Re: 1971 Mach 1 Ford Mustang
Posted: Mon 16 Apr 2018, 20:13
Not just this sector, but it seems the entire classic car market in SA is at an impasse. I’ve never seen so many awesome cars for sale - I personally know of four ‘69 B body chargers for sale - a year or two ago you could not find one for sale in SA to save your life.ZA Perana wrote: ↑Tue 20 Mar 2018, 08:54People here aren't going to like what I am going to say now but the reality is this sector of the classic car market seems close to dead to me, nobody is paying these silly prices, unless its a money no object collector or a one off custom car.JR7800 wrote: ↑Tue 20 Mar 2018, 07:07https://www.junkmail.co.za/classic-cars ... 02cc95f7ea#
So I took a flight up to JHB to go have a look at the 71 Mustang standing at Willem (above link).
Found the usual on such old cars, trunk completely rusted away, under carriage needs some work and then someone tried to close the hole where a sunroof was fitted and overheated the roof and now the whole roof is warped. So need a new roof sheet. Also do not think all the interior panels are there.
It is obviously that this car has been the project of 2 or more people in the past. Parts are everywhere with no real sens of what are there and what parts are missing. The engine is stripped and the parts (some at least) are standing in a bucked inside the vehicle.
Maybe I just do not know what these cars are selling for but this car is not worth R160k in my modest opinion. If they want to sell it for R90k I,ll consider it again.
The other mustang at bloomsbury has again come down in price. (https://www.gumtree.co.za/a-classic-vin ... 0362428109)
The vehicle started at R525k and is now down to R369k. Do anyone that have looked at this vehicle see something I am missing. Am I not seeing some serious issue with the vehicle and is this the reason for the price drop or are these vehicles just not worth the money?
What would you guys say the vehicle is worth as I do not want to buy a paperweight and not be able to sell it down the line without losing my ass.
Any thoughts on the above?
In my view if you buy and hope to retain value you are buying for the wrong reason to begin with. The fact that particular car has not sold is indicative of the market as a whole, I have driven that car, paged thought the many invoices for work done and would judge it to be one of the better Mach 1's out here BUT the market doesn't seems to accept the price being asked.
Me, I'd offer then R250k and tell them to like it or lump it. That is if you really want the car to begin with, personally I wouldn't pay R250k for a Mach 1. Back in 2001-2002 these cars were dime a dozen on the market for R50k and realistically I still believe few are worth north of R230k at most.
It defintely is a buyers market and if you have cash you will be able to negotiate the best deals right now you are likely to get.