Need serious buying advise....MK1 kit

[fhp1154!]

I have located a early Kit 2001, never started, stored in a barn in northeast (environment). The gentleman had the frame powered coated, upgraded roll bar, upgraded control arms and a few more. I have a copy of the invoice just over 13k. He has donor parts from a 94GT less engine. It has the 4 lug cobra r wheels and tires. My best friend went buy to inspect and says all looks good and only saw minor pitting on trunk hinges. I live 800 miles away, so I'm heading up to buy over weekend, any advice....suggestion on pricing asking 13k. The price doesn't seem like a steal only because of a new kit price. I plan or more over want to go more authentic with power-train, carb maybe big block and pin drive wheels and billboards. Not sure how much I can even change, or go small block and replica wheels. I've waited a long time for this, starting to over think it .....I believe.

[GoDadGo]

I'd save my money and order a new complete kit.
Everything is so improved since the MK-1, 2 or even the 3's.

[stack]

I had a MKI purchased around that same time frame. sounds like a fun project if you can get it at the right price. Knowing that you will have to replace parts right off the bat makes a 13k asking price to much. The kit alone sold for 12 back then and all you are getting is a 94gt donor with no motor. Sure you can use the rear end, and other parts but the transmission has a longer input shaft on that year and requires you to use the matching bell housing limiting you to a small block. 94Gts also had 5 lug wheels and axels. 4 lugs will not bolt on to a 94gt rear end. Think 7500 would be a fair offer

stack

[skullandbones]

There appear to be two things going on here. One is the seller had a dream about his ultimate car just as most of us have had. He may be emotionally attached. That will tend to make it more difficult for him to come to the real value 2016 price for a MKI kit. You said you've waited a long time for this. Well, in IMHO, you should wait just a bit longer. Let a pro builder take this on. You should not begin your journey having to overcome roadblocks that working with a very old kit will bring with it. It could be a very frustrating build when you compare the innovation of the MKIV. There really is no comparison. I don't usually try to discourage people but in your case you really need to walk away. If you still decide to do it, negotiate like Richard Rollins (Fast n Loud). Half the price and stay close to it.

Good luck. I'm sure you will figure out a way to get to your goal.

WEK.

[Jeff Kleiner]

At this time and as it sits it is worth about 50% of the asking price. By the way, '94 donor parts are not compatible with 4 lug wheels so something isn't jiving with that.

Jeff

[michael everson]

13? run away to FFR and buy a new kit. I'm with Jeff. Worth about half that. The donor parts have almost no value since you don't know the history on them.
Mike

[fhp1154!]

thanks for the information Stack, not exactly the news I wanted but sometimes the truth can hurt or wake you up. I looked at ad on CL one more time, it does say early 90s Gt, my bad. I made a 9k offer, he didn't turn me down, but ask if that was my best. I am blown away with some of the builds here, simply awesome. I just wanted to put a no frills, correct looking as I could afford kit. I see the base kit running north of 15k with basic options. Did you build your MK1? I'm sure new is better, I have 20k to get it done, think I can! I have followed these when they started at 9995. Gonna take cash and see what it may buy me, thanks again!

[FFinisher]

I agree with others, 50% of the asking might be good. But I would not even be driving to see it with a price of $13,000.... and I live in the Northeast.

[Gromit]

This has been posted before but it gets missed when kits change hands
You want to get the MCO. Or it will be very hard if not impossible to get a title and in turn registration

A Manufacturer's Certificate of Origin (MCO), also known as a Manufacturer's Statement of Origin (MSO), is a specified document https://secure.rmv.state.ma.us/Polic...teoforigin.htm

You need that signed over from the original kit purchaser if that document is missing I'd walk on the deal unless you want a trailered track car

Chris AKA Gromit

[edwardb]

This has been posted before but it gets missed when kits change hands
You want to get the MCO. Or it will be very hard if not impossible to get a title and in turn registration

A Manufacturer's Certificate of Origin (MCO), also known as a Manufacturer's Statement of Origin (MSO), is a specified document https://secure.rmv.state.ma.us/Polic...teoforigin.htm

You need that signed over from the original kit purchaser if that document is missing I'd walk on the deal unless you want a trailered track car

Chris AKA Gromit

Unless the seller is a dealer (I suspect unlikely) he can't sign the MCO. Look at the form. The MCO only has signature blocks for dealers. Agreed having the MCO is an absolute must and a deal breaker without. With an MCO and fully executed bill of sale signed by the person listed on the MCO, most states will accept and issue a title. However, in some states it's a problem. Michigan being one where I've had personal experience.

Listen to those with experience. An unfinished Mk1 is worth about half what he is asking. Your offer was very generous. Walk away if he doesn't take it.

[fhp1154!]

Unless the seller is a dealer (I suspect unlikely) he can't sign the MCO. Look at the form. The MCO only has signature blocks for dealers. Agreed having the MCO is an absolute must and a deal breaker without. With an MCO and fully executed bill of sale signed by the person listed on the MCO, most states will accept and issue a title. However, in some states it's a problem. Michigan being one where I've had personal experience.

Listen to those with experience. An unfinished Mk1 is worth about half what he is asking. Your offer was very generous. Walk away if he doesn't take it.

I really do appreciate all the advice, thats why I ask, his ad states has all original paper work as well as title from donor car. I'm confused that he continues to call it a MK3 and his invoice is dated 04/2001. Im holding on to hope that it works out....because we all know a new MK4 isn't 12995.00 thank you

[Jeff Kleiner]

...Walk away if he doesn't take it.

To be brutally honest---with a $9K offer on the table I suggest that you walk away BEFORE he takes it.

Jeff

[edwardb]

To be brutally honest---with a $9K offer on the table I suggest that you walk away BEFORE he takes it.

Jeff

Yea, there's that. :eek:

[michael everson]

The old Mark 1s can be made into a beautiful car. You just don't get the 20 years of improvements that Dave has made. I just finished a Mark 1 and we did close to $5000.00 just in upgrades.
3 link
Konis
FFR lowers
Adjustable FFR uppers
5 lug conversion with SN95 brakes and spindles
Rear disc brakes
Power brakes
better seats
scrap the donor wiring.

The list goes on. Of course you don't need to any of it to have a nice car.

[FFinisher]

The old Mark 1s can be made into a beautiful car. You just don't get the 20 years of improvements that Dave has made. I just finished a Mark 1 and we did close to $5000.00 just in upgrades.
3 link
Konis
FFR lowers
Adjustable FFR uppers
5 lug conversion with SN95 brakes and spindles
Rear disc brakes
Power brakes
better seats
scrap the donor wiring.

The list goes on. Of course you don't need to any of it to have a nice car.


As usual Mike is spot on. No argument it can be a good car. But the price has to be right.


.....and yes a base MKIV is $12990

[Jeff Kleiner]

I'm with Mike and Ron (FFinisher) and agree that there is nothing fundamentally "wrong" with a Mk1 BUT it has to be at the right price. I said in an earlier comment what I feel the right price is.

Good luck!

Jeff