally had a chance to get under it, and immediately saw overspray from a paint job, and some slight misalignment of fender joints, etc. It had been wrecked and repaired well enough that you can't really tell until you start searching. I was hoping to invest a couple thousand dollars in the car, hoping it would be worth $10K - $15K.

    I really like the car, and have had several people compliment me on it. My question to the group is, should I still invest some money in beefing up the motor and tranny, or should I call it quits, sell it for what I can get, and start looking again? I would be happy to start the project, but will get ANY money back that I invest?
    Offline 08-07-2010 09:38 AM
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    rocketfoot


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      Post: #2
      RE: Over before it began?

      Looks pretty nice to me! As long as the underbody and front frame are in decent shape, I'd go for it! I'd say it's at least worth some further investigating...pull the fenders and get a good look!
      Offline 08-07-2010 09:57 AM
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      cobra3073


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        Post: #3
        RE: Over before it began?

        I will make every attempt not to show my bias in this response, but here it goes.

        I think you should SERIOUSLY examine your motives for getting the car.

        Are you looking at it as an investment (nothing particularly wrong with that)? Considering that '73 "was supposed" to be the last year for the mustang convertibles, they can only go up in value.

        Do you plan to show the car? Again, there is plenty of room in the hobby for one to do that and gain tremendous enjoyment and satisfaction.

        Do you just love the idea of owning and working (it is really never "done") on a classic mustang?

        Do you plan on making a race car out of it?

        It has been my experience that most folks choose classic cars for one of those four reasons. I think once you decide which (if any) apply to your situation, your decision will be an easy one.

        Hope this helps!

        BT
        Offline 08-07-2010 10:41 AM
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        73vertproject


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          Post: #4
          RE: Over before it began?

          Thanks guys. Today I'll definitely dig into to it and see what I can find. I'll post pics if I see anything scary/interesting. LOL

          My intentions right now are to just drive it around town, mostly on weekends, do some nice burnouts for the adrenaline rush, and maybe put it in small shows. Maybe. If the kid next to me at the stoplight wants to go, I'd like to show him what an "old car" can do.Big Grin

          OK, I'm getting myself worked up already. Unless I find weird frame issues, I'm pretty sure I'm going to dive in. Wish me luck.

          Doc
          Offline 08-07-2010 10:54 AM
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          vamach1



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            Post: #5
            RE: Over before it began?

            For a nice driver you will spend up to $5K if there is nothing major wrong and the car will drive nice and be cosmetically okay. Restoring any 71-73 Mustang except for a Boss 351, 72 HO or 71 429 will put you in the red unless perhaps you got a solid fastback or convertible for next to nothing. These cars simply cost more to restore that what they are worth in mint condition. Buy what you like and can afford and do not worry about value or resale - leave that to the speculators and and people that can afford Bosses and Shelbys.


            (08-07-2010 10:54 AM)73vertproject Wrote:  Thanks guys. Today I'll definitely dig into to it and see what I can find. I'll post pics if I see anything scary/interesting. LOL

            My intentions right now are to just drive it around town, mostly on weekends, do some nice burnouts for the adrenaline rush, and maybe put it in small shows. Maybe. If the kid next to me at the stoplight wants to go, I'd like to show him what an "old car" can do.Big Grin

            OK, I'm getting myself worked up already. Unless I find weird frame issues, I'm pretty sure I'm going to dive in. Wish me luck.

            Doc
            Offline 08-20-2010 09:08 PM
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            73vertproject


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              Post: #6
              RE: Over before it began?

              (08-20-2010 09:08 PM)vamach1 Wrote:  For a nice driver you will spend up to $5K if there is nothing major wrong and the car will drive nice and be cosmetically okay. Restoring any 71-73 Mustang except for a Boss 351, 72 HO or 71 429 will put you in the red unless perhaps you got a solid fastback or convertible for next to nothing. These cars simply cost more to restore that what they are worth in mint condition. Buy what you like and can afford and do not worry about value or resale - leave that to the speculators and and people that can afford Bosses and Shelbys.


              (08-07-2010 10:54 AM)73vertproject Wrote:  Thanks guys. Today I'll definitely dig into to it and see what I can find. I'll post pics if I see anything scary/interesting. LOL

              My intentions right now are to just drive it around town, mostly on weekends, do some nice burnouts for the adrenaline rush, and maybe put it in small shows. Maybe. If the kid next to me at the stoplight wants to go, I'd like to show him what an "old car" can do.Big Grin

              OK, I'm getting myself worked up already. Unless I find weird frame issues, I'm pretty sure I'm going to dive in. Wish me luck.

              Doc

              Thanks vamach1. I appreciate your perspective. I'm going to try to limit myself to $5K and see where I stand with regard to value. Regardless, I've dedicated myself to doing a restomod with enough firepower to let people know she's more "walk the walk" than "talk the talk", yet she's pretty to look at at the same time.

              Thanks again for your input. I'll keep everyone in the loop as I head down this road of restoration.

              Doc
              Offline 08-21-2010 01:04 AM
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              Darren 72



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                Post: #7
                RE: Over before it began?

                (08-07-2010 09:38 AM)73vertproject Wrote:  Hi Folks.

                I'll try to make it short. Last weekend (8-1-10) I bought a 73 convertible for most of my savings ($5000). Drove it (the engine was a dog, but no smoke or tranny troubles), the convertible top worked and exterior and most of interior were in great shape, etc. Beautiful paint, blah blah blah. But I didn't crawl under it or do any serious checking. The owner said he had it for a year and was the second owner, and that it only needed a "new front end suspension rebuild.

                Well, I finally had a chance to get under it, and immediately saw overspray from a paint job, and some slight misalignment of fender joints, etc. It had been wrecked and repaired well enough that you can't really tell until you start searching. I was hoping to invest a couple thousand dollars in the car, hoping it would be worth $10K - $15K.

                I really like the car, and have had several people compliment me on it. My question to the group is, should I still invest some money in beefing up the motor and tranny, or should I call it quits, sell it for what I can get, and start looking again? I would be happy to start the project, but will get ANY money back that I invest?


                I say RDBH (Restore, Drive and Be Happy). It cracks me up how some people think (not making fun of you) that every car they buy is an investment. I think you have to think along the lines that it's being purchased for the love of the hunt, which is the best I think and the satisfaction of knowing you brought or are going to bring a piece of history back to life.

                I was slightly disappointed at myself for not picking up on the right side cowl (ac car 72 Mach clone) rotted and the heater box was hanging on by a thread. I beat myself up for a week since they don't make a cowl part for this car. My point being just do the best you can and have fun with the rebuild and drive the car. It feels pretty cool when you do the work yourself and bring it back to life. I think it looks like a decent car to start with. Is this your first Stang? Love verts. Good Luck. Keep us posted!

                Chasing Rust!
                Offline 08-21-2010 06:01 PM
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                73vertproject


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                  Post: #8
                  RE: Over before it began?

                  Thanks for the input, Darren. Yes, this is my first Mustang, first restoration, etc. I'm waiting for parts to arrive, and will post pics as I get things done.

                  Doc
                  Offline 08-21-2010 07:01 PM
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                  OLE PONY


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                    Post: #9
                    RE: Over before it began?

                    Another thought is that fixing up a 71-73 is not an investment, but the car will not depreciate (if you take care of it) any further. More than likely the value will keep rising. So putting $5K into your car is better than say putting $5k into a Fox body or newer Mustang. As the value of these are still going down! Plus you get the enjoyment of owning and driving a true classic!
                    Offline 08-21-2010 07:33 PM
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                    Darren 72



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                      Post: #10
                      RE: Over before it began?

                      (08-21-2010 07:01 PM)73vertproject Wrote:  Thanks for the input, Darren. Yes, this is my first Mustang, first restoration, etc. I'm waiting for parts to arrive, and will post pics as I get things done.

                      Doc

                      Hey,

                      I forgot to mention I paid 6K for my 72. The engine 351C was rebuilt before the purchase but the car needs lots of attention but is road worthy and passed inspection after doing a few things. I think 5K is a solid price especially for a vert. I wish I found it first..LOL
                      Offline 08-21-2010 08:54 PM
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