Is it worth it?

General Chat with an emphasis on BMC Minis & Other iconic cars of the 1960's. Includes information on MK1 Action days.
BucksMk1
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Joined: Sun Feb 22, 2015 4:59 pm

Is it worth it?

Post by BucksMk1 »

I'm seeing so much variation in the asking prices of Minis at the moment that it's tricky to get an idea of their true value. At Stanford Hall there was a '93 Mini (from flaky memory!) that had less than 7k miles up for £17495! Now, I can ask whatever I want for a car but that may not reflect what it is really worth, and of course it's only worth what someone will pay but... do you factor this in to your resto/preservation or is the final value not such a concern?
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Peter Laidler
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Re: Is it worth it?

Post by Peter Laidler »

My wife the Magical Maths Maestro tells me - often - that when you're selling or buying, initially, there are THREE points to ponder. The PRICE, the VALUE and the WORTH. And they are not the same thing, but that's what the buyer and seller have to agree about. Then there is the COST which only you have to agree to......... Or something like that. Already, using your example, the value and worth are already daft! but reflects the fact that there are alice-in-wonderland dreamers out there

But to answer you, I'm sure that to restore a, say, Mini Cooper properly and fully and take your own time into account, you won't do it for a profit bearing in mind the what they call, the three-factor.

It's going to cost 3 times the estimated cost, Three times the estimated time and three times the expected aggro. You do it for the enjoyment I say

If you take it to a restorer...............
AndyPen
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Location: South Wales

Re: Is it worth it?

Post by AndyPen »

If you think mini bits prices are crazy, then try Cosworths. I sold a plastic water bottle / expansion tank the other day as I wanted to buy those cibie biodes. I got the full asking price of.... wait for it... £1,400 within 24 hours. Needless to say another has sold this week for an even more mouth watering £1,700!!!!

Absolute craziness !!!
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mk1coopers
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Re: Is it worth it?

Post by mk1coopers »

So RS tax is even higher than Cooper tax then :shock:
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Exminiman
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Location: Berkshire UK

Re: Is it worth it?

Post by Exminiman »

In the end though this is a hobby, but its often charged with memories of cars you had or wanted back in the day - allowing you to relive your youth……how much is that worth. :D

Could be wasting our money on ultra lighweight push bikes and lycra shorts :lol:
Last edited by Exminiman on Fri Sep 16, 2022 9:12 am, edited 1 time in total.
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Pandora
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Location: Dunfermline, Fife

Re: Is it worth it?

Post by Pandora »

Specific parts aside, it will cost pretty much the same to restore a mini shell to the same standard, be it an 850 or a Cooper S, and it won't be that different to a late model. Any difference is down to the level of corrosion, not the specification. Yes there will be a difference in cost for engine, gearbox, trim or other spec specific parts, but the labour and materials for the shell are the big costs. And unless the car is an S, and it was bought cheaply (so probably a while ago), it's pretty hard to see any mini having enough left in it to make restoration economically viable now given the prices being asked (and paid) for cars needing work or even full restos.

So, that in turn has an impact on the asking price. People want / need to get their costs, or at least some of their costs back. The higher the asking prices in adverts as a result, others being put on the market see that as reasonable and attainable, so they follow suit. Before long buyers see the asking price as the value, and a few buy into it. That then sets the 'market', at least for a while..........

However, even as a died in the wool mini fan, there is not a snowball's chance in hell I would pay Cooper S asking prices, even if I could. IF I had £50k would I buy an 'S'? or would I buy a car like many on here own, say Mark's white speedwell car AND an old Lotus and probably have enough left for a bag of chips and a week's holiday.

When I used to do valuations at Coys the wording was always "I would estimate the value, between a willing buyer and a willing seller in today's market to be £xxx" That's a lot of variables in a short sentence!

Cost is out of pocket, price can be either what is asked or achieved, value is perhaps better described as price, but factoring in emotional worth and is very subjective.

Al
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mab01uk
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Location: S.E. England

Re: Is it worth it?

Post by mab01uk »

If you have any doubts, watch a few episodes of the new spin-off TV series 'Bangers and Cash: Restoring Classics' (see link below) and you will see it is very hard to make many restorations economically viable, especially if you don't have the tools, time and skills to do most of the work required yourself. Even then the best achieved may only be 'break even' on cost, unless you keep the car for a few years in the hope that prices continue to rise.
https://uktvplay.co.uk/shows/bangers-ca ... tch-online
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Peter Laidler
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Re: Is it worth it?

Post by Peter Laidler »

Thats a good thought Martin......, a very good true illustration of the reality of things
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snoopy64
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Location: @-80C in West Berkshire, UK

Re: Is it worth it?

Post by snoopy64 »

Indeed, the great folks of the forum here who have all the skills would be horrified at what you have to pay to get stuff done (not to mention the terrible service offered as standard). Full bare shell prep and respray is a good example…. It doesn’t matter how fast it goes the respray costs the same :)

The B&C resto espisodes have been an eye opener to some I’m sure…!
Cheers

Kevin
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111Robin
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Location: Aberdeen Scotland

Re: Is it worth it?

Post by 111Robin »

Extremely low mileage unrestored and completely original examples aren't the best to use as a gauge on values as they will always command a premium. I would never buy a classic thinking I was going to make any money on it, not at the price level most of us on here are dealing with. Buy it because you really want it, irrespective of what it costs for you or someone else to restore to how you want it, then enjoy it. Alternatively buy one already restored (privately) as you will more often than not have a bargain as the previous owner will rarely recoup what they've spent.
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