Whats a sitting Corroded Florida cobra worth?

Attachment 185266Attachment 185263Attachment 185264Attachment 185265Hello, ffr family! I have come across a car that has been sitting after a death in a family. The car is mk3.1 built in 2007. It has a summit 302, late 80 mustangs running gear.(cable operated t5 and drum brakes on a 8.8.). I have redone several car projects and I am very Interested in this one. The car is in poor shape. It spent most it’s life on the Florida coast in a car port. Obviously the body is still beautiful, however, the chassis was painted not powder coated.

The paint has become compromised on all metal components and started to rust. While the rust is all over it’s not heavy like up north. (. frame, control arms, rear diff, drive shaft, windshield frame, gauges, all handles, latches, all light bezels, fuel cap, mirrors, Seat belt chrome, valve covers. Are either surface rusted or staring to corrode or dull.


The Aluminum panels are slightly corrode along with radiator, intake manifold and now rusty side pipes.

Wiring has been chewed by mice mainly ignition wires. (Must be soy based). Car still runs and drive but turn signals don’t work.

Needs tires and they are splitting.

Paint on body is actually 8 out of 10. No hood hinges so the hoods a bit beat.

Brake lines still have integrity but ugly looking.

With all that said, i work in the paint and body business and know I could break this down, blast the chassis and components paint them In The booth. You would have to replace all the trim, windshield, handlesand side pipes…..or commit the time to labor to blacking them out seeing they are now pitted and not shinny.


So what’s this car worth????? Titled as a 65 cobra, 15k miles on odometer, basic 302/t5. it’s going to take a lot of work to put it back on the road, a lot of new pieces, a lot of labor for a disassembly, blast. Paint, assembly. I don’t know if the camshaft on the engine is rusted from sitting…… there several unknowns.

I will get more pictures on the lift tomorrow. The owner wants to sell it but we’re having a hard time determining the value. Please throw out your appraised value with a small reasoning.

ThanksAttachment 185233Attachment 185232

Considering a complete kit is $21k today, and the one your looking at is more than complete, with a drive train already in place, I can't see it being worth any less than that figure. With the bonus of the soft top, your saving on crating and shipping costs, it's probably more in the $23-24k area.
The labor you will need to put into it is equal to building one from scratch, probably even less time required. I would work over all the chrome with a good cleaner/polish and see what you can salvage. Windshield frames are made of brass, and other items could be re-chromed if worse comes to worse. That or check the forum classifieds for items for sale. I often see mirrors etc come up. Were the side-pipes chrome plated and not stainless steel?
My main concern would be that it wasn't actually in a flood, and not just from sitting outside in a carport. That would be a whole different ball game..

I agree with Bill. It's a complete car, just needs a LOT of labor cleaning it up. How much is your time worth?

I'd estimate it's worth $50K in clean, functional condition. Go from there.

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Originally Posted by Ptcffr

Hello, ffr family! I have come across a car that has been sitting after a death in a family. The car is mk3.1 built in 2007. It has a summit 302, late 80 mustangs running gear.(cable operated t5 and drum brakes on a 8.8.). I have redone several car projects and I am very Interested in this one. The car is in poor shape. It spent most it’s life on the Florida coast in a car port. Obviously the body is still beautiful, however, the chassis was painted not powder coated.

The paint has become compromised on all metal components and started to rust. While the rust is all over it’s not heavy like up north. (. frame, control arms, rear diff, drive shaft, windshield frame, gauges, all handles, latches, all light bezels, fuel cap, mirrors, Seat belt chrome, valve covers. Are either surface rusted or staring to corrode or dull.


The Aluminum panels are slightly corrode along with radiator, intake manifold and now rusty side pipes.

Wiring has been chewed by mice mainly ignition wires. (Must be soy based). Car still runs and drive but turn signals don’t work.

Needs tires and they are splitting.

Paint on body is actually 8 out of 10. No hood hinges so the hoods a bit beat.

Brake lines still have integrity but ugly looking.

With all that said, i work in the paint and body business and know I could break this down, blast the chassis and components paint them In The booth. You would have to replace all the trim, windshield, handlesand side pipes…..or commit the time to labor to blacking them out seeing they are now pitted and not shinny.


So what’s this car worth????? Titled as a 65 cobra, 15k miles on odometer, basic 302/t5. it’s going to take a lot of work to put it back on the road, a lot of new pieces, a lot of labor for a disassembly, blast. Paint, assembly. I don’t know if the camshaft on the engine is rusted from sitting…… there several unknowns.

I will get more pictures on the lift tomorrow. The owner wants to sell it but we’re having a hard time determining the value. Please throw out your appraised value with a small reasoning.

ThanksAttachment 185233Attachment 185232

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As it sits, $10,000-$15,000

Having dealt with such "projects", this one will need a body off restoration. Not so much for the surface corrosion (there appears to be immersion corrosion, need more pictures, under hood, trunk, interior to confirm), but for the mechanicals and replacement of the wiring harness and electrical components at the very least. Don't fool yourself into thinking this will be an easy restoration or rebuild, the donor specs seen are the tip of the iceberg, what condition they were in before the start of the build come in to question, as does everything about the car. Knowing this going into it will go a long way to your successful negotiations, purchase, and restoration.

Bill S.

I would be a buyer in the $10k range. The car is likely built from donor parts that are 30+ years old. This will be a complete rebuild, and in my view, I'd rather start with a new base kit.

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Originally Posted by mrmustang

As it sits, $10,000-$15,000

Having dealt with such "projects", this one will need a body off restoration. Not so much for the surface corrosion (there appears to be immersion corrosion, need more pictures, under hood, trunk, interior to confirm), but for the mechanicals and replacement of the wiring harness and electrical components at the very least. Don't fool yourself into thinking this will be an easy restoration or rebuild, the donor specs seen are the tip of the iceberg, what condition they were in before the start of the build come in to question, as does everything about the car. Knowing this going into it will go a long way to your successful negotiations, purchase, and restoration.

Bill S.

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I concur. It's a 35K car once restored. Subtract the amount it will take to do the restoration and your desired profit from that...the answer is what it's worth. Remember you don't make your money when you sell, you make your money when you buy.

Jeff

I don’t see any benefit to start with this if you want to make it a pretty car.. you’d start with a new kit or a better used one.

The right play here is to buy this as a driver for 10-15k and just focus on making it work (wiring, servicing) - and then drive the wheels off it.

I agree with the $10-15k range. This will actually be more work than starting with a new kit. The donor wiring harness is suspect. Who knows the condition of the drivetrain or for that matter the overall build quality to begin with. Total disassembly and rebuild with new parts as needed. Probably all new brake components, fuel line and tank, radiator etc.
Having done projects like this and restoring older cars, it can be done but to do it correctly is a ton of work so base your offer appropriately.

As with any kit car, quality and integrity is determined by the builder's budget and skill. If it has 15K miles on it, that says something. The running gear is not "high end",
Title and license add to the value.
You did not mention interior.
The buyer demographic for something like this will be determined to steal it with good reason, much is unknown. I agree with mrmustang.
jim

Based upon my experience I'd pass - even for $10K - since these kind of projects tend to cost more than one thinks to get it right.

Agree with a pass. Looks like more than just sitting outside decay.

My worry on a purchase would be if its a flood car damaged in a storm. Had 3 cars/SUV's & 2 beach buggies totaled in the last storm here. They looked a whole lot better than the roadster.

In fact my 25 year old pick up which has lived outdoors, part time on a Ocean Island Beach, off the NC coast, since bought looks showroom new compared to the FLA Cobra.

https://g29.bimmerpost.com/forums/pi...ictureid=87793

I just thought of something.

Hurricane Ian came through here last fall and submerged half the state (almost). You say "coastal", but which coast? If it was anywhere between Tampa and Naples, or inland from Ft. Myers up through Orlando, that might have been under water for a spell.

The car came from Ormand Beach Florida in January of 2022 so it was safe from Nichole and Ian. I’ve known this gentleman for seven years. super straight shooter. this was his brother-in-law’s car so he does t know all the detail. However it sat in a condo carport. Car was originally built in Tennessee. Trying to add more photos but it won’t let me attach them in the link button

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12-14K based on the Koni Shocks and 3 link rear end. Everything else appears to show donor build and half thought out dash. Car will need a new harness, and most likely a new gauge cluster at the very least. Time is money, what are both of yours worth to you as a buyer.


Bill S.

Thanks bill. I think I want to pull it apart, blast it, paint it. I know it’s a lot of work however I have fixed ALOT of cars usually production cars though.
wagon. I’m currently finishing up a total rebuild on a bug that should be done in a month or two so I’m looking for my next projectAttachment 185272Attachment 185273Attachment 185274

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Originally Posted by Ptcffr

Thanks bill. I think I want to pull it apart, blast it, paint it. I know it’s a lot of work however I have fixed ALOT of cars usually production cars though.
wagon. I’m currently finishing up a total rebuild on a bug that should be done in a month or two so I’m looking for my next projectAttachment 185272Attachment 185273Attachment 185274

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You are going to want to drill into the main rails and review with a borescope, you'll be surprised at the moisture trapped within.


Bill S.

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Originally Posted by mrmustang

You are going to want to drill into the main rails and review with a borescope, you'll be surprised at the moisture trapped within.


Bill S.

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Any particular place, Bill? After the inspection was done I would to weld the hole closed, grind. Paint!

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Originally Posted by Ptcffr

Any particular place, Bill? After the inspection was done I would to weld the hole closed, grind. Paint!

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Put front of car on ramps or stands, lowest area of rear rails, hole does not need to be large, 1/8" and clean out with pipe cleaner until it stops dripping fluids. No need to weld closed, caulk will work for that small a hole.

Bill S.