'73 2002 Purchase Advice

[tech71]

22 minutes ago, CristianGarcia said:

 

Anyways, this seller said he’s firm on $18.5k.

 

The hunt continues...

That will probably change in time.The seller appears to be laboring under the misconception that you can get back your investment on a "barn find" 02. That may be true in a few cases but for the most part?? No.

Its silly to dig in your heels on a firm price. Better to inflate your asking price a bit so you have a place to go to and buyer thinks they have accomplished something getting you down a little. But then again, I am a dinosaur.

[fastricky]

I dunno, when I see potential purchases like this and then do the math in my head to get the car to a proper state I say why not just go in and buy a high quality example (like the one that was debated here for $35k) and just cut to the chase? You'll wind up spending that much at least - most likely more in the long run, and life's too short. You could be driving and enjoying versus working and cursing. 2 cents as always!

[Steve Tochi]

Is it just an illusion or do those rear license plate lights look misaligned in the video.

Mike, I ended up with blue hoses (radiator only), only due to the fact black hoses were out of stock with no ETA. Decision was to either get the car on the road, or wait. The blue has sort of grown on me.

[Conserv]

18 hours ago, CristianGarcia said:

 

... Anyways, this seller said he’s firm on $18.5k...

 

Hmm... was he the buyer when the car was advertised in September 2019? Or is he the seller that was advertising the car in September 2019? If the former, he paid too much. If the latter, he’s asking too much. ?

 

Regards,

 

Steve

 

Edited February 29, 2020 by Conserv

[jp5Touring]

48 minutes ago, fastricky said:

I dunno, when I see potential purchases like this and then do the math in my head to get the car to a proper state I say why not just go in and buy a high quality example (like the one that was debated here for $35k) and just cut to the chase? You'll wind up spending that much at least - most likely more in the long run, and life's too short. You could be driving and enjoying versus working and cursing. 2 cents as always!

My thoughts were to do a restore on one but prices on solid used 02's were going up rapidly.

So I went with one that someone had stripped to almost bare metal with photos to document. 

The paint could be alot better but its a cool car and I can just drive the thing and not worry about it.

It still needs $1k of stuff but I'm thrilled I purchased a mostly done complete car.  

I have Recaros waiting to go in it. Then a lsd and some smoking 3 piece wheels on my wish list.

I think I'm in a great spot money wise on mine. Was worth the extra cash up front.

Doing a whole car isn't a easy undertaking for sure.

[RYOLEER]

Now I hope I don't open a can of worms by saying this but by judging the little details of this car, I feel most of the work has been done by people who don't really know classic BMWs. I am far from considering myself as someone who knows these cars inside and out but I do know ridiculous pricing when I see it. I would feel more confident in paying that type of money for an 02 if it was worked on by a reputable shop or even some of the people on this FAQ. From what the seller told me, he said all of the work was done by his mechanic who is actually his tenant AND the body/paint touch-up work was done by another "resident" mechanic. This guy is a couple of "workers" away from being a full-blown restoration shop, and not a good one...

 

That being said, I feel ~20k is too damn high for a car that is always popping up especially here in California. I'm only scratching the surface on this car and the community built around it, so I plan to take it slow and pull the trigger on something more reasonably priced.

[jp5Touring]

Good call I think.  It took me well over a year to find mine.    The Vintage Asheville NC in May is a long haul from California but 

could be worth a trip out just see so many 2002 and knowledgeable people in one place.

But should also be several events in Cal. to help you in your quest.

[Schon '02]

1 hour ago, CristianGarcia said:

@Rich It’s probably a sign from the universe that I should pass up on this car. Also, I PMd the guy selling the Malaga 73.
 

Anyways, this seller said he’s firm on $18.5k and I really wasn’t looking to spend that much in the first place. So if anyone is interested in spending almost 20k for this 73 Sahara, let me know and I’ll pass along his info. 
 

The hunt continues...

Agree on taking a pass. You’d be easily in it another $15-20k, if not more to wind up with a car worth half that amount. I’ve seen others buy cars in worse shape, but they’re in it for the hobby/restoration/masochism aspect of the buy. To each his own. 

[Jim_75Sahara]

Agree with the previous comments. I'd DEFINITELY pass on this one. I bought a '73 Sahara 2002 in June of 2017 for less than this and in much better shape. Mine had a fresh engine rebuild, a nicely redone interior, new bumpers and trim, working a/c, a quality repaint in its history, etc. I bought mine from a very knowledgeable, trustworthy owner, leading to no regrets at all on my part. I flew out to Denver on a one-way ticket and I drove it back to Ohio. Trust.

The comments regarding the condition of the car are quite important, BUT...… do you trust the word of the seller? Do you trust the alleged history of repairs, damages and alterations to this 02 over the many years? 

If you were to purchase this 02, you would need to repair the rear end damage. You'd need to address the engine, since it is clearly tired. Then you'd need to find material for the driver's seat, etc., etc. You'd end up closer to $30K eventually.... 

[Conserv]

5 hours ago, Steve Tochi said:

 

.... Mike, I ended up with blue hoses (radiator only), only due to the fact black hoses were out of stock with no ETA. Decision was to either get the car on the road, or wait. The blue has sort of grown on me....

 

Uh-oh! Are you saying, Steve, that Blunt, Maximillian, Walloth & Nesch, and your local BMW dealer can’t come up with a pair of original radiator hoses? Hint: original hoses do not have a gloss finish..... ???

 

Think dull and black... ?

 

Best regards,

 

Steve

 

[fastricky]

Here's one you'd be better off considering, no idea what the reserve is and it surely needs some work but nothing like the original post:

 

https://www.ebay.com/itm/1973-BMW-2002-standard/184189301800?hash=item2ae289b428%3Ag%3AZvwAAOSw9u1eWFYs&LH_ItemCondition=3000

[ray_]

8 hours ago, jp5Touring said:

Good call I think.  It took me well over a year to find mine.    The Vintage Asheville NC in May is a long haul from California but 

could be worth a trip out just see so many 2002 and knowledgeable people in one place.

But should also be several events in Cal. to help you in your quest.

 

Mid Am is closer, silly! ?

 

OP, so many red flags on that $18.5k  car just based on the seller's responses.

 

Keep looking.

 

Cheers,

[fastricky]

Just a follow up that I in no way am disparaging those that like to take on a project and do the Mt Everest amount of work whatsoever like what would be required on the original post car (I really admire those folks!)  But that sort of effort ain't for everyone so know what you're getting into especially time-wise + financially.

[NYNick]

On 2/28/2020 at 11:15 AM, tech71 said:

That will probably change in time.The seller appears to be laboring under the misconception that you can get back your investment on a "barn find" 02. That may be true in a few cases but for the most part?? No.

Its silly to dig in your heels on a firm price. Better to inflate your asking price a bit so you have a place to go to and buyer thinks they have accomplished something getting you down a little. But then again, I am a dinosaur.

I learned, the hard way, that if you want to sell a car (or a house, or a boat or whatever), that you should price it reasonably right off the bat, and be ready to sell when the buyer comes a'knocking. Trying to maximize your profit (or minimize your loss) is a fools errand, usually resulting in a lost sale while continuing to keep the asset longer than you should've.

 

Some of my fondest memories are of tail lights disappearing down my driveway. They're fun to own, but when it's time it's time. A few bucks here or there are quickly forgotten, especially when it's taken too long to sell because you were being stubborn.

 

1 hour ago, fastricky said:

Just a follow up that I in no way am disparaging those that like to take on a project and do the Mt Everest amount of work whatsoever like what would be required on the original post car (I really admire those folks!)  But that sort of effort ain't for everyone so know what you're getting into especially time-wise + financially.

Of course, it's always wiser (and usually cheaper) to buy somebody else's finished project. For me, it was taking on a challenge resulting in a cool result. Both ways work, as long as you've done your homework.

[Schon '02]

20 hours ago, Jim_75Sahara said:

Agree with the previous comments. I'd DEFINITELY pass on this one. I bought a '73 Sahara 2002 in June of 2017 for less than this and in much better shape. Mine had a fresh engine rebuild, a nicely redone interior, new bumpers and trim, working a/c, a quality repaint in its history, etc. I bought mine from a very knowledgeable, trustworthy owner, leading to no regrets at all on my part. I flew out to Denver on a one-way ticket and I drove it back to Ohio. Trust.

Patience and a little luck help too... It’s been two years since acquiring our ‘73. A few years earlier, a co-worker and I made a mutual promise that if either of us decided to part with our classics (mine an Alfa GTV), we would give the other the first call before going to the open market. My buddy blinked first, offering his needs nothing, fully restored (by a PO) ‘73 Malaga with sunroof, rebuilt engine (dual side draft Weber’s, 292s, Stahl header) and tranny, extra wheels (13” repro FPS alloys), seats (Recaros) and miscellaneous parts (as-new door handles, mud flaps, sunroof wind deflector). Well, the heater valve and box did need rebuilding (don’t they all?) and some minor TLC (he drove it maybe 3000 miles in 11 years of ownership). His asking was mid-$20s... my questions was, “You sure?” Other than the temperature gauge going wonky (loose ground), we’ve had 4000 trouble free miles. No regrets. 
 

keep an eye out and get the word out... you’ll find the right car when you see it.