Help appraising uncle's 02?

[lobf]

Hey guys- 

 

My uncle has the family's old '02, bought new in the 70s. He'd like to unload it, and I'm considering taking it, but we're not sure what fair market value would be to buy it from him. 

 

He sent me a bunch of photos, link here: http://imgur.com/a/E3S7D

 

Can you guys help me figure out how much this thing is worth? Are there any questions I should ask him, or other photos I should request from him? 

 

My dad and I got it to run a couple of years back, so there's that at least. 

 

Let me know what you all think, thanks so much! 

[Mike Self]

From the pictures it's either a late '70 or an early '71--six fuses and the "sport" steering wheel means it's probably a '70.  Looks like it's been sitting outside for a looooong time--surface rust on the horizontal surfaces and under the hood are the giveaway--there even appears to be a rust hole in the middle of the hood, and the trailing edge of the trunk is also perforated.  There's visible body damage all along the driver's side.  Look like it's been off the road since 1992.  Wouldn't a CA buyer have to pay all that back registration to license it?

 

The real question is the amount of rust on the underside.  If it's been sitting in a shady area where it's damp, the underside is gonna be really rusty, to the point of holes in the floor and structural rust on the subframes and body reinforcements.  You need to get underneath and check that out.  There are a lotta little things either missing or broken too.

 

And running a few years ago doesn't necessarily mean running now... 

 

Presuming the underside isn't hopelessly rusted and the engine will run, it's probably worth saving.  Someone from the rust belt would probably jump on it, but would most likely scare off a California (or other dry state) buyer.

 

I'll let someone else come up with a value--they're different in OH from CA.

 

cheers

mike

[joysterm]

Hard to determine the extent of the rust although it appears there is a lot of surface type. You will need to determine how far that goes to the critical areas, A & C pillars and mounting point for the frt. and rear sub frames, floor pans, rockers and frt. fenders etc.  The rear towers look like they maybe OK but the fronts may not be lucky. All can be addressed but metal work is very costly and this alone will help determine a fair value or wether you need to take a pass. That said you should expect some damage to some if not all those critical areas. 

 

It appears to have some after market goodies like the headers but you will need to have a closer look at the rest of the car.  With all that and based on the general condition of the car which I think is pretty rough.  I would try to stay less than 3-5K unless there are other factors that may or may not increase its value.

 

One other recommendation you may want to to consider and obtain a copy of 2002 Restoration Guide by Mike Macartney it is a very good resource if you are serious about the restoration

 

I  hope this helps somewhat 

 

Good luck....Mike

 

edit:  Apparently my ass was out a mile here......will be more mindful  with my comments in the future.

Edited July 19, 2017 by joysterm

[lobf]

24 minutes ago, mike said:

From the pictures it's either a late '70 or an early '71--six fuses and the "sport" steering wheel means it's probably a '70.  Looks like it's been sitting outside for a looooong time--surface rust on the horizontal surfaces and under the hood are the giveaway--there even appears to be a rust hole in the middle of the hood, and the trailing edge of the trunk is also perforated.  There's visible body damage all along the driver's side.] 

 

Yup- when we went down to try and start it up, I poked that hole in the hood by gently placing my finger there- the thing is rusted to shit. There's lots of body rust. 

 

 

24 minutes ago, mike said:

 

 Look like it's been off the road since 1992.  Wouldn't a CA buyer have to pay all that back registration to license it?

 

Yeesh, never heard of that one, I'd hope not. Fortunately, I can register it in Oregon. 

 

24 minutes ago, mike said:

 

The real question is the amount of rust on the underside.  If it's been sitting in a shady area where it's damp, the underside is gonna be really rusty, to the point of holes in the floor and structural rust on the subframes and body reinforcements.  You need to get underneath and check that out.  There are a lotta little things either missing or broken too.

 

Cool, good to know what to look for, we'll be back down to check it out in a month or so, so we'll check that. 

 

24 minutes ago, mike said:

 

And running a few years ago doesn't necessarily mean running now... 

 

True, but the last time it ran before *that* was probably 20 years prior. I think we could coax some life into it again.

 

24 minutes ago, mike said:

 

Presuming the underside isn't hopelessly rusted and the engine will run, it's probably worth saving.  Someone from the rust belt would probably jump on it, but would most likely scare off a California (or other dry state) buyer.

 

I'll let someone else come up with a value--they're different in OH from CA.

 

cheers

mike

 

Heh, okay then. Thanks for the tips on what to look for, I appreciate it. 

[lobf]

11 minutes ago, joysterm said:

Hard to determine the extent of the rust although it appears there is a lot of surface type. You will need to determine how far that goes to the critical areas, A & C pillars and mounting point for the frt. and rear sub frames, floor pans, rockers and frt. fenders etc.  The rear towers look like they maybe OK but the fronts may not be lucky. All can be addressed but metal work is very costly and this alone will help determine a fair value or wether you need to take a pass. That said you should expect some damage to some if not all those critical areas. 

 

It appears to have some after market goodies like the headers but you will need to have a closer look at the rest of the car.  With all that and based on the general condition of the car which I think is pretty rough.  I would try to stay less than 3-5K unless there are other factors that may increase its value.

 

One other recommendation you may want to to consider and obtain a copy of 2002 Restoration Guide by Mike Macartney it is a very good resource if you are serious about the restoration

 

I  hope this helps somewhat 

 

Good luck....Mike

 

 

 

 

Thanks Mike-

 

I do have a copy of that book, in fact, I forgot about that! 

 

I also noticed the front towers there- I asked him to send those photos specifically. They don't look like they're in super shape. 

 

I'm surprised at the 3-5k mark. I was honestly thinking this thing was more in the 1.5-2k range considering the shape it's in. 

[joysterm]

6 minutes ago, lobf said:

 

 

Thanks Mike-

 

I do have a copy of that book, in fact, I forgot about that! 

 

I also noticed the front towers there- I asked him to send those photos specifically. They don't look like they're in super shape. 

 

I'm surprised at the 3-5k mark. I was honestly thinking this thing was more in the 1.5-2k range considering the shape it's in. 

I think you are closer to what the value of the car represents  given a second look at the pics.  I should amend the price having said that.

Edited July 17, 2017 by joysterm

[lobf]

3 minutes ago, joysterm said:

I think you are closer to what the value of the car represents but given a second look at the pics.  I should amend the price having said that.

 

Sorry this got confusing at the end- you're saying you think my evaluation is more accurate or not? 

[joysterm]

1 minute ago, lobf said:

 

Sorry this got confusing at the end- you're saying you think my evaluation is more accurate or not? 

My bad...you are where you should be with your evaluation.

[peteri]

5 years ago that would sell for 600

[achman]

This is not a $3-5K car

 

This is a $1500 car. It needs everything, from engine rebuild to major metal work, interior, all mechanics etc. You are basically selling a VIN# or a parts car IMHO

[ray_]

And achman may be being optimistic, depending on a closer look at the rockers. floors, firewall and rear shock towers.

 

Best,

[halboyles]

I'm from BBQ/Jazz end of the Rust Belt and I haven't paid more than $500 for '02s  in better shape than this in the last 2 years.  The visible body/rust damage alone is formidable.  There's rusted through holes under the hood on the inner fenders!  On the positive side, if its been sitting for as long as you say then it might have a low mileage transmission and differential (if condensation hasn't taken its toll on them).

 

FWIW

[Dudeland]

The question you have to ask, do you have the 10-15K and 3 years to invest in it.  If you don't then walk away.  I just got a accident free and rust free CA car with a recent paint and still once you are done with the body and the interior, both of which were well above average, then you have tons of $ to get rubber in it. 

 

M

[irdave]

I don't know that I'd give $1500 for that.  I don't think I'd give $500.  It looks like a monster project.

[Stevenc22]

Yeah rust is so difficult to cure once its seeped in. This car is worth nearly nothing and will cost you a small fortune to properly repair.